OFFERING MEMORANDUM CBRE CAPITAL MARKETS DUNKIN’ … · market strategy. By analyzing...

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OFFERING MEMORANDUM CBRE CAPITAL MARKETS 834 NORTH HAMPTON ROAD | DESOTO, TX 75115 DUNKIN’ DONUTS & LEGACY DENTAL

Transcript of OFFERING MEMORANDUM CBRE CAPITAL MARKETS DUNKIN’ … · market strategy. By analyzing...

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OFFER ING MEMORANDUM

C B R E C A P I TA L M A R K E T S

834 NORTH HAMPTON ROAD | DESOTO, TX 75115

D U N K I N ’ D O N U T S &L E G AC Y D E N TA L

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OFFERING SUMMARY

EXCLUSIVE MARKETING ADVISORS: M ICHAEL AUSTRYVICE PRES IDENT+1 214 252 1115michae l .aus t r y@cbre . com

JARED AUBREYSENIOR V ICE PRES IDENT+1 214 252 1031ja red .aub rey@cbre . com

PRICE

$2,224,000CAP RATE

5.75%NET OPERATING INCOME

$127,853GROSS LEASEABLE AREA

3,892 SFLAND AREA

0.70 ACRESOCCUPANCY

100%YEAR REDEVELOPED

2018

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INVESTMENT HIGHLIGHTS

+ Brand New, Long-Term Triple Net Leases – 20 year Dunkin’ Donuts lease and a 10 year Legacy Dental Lease

+ Internet & Recession Resistant Tenant Lineup – Provides an investor with further stability to complement the long-term leases in place

+ Densely Developed Dallas/Fort Worth Residential Market with Strong Demographics – There are over 330,000 people in a 7-mile radius

+ Completely Remodeled Building with Drive-Thru (Shadow Anchored by Tom Thumb) – The building was recently completely renovated to Tenant’s specifications to fit with the latest brand prototype, including a new roof and HVAC

+ Remarkable Growth – Dunkin’ Donuts plans to expand its number of American locations to 15,000 by 2020 and is the eight largest fast food restaurant chain in the world

+ Easy access to and from I-35E and Hwy 67, Easy Ingress/Egress on Hampton Road

+ Strong Traffic Counts and Excellent Visibility – Over 7,000 vehicles per day on Hampton Road

+ Surrounding retailers include Tom Thumb, Wells Fargo Bank, McDonald’s, ALDI, Jack in the Box, Whataburger, T-Mobile, Wingstop and more

+ Texas has NO State Income Tax

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TENANT ROSTER

TENANTS SF GLA %LEASE

COMMENCEMENTLEASE

EXPIRATIONANNUAL BASE RENT TOTAL

LEASETYPE

DUNKIN’ DONUTS 1,849 47.51% DECEMBER 2018 DECEMBER 2038 $66,564 NNN

LEGACY DENTAL 2,043 52.49% APRIL 2019 MARCH 2029 $61,290 NNN

TOTAL OCCUPIED 3,892 100.00% $127,854

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PROPERTY AERIAL | 2 MILE VIEW

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PROPERTY AERIAL | .5 MILE VIEW

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SOUTH VIEW AERIAL

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CUSTOMER EVENING LOCATION - TOM THUMB - Mass Mobile Data

UNDERSTANDING YOUR CUSTOMER

What is Massive Mobile Data??

Massive Mobile Data Science?

Data sourced from a wide range of varied mobile apps (SDKs) providing a location analysis

solution for location decisions that is dramati-cally changing the way retailers consider their

market strategy. By analyzing sophisticated mo-bile data, we are creating an accurate picture of customers. Whether used for retail, site selection, trade area analysis, marketing, or visitor profil-ing, mobile data is the most trusted solution for

strategic marketplace analysis.

Tracking customers back to their home and day locations allows us to identify the top cities visit-ing this site. Click the cities below to see where

those customers work or live.

NightLocation

Day Location

Desoto - 45.1%Dallas - 13%Lancaster - 7.6%Red Oak - 6.9%Cedar Hill - 3.5%

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TENANT INFORMATION

TYPE Restaurant

YEARS IN BUSINESS 68

NO. OF LOCATIONS 11,000+

HEADQUARTERS Canton, MA

WEBSITE www.dunkindonuts.com

SQUARE FOOTAGE 1,849

% OF CENTER 47.51%

LEASE GUARANTOR DFW Donut Ventures LLC

Dunkin’ Donuts is the world’s leading baked goods and coffee chain, serving more than 3 million customers each and every day. Dunkin’ offers 50+ varieties of donuts, and also dozens of premium beverages, bagels, breakfast sandwiches and other baked goods. Dunkin Donuts is owned by Dunkin’ Brands Inc., which also owns Baskin-Robbins and previously owned the Togo’s chain. This location is operated by the DFW Donut Ventures LLC franchise group.

TYPE Dental

YEARS IN BUSINESS 7

NO. OF LOCATIONS 4

HEADQUARTERS Dallas, TX

WEBSITE www.legacydentaldfw.com

SQUARE FOOTAGE 2,043

% OF CENTER 52.49%

LEASE GUARANTOR Corporate

Legacy Dental specializes in Family Dental Care in the Dallas Fort Worth area. With four dental offices located around the metroplex, the practice provides exceptional dental care for its patients. The practice’s goal is educate and facilitate each individual and his or her own needs. The practice offers routine cleaning, check-ups, deep teeth cleaning, teeth whitening, composite fillings, implants, crowns, extractions and ortho realine.

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IN-PLACE NOI & PRICING SUMMARY

In-P lace NOIApr-19 to Mar-20 $ PSF

Size of Improvements 3,892 SF

In-P lace Occupancy 100.00%

REVENUESScheduled Base Rent $127,854 $32.85

CAM+Admin Fee Reimbursement 8,026 2.06INS Reimbursement 2,549 0.65RET Reimbursement 33,228 8.54

EFFECTIVE GROSS REVENUE 171,657 44.11

OPERATING EXPENSESCommon Area Maintenance (6,980) (1.79)Management Fee (1,047) (0.27)Insurance (2,549) (0.65)Real Estate Taxes (33,228) (8.54)

TOTAL OPERATING EXPENSES (43,804) (11.25)

NET OPERATING INCOME $127,853 $32.85

Annual Debt Service (87,877) (22.58)

CASH FLOW AFTER DEBT $39,976 $10.27

PURCHASE PRICE AS OF APRIL 1, 2019 $2,223,530 $571.31

Assumptions:Commencement Date Apr 1, 2019Operating Expense Source EstimatedManagement Fee (% of EGR) Equal to Admin Fee ReimbReal Estate Taxes Reassessed No

Notes:Operating Expenses:a) Analysis estimates CY2019 CAM and INS based on the amounts stated in the latest lease document for Dunkin' Donuts: CAM of $1.78 PSF and INS of $0.65 PSF.b) Management Fee expense is assumed to be equal to the administrative fee reimbursement from each tenant (15% of CAM).c) Real Estate Taxes in CY2019 are based on the 2018 assessed value of $1,150,000 and the 2018 millage rate of 2.867894%.d) Analysis does not factor in the Texas Margin Tax and assumes a buyer will consult with their tax advisor to evaluate their exposure to this expense.

Investment Summary:Capitalization Rate 5.75%Leveraged Cash on Cash Return [1] 5.04%Debt Service Coverage Ratio (NOI) 1.45xLoan Constant 6.08%Weighted Average Remaining Lease Term (in Years) 14.64

[1] Market Debt based on 65% Loan-to-Value, 4.50% Interest Rate, 30-Year Amortization, and a 1.00% Loan Fee.

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EXISTING LEASE EXPIRATIONS

Suite Tenant End 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 Thereafter Available200 Legacy Dental Mar-29 2,043100 Dunkin' Donuts Dec-38 1,849

Totals: 0 0 0 0 0 0 0 0 0 0 3,892 0Percent: 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 100% 0%Count: 0 0 0 0 0 0 0 0 0 0 2 0

Cumulative SF: 0 0 0 0 0 0 0 0 0 0 3,892 3,892Cumulative %: 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 100% 100%

Summary of Lease Expirations

Year Leases SF Percent Cumu. SF Cumu. %

2019 0 0 0% 0 0%

2020 0 0 0% 0 0%

2021 0 0 0% 0 0%

2022 0 0 0% 0 0%

2023 0 0 0% 0 0%

2024 0 0 0% 0 0%

2025 0 0 0% 0 0%

2026 0 0 0% 0 0%

2027 0 0 0% 0 0%

2028 0 0 0% 0 0%

Thereafter 2 3,892 100% 3,892 100%

Available 0 0 0% 3,892 100%

0.00%

10.00%

20.00%

30.00%

40.00%

50.00%

60.00%

70.00%

80.00%

90.00%

100.00%

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

Ther

eaft

er

Avai

labl

e

Annual Cumulative

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RENT ROLL AS OF 4/1/2019

Square % of Lease Term Rental Rates Recovery

Suite Tenant Name Feet Proper ty Begin End Begin Monthly Annually PSF Type Comments/Options

100 Dunkin' Donuts 1,849 47.51% Dec-2018 Dec-2038 Current $5,547 $66,564 $36.00 Jan-2024 $5,824 $69,892 $37.80 Jan-2029 $6,116 $73,387 $39.69 Jan-2034 $6,421 $77,048 $41.67

200 Legacy Dental 2,043 52.49% Apr-2019 Mar-2029 Current $5,108 $61,290 $30.00 Apr-2024 $5,533 $66,398 $32.50

TOTALS / AVERAGES 3,892 $10,655 $127,854 $32.85

OCCUPIED SqFt 3,892 100.0%VACANT SqFt 0 0.0%

TOTAL SqFt 3,892 100.0%

NNN+15%AF SPEC LEASE - Analysis assumes a lease commencement date of 04/19 with seller crediting 3 months' rent abatement. Two 5 year renewal options @ FMV, not greater than 105% of prior rent. 5% cap on prior year CAM excluding SEC, SNOW, UTIL, INS, and RET.

NNN+15%AF Analysis assumes a lease commencement date of 12/04/18 and that tenant's rent will be increased proportionally with the increase in area from 1,800 to 1,849 RSF. Four 5 year renewal options @ annual rates of $43.76, $45.95, $48.24, and $53.07. 5% cap on prior year CAM excluding SEC, SNOW, UTIL, INS, and RET.

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7 MI

3 MI

1 MI

5 MI

SITE DEMOGRAPHICS

POPULATION

335,360 115,129

69,176

25,609

4,456

$72,137

$75,091

$69,647

$69,398

198,999

72,646

11,509

90,000 30,000180,000 60,000270,000 90,000

40,000

360,000 120,000

80,000

0 0

0

HOUSEHOLDS

AVERAGE HOUSEHOLD INCOME

7 MI

3 MI

1 MI

5 MI

7 MI

3 MI

1 MI

5 MI

20,000 60,000

77,816

2000

2018

2023

2010

POPULATION GROWTH (3 MILES)

47,834

64,234

72,646

20,00040,00060,00080,000 0

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WHY DALLAS/FORT WORTH?

Office And Administrative Support 17.9%Sales And Related 10.9%Food Preparation And Serving Related 9.2%Transportation And Material Moving 8.2%Production 5.6%Business And Financial Operations 5.5%Education, Training, And Library 5.4%Healthcare Practitioners And Technical 5.4%Installation, Maintenance, And Repair 4.2%Management 4.2%Computer And Mathematical 4.1%Construction And Extraction 4.1%Personal Care And Service 2.7%Building And Grounds Cleaning /Maintenance 2.7%Healthcare Support 2.5%Protective Service 2.1%Architecture And Engineering 1.8%Arts, Design, Entertainment, Sports, And Media 1.2%Community And Social Service 0.8%Legal 0.7%Life, Physical, And Social Science 0.4%Farming, Fishing, And Forestry 0.1%

OUR EMPLOYMENTOVERALL EMPLOYMENT REMAINS STRONGDiversified economy has helped drive robust job growth.

JOBS (MILLIONS)

Source: Texas Workforce Commission, Bureau of Labor Statistics, April 2018.

730,900#2 2.8% 98,900JOBS ADDED SINCE JUNE 2010

JOBS ADDED YEAR-OVER-YEAR THROUGH FEBRUARY 2018

1.5

2.0

2.5

3.0

3.5

4.0

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

RECESSIONS:EMPLOYMENT:

MARKET FOR NUMBER OF JOBS ADDED BEHIND NEW YORK CITY

EXPANSION IN EMPLOYMENT BASE FEBRUARY 2017 - FEBRUARY 2018

(Seasonally adjusted)

LABO

R FO

RCE

Source: BLS Occupational Employment Statistics, April 2018.

HEALTHCARE

7 Not-For-Profit Heath Systems

90MEMBER HOSPITALSIN THE DALLAS/FORT WORTH HOSPITAL COUNCIL

Source: The Dallas Regional Chamber, The University of Texas Southwestern Medical Center, 2018.

AIRPORT SYSTEM & LOGISTICS

NOBELLAUREATES6

OUR ECONOMYHIGHER EDUCATION

Source: Dallas Regional Chamber, 2018.Source: Airports Council International, 2017; DFW International Airport, Love Field, Hillwood, 2018.

4TH BUSIEST AIRPORT IN U.S. (DFW INTERNATIONAL)

MAJOR UNIVERSITIES13

82.8 MILLION annual passengers (DFW International + Love Field)

1 OF 7 AIRPORTSAIRPORTS GLOBALLY WITH 200+ DIRECT DESTINATIONS (DFW INTERNATIONAL)

82 Acute care hospitals and other major medical centers

281 Medical manufacturing businesses20,000+ Hospital beds in the DFW region

58,687 Registered nurses in DFW

9,600 ACRES of inland port designated as Foreign-Trade Zone (Alliance Global Logistics Hub)

TOP 10 ranked container ports (BNSF Intermodal Facility), Coordinating nearly 3,000 trucks and 16 intermodal trains per day

15 major universities7 community college systems 370,899 students enrolled

3 of 7 Emerging research universities in Texas pursuing “tier one” status

3,600 Medical, graduate, and health profession students, residents, and postdoctoral fellows trained at UT Southwestern each year.

45,481 BACHELORS, MASTERS AND PHD DEGREES AWARDED IN 2015

TECHNOLOGY

48 COWORKING SPACES

Source: CBRE Research, April 2018; Dallas Regional Chamber, April 2018.

1of 3 OF ALL HIGH-TECH JOBS IN TEXAS ARE

LOCATED IN DFW

7TH LARGEST LARGEST CONCENTRATION OF TECHNOLOGY-RELATED EMPLOYEES IN THE U.S. (224,957 TECH TALENT TOTAL)

#1 LARGE AIRPORTIN NORTH AMERICA FOR CUSTOMER SERVICE

29 INCUBATORS/ACCELERATORS

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WHY DALLAS/FORT WORTH?

OUR PEOPLECOST OF LIVING INDEX

OUR DIVERSITY

NEW YORK

SAN FRANCISCO

BOSTON

SEATTLE

SAN DIEGO

LOS ANGELES

PHILADELPHIA

CHICAGO

DALLAS

HOUSTON

ATLANTA

TAMPA

PHOENIX

ST. LOUIS-20 -0 20 40 60 80 100 120 140

% AVG. HOUSEHOLD INCOME % ABOVE US AVG. COST OF LIVING % ABOVE US AVG.

POPULATION TRENDS & DEMOGRAPHICS

47.1% Anglo

28.8% Hispanic

15.6% Black

6.4% Asian

2.1% Other

DIVERSITY

ETH

NIC

ITY

Source: Esri, 2018.

29.6% BELOW LARGE

U.S. METRO AVERAGE

FLAT COMPARED TO OVERALL NATIONAL AVERAGE

=

DFW INCOME IS ABOVE NATIONAL AVERAGE

Source: Council for Community and Economic Research (C2ER), Cost of Living Index, April 2018; Fast Reports

DFW METRO

JULY 2016 TO JULY 2017DFW ADDED

+146,238RESIDENTS

+400RESIDENTS PER DAY

=

DFW ADDED THE MOST RESIDENTS OUT OF ANY OTHER U.S. METRO IN 2017

HOUSING MARKET

20,660 SINGLE FAMILY HOME SALES2018 YTD (MARCH)

DFW TRADE SECTORS

$5.90B $3.20 B $2.70 B $1.70 B TRANSPORTATION

EQUIPMENT

Source: Dallas Economic Development Guide 2018

DALLAS, TX

Source: Texas A&M Real Estate Center, April 2018.

$326,266AVERAGE HOME PRICE

April 2018

2 MONTHS OF HOUSING SUPPLY

Y-O-Y (MARCH 2016 TO MARCH 2017) SALES VOLUME INCREASED 5.24%

COMPUTER AND ELECTRONIC PRODUCTS

CHEMICALS MACHINERY, EXCEPT ELECTRICAL

MISC. MANUFACTURED COMMODITIES

$7.20 B

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OUR QUALITY OF LIFE

31,998 ACRESOF PARK LAND

1,728 MILESOF STREET TRAILS

660+PUBLIC PARKS IN DFW

MORE THAN TWO DOZEN PUBLIC DOG

PARKS

EDUCATION

PARKS & RECREATION

Source: Dallas Parks & Recreation Annual Report - DallasParks.org

Source: http://fortworthtexas.gov/parks/info/

Source: http://sayyestodallas.com/parks-outdoors/its-a-dogs-life/

SPORTS370,899 STUDENTS IN HIGHER EDUCATION

20,114 Dallas 11,884 Fort Worth

393 Dallas273 Fort Worth

232 SUNNY DAYS A YEAR

ON AVERAGE

45,481DEGREES AWARDED ANNUALLY

Cowboys • Mavericks • Rangers • FC Dallas • Stars • Wings • Diamonds

5 SUPERBOWL

WINS

2011 NBS

CHAMPIONSHIPS

2015 & 2016 DIVISION

CHAMPIONSHIPS

2016 US OPEN CUP CHAMPIONS

2016 DIVISION

CHAMPIONS

WHY DALLAS/FORT WORTH?

14,111RESTAURANTS

549BARS

Source: https://bigtex.com/attendance/

Source: Dallaschamber.org/why-dallas

CULINARYLOCAL ATTRACTIONSTATE FAIR

2.25 MILLION2017 ATTENDANCE

$54.5 MILLION2017 REVENUE

RETAIL MARKETRETAIL SALES

$81B

4.3%

RETAIL SALES 2016

Source: Texas Comptroller, 2018

Dallas has a strong consumer base. Retail spending has shown steady growth since 2010.

RETAIL DEVELOPMENT

308,344,247 SFEXISTING RETAIL INVENTORY (SF)

4,871,914 SFUNDER CONSTRUCTION (SF)

SALES TAX REVENUE

YoY Change 3.6%

YoY Change

Source: CBRE Research Q1 2018.

MARKET TRENDS

$15.73PSFWEIGHTED AVG ASKING RATE

RETAIL OCCUPANCYSource: CBRE Research Q1 2018.

2007 90.2%

2007 94.9%

4.7%

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ACCOLADES & RANKINGS

WHY DALLAS/FORT WORTH?

4 GLOBAL FORTUNE500 COMPANIES

IN THE COUNTRY FOR PERCENT JOB GROWTH (3% GROWTH)

IN THE COUNTRY IN ABSOLUTE JOB GROWTH (98,900)

1

2

#

#

#

#

#

February 2017 - February 2018

TOP 5HOT HOUSING MARKET, 2017

Realtor.com

WORLD’S MOSTCONNECTED AIRPORTS

BEST PLACES TO LIVEDALLAS-FORT WORTH

U.S. News & World Report

1

3

TOP 10Kauffman Foundation

2016 Index of Growth Entrepreneurship

BEST SPORTS CITIES IN THE U.S.

DALLAS-FORT WORTH

3

SPORTS ILLUSTRATED, 2016

OAG AVIATION WORLDWIDE, 2016

2017TOP 20

BEST STATE FORBUSINESS

CHIEF EXECUTIVE MAGAZINE

14 CONSECUTIVEYEARS

TOP 5U.S. DATA CENTER MARKET

3# FOR CORPORATE EXPANSIONSDALLAS-FORT WORTH. 2017

MAGAZINE

TOP METROS FOR TALENT ATTRACTIONEMSI (2017)

#2TOP MOVING DESTINATION

HEALTHIEST HOUSING MARKET CNBC (2017)

PENSKE (2017)

#1 TOP CITY FOR JOBSFORBES (2017-2018)

4 GLOBAL FORTUNE500 COMPANIES

IN THE COUNTRY FOR PERCENT JOB GROWTH (3% GROWTH)

IN THE COUNTRY IN ABSOLUTE JOB GROWTH (98,900)

1

2

#

#

#

#

#

February 2017 - February 2018

TOP 5HOT HOUSING MARKET, 2017

Realtor.com

WORLD’S MOSTCONNECTED AIRPORTS

BEST PLACES TO LIVEDALLAS-FORT WORTH

U.S. News & World Report

1

3

TOP 10Kauffman Foundation

2016 Index of Growth Entrepreneurship

BEST SPORTS CITIES IN THE U.S.

DALLAS-FORT WORTH

3

SPORTS ILLUSTRATED, 2016

OAG AVIATION WORLDWIDE, 2016

2017TOP 20

BEST STATE FORBUSINESS

CHIEF EXECUTIVE MAGAZINE

14 CONSECUTIVEYEARS

TOP 5U.S. DATA CENTER MARKET

3# FOR CORPORATE EXPANSIONSDALLAS-FORT WORTH. 2017

MAGAZINE

TOP METROS FOR TALENT ATTRACTIONEMSI (2017)

#2TOP MOVING DESTINATION

HEALTHIEST HOUSING MARKET CNBC (2017)

PENSKE (2017)

#1 TOP CITY FOR JOBSFORBES (2017-2018)

4 GLOBAL FORTUNE500 COMPANIES

IN THE COUNTRY FOR PERCENT JOB GROWTH (3% GROWTH)

IN THE COUNTRY IN ABSOLUTE JOB GROWTH (98,900)

1

2

#

#

#

#

#

February 2017 - February 2018

TOP 5HOT HOUSING MARKET, 2017

Realtor.com

WORLD’S MOSTCONNECTED AIRPORTS

BEST PLACES TO LIVEDALLAS-FORT WORTH

U.S. News & World Report

1

3

TOP 10Kauffman Foundation

2016 Index of Growth Entrepreneurship

BEST SPORTS CITIES IN THE U.S.

DALLAS-FORT WORTH

3

SPORTS ILLUSTRATED, 2016

OAG AVIATION WORLDWIDE, 2016

2017TOP 20

BEST STATE FORBUSINESS

CHIEF EXECUTIVE MAGAZINE

14 CONSECUTIVEYEARS

TOP 5U.S. DATA CENTER MARKET

3# FOR CORPORATE EXPANSIONSDALLAS-FORT WORTH. 2017

MAGAZINE

TOP METROS FOR TALENT ATTRACTIONEMSI (2017)

#2TOP MOVING DESTINATION

HEALTHIEST HOUSING MARKET CNBC (2017)

PENSKE (2017)

#1 TOP CITY FOR JOBSFORBES (2017-2018)

4 GLOBAL FORTUNE500 COMPANIES

IN THE COUNTRY FOR PERCENT JOB GROWTH (3% GROWTH)

IN THE COUNTRY IN ABSOLUTE JOB GROWTH (98,900)

1

2

#

#

#

#

#

February 2017 - February 2018

TOP 5HOT HOUSING MARKET, 2017

Realtor.com

WORLD’S MOSTCONNECTED AIRPORTS

BEST PLACES TO LIVEDALLAS-FORT WORTH

U.S. News & World Report

1

3

TOP 10Kauffman Foundation

2016 Index of Growth Entrepreneurship

BEST SPORTS CITIES IN THE U.S.

DALLAS-FORT WORTH

3

SPORTS ILLUSTRATED, 2016

OAG AVIATION WORLDWIDE, 2016

2017TOP 20

BEST STATE FORBUSINESS

CHIEF EXECUTIVE MAGAZINE

14 CONSECUTIVEYEARS

TOP 5U.S. DATA CENTER MARKET

3# FOR CORPORATE EXPANSIONSDALLAS-FORT WORTH. 2017

MAGAZINE

TOP METROS FOR TALENT ATTRACTIONEMSI (2017)

#2TOP MOVING DESTINATION

HEALTHIEST HOUSING MARKET CNBC (2017)

PENSKE (2017)

#1 TOP CITY FOR JOBSFORBES (2017-2018)

4 GLOBAL FORTUNE500 COMPANIES

IN THE COUNTRY FOR PERCENT JOB GROWTH (3% GROWTH)

IN THE COUNTRY IN ABSOLUTE JOB GROWTH (98,900)

1

2

#

#

#

#

#

February 2017 - February 2018

TOP 5HOT HOUSING MARKET, 2017

Realtor.com

WORLD’S MOSTCONNECTED AIRPORTS

BEST PLACES TO LIVEDALLAS-FORT WORTH

U.S. News & World Report

1

3

TOP 10Kauffman Foundation

2016 Index of Growth Entrepreneurship

BEST SPORTS CITIES IN THE U.S.

DALLAS-FORT WORTH

3

SPORTS ILLUSTRATED, 2016

OAG AVIATION WORLDWIDE, 2016

2017TOP 20

BEST STATE FORBUSINESS

CHIEF EXECUTIVE MAGAZINE

14 CONSECUTIVEYEARS

TOP 5U.S. DATA CENTER MARKET

3# FOR CORPORATE EXPANSIONSDALLAS-FORT WORTH. 2017

MAGAZINE

TOP METROS FOR TALENT ATTRACTIONEMSI (2017)

#2TOP MOVING DESTINATION

HEALTHIEST HOUSING MARKET CNBC (2017)

PENSKE (2017)

#1 TOP CITY FOR JOBSFORBES (2017-2018)

4 GLOBAL FORTUNE500 COMPANIES

IN THE COUNTRY FOR PERCENT JOB GROWTH (3% GROWTH)

IN THE COUNTRY IN ABSOLUTE JOB GROWTH (98,900)

1

2

#

#

#

#

#

February 2017 - February 2018

TOP 5HOT HOUSING MARKET, 2017

Realtor.com

WORLD’S MOSTCONNECTED AIRPORTS

BEST PLACES TO LIVEDALLAS-FORT WORTH

U.S. News & World Report

1

3

TOP 10Kauffman Foundation

2016 Index of Growth Entrepreneurship

BEST SPORTS CITIES IN THE U.S.

DALLAS-FORT WORTH

3

SPORTS ILLUSTRATED, 2016

OAG AVIATION WORLDWIDE, 2016

2017TOP 20

BEST STATE FORBUSINESS

CHIEF EXECUTIVE MAGAZINE

14 CONSECUTIVEYEARS

TOP 5U.S. DATA CENTER MARKET

3# FOR CORPORATE EXPANSIONSDALLAS-FORT WORTH. 2017

MAGAZINE

TOP METROS FOR TALENT ATTRACTIONEMSI (2017)

#2TOP MOVING DESTINATION

HEALTHIEST HOUSING MARKET CNBC (2017)

PENSKE (2017)

#1 TOP CITY FOR JOBSFORBES (2017-2018)

4 GLOBAL FORTUNE500 COMPANIES

IN THE COUNTRY FOR PERCENT JOB GROWTH (3% GROWTH)

IN THE COUNTRY IN ABSOLUTE JOB GROWTH (98,900)

1

2

#

#

#

#

#

February 2017 - February 2018

TOP 5HOT HOUSING MARKET, 2017

Realtor.com

WORLD’S MOSTCONNECTED AIRPORTS

BEST PLACES TO LIVEDALLAS-FORT WORTH

U.S. News & World Report

1

3

TOP 10Kauffman Foundation

2016 Index of Growth Entrepreneurship

BEST SPORTS CITIES IN THE U.S.

DALLAS-FORT WORTH

3

SPORTS ILLUSTRATED, 2016

OAG AVIATION WORLDWIDE, 2016

2017TOP 20

BEST STATE FORBUSINESS

CHIEF EXECUTIVE MAGAZINE

14 CONSECUTIVEYEARS

TOP 5U.S. DATA CENTER MARKET

3# FOR CORPORATE EXPANSIONSDALLAS-FORT WORTH. 2017

MAGAZINE

TOP METROS FOR TALENT ATTRACTIONEMSI (2017)

#2TOP MOVING DESTINATION

HEALTHIEST HOUSING MARKET CNBC (2017)

PENSKE (2017)

#1 TOP CITY FOR JOBSFORBES (2017-2018)

4 GLOBAL FORTUNE500 COMPANIES

IN THE COUNTRY FOR PERCENT JOB GROWTH (3% GROWTH)

IN THE COUNTRY IN ABSOLUTE JOB GROWTH (98,900)

1

2

#

#

#

#

#

February 2017 - February 2018

TOP 5HOT HOUSING MARKET, 2017

Realtor.com

WORLD’S MOSTCONNECTED AIRPORTS

BEST PLACES TO LIVEDALLAS-FORT WORTH

U.S. News & World Report

1

3

TOP 10Kauffman Foundation

2016 Index of Growth Entrepreneurship

BEST SPORTS CITIES IN THE U.S.

DALLAS-FORT WORTH

3

SPORTS ILLUSTRATED, 2016

OAG AVIATION WORLDWIDE, 2016

2017TOP 20

BEST STATE FORBUSINESS

CHIEF EXECUTIVE MAGAZINE

14 CONSECUTIVEYEARS

TOP 5U.S. DATA CENTER MARKET

3# FOR CORPORATE EXPANSIONSDALLAS-FORT WORTH. 2017

MAGAZINE

TOP METROS FOR TALENT ATTRACTIONEMSI (2017)

#2TOP MOVING DESTINATION

HEALTHIEST HOUSING MARKET CNBC (2017)

PENSKE (2017)

#1 TOP CITY FOR JOBSFORBES (2017-2018)

4 GLOBAL FORTUNE500 COMPANIES

IN THE COUNTRY FOR PERCENT JOB GROWTH (3% GROWTH)

IN THE COUNTRY IN ABSOLUTE JOB GROWTH (98,900)

1

2

#

#

#

#

#

February 2017 - February 2018

TOP 5HOT HOUSING MARKET, 2017

Realtor.com

WORLD’S MOSTCONNECTED AIRPORTS

BEST PLACES TO LIVEDALLAS-FORT WORTH

U.S. News & World Report

1

3

TOP 10Kauffman Foundation

2016 Index of Growth Entrepreneurship

BEST SPORTS CITIES IN THE U.S.

DALLAS-FORT WORTH

3

SPORTS ILLUSTRATED, 2016

OAG AVIATION WORLDWIDE, 2016

2017TOP 20

BEST STATE FORBUSINESS

CHIEF EXECUTIVE MAGAZINE

14 CONSECUTIVEYEARS

TOP 5U.S. DATA CENTER MARKET

3# FOR CORPORATE EXPANSIONSDALLAS-FORT WORTH. 2017

MAGAZINE

TOP METROS FOR TALENT ATTRACTIONEMSI (2017)

#2TOP MOVING DESTINATION

HEALTHIEST HOUSING MARKET CNBC (2017)

PENSKE (2017)

#1 TOP CITY FOR JOBSFORBES (2017-2018)

4 GLOBAL FORTUNE500 COMPANIES

IN THE COUNTRY FOR PERCENT JOB GROWTH (3% GROWTH)

IN THE COUNTRY IN ABSOLUTE JOB GROWTH (98,900)

1

2

#

#

#

#

#

February 2017 - February 2018

TOP 5HOT HOUSING MARKET, 2017

Realtor.com

WORLD’S MOSTCONNECTED AIRPORTS

BEST PLACES TO LIVEDALLAS-FORT WORTH

U.S. News & World Report

1

3

TOP 10Kauffman Foundation

2016 Index of Growth Entrepreneurship

BEST SPORTS CITIES IN THE U.S.

DALLAS-FORT WORTH

3

SPORTS ILLUSTRATED, 2016

OAG AVIATION WORLDWIDE, 2016

2017TOP 20

BEST STATE FORBUSINESS

CHIEF EXECUTIVE MAGAZINE

14 CONSECUTIVEYEARS

TOP 5U.S. DATA CENTER MARKET

3# FOR CORPORATE EXPANSIONSDALLAS-FORT WORTH. 2017

MAGAZINE

TOP METROS FOR TALENT ATTRACTIONEMSI (2017)

#2TOP MOVING DESTINATION

HEALTHIEST HOUSING MARKET CNBC (2017)

PENSKE (2017)

#1 TOP CITY FOR JOBSFORBES (2017-2018)

4 GLOBAL FORTUNE500 COMPANIES

IN THE COUNTRY FOR PERCENT JOB GROWTH (3% GROWTH)

IN THE COUNTRY IN ABSOLUTE JOB GROWTH (98,900)

1

2

#

#

#

#

#

February 2017 - February 2018

TOP 5HOT HOUSING MARKET, 2017

Realtor.com

WORLD’S MOSTCONNECTED AIRPORTS

BEST PLACES TO LIVEDALLAS-FORT WORTH

U.S. News & World Report

1

3

TOP 10Kauffman Foundation

2016 Index of Growth Entrepreneurship

BEST SPORTS CITIES IN THE U.S.

DALLAS-FORT WORTH

3

SPORTS ILLUSTRATED, 2016

OAG AVIATION WORLDWIDE, 2016

2017TOP 20

BEST STATE FORBUSINESS

CHIEF EXECUTIVE MAGAZINE

14 CONSECUTIVEYEARS

TOP 5U.S. DATA CENTER MARKET

3# FOR CORPORATE EXPANSIONSDALLAS-FORT WORTH. 2017

MAGAZINE

TOP METROS FOR TALENT ATTRACTIONEMSI (2017)

#2TOP MOVING DESTINATION

HEALTHIEST HOUSING MARKET CNBC (2017)

PENSKE (2017)

#1 TOP CITY FOR JOBSFORBES (2017-2018)

4 GLOBAL FORTUNE500 COMPANIES

IN THE COUNTRY FOR PERCENT JOB GROWTH (3% GROWTH)

IN THE COUNTRY IN ABSOLUTE JOB GROWTH (98,900)

1

2

#

#

#

#

#

February 2017 - February 2018

TOP 5HOT HOUSING MARKET, 2017

Realtor.com

WORLD’S MOSTCONNECTED AIRPORTS

BEST PLACES TO LIVEDALLAS-FORT WORTH

U.S. News & World Report

1

3

TOP 10Kauffman Foundation

2016 Index of Growth Entrepreneurship

BEST SPORTS CITIES IN THE U.S.

DALLAS-FORT WORTH

3

SPORTS ILLUSTRATED, 2016

OAG AVIATION WORLDWIDE, 2016

2017TOP 20

BEST STATE FORBUSINESS

CHIEF EXECUTIVE MAGAZINE

14 CONSECUTIVEYEARS

TOP 5U.S. DATA CENTER MARKET

3# FOR CORPORATE EXPANSIONSDALLAS-FORT WORTH. 2017

MAGAZINE

TOP METROS FOR TALENT ATTRACTIONEMSI (2017)

#2TOP MOVING DESTINATION

HEALTHIEST HOUSING MARKET CNBC (2017)

PENSKE (2017)

#1 TOP CITY FOR JOBSFORBES (2017-2018)

4 GLOBAL FORTUNE500 COMPANIES

IN THE COUNTRY FOR PERCENT JOB GROWTH (3% GROWTH)

IN THE COUNTRY IN ABSOLUTE JOB GROWTH (98,900)

1

2

#

#

#

#

#

February 2017 - February 2018

TOP 5HOT HOUSING MARKET, 2017

Realtor.com

WORLD’S MOSTCONNECTED AIRPORTS

BEST PLACES TO LIVEDALLAS-FORT WORTH

U.S. News & World Report

1

3

TOP 10Kauffman Foundation

2016 Index of Growth Entrepreneurship

BEST SPORTS CITIES IN THE U.S.

DALLAS-FORT WORTH

3

SPORTS ILLUSTRATED, 2016

OAG AVIATION WORLDWIDE, 2016

2017TOP 20

BEST STATE FORBUSINESS

CHIEF EXECUTIVE MAGAZINE

14 CONSECUTIVEYEARS

TOP 5U.S. DATA CENTER MARKET

3# FOR CORPORATE EXPANSIONSDALLAS-FORT WORTH. 2017

MAGAZINE

TOP METROS FOR TALENT ATTRACTIONEMSI (2017)

#2TOP MOVING DESTINATION

HEALTHIEST HOUSING MARKET CNBC (2017)

PENSKE (2017)

#1 TOP CITY FOR JOBSFORBES (2017-2018)

Page 18: OFFERING MEMORANDUM CBRE CAPITAL MARKETS DUNKIN’ … · market strategy. By analyzing sophisticated mo-bile data, we are creating an accurate picture of customers. Whether used

834 NORTH HAMPTON ROAD | DESOTO, TX 75115

18

DUNKIN’ DONUTS | LEGACY DENTAL

CBRE, Inc. operates within a global family of companies with many subsidiaries and/or related entities (each an “Affiliate”) engaging in a broad range of commercial real estate businesses including, but not limited to, brokerage services, property and facilities management, valuation, investment fund management and development. At times different Affiliates may represent various clients with competing interests in the same transaction. For example, this Memorandum may be received by our Af-filiates, including CBRE Investors, Inc. or Trammell Crow Company. Those, or other, Affiliates may express an interest in the property described in this Memorandum (the “Property”) may submit an offer to purchase the Property and may be the success-ful bidder for the Property. You hereby acknowledge that possibility and agree that neither CBRE, Inc. nor any involved Affiliate will have any obligation to disclose to you the involvement of any Affiliate in the sale or purchase of the Property. In all instances, however, CBRE, Inc. will act in the best interest of the client(s) it represents in the transaction described in this Memorandum and will not act in concert with or otherwise conduct its business in a way that benefits any Affiliate to the detriment of any other offeror or prospective offeror, but rather will conduct its business in a man-ner consistent with the law and any fiduciary duties owed to the client(s) it represents in the transaction described in this Memorandum.

This is a confidential Memorandum intended solely for your limited use and benefit in determining whether you desire to express further interest in the acquisition of the Property.

This Memorandum contains selected information pertaining to the Property and does not purport to be a representation of the state of affairs of the Property or the own-er of the Property (the “Owner”), to be all-inclusive or to contain all or part of the information which prospective investors may require to evaluate a purchase of real property. All financial projections and information are provided for general reference purposes only and are based on assumptions relating to the general economy, mar-ket conditions, competition and other factors beyond the control of the Owner and CBRE, Inc. Therefore, all projections, assumptions and other information provided and made herein are subject to material variation. All references to acreages, square footages, and other measurements are approximations. Additional information and an opportunity to inspect the Property will be made available to interested and qual-ified prospective purchasers. In this Memorandum, certain documents, including leases and other materials, are described in summary form. These summaries do not

purport to be complete nor necessarily accurate descriptions of the full agreements referenced. Interested parties are expected to review all such summaries and other documents of whatever nature independently and not rely on the contents of this Memorandum in any manner.

Neither the Owner or CBRE, Inc, nor any of their respective directors, officers, Affil-iates or representatives make any representation or warranty, expressed or implied, as to the accuracy or completeness of this Memorandum or any of its contents, and no legal commitment or obligation shall arise by reason of your receipt of this Mem-orandum or use of its contents; and you are to rely solely on your investigations and inspections of the Property in evaluating a possible purchase of the real property.

The Owner expressly reserved the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the Property, and/or to terminate discus-sions with any entity at any time with or without notice which may arise as a result of review of this Memorandum. The Owner shall have no legal commitment or obli-gation to any entity reviewing this Memorandum or making an offer to purchase the Property unless and until written agreement(s) for the purchase of the Property have been fully executed, delivered and approved by the Owner and any conditions to the Owner’s obligations therein have been satisfied or waived.

By receipt of this Memorandum, you agree that this Memorandum and its contents are of a confidential nature, that you will hold and treat it in the strictest confidence and that you will not disclose this Memorandum or any of its contents to any other entity without the prior written authorization of the Owner or CBRE, Inc. You also agree that you will not use this Memorandum or any of its contents in any manner detrimental to the interest of the Owner or CBRE, Inc.

If after reviewing this Memorandum, you have no further interest in purchasing the Property, kindly return this Memorandum to CBRE, Inc.

DISCLAIMERS

Page 19: OFFERING MEMORANDUM CBRE CAPITAL MARKETS DUNKIN’ … · market strategy. By analyzing sophisticated mo-bile data, we are creating an accurate picture of customers. Whether used

834 NORTH HAMPTON ROAD | DESOTO, TX 75115

19

DUNKIN’ DONUTS | LEGACY DENTAL

Before working with a real estate broker, you should know that the duties of a broker depend on whom the broker represents. If you are a prospective seller or landlord (owner) or a prospective buyer or tenant (buyer), you should know that the broker who lists the property for sale or lease is the owner’s agent. A broker who acts as a subagent represents the owner in cooperation with the listing broker. A broker who acts as a buyer’s agent represents the buyer. A broker may act as an intermediary between the parties if the parties consent in writing. A broker can assist you in locating a property, preparing a contract or lease, or obtaining financing without representing you. A broker is obligated by law to treat you honestly.

IF THE BROKER REPRESENTS THE OWNER:The broker becomes the owner’s agent by entering into an agreement with the owner, usually through a written - listing agreement, or by agreeing to act as a subagent by accepting an offer of subagency from the listing broker. A subagent may work in a different real estate office. A listing broker or subagent can as-sist the buyer but does not represent the buyer and must place the interests of the owner first. The buyer should not tell the owner’s agent anything the buyer would not want the owner to know because an owner’s agent must disclose to the owner any material information known to the agent.

IF THE BROKER REPRESENTS THE BUYER:The broker becomes the buyer’s agent by entering into an agreement to repre-sent the buyer, usually through a written buyer representation agreement. A buy-er’s agent can assist the owner but does not represent the owner and must place the interests of the buyer first. The owner should not tell a buyer’s agent anything the owner would not want the buyer to know because a buyer’s agent must disclose to the buyer any material information known to the agent.

IF THE BROKER ACTS AS AN INTERMEDIARY:A broker may act as an intermediary between the parties if the broker complies with The Texas Real Estate License Act. The broker must obtain the written con-sent of each party to the transaction to act as an intermediary.

Approved by the Texas Real Estate Commission for Voluntary UseTexas law requires all real estate licensees to give the following information about brokerage services to prospective buyers, tenants, sellers and landlords.

The written consent must state who will pay the broker and, in conspicuous bold or underlined print, set forth the broker’s obligations as an intermediary. The broker is required to treat each party honestly and fairly and to comply with The Texas Real Estate License Act. A broker who acts as an intermediary in a transaction:

(1) shall treat all parties honestly;

(2) may not disclose that the owner will accept a price less than the asking price unless authorized in writing to do so by the owner;

(3) may not disclose that the buyer will pay a price greater than the price sub-mitted in a written offer unless authorized in writing to do so by the buyer; and

(4) may not disclose any confidential information or any information that a party specifically instructs the broker in writing not to disclose unless authorized in writing to disclose the information or required to do so by The Texas Real Estate License Act or a court order or if the information materially relates to the condition of the property.

With the parties’ consent, a broker acting as an intermediary between the par-ties may appoint a person who is licensed under The Texas Real Estate License Act and associated with the broker to communicate with and carry out in-structions of one party and another person who is licensed under that Act and associated with the broker to communicate with and carry out instructions of the other party.

If you choose to have a broker represent you, you should enter into a written agreement with the broker that clearly establishes the broker’s obligations and your obligations. The agreement should state how and by whom the broker will be paid. You have the right to choose the type of representation, if any, you wish to receive. Your payment of a fee to a broker does not necessarily establish that the broker represents you. If you have any questions regarding the duties and responsibilities of the broker, you should resolve those questions before proceeding.

Real estate licensee asks that you acknowledge receipt of this information about brokerage services for the licensee’s records.

INFORMATION ON BROKERAGE SERVICES

Page 20: OFFERING MEMORANDUM CBRE CAPITAL MARKETS DUNKIN’ … · market strategy. By analyzing sophisticated mo-bile data, we are creating an accurate picture of customers. Whether used

EXCLUSIVE MARKETING ADVISORS

JARED AUBREYSENIOR V ICE PRES IDENT+1 214 252 1031ja red .aub rey@cbre . com

M ICHAEL AUSTRYVICE PRES IDENT+1 214 252 1115michae l .aus t r y@cbre . com

OFFER ING MEMORANDUM

C B R E C A P I TA L M A R K E T S

834 NORTH HAMPTON ROAD | DESOTO, TX 75115

D U N K I N ’ D O N U T S &L E G AC Y D E N TA L