Cricket Wireless SEC Greenville Avenue & Park Lane Dallas, Texas 4438 W Lovers Ln Dallas, Texas 75209 T 214.396.1810 VireoRE.com Stroud Arthur Partner [email protected] 214.396.1811
Cricket WirelessSEC Greenville Avenue & Park LaneDallas, Texas
4438 W Lovers LnDallas, Texas 75209
T 214.396.1810VireoRE.com
Stroud [email protected]
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Property InformationLocation6868 Greenville AveDallas, TX 75231
Size993 SF
Price$475,000 / $478.35 PSF
Cap Rate6.87%
Occupancy100%
Parking7 spaces (7.05/1,000 SF)
ZoningMU-3 (Mixed-Use 3)
Tax Authority / IDDallas County / 00-00036-742-000-00-00
Building ExteriorBrick
RoofFlat; Replaced 2017
HVACCentral Units; Replaced 2015
Site LightingPole and building mounted lights
Parking LotGood condition, concrete
The information contained herein was obtained from sources deemed reliable; however, no guarantees, warranties or representations as to the completeness or accuracy thereof.The presentation of this real estate information is subject to errors; omissions; change of price; prior sale or lease; or withdrawal without notice.
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Executive Summary
Investment Overview• 993 SF single-tenant asset located on Greenville Ave in Dallas, TX• NNN lease with two, 5-year renewal options remaining• Income growth potential via rent bumps in renewal options• #1 Cricket Wireless store in DFW• Prime location less than half a mile east of US 75 (Central Expressway)• Located across from The Shops at Park Lane with tenants such as Whole Foods,
HomeGoods, Bloomingdale’s Outlet, Nordstrom Rack and Saks OFF 5TH• Roof replaced in 2017; new HVAC in 2015
Top Investor MarketThe Dallas-Fort Worth Metroplex (“DFW”) is the 4th largest metropolitan area in the nation, and is currently experiencing significant growth making it a mecca for real-estate investment. DFW adds another person every four minutes, according to data from the US Census Bureau. Ease of transportation and low cost of living have fueled business expansion, attracting new employers. The local economy has added jobs at one of the fastest rates in the nation, averaging more than 100,000 per year since 2012, outpacing the national economy and resetting the bar for market performance.
Prime LocationCricket Wireless (“Property”) is conveniently placed along the heavily trafficked Greenville Ave (22,000 cars per day), at the intersection of Greenville and Park Lane (29,000 cars per day). Greenville Ave runs Parallel to US Highway 75, and provides a key commuting route for the surrounding residents. The Property is adjacent to Schlotzsky’s Deli, 7-Eleven, and AutoZone, as well as across from The Shops at Park Lane- retailers here include Home Goods, Saks Off Fifth, Nordstrom Rack, Bloomingdales Outlet, Whole Foods, Dick’s Sporting Goods, and more. The location boasts a dense daytime population of 42,772 people within a 1-mile radius, and strategically pulls from the affluent neighborhoods of Highland Park and Lakewood, as well several adjacent apartment communities near Southern Methodist University, with an average household income of $128,684 within a 3-mile radius.
Demographics 1 Mile 3 Mile 5 Mile
Total Population 35,508 158,347 430,710
Daytime Population 54,034 189,401 502,369
Average HH Income $64,408 $124,731 $112,918
Median Age 29.5 35.8 35.2
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WA XA HACHIE
DESOTO
DUNCANVILLE
CLEBURNE
FORT WORTH
G RAPEVINE
CARROLLTON
FRISC OLITTLE ELM
DENTON
MCKI NNEY
WEATHER FOR D
MINERAL W ELLS
DA LLASMESQUI TE
ENNI S
DFW AIRPORT
DALLAS LOVE FIELD
PROSPER
THE C OLONY
C OPPELL
FLOWERMOUND
LEWISVILLE
ALLEN
PLANO
ROANOKE
NORTHRICHLAND
HILLSLA K E WO RTH
AZLE
BURLESON
B ENBROO K
MANSFIELD
MIDLOTHIAN
C EDAR HILL
KAUFMAN
TERRELL
FORNEY
RIC HARDSON
GRANBURY
IRVING
ARLINGTON
30
30
35E20
820
35W
35W
635
75
175
121
121
288
161
360
114
12
35E
380
380
287
ROCKWALL
HEATH
GARLAND
ROW LETT
W YLI E
20
63520
205
287
67
67
80
FARMERSVI LLE
Location Map
Cricket Wireless
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Aerial
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Aerial
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Site Plan
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Tenant Profile
Cricket WirelessCricket Wireless is an American prepaid wireless service provider in the United States. Cricket Wireless offers voice, text, and data and is a wholly owned subsidiary of AT&T. Cricket Wireless was founded in 1999 by Leap Wireless International, Inc. On July 12, 2013, AT&T Inc. agreed to acquire Cricket’s parent company Leap Wireless. Today, Cricket Wireless products and services are offered at more than 4,300 Cricket Wireless-branded company and authorized retail stores in 50 states and the District of Columbia, with more than 14,000 points of retail distribution nationwide and the expansion of more than 800 new
branded locations in 2016.
Size993 SF
Stock SymbolNYSE: T
Credit Rating (AT&T)BAA1 (Moody’s)
Locations4,300+
WebsiteCricketWireless.com / ATT.com
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Tenant Information
Tenant Cricket Wireless
Address 6868 Greenville Ave / Dallas, TX 75231
Size 993 SF
Lease Commencement August 20, 2013
Lease Expiration August 31, 2023
Options 2 x 5 remaining
Lease Structure NNN - See Lease Abstract for more details
Price $475,000
Price PSF $478.35
In-Place NOI $32,688
In-Place Cap Rate 6.88%
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Rent Schedule
Lease Period Per Month Annual PSF
August 20, 2013 - October 19, 2013 $0.00 $0.00 $0.00
October 20, 2013 - November 19, 2013 $491.06 $5,892.72 $5.93
November 20, 2013 - December 19, 2013 $1,171.00 $14,052.00 $14.15
December 20, 2013 - December 31, 2013 $1,699.86 $20,398.32 $20.54
January 20, 2014 - August 31, 2015 $2,342.00 $28,104.00 $28.30
September 1, 2015 - August 31, 2018 $2,477.00 $29,724.00 $29.93
September 1, 2018 - August 31, 2023 $2,724.00 $32,688.00 $32.92
Two Remaining Renewal Options Per Month Annual PSF
September 1, 2023 - August 31, 2028 $3,050.99 $36,611.88 $36.87
September 1, 2028 - August 31, 2033 $3,416.99 $41,003.88 $41.29
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Cash Flow
In-Place
Income
Base Rental Revenue $32,688
Expense Reimbursement Revenue $6,871
Effective Gross Revenue $39,559
Expenses
CAM $704
General & Administrative $350
Insurance $1,070
Real Estate Taxes $2,587
Recoverable Parking $2,160
Total Operating Expenses $6,871
Net Operating Income $32,688
Note 1: Current lease expires 8/31/2023Note 2: Landlord has a separate agreement with Oncor, paying $2,160 per year, which is passed through to the Tenant.
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Lease Abstract
Tenant Cricket Wireless
Square Footage (Building) 993 SF
Land Area 1,329 acres
Specific Use
Tenant shall use and occupy the Premises with unrestricted access for (i) the sale of communications services and products, including but not limited to wireless communications products and services, video entertainment products and services, satellite products and devices and services, video entertainment products and services, Internet access products and services, mobile electronic devices and services, and any other related products and services available now or in the future from Tenant, its parent, subsidiaries or affiliated companies; (ii) the installation repair and servicing of such equipment; (iii) the incidental storage of equipment used in connection with such business; and any activities reasonably related to or arising in connection with the conduct of such permitted businesses.
Documentation Lease dated June 30, 2005, Lease Assignment dated July 27, 2015, and lease assignment and amendment dated April 9, 2018
Rent Commencement Date August 20, 2013
Lease Expiration Date August 20, 2023
Base Rent Period Per Month Annual PSF
September 1, 2018 - August 31, 2023 $2,724.00 $32,688.00 $32.91
Remaining Renewal Options
September 1, 2023 - August 31, 2028 $3,059.99 $36,611.88 $36.87
September 1, 2028 - August 31, 2033 $3,416.99 $41,003.88 $41.29
Renewal Option(s) Two, 5-year renewal options remaining. Tenant must provide written otice 180 days prior.
CAM Payments Tenant reimburses Landlord 100% share of CAM.
Insurance Payments Tenant reimburses Landlord 100% share of Insurance.
RE Tax Payments Tenant reimburses Landlord 100% share of Taxes.
Utilities Tenant shall pay for all utilities furnished to the premises.
Tenant Maintenance Tenant responsible for glass, windows, doors, grounds maintenance, interior doors, parking areas and walks, plumbing systems, electrical systems, HVAC, signage, and extermination/pest control. Per Special Provisions, Tenant shall maintain 100% of HVAC & parking lot maintenance
Landlord Maintenance Landlord shall be responsible for maintaining foundation, exterior walls (excluding paint), and roof. (Not being charged last part of Lease Renewal starting September 2018)
Management Fee 5% of Base Rent, $1634.40 passed through to tenant
Assignee Crown Wireless Corporation
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Vireo Realty Partners [email protected] 214.396.1810
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