27.08.2013 Views

Cash America

Cash America

Cash America

SHOW MORE
SHOW LESS

Create successful ePaper yourself

Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.

EXCLUSIVE LISTING AGENTS:<br />

Joe Caputo | Bob Moorhead<br />

214.522.7200<br />

joe@exp1031.com | bob@exp1031.com<br />

Former <strong>Cash</strong> <strong>America</strong> Site<br />

CASH AMERICA<br />

2613 West Wall Street, Midland, Texas<br />

$1,115,000 / 7.75% CAP<br />

Brand New, 10-Year Absolute NNN <strong>Cash</strong> <strong>America</strong> with 10% Rent Increases Every 5-Years<br />

<strong>Cash</strong> <strong>America</strong> International, Inc. (NYSE CSH): Founded in 1984 | $1.65B Market Cap | 21% Growth Since 2010<br />

<strong>Cash</strong> <strong>America</strong> Owns & Operates 1,000+ Locations in the United States and Mexico<br />

Located along W. Wall St. / TX Hwy 268 Near TX Business Hwy 158 / Andrews Hwy (24,822 Cars / Day)<br />

Proven Location: <strong>Cash</strong> <strong>America</strong> is Relocating One Block East From Strong Performing Location (Since 1987)<br />

Midland Located Within Spraberry Trend: 3 rd Largest Oil Field in US | Oil Prices Have Led to Economic Boom in Area<br />

Near Midland Memorial Hospital: 320-Bed Teaching Hospital | $178 Million Renovation Ending Fall 2012<br />

Milken Institute Ranked Midland 22 nd Best City in Class in Creating and Sustaining Jobs and Economic Growth in 2011


CASH AMERICA<br />

Midland, TX<br />

TABLE OF CONTENTS<br />

PAGE 1: COVER<br />

PAGE 2: TABLE OF CONTENTS - DISCLAIMER<br />

PAGE 3: INVESTMENT OVERVIEW<br />

PAGE 4: SITE PLAN<br />

PAGE 5: AERIAL PHOTOGRAPH<br />

PAGE 6: LOCATION OVERVIEW<br />

PAGE 7-8: LOCATION MAPS<br />

PAGE 9: DEMOGRAPHICS<br />

REPRESENTATIVE PHOTO<br />

CONFIDENTIAL MEMORANDUM & DISCLAIMER<br />

EXP Realty Advisors, Inc. (“Agent”) has been engaged as the exclusive agent for the sale of the building located at 2613 West Wall Street, Midland, Texas by the owner of the Property (“Seller”). The Property is being<br />

offered for sale in an “as-is, where-is” condition and Seller and Agent make no representations or warranties as to the accuracy of the information contained in this Offering Memorandum. The enclosed materials include<br />

highly confidential information and are being furnished solely for the purpose of review by prospective purchasers of the interest described herein. The enclosed materials are being provided solely to facilitate the<br />

prospective investor’s own due diligence for which it shall be fully and solely responsible. The material contained herein is based on information and sources deemed to be reliable, but no representation or warranty,<br />

express or implied, is being made by Agent or Seller or any of their respective representatives, affiliates, officers, employees, shareholders, partners and directors, as to the accuracy or completeness of the information<br />

contained herein. Summaries contained herein of any legal or other documents are not intended to be comprehensive statements of the terms of such documents, but rather only outlines of some of the principal<br />

provisions contained therein. Neither the Agent nor the Seller shall have any liability whatsoever for the accuracy or completeness of the information contained herein or any other written or oral communication or<br />

information transmitted or made available or any action taken or decision made by the recipient with respect to the Property. Interested parties are to make their own investigations, projections and conclusions without<br />

reliance upon the material contained herein. Seller reserves the right, at its sole and absolute discretion, to withdraw the Property from being marketed for sale at any time and for any reason. Seller and Agent each<br />

expressly reserves the right, at their sole and absolute discretion, to reject any and all expressions of interest or offers regarding the Property and/or to terminate discussions with any entity at any time, with or without<br />

notice. This offering is made subject to omissions, correction of errors, change of price or other terms, prior sale or withdrawal from the market without notice. Agent is not authorized to make any representations or<br />

agreements on behalf of Seller. Seller shall have no legal commitment or obligation to any interested party reviewing the enclosed materials, performing additional investigation and/or making an offer to purchase the<br />

Property unless and until a binding written agreement for the purchase of the Property has been fully executed, delivered, and approved by Seller and any conditions to Seller’s obligations hereunder have been satisfied or<br />

waived. By taking possession of and reviewing the information contained herein, the recipient agrees that (a) the enclosed materials and their contents are of a highly confidential nature and will be held and treated in the<br />

strictest confidence and shall be returned to Agent or Seller promptly upon request; and (b) the recipient shall not contact employees or tenants of the Property directly or indirectly regarding any aspect of the enclosed<br />

materials or the Property without the prior written approval of the Seller or Agent; and (c) no portion of the enclosed materials may be copied or otherwise reproduced without the prior written authorization of Seller and<br />

Agent.<br />

TABLE OF CONTENTS – DISCLAIMER | 2


CASH AMERICA<br />

Midland, TX<br />

PRICE: $1,115,000<br />

CAP RATE: 7.75%<br />

NOI: $86,400<br />

BUILDING AREA: 7,200+/- Square Feet<br />

LAND AREA: 0.66+/- Acres<br />

OCCUPANCY: 100% | Single Tenant<br />

YEAR BUILT / RENOVATED: 2002 / 2012<br />

Tenant: <strong>Cash</strong> <strong>America</strong><br />

LEASE OVERVIEW<br />

Leasable Area: Approximately 7,200+/- Square Feet on Approximately 0.66+/- Acres<br />

Initial Lease Term: 10-Years<br />

Options to Renew: 3, 5-Year Options to Renew<br />

Projected Rent Commencement Date: July 2012<br />

Projected Lease Expiration (Primary Term): July 2022<br />

Lease Type: Absolute NNN | No Landlord Responsibility<br />

Rent Increases: 10% on First Day of Lease Year 6 & Beginning of Each Option Period<br />

Year 1-5 Annual Rent (Current): $86,400.00<br />

Year 6-10 Annual Rent: $95,040.00<br />

Year 11-15 Annual Rent (Option 1): $104,544.00<br />

Year 16-20 Annual Rent (Option 2): $114,818.40<br />

Year 21-25 Annual Rent (Option 3): $126,498.24<br />

CASH AMERICA INTERNATIONAL, INC. (NYSE: CSH)<br />

Founded 1984 | HQ in Fort Worth, TX | 6,017 Employees<br />

$1.65 Billion Market Cap as of October 2011<br />

2010: $1.29 Billion Revenue | $115.5 Million Net Income | $796 Million Net Worth<br />

3 rd Quarter Revenue Up 21% from 2010 | 15% Growth Projected for 2012<br />

<strong>Cash</strong> <strong>America</strong> International, Inc. is a Fort Worth, Texas based company<br />

offering specialty financial services to individuals. In 1983, <strong>Cash</strong> <strong>America</strong><br />

founder Jack Daugherty opened the first <strong>Cash</strong> <strong>America</strong> Pawn in Irving,<br />

Texas. The company is now public, and has expanded to become one of<br />

the largest pawnshop chains in the country. Today, <strong>Cash</strong> <strong>America</strong> owns<br />

and operates over 1,000 locations in the United States, Mexico, the<br />

United Kingdom, Australia, Canada, and via the Internet. They are the<br />

largest provider of secured non-recourse loans, commonly referred to as<br />

pawn loans, and operate under the brand names <strong>Cash</strong> <strong>America</strong> Pawn,<br />

SuperPawn, Pawn X-Change and Prenda Fácil.<br />

The company also offers short-term cash advances in many of their<br />

locations, including over 200 stores that offer this service under the<br />

brand names <strong>Cash</strong> <strong>America</strong> Payday Advance and <strong>Cash</strong>land.<br />

<strong>Cash</strong> <strong>America</strong> was one of the first companies to raise capital to build a<br />

chain of pawnshops. They were early adopters of a formal training<br />

system for their employees, and one of the first to network their stores.<br />

They created a centralized jewelry processing center with sophisticated<br />

practices to verify gold content and confirm the quality of diamonds, and<br />

adopted a proprietary system to help them set consistent guidelines for<br />

lending, buying and selling merchandise. Most importantly, <strong>Cash</strong> <strong>America</strong><br />

created a culture based on positive core values.<br />

As of December 31, 2010 <strong>Cash</strong> <strong>America</strong> International, Inc. reported total<br />

revenues of $1.29 billion, a net income of $115.5 million and a net worth<br />

in excess of $796 million.<br />

INVESTMENT OVERVIEW | 3


CASH AMERICA<br />

Midland, TX<br />

SITE PLAN | 4


CASH AMERICA<br />

Midland, TX<br />

Former <strong>Cash</strong> <strong>America</strong> Site<br />

AERIAL PHOTOGRAPH | 5


CASH AMERICA<br />

Midland, TX<br />

IMMEDIATE TRADE AREA<br />

<strong>Cash</strong> <strong>America</strong> is located along West Wall Street / TX Hwy 268 at the<br />

intersection of Key Street. Downtown Midland is 1.7 miles east of the<br />

subject property on West Wall Street. TX Hwy 158 / Andrews Highway<br />

turns into West Wall Street towards downtown Midland less than half a<br />

mile northeast of the property. Wall Street intersects Interstate 20<br />

Business in either direction from the subject property: 2-miles east of the<br />

subject property through downtown; and again 1-mile southwest of the<br />

property. Tenants within a half mile radius of the site include Walgreens,<br />

Chase Bank, Volvo Auto Sales, Gold’s Gym, NAPA Auto Parts, and<br />

Enterprise Rent-a-Car.<br />

The subject property is between several residential neighborhoods in<br />

Midland: College Height; Parklea; Crestview Heights, and Garrett Place.<br />

The Midland Memorial Hospital’s Main Campus, containing 320 beds, is<br />

0.7 miles from the subject property. Adjacent to the property is parking<br />

for Ulmer Park, which contains 10 full baseball fields, 4 full tennis courts,<br />

and 2 multi-use fields, a playground, and a dog park.<br />

MIDLAND, TEXAS<br />

Originally founded as the midway point railway station between Fort<br />

Worth and El Paso in 1881, Midland is a city in and the county seat of<br />

Midland County, Texas on the Southern Plains of the state’s western<br />

area. As of 2010, the population of Midland was 111,147. The city<br />

gained prominence in 1923 with the discovery of oil in the Permian Basin,<br />

during which time the city became the administrative center of the West<br />

Texas oil fields. The city is located within the Spraberry Trend, ranked as<br />

the third-largest oil field in the United States. Today, the Permian Basin<br />

produces one fifth of the nation’s total petroleum and natural gas output.<br />

Midland’s economy still relies heavily on petroleum. However, the city<br />

has also diversified to become a regional telecommunications and<br />

distribution center. Midland ranked 22 nd in creating and sustaining jobs<br />

and economic growth, 2 nd in five-year growth, sixth in one-year growth,<br />

third on five-year wage and salary growth in The Milken Institute’s 2011<br />

rankings of similar sized cities and MSAs.<br />

MIDLAND – ODESSA COMBINED STATISTICAL AREA<br />

The Midland–Odessa Combined Statistical Area, informally known as The<br />

Petroplex, is located in a petroleum rich area called the Permian Basin in west<br />

Texas. It has two component areas – the Midland Metropolitan Statistical Area<br />

(Midland County) and Odessa Metropolitan Statistical Area (Ector County). As of<br />

the 2010 U.S. Census estimate, the CSA has a population of 274,002, a 16%<br />

increase from the 2000 census. There were 86,591 households, and 62,647<br />

families residing within the CSA. The median income for a household in the CSA<br />

was $35,117, and the median income for a family was $41,819.<br />

The economy of the area is heavily dependent on the petroleum industry and<br />

has experienced a series of booms and busts as the price of crude oil has<br />

fluctuated. The Permian Basin is the source of the New York Mercantile<br />

Exchange's benchmark West Texas Intermediate Crude. Traditionally, the core<br />

cities of Midland and Odessa have played very distinct roles in the petroleum<br />

industry. Midland is home to most of the industry’s corporate offices and has a<br />

predominantly white-collar population. Odessa, by contrast, is home to mostly<br />

blue-collar workers and industrial facilities. In 2003, Family Dollar constructed<br />

its seventh distribution center in the CSA’s industrial complex between the<br />

cities. Telvista, an incoming call center, and Coca-Cola Enterprises both have<br />

centers within the same industrial complex located on Interstate 20.<br />

Midland-Odessa is well positioned to become an energy nexus for the region<br />

and the United States as a whole. The recent high price of crude oil has led to a<br />

significant economic boom in the area. The CSA hosts the Permian Basin<br />

International Oil Show, the world's largest inland petroleum exposition, but<br />

while the cities remain uniquely tied to the petroleum industry, both cities have<br />

made efforts to diversify into additional industries to reduce their dependence<br />

on petroleum. The area is home to two major natural gas power plants. The<br />

Permian Basin is also home to several wind farms, and the city of Andrews is a<br />

candidate site for an experimental high temperature nuclear reactor. This focus<br />

on new sources of alternative energy, in addition to petroleum, has led some to<br />

refer to the Permian Basin as the Energy Basin.<br />

Midland and Odessa are served by Midland International Airport (MAF), located<br />

between the two, core cities. The airport serves as a regional hub for cities and<br />

towns throughout the Permian Basin and as a gateway to Big Bend National<br />

Park.<br />

LOCATION OVERVIEW | 6


CASH AMERICA<br />

Midland, TX<br />

LOCATION MAP | 7


CASH AMERICA<br />

Midland, TX<br />

LOCATION MAP | 8


CASH AMERICA<br />

Midland, TX<br />

2010 DEMOGRAPHIC SNAPSHOT<br />

Radius 1 Mile 3 Mile 5 Mile<br />

Population:<br />

2015 Projection 9,391 78,257 120,419<br />

2010 Estimate 9,112 74,864 113,114<br />

2000 Census 8,741 70,109 100,227<br />

Growth 2010-2015 3.10% 4.50% 6.50%<br />

Growth 2000-2010 4.30% 6.80% 12.90%<br />

2010 Households:<br />

2015 Projection 3,395 28,597 44,819<br />

2010 Estimate 3,301 27,357 42,082<br />

2000 Census 3,211 25,691 37,410<br />

Growth 2010-2015 2.90% 4.50% 6.50%<br />

Growth 2000-2010 2.80% 6.50% 12.50%<br />

Owner Occupied 2,136 18,559 27,587<br />

Renter Occupied 1,165 8,798 14,495<br />

2010 Avg Household Income $48,518 $57,204 $63,120<br />

2010 Med Household Income $39,811 $46,735 $49,517<br />

2010 Per Capita Income $17,841 $21,171 $23,657<br />

2010 Households by Household Inc:<br />

Income Less than $15,000 537 3,873 5,323<br />

Income $15,000 - $24,999 418 3,047 4,441<br />

Income $25,000 - $34,999 492 3,393 4,941<br />

Income $35,000 - $49,999 588 4,357 6,549<br />

Income $50,000 - $74,999 714 5,906 8,609<br />

Income $75,000 - $99,999 342 3,784 5,956<br />

Income $100,000 - $149,999 145 1,963 3,993<br />

Income $150,000 - $249,999 44 799 1,737<br />

Downtown Midland<br />

Income $250,000 - $499,999 17 194 445<br />

Income $500,000 or more 3 43 89 Midland Skyline<br />

DEMOGRAPHICS | 9

Hooray! Your file is uploaded and ready to be published.

Saved successfully!

Ooh no, something went wrong!