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Big Lots & Spec’s, Lake Worth, TX (Dallas-Fort Worth MSA)

Big Lots & Spec’s, Lake Worth, TX (Dallas-Fort Worth MSA)


Investment Summary

Price $8,005,000
Cap Rate 6.25%
NOI Big Lots: $306,250 | Spec's: $194,054
Lease Term Big Lots: 10 years | Spec's: 10 years
Lease Type Net, with tenant responsible for all taxes, insurance, and maintenance, excluding roof, structure, and parking lot
Rental Increases Various
Year Built Remodeled in 2022
Building Size Big Lots: 35,000 SF | Spec's: 13,861 SF
Lot Size +/- 6.12 acres (266,587 SF) | 0.873 acre land pad available for purchase
Status Available
Lead Brokers Vincent Aicale
Vice Chairman
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Ryan Forsyth
Vice Chairman
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Jack Hinson
Brokerage
704.572.9921
j.hinson@cushwake.com
CA RE License #02059267

Michael T. Yuras, CCIM
Vice Chairman
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Scott Crowle
Executive Managing Director
415.604.4288
scott.crowle@cushwake.com
CA RE License #01318288

Investment Highlights

100% LEASED TWO-TENANT RETAIL ASSET
» 10-year net leases to growing national tenant Big Lots (NYSE: “BIG”) and regional tenant Spec’s
» Scheduled rental increases in initial term and option periods
» Big Lots is ranked 449th in the Fortune 500 in 2020
» Big Lots is growing with plans to open 50+ stores in 2022, and 80+ per year afterwards
» Specs Family Partners’ annual revenues are over $500 million and has over 1,000 employees

HIGH-VISIBILITY LOCATION NEAR LARGE SHOPPING CENTERS IN DENSE RETAIL CORRIDOR
» Excellent visibility and access to 62,824 vehicles per day directly in front of the property on Lake Worth Boulevard, Azle Avenue, and Firehall Drive, with cross access on Telephone Road
» Prominent location near highly trafficked retail centers with major tenants in the surrounding area such as Walmart Supercenter, Target, The Home Depot, Lowe’s Home Improvement, Albertsons, Best Buy, CVS Pharmacy, Wells Fargo, Bank of America, Chick-fil-A, In-N-Out Burger, McDonald’s, and many others
» Access to Interstate 820/Jim Wright Freeway, which experiences a traffic count of 72,000 AADT vehicles per day
» Gateway to two major Texas cities: Fort Worth (956,709 residents) and Dallas (third-most populous city in Texas with 1.3 million residents)
» Beneficial proximity to Fort Worth Meacham International Airport (928 employees) and Dallas Fort Worth International (63.4 million travelers, 37 billion in economic impact on North Texas Region)

PRIME LOCATION WITH A STRONG CUSTOMER BASE IN THE GROWING FORT WORTH SUBURB
» Strong demographics, with 159,402 residents within a five-mile radius (21% growth since 2010), providing a consistent customer base for the property
» Average household income of $92,797 within five miles (projected to increase 13% by 2028)
» Dense single and multi-family developments including Reserve at Quebec (296 units) and Wildwood Branch (280 units) are located less than two miles from the site
» Proximity to major area employers including Lockheed Martin Corporation (16,900 employees) and Naval Air Station Fort Worth Joint Reserve Base (11,300 employees)
» Close to several well-attended schools, including Tarrant County College – Northwest Campus (10,468 students), Lake Worth High School (2,413 students), Brewer High School (1,956 students), and numerous others

2022 REMODEL IN INCOME TAX-FREE STATE
» 2022 remodel to tenants’ latest prototypes, limiting near-term deferred maintenance
» Texas has no state income tax, estate tax, or inheritance tax

Property Description

» Excellent visibility and access to 62,824 vehicles per day directly in front of the property on Lake Worth Boulevard, and Azle Avenue, and Firehall Drive, with cross-access also from Telephone Road
» Prominently located near highly trafficked retail centers with major tenants in the surrounding area such as Walmart Supercenter, Target, The Home Depot, Lowe’s Home Improvement, Albertsons, Best Buy, CVS Pharmacy, Wells Fargo, Bank of America, Chick-fil-A, In-N-Out Burger, McDonald’s, and many others
» Less than two miles from Interstate 820/Jim Wright Freeway, which experiences a traffic count of 72,000 vehicles per day
» The location is a gateway to two major Texas cities: Fort Worth (956,709 residents) and Dallas (the third-most populous city in Texas, 1.3 million residents)
» The site maintains beneficial proximity to Fort Worth Meacham International Airport (928 employees) and Dallas Fort Worth International (63.4 million travelers, 37 billion in economic impact on North Texas Region)
» The property is in a prime location with a strong customer base in the growing Fort Worth suburb. The site resides near major area employers including Lockheed Martin Corporation (16,900 employees) and Naval Air Station Fort Worth Joint Reserve Base (11,300 employees)
» Minutes from several well-attended schools, including Tarrant County College – Northwest Campus (10,468 students), Lake Worth High School (2,413 students), Brewer High School (1,956 students), and numerous others, increasing traffic to the area
» Situated near dense single and multi-family developments including Reserve at Quebec (296 units) and Wildwood Branch (280 units), located less than two miles from the site
» The area has strong demographics, with 159,402 residents living within a five-mile radius (21% growth since 2010), which provides a consistent customer base for the property
» The average household income is $92,797 within five miles and is projected to increase 12% by 2028, poising the site and Lake Worth for steady concurrent growth

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