Pizza Hut 10-Year Single Tenant Absolute NNN Lease Investment · The Pizza Hut is operated by and...
Transcript of Pizza Hut 10-Year Single Tenant Absolute NNN Lease Investment · The Pizza Hut is operated by and...
Presented by Shireen Owlia | 281.477.4300 | www.newquest.com
Pizza Hut 10-Year Single Tenant Absolute NNN Lease Investment 941 Federal Road | HOUSTON, TEXAS
Confidential Offering Memorandum
$1,300,000
Cap Rate: 5.77%
NOI: $75,000
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Table o
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*The information herein has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy thereof. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
Table of Contents
Confidentiality & Disclaimer 3
Investment Summary 4
Investment Highlights 5
Property Overview 6
Financial Overview The Offering 7 Rent Schedule 7 Operating Statement 7 Lease Abstract 8 Tenant Profile 9
Location Overview 10 Information AboutBrokerage Services 15
Contact:NewQuest Properties8827 W. Sam Houston Parkway, N.Suite 200Houston, Texas 77040
Shireen [email protected]
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entiality &D
isclaimer
*The information herein has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy thereof. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
The information contained in this Offering Memorandum is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from NewQuest Properties and it should not be made available to any other person or entity without the written consent of NewQuest Properties. By taking possession of and reviewing the information contained herein the recipient agrees to hold and treat all such information in the strictest confidence. The recipient further agrees that recipient will not reproduce, redistribute, photocopy or duplicate any part of the Offering Memorandum without the prior written consent of NewQuest Properties or the owner(s) of the subject property (“Owner”). If you have no interest in the subject property at this time, please return this Offering Memorandum to NewQuest Properties.
Confidentiality Disclaimer
This Offering Memorandum is furnished to prospective purchasers for the purpose of determining whether to invest in the subject property offered hereby. This Offering Memorandum has been prepared to provide summary, unverified financial and physical information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained in this Offering Memorandum has been obtained from sources believed to be reliable; however, NewQuest Properties has not verified, and will not verify, any of the information contained herein, nor has NewQuest Properties conducted any investigation regarding these matters. The information contained herein is not a substitute for a thorough due diligence investigation. All potential buyers must take appropriate measures to verify all of the information set forth herein. Prospective buyers shall be responsible for their costs and expenses of investigating the subject property. Neither Owner nor NewQuest Properties nor any of their respective subsidiaries, affiliates, companies, or the officers, directors, employees, agents and representatives of any such entities, etc., make any representations or warranties, expressed or implied, as to the validity, accuracy or completeness of the information provided or to be provided, and nothing herein shall be deemed to constitute a representation, warranty or promise by any such parties as to the future performance of the subject property or any other matters set forth herein.Prospective purchasers are not to construe the contents of this Offering Memorandum or any prior or subsequent information communications from the Owners or any of their respective officers, employees or agents as legal, tax or other advice. Prior to purchasing, prospective purchasers should consult with their own legal counsel and personal and tax advisors to determine the consequences of an investment in the subject property and arrive at an independent evaluation of such investment. No commission or finder’s fee shall be payable to any party by the Owner nor any affiliate or agent thereof in connection with the sale of the subject property, unless otherwise agreed to by Owner in writing. Acquisition of properties such as these offered hereunder involves a high degree of risk and are suitable only for persons and entities of substantial financial means.Prospective purchasers are hereby advised that Owner of the subject property are soliciting offers through NewQuest Properties, which may be accepted or rejected by Owner at Owner’s sole discretion. Any solicitation of an offer for the subject property offered hereunder will be governed by this Offering Memorandum, as it may be modified or supplemented. Prospective purchasers are advised that as part of the offer process, Owner will be evaluating several factors including the experience and financial qualifications of the purchasing entity. Owner shall have no obligation to accept any offer from any prospective purchaser. Owner reserves the right to withdraw the subject property from consideration at any time prior to final execution of a purchase agreement.
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Investment
Summ
ary
*The information herein has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy thereof. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
NewQuest Properties is pleased to exclusively present to
qualified investors the sale of a leased free-standing, single
tenant building operating as a Pizza Hut in Houston, Texas
(the “Property”). The Property is comprised of 1,350 SF in
improvements on 26,048 SF of land. Upon closing, the Property
will be subject to a new 10-year absolute triple-net (NNN) sale-
leaseback, with no management or landlord responsibilities.
The lease will have five 4-year renewal options. Base rent
commences at $75,000/yr, with a 10% rent increase for Years
6-10 (Primary Term) and Years 11-14 (Option 1). An 8% rent
increase continues every four years for Options 2 through 5.
The Pizza Hut is operated by and leased to AIGP, LLC d/b/a
Pizza Hut, one of the nation’s largest pizza chains with more
than 16,000 restaurants in over 100 countries and territories.
Pizza Hut has been operating at this location since 2001.
LOCATION OVERVIEWLocated in Southeast Texas near the Gulf of Mexico, Houston is
a leading destination for investors due to its diverse economy,
stable job market, and dynamic growth. These qualities are
driven by superior infrastructure, reasonable cost of living, and
vast diversity in the industries that conduct business within the
city. Houston is the most populous city in Texas and the fourth
most populous city in the United States. It is internationally
known as the “Energy Capital of the World” and is home to
both the world’s largest medical center and NASA Johnson
Space Center. The Property is located approximately 9 miles
east of downtown Houston. The site is in a densely populated
area, with high traffic counts. Adjacent national retailers
include Burlington, Sellers Brothers, Palais Royal, Boot Barn,
Harbor Freight Tools, and CitiTrends.
Investment Summary
Address 941 Federal Road, Houston, Texas 77015
Property Type Retail, Free-Standing Restaurant with Drive-Thru
Building Size 1,350
Lot Size 26,048
Year Built 2001
Tenant AIGP, LLC d/b/a Pizza Hut
Lease Type Absolute NNN; No Landlord Responsibilities
Lease Term 10 years
Starting Rent $75,000/yr
Rent Increases10% increase for Primary Term (Years 6 - 10)10% increase for Option Term 1 (Years 11 - 15)8% increase for Option Terms 2 - 5 (4-Year Duration Each)
Renewal Options 5 4-Year Options
Lease Commencement Close of Escrow
Price $1,300,000
Cap Rate 5.77%
Net Operating Income (NOI) $75,000
Ownership Interest Fee Simple Absolute with Absolute NNN Lease
PROPERTY OVERVIEW
LEASE OVERVIEW
THE OFFERING
Lease With No ManagementResponsibilities
ABSOLUTE NNNBrand New Primary Term
Sale Leaseback
10-YEARExperienced Pizza Hut
Operator
18+ UNIT
Attractive
RENT ESCALATIONSAbove Average
SALESNo
STATE INCOME TAX
Price $1,300,000Cap Rate 5.77%Net Operating Income (NOI) $75,000Ownership Interest Fee Simple Absolute
with Absolute NNN
THE OFFERING
*The information herein has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy thereof. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
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Investment
Hig
hlights
Investment Highlights
LEGACY PROPERTYPizza Hut Has Been Operating at this location Since 1974.
ATTRACTIVE RENT ESCALATIONS IN INCOME TAX-FREE STATELease offers rent escalations that hedge against inflation; the State of Texas does not have
individual State Income Tax.
BRAND NEW 10-YEAR ABSOLUTE NNN SALE-LEASEBACK WITH NO LANDLORD OBLIGATIONSProperty offers investors a long-term cash flow from a passive investment with no landlord
responsibility throughout the base lease term or option periods.
EXPERIENCED OPERATOR WITH PROVEN TRACK RECORDAIGP, LLC owns 19 Pizza Hut locations and is headed by Anand “Andy” Patel, a 30-year
veteran in the franchise restaurant industry.
HURRICANE HARVEY PROOFProperty endured 35 inches of rain and did not cease a day of operations.
DENSE RESIDENTIAL AREA WITH FAVORABLE DEMOGRAPHICSSurrounded by a 1-mile population of 18,156 individuals with an average household income of
$55,582.
STRONG SALES AND LIMITED COMPETITIONAbove average sales with limited pizza delivery competition.
HIGHLY VISIBLE SITE WITH SUPERB TRAFFIC COUNTSLocated on Federal Road, with approximately 30,000 cars passing per day on the 4-lane
arterial street plus a “suicide lane”.
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Houston
Baytown
Trinity Bay
Galveston Bay
Gulf ofMexico
Texas City
Galveston
Pearland
Sugar Land
Rosenberg
Katy
Conroe
The Woodlands
Spring
Humble
East End
Cypress
SITE
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Pro
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Overview
*The information herein has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy thereof. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
Property Overview
TRAFFIC COUNTS Federal Road 27,280 Vehicles Per Day
Interstate 10 188,783 Vehicles Per Day
DEMOGRAPHICS 1 MILE 2 MILES 3 MILES 5 MILESPopulation 18,156 50,208 95,285 194,511
Population Growth Since 2010 12.48% 23.24% 19.07% 17.78%
Average Household Income $55,582 $58,822 $56,729 $58,688
Daytime Population 8,144 29,347 52,287 123,435
Location NEQ Federal Road and East Freeway (I-10)
Address 941 Federal Road, Houston, TX 77015
County Harris
Property Type Retail, Free-Standing Restaurant with Drive-Thru
Building Size 1,350
Lot Size 26,048
Year Built 2001
Ownership Interest Fee Simple Absolute with Absolute NNN Lease
Access1 Curb Cut on Federal Road, 1 Curb Cut on Sheffield Blvd
Parking 26 parking spaces
PROPERTY DESCRIPTION
HARRIS COUNTY APN: 1220820010001
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Financial
Overview
*The information herein has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy thereof. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
Financial Overview
THE OFFERINGNet Operating Income (NOI) $75,000
Cap Rate 5.77%
Price $1,300,000
Price / SF (Building) $963
Price / SF (Land) $50
Rent / SF / Year $55.56
Ownership Interest Fee Simple Absolute with Absolute NNN Lease
Assumable Debt None
Lease Year Annual Rent Increases
Years 1-5 $75,000
Years 6-10 $82,500 10%
Option 1: Years 11-14 $90,750 10%
Option 2: Years 15-18 $98,010 8%
Option 3: Years 19-22 $105,851 8%
Option 4: Years 23-26 $114,319 8%
Option 5: Years 27-30 $123,465 8%
RENT SCHEDULE
ESTIMATED OPERATING STATEMENTInvestment Year 1 2 3 4 5 6 7 8 9 10
Revenue
Rental Income $75,000 $75,000 $75,000 $75,000 $75,000 $82,500 $82,500 $82,500 $82,500 $82,500
Total Revenue $75,000 $75,000 $75,000 $75,000 $75,000 $82,500 $82,500 $82,500 $82,500 $82,500
Cash Flow Before Debt Service $75,000 $75,000 $75,000 $75,000 $75,000 $82,500 $82,500 $82,500 $82,500 $82,500
RENT SCHEDULE
(ESTIMATED) OPERATING STATEMENT
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Financial
Overview
*The information herein has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy thereof. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
Financial Overview | (Proposed) Lease Abstract(Proposed) Lease AbstractPizza Hut | 941 Federal Road | Houston, Texas 77015Tenant AIGP, LLC d/b/a Pizza Hut
Guarantor AIGP, LLC
Lease Type Absolute NNN; No Landlord Responsibilities
Lease Term 10 Years
Lease Term Remaining 10 Years on Primary Term
Lease Commencement Upon Closing of Escrow
Starting Rent $75,000
Rental Increases 10% every 5 years
Option to Renew 5 4-year Options
Option Rent Increases 10% for Option 1, 8% for Options 2-5
Roof & Structure Tenant to maintain Premises and all buildings and improvements thereon (interior and exterior, structural and otherwise) in good order and repair
Alterations & Improvemen
Tenant permitted to install trade fixtures and other personal property, but shall not impair the structural condition of the Premises or reduce the size thereof and provided further that any such change may not diminish the value of the Premises. Any such construction, alterations or remodeling shall be made in a workmanlike manner and in full compliance with all building laws and ordinances applicable thereto, at Tenant's expense. All such additions, alterations, changes and improvements shall be a part of the Premises.
Sublet/Assignment
Any assignment of this Lease or subleasing of all or part of the Premises shall require Landlord’s consent, except that Tenant may assign this Lease or sublease the Premises without Landlord consent to: (a) any Affiliate, (b) any franchisee of Tenant or any Affiliate, (c) any franchisor of Tenant or any Affiliate, or (d) any successor of Tenant by operation of law such as merger ((a), (b), (c) and (d) hereafter referred to as a (“Permitted Assignment”). Specific limitations apply. Landlord shall have the right without limitation (subject to paragraph 10 hereof) to sell, convey, transfer or assign its interest in the Premises or its interest in this Lease...
ROFR/Offer Yes, conditional
EstoppelEach party agrees, within ten (10) days after receipt of written request by the other, but not more frequently than twice in any period of twelve (12) consecutive months, to execute, acknowledge and deliver...
SNDA
Upon written request of the holder of any mortgage (which term “mortgage” shall also include deeds of trust) now or hereafter relating to the Premises, Tenant will subordinate its rights under this Lease to the lien thereof and to all advances made or hereafter to be made upon the security thereof, and Tenant shall execute, acknowledge and deliver a commercially reasonable instrument in the form customarily used by such encumbrance holder to effect such subordination; conditions apply
Permitted Use Limited to those uses permitted under the zoning for the Premises
Real Estate Taxes Tenant responsibility
Insurance Tenant responsibility to maintain; "all Commercial General Liability policies shall name Landlord and any mortgagee designated by Landlord as an additional insured."
Utilities"Tenant shall pay all charges for heat, water, gas, sewage, electricity and other utilities used or consumed on the Premises... Landlord shall not be liable for any interruption or failure in the supply of any such utility service to the Premises unless caused by or resulting from the gross negligence or willful misconduct of Landlord, its agents, servants, employees or contractors."
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Financial
Overview
*The information herein has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy thereof. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
Financial Overview | Tenant Profile
AIGP, LLC
• AIGP, LLC (“AIGP”) was formed in 2016 with the purchase of 18 Pizza Huts in the greater Houston area, with an additional unit opening in 2018. AIGP boasts average sales at almost double the national Pizza Hut national average and has plans to continue that success. With a 19-restaurant portfolio to date, the company is well capitalized and positioned for future growth.
• AIGP is an affiliate of Apple Investors Group based in Boynton Beach, Florida. Apple Investors Group currently owns over 150 restaurants including Burger King, Applebee’s, and others. The operating partner, Anand “Andy” Patel, has almost 30 years of experience in the restaurant industry. Among his many accolades, Andy recently won the 2017 MVP “American Dream Award” from the Multi-Unit Franchising Conference.
Company Type: FranchiseeWebsite: www.appleig.com
Pizza Hut
• Since 1971 and until 2018, Pizza Hut has been the top pizza chain in the U.S. in terms of both unit count and revenue. Pizza Hut has more than a 50-year history, beginning in 1958 in Wichita, Kansas.
• Today, Pizza Hut is an iconic global restaurant chain known for serving various styles of pizza, wings, pasta, and side dishes including salad, breadsticks, garlic bread, and desserts. Pizza Hut operates in the delivery, carry out, and casual dining segments around the world. Keeping up with technology, a growing percentage of Pizza Hut’s customer orders are being generated digitally.
• Pizza Hut is now corporately known as Pizza Hut, Inc. and is a subsidiary of Yum! Brands, Inc., the world’s largest restaurant company. Pizza Hut operates in over 100 countries and territories throughout the world. As of year end 2017, Pizza Hut had 16,000 units internationally, including 6,300 domestically. Over 97% of domestic Pizza Hut units are franchised. All Pizza Hut units in the greater Houston area are franchised.
Company Type: SubsidiaryWebsite: www.pizzahut.com
Yum! Brands, Inc.
• Founded in 1997 and based in Louisville, Kentucky, Yum! Brands, Inc. (NYSE: YUM) is one of the world’s largest fast food restaurant companies, with over 45,000 restaurants in more than 135 countries and territories. Yum! Brands, Inc. currently owns approximately. 10,000 restaurants, but will shrink that number to fewer than 1,000 as the number of eateries owned by franchisees rises from 77% to at least 98% by the end of 2018.
• The company’s restaurant brands – Pizza Hut, KFC, and Taco Bell – are global leaders of the pizza, chicken, and Mexican-style food categories. Worldwide, the Yum! Brands system opens over seven new restaurants per day on average, making it a leader in global retail development.
Company Type: Public (NYSE: YUM)Website: www.yum.com
10*The information herein has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy thereof. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
Locatio
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The Property is located in a favorable and densely populated area just 9 miles east of Downtown Houston. Located in Southeast Texas near the Gulf of Mexico, Houston is a leading destination for investors due to its diverse economy, stable job market, and dynamic growth. These qualities are driven by the multitude of industries that conduct business within the city, its superior transportation infrastructure, and reason-able cost of living. Houston’s unique composition serves as a buffer to national economic trends, resulting in continued expansion.
The city is internationally known as the “Energy Capital of the World” and is home to both the world’s largest medical center and NASA’s Johnson Space Center. Houston is colloquially referred to as “Greater Houston” (encompassing nine counties centered around Harris County, the third largest county in the nation) or the “Houston MSA” (Hous-ton-The Woodlands-Sugar Land Metropolitan Statistical Area).
Location Overview
GROWTH | As the FOURTH MOST POPULOUS CITY IN THE U.S., the City of Houston has a population of approximately 2.3 million. It has been Texas’ TOP DESTINATION FOR THE EIGHT CONSECUTIVE YEAR in a row. With a population of 6,892,427 as of July 1, 2017, the Houston MSA is the FIFTH MOST POPULOUS AND THE SECOND FASTEST GROWING METRO AREA in the U.S. The city ranked SECOND FOR HOUSING STARTS in 2017 and has LED THE NATION IN INDUSTRIAL CONSTRUCTION over the past 10 years.
EMPLOYMENT | The city ADDED 62,900 JOBS in 2017, a 2.1% increase from 2016. Houston’s employment has REBOUNDED SINCE HURRICANE HARVEY (August 2017) and CONTINUES TO GROW at a moderate pace. HOUSTON IS 6TH IN THE NATION FOR JOB GROWTH.
COST-EFFECTIVE | Houston has a reputation for being cost-effective, both for businesses and their employees. The city benefits from NO STATE OR CITY TAXES on personal and corporate income, and is coupled with some of the LOWEST HOUSING AND LIVING COSTS AMONG the top 20 major U.S. metros. The Houston MSA is HOME TO 20 FORTUNE 500 HEADQUARTERS, ranking fourth among metro areas.
DOWNTOWNHOUSTON
GALLERIA / UPTOWN
*The information herein has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy thereof. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
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Location Overview
1 Mile 2 Miles 3 Miles 5 Miles
Current Households 5,433 15,358 28,936 58,297
Current Population 18,156 50,208 95,285 194,511
2010 Census Average Persons per Household 3.34 3.27 3.29 3.34
2010 Census Population 16,195 40,975 80,510 165,937
Population Growth 2010 to 2017 12.48% 23.24% 19.07% 17.78%
1 Person Household 19.86% 20.43% 19.73% 18.30%
2 Person Households 19.81% 21.45% 21.72% 21.96%
3+ Person Households 60.32% 58.12% 58.54% 59.73%
Owner-Occupied Housing Units 36.73% 49.04% 51.93% 58.70%
Renter-Occupied Housing Units 63.27% 50.96% 48.07% 41.30%
2017 Estimated White 49.21% 52.75% 53.27% 53.09%
2017 Estimated Black or African American 16.54% 17.22% 17.46% 18.88%
2017 Estimated Asian or Pacific Islander 1.33% 1.75% 1.61% 1.86%
2017 Estimated American Indian or Native Alaskan 2.47% 1.49% 1.23% 1.01%
2017 Estimated Other Races 30.44% 26.79% 26.43% 25.17%
2017 Estimated Hispanic 75.88% 70.08% 69.24% 66.26%
2017 Estimated Average Household Income $55,582 $58,822 $56,729 $58,688
2017 Estimated Median Household Income $44,063 $45,371 $44,760 $46,933
2017 Estimated Per Capita Income $16,981 $18,593 $17,730 $18,083
2017 Estimated High School Graduate 29.18% 28.88% 28.21% 29.19%
2017 Estimated Bachelors Degree 4.72% 6.64% 7.49% 8.14%
2017 Estimated Graduate Degree 2.48% 3.18% 3.26% 3.81%
2017 Median Age 28.5 31 30.8 31.2
©2018, Sites USA, Chandler, Arizona, 480-491-1112 page 1 of 1 Demographic Source: Applied Geographic Solutions 10/2017, TIGER Geography
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GROSS AREA PRODUCT | The Houston MSA’s Gross Area Product is EXPECTED TO MORE THAN DOUBLE between 2015 and 2020, growing at a compounded annual rate of 3.1 percent, OUTPACING THE U.S. RATE of 2.7 percent. Only 23 foreign countries’ Gross Domestic Product exceed Houston’s.
IMPORTS/EXPORTS | Among U.S. seaports, the Port of Houston ranked FIRST IN FOREIGN TONNAGE for 20 consecutive years, and FIRST IN IMPORT TONNAGE for 25 consecutive years. Houston maintains the SECOND LARGEST EXPORT MARKET in the U.S.
ENERGY | Houston is RECOGNIZED WORLDWIDE FOR ITS ENERGY INDUSTRY, particularly for oil and natural gas. The city features the LARGEST PETROCHEMICAL COMPLEX IN THE U.S. (SECOND LARGEST IN THE WORLD). Renewal energy sources, including wind and solar, are growing economic bases in Houston.
MEDICAL INDUSTRY | Houston is home to THE TEXAS MEDICAL CENTER, THE WORLD’S LARGEST MEDICAL COMPLEX, with 50 million developed square feet and $3 billion in construction projects underway. The center employs 106,000 individuals and accommodates over 7.2 million annual patient visits.
DIVERSITY AND RECREATION | Houston is the MOST DIVERSE CITY IN TEXAS (one in four persons is foreign-born) and has the THIRD LARGEST CONSULAR REPRESENTATION in the nation. Houston is home to many cultural institutions and exhibits, which attract more than 7 MILLION VISITORS A YEAR. The Theater District is located in the heart of Downtown Houston and is home to the Bayou Place entertainment complex featuring restaurants, movies, plazas, and parks. Other major attractions include Houston Zoo, Houston Museum of Natural Science, Space Center Houston, Kemah Boardwalk, and more. Houston is home to six professional major league teams including the Houston Texans (NFL), Houston Rockets (NBA), Houston Astros (MLB), and more.
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*The information herein has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy thereof. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
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*The information herein has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy thereof. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
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*The information herein has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy thereof. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
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Leasing | Tenant Representation | Development | Land Brokerage | Acquisition | Property Management
Information About Brokerage ServicesTexas law requires all real estate license holders to give the following information about brokerage services to prospective buyers, tenants, sellers and landlords.
TYPES OF REAL ESTATE LICENSE HOLDERS:• ABROKERisresponsibleforallbrokerageactivities,includingactsperformedbysalesagentssponsoredbythe
broker.• ASALESAGENTmustbesponsoredbyabrokerandworkswithclientsonbehalfofthebroker.
A BROKER’S MINIMUM DUTIES REQUIRED BY LAW (A client is the person or party that the broker represents):• Puttheinterestsoftheclientaboveallothers,includingthebroker’sowninterests;• Informtheclientofanymaterialinformationaboutthepropertyortransactionreceivedbythebroker;• Answertheclient’squestionsandpresentanyoffertoorcounter-offerfromtheclient;and• Treatallpartiestoarealestatetransactionhonestlyandfairly.
A LICENSE HOLDER CAN REPRESENT A PARTY IN A REAL ESTATE TRANSACTION:
AS AGENT FOR OWNER (SELLER/LANDLORD):Thebrokerbecomesthepropertyowner’sagentthroughanagree-mentwiththeowner,usuallyinawrittenlistingtosellorpropertymanagementagreement.Anowner’sagentmustperformthebroker’sminimumdutiesaboveandmustinformtheownerofanymaterialinformationabouttheproertyortransactionknownbytheagent,includinginformationdisclosedtotheagentorsubagentbythebuyerorbuyer’sagent.
AS AGENT FOR BUYER/TENANT:Thebrokerbecomesthebuyer/tenant’sagentbyagreeingtorepresentthebuyer,usuallythroughawrittenrepresentationagreement.Abuyer’sagentmustperformthebroker’sminimumdutiesaboveandmustinformthebuyerofanymaterialinformationaboutthepropertyortransactionknownbytheagent,includinginformationdisclosedtotheagentbythesellerorseller’sagent.
AS AGENT FOR BOTH - INTERMEDIARY:Toactasanintermediarybetweenthepartiesthebrokermustfirstobtainthewrittenagreementofeachpartytothetransaction.Thewrittenagreementmuststatewhowillpaythebrokerand,
inconspicuousboldorunderlinedprint,setforththebroker’sobligationsasanintermediary.Abrokerwhoactsasanintermediary:
• Musttreatallpartiestothetransactionimpartiallyandfairly;• May,withtheparties’writtenconsent,appointadifferentlicenseholderassociatedwiththebrokertoeachparty
(ownerandbuyer)tocommunicatewith,provideopinionsandadviceto,andcarryouttheinstructionsofeachpartytothetransaction.
• Mustnot,unlessspecificallyauthorizedinwritingtodosobytheparty,disclose:• thattheownerwillacceptapricelessthanthewrittenaskingprice;• thatthebuyer/tenantwillpayapricegreaterthanthepricesubmittedinawrittenoffer;and• anyconfidentialinformationoranyotherinformationthatapartyspecificallyinstructsthebrokerinwritingnot
todisclose,unlessrequiredtodosobylaw.
AS SUBAGENT:Alicenseholderactsasasubagentwhenaidingabuyerinatransactionwithoutanagreementtorepresentthebuyer.Asubagentcanassistthebuyerbutdoesnotrepresentthebuyerandmustplacetheinterestsoftheownerfirst.
TO AVOID DISPUTES, ALL AGREEMENTS BETWEEN YOU AND A BROKER SHOULD BE IN WRITING AND CLEARLY ESTABLISH:•Thebroker’sdutiesandresponsibilitiestoyou,andyourobligationsundertherepresentationagreement.•Whowillpaythebrokerforservicesprovidedtoyou,whenpaymentwillbemadeandhowthepaymentwillbecalculated.
LICENSE HOLDER CONTACT INFORMATION:Thisnoticeisbeingprovidedforinformationpurposes.Itdoesnotcreateanobligationforyoutousethebroker’sservices.Pleaseacknowledgereceiptofthisnoticebelowandretainacopyforyourrecords.
LicensedBroker/BrokerFirmNameorPrimaryAssumedBusinessName
DesignatedBrokerofFirm
LicensedSupervisorofSalesAgent/Associate
SalesAgent/Associate’sName
LicenseNo.
LicenseNo.
LicenseNo.
LicenseNo.
Phone
Phone
Phone
Phone
Buyer/Tenant/Seller/LandlordInitials Date
RegulatedbytheTexasRealEstateCommission(TREC)|Informationavailableathttp://www.trec.texas.gov
The information herein is subject to errors or omissions and is not, in any way, warranted by NewQuest Properties or by any agent, independent associate or employee of NewQuest Properties. This information is subject to change without notice.
8827 W. Sam Houston Parkway N. | Suite 200 | Houston, Texas 77040 | 281.477.4300
Home Asset, Inc., dba NewQuest Properties 420076 - (281)477-4300
H. Dean Lane, Jr. 366134 [email protected] (281)477-4300
H. Dean Lane, Jr. 366134 [email protected] (281)477-4300
Information About Brokerage Services
15
IAB
S Form
Please Submit Offers to
Shireen Owlia281.477.4300
8827 W. Sam Houston Parkway, N. Suite 200Houston, Texas 77040www.newquest.com
05.02.2018