First Technology Federal Credit Union Loveland, CO

Transcription

1 OFFERING MEMORANDUM First Technology Federal Credit Union Loveland, CO Listed in conjunction with Colorado-licensed real estate broker Jonathan Power (CO Lic # EI ).

2 TABLE OF CONTENTS PROPERTY HIGHLIGHTS 1 PROPERTY INFORMATION 2 TENANT INFORMATION 3 SITE PLAN 4 AERIALS 5 ABOUT THE AREA 7 DEMOGRAPHICS 9 Disclaimer Michael Maffia ( Broker ) has been retained on an exclusive basis to market the property described herein ( Property ). Broker has been authorized by the Seller of the Property ( Seller ) to prepare and distribute the enclosed information ( Material ) for the purpose of soliciting offers to purchase from interested parties. More detailed financial, title and tenant lease information may be made available upon request following the mutual execution of a letter of intent or contract to purchase between the Seller and a prospective purchaser. You are invited to review this opportunity and make an offer to purchase based upon your analysis. If your offer results in the Seller choosing to open negotiations with you, you will be asked to provide financial references. The eventual purchaser will be chosen based upon an assessment of price, terms, ability to close the transaction and such other matters as the Seller deems appropriate. The Material is intended solely for the purpose of soliciting expressions of interest from qualified investors for the acquisition of the Property. The Material is not to be copied and/or used for any other purpose or made available to any other person without the express written consent of Broker or Seller. The Material does not purport to be all-inclusive or to contain all of the information that a prospective buyer may require. The information contained in the Material has been obtained from the Seller and other sources and has not been verified by the Seller or its affiliates. The pro forma is delivered only as an accommodation and neither the Seller, Broker, nor any of their respective affiliates, agents, representatives, employees, parents, subsidiaries, members, managers, partners, shareholders, directors, or officers, makes any representation or warranty regarding such pro forma. Purchaser must make its own investigation of the Property and any existing or available financing, and must independently confirm the accuracy of the projections contained in the pro forma. Seller reserves the right, for any reason, to withdraw the Property from the market. Seller has no obligation, express or implied, to accept any offer. Further, Seller has no obligation to sell the Property unless and until the Seller executes and delivers a signed agreement of purchase and sale on terms acceptable to the Seller, in its sole discretion. By submitting an offer, a purchaser will be deemed to have acknowledged the foregoing and agreed to release Seller and Broker from any liability with respect thereto. Property walk-throughs are to be conducted by appointment only. Contact Broker for additional information. Michael Maffia Partner mike@preservewc.com CA RE License # Putnam Daily Partner - Brokerage Division putnam@preservewc.com CA RE License #

3 PROPERTY HIGHLIGHTS Sculptor Dr Eisenhower Blvd (40,500 AADT) Mountain Lion Dr SKYLINE CENTER FOR HEALTH Recently Extended 5-Year Net Lease to First Technology Federal Credit Union Rare 3% Annual Rent Escalations Very Well Capitalized Credit Union Strong Balance Sheet with Regulatory Capital Totaling 9.73% of Assets Excellent Visibility and Access along Interstate 34/Eisenhower Blvd - 40,500 AADT Robust Demographics in Surrounding Area Hub for High-Tech Employment Ranked Second Nationwide in High-Tech Startup Density Major Employers Include Hewlett Packard, Intel & CA Technologies Loveland is Principal City in Fort Collins-Loveland MSA City Has Dedicated More than $360 Million to Stimulate Growth $600,000,000+ in Development Planned or Underway in City Less than 1 Hour s Drive from Denver Annual Growth Rate of 5.15% Since 2010 Average Household Income of $81,788 within 5 Miles of Site 26.3% of Surrounding Population Makes $100,000+ Annually PRESERVE WEST CAPITAL 1

4 PROPERTY INFORMATION PRICE $3,736, % Return Location The property is located at 1371 Sculptor Drive in Loveland, Colorado. Lot Size Approximately acres, or 54,537 square feet. Improvements Construction was completed in 2009 of an approximately 5,368 square foot building for First Technology Federal Credit Union. Lease Originally leased for 10 years to First Technology Federal Credit Union. The tenant recently extended the lease for an additional 5 years from March 1, 2018 to February 28, 2023 at an annual rent of $233,508. Rent increases by 3% annually. Tenant has two (2) additional 5-year options to renew at the greater of either market rental rate or 103% of previous minimum rent. The lease is net with tenant responsible for all taxes, insurance, and maintenance, as well as proportionate share of common area maintenance. Tenant is responsible for an administrative fee equal to 15% of CAM costs, inclusive of taxes and insurance. Net Annual Income Years Annual Rent Return Year 11 (Capitalized Rent) $233, % Year 12 $240, % Year 13 $247, % Year 14 $255, % Year 15 $262, % Years (Option 1) Market Rent n/a Years (Option 2) Market Rent n/a Financing This property will be delivered free and clear of permanent financing. PRESERVE WEST CAPITAL 2

5 ABOUT THE TENANT First Tech Federal Credit Union serves more than 465,000 members. First Tech Federal Credit Union is a federally chartered credit union headquartered in Mountain View, California. The credit union has more than 465,000 members, with more than 40 First Tech Branches nationwide and access to more than 30,000 surcharge free ATMs. The credit union serves residents and workers of Lane County Oregon, workers employed by the State of Oregon, and workers employed by a wide range of high-tech and telecommunications companies, including Adobe, Amazon, Applied Materials, Cisco, Earthlink, Fujitsu, Genentech, Google, Hewlett Packard, Hitachi Data Systems, Honeywell, IBM, Intel, Levi Strauss & Co, McAfee, MSNBC, Microsoft, Nokia, Netflix, Nextel, Nike, NVIDIA, Oracle, QUALCOMM, ServiceNow, ShoreTel, Simplex, Siemens, Sun Microsystems, Symantec, Synopsys, Tyco Electronics, Unisoft, Verizon, Xerox, Yahoo, Zillow, and many more. In addition to traditional banking products, First Tech provides credit cards, commercial, home, auto, and personal loans, insurance, and investment services. Founded in 1952 by high-tech workers, First Tech has developed a reputation for technological innovation; the credit union developed and implemented one of the first online banking systems in 1989, adopted mobile banking in 2000, and developed biometric two-factor authentication in The credit union is regulated by the National Credit Union Administration (NCUA) and has been rated among the safest credit unions in the country and is considered very well capitalized. As of the end of 2016, First Tech had assets of $9.5 billion and total deposits of $7.22 billion, with loans of $7.0 billion and a delinquency ratio of just 0.22%. With earnings of $113.1 million and surplus capital of $ million, the credit union also increased regulatory capital to $ million, representing 9.73% of assets. PRESERVE WEST CAPITAL 3

6 SITE PLAN EAST EISENHOWER BOULEVARD 5,368 SF MOUNTAIN LION DRIVE DRIVE THRU

7 AERIAL EAST VIEW GREELEY THE PROMENADE SHOPS AT CENTERRA 2534 (600-acre master-planned, mixed-use community) HIGH PLAINS SCHOOL UCHEALTH MEDICAL CENTER OF THE ROCKIES Metrolux 14 Theatres Eisenhower Blvd (40,500 AADT) MARKETPLACE AT CENTERRA The Business Park Northern Colorado at 2534 Rehabilitation Hospital LOVELAND SPORTS PARK BOYD LAKE BOYD LAKE MEDICAL CENTER MOUNTAIN VIEW HIGH SCHOOL Sculptor Dr SKYLINE CENTER FOR HEALTH Denver Ave

8 AERIAL WEST VIEW MARIANA BUTTE GOLF COURSE THE OLDE COURSE AT LOVELAND DOWNTOWN LOVELAND LAKE LOVELAND LOVELAND HIGH SCHOOL Denver Ave Eisenhower Blvd (40,500 AADT) MCKEE MEDICAL CENTER SKYLINE CENTER FOR HEALTH

9 ABOUT THE AREA SITE General Overview Loveland, Colorado (population 76,897) is the second most populous city in Larimer County and the 14th most populous city in the state of Colorado. Loveland is a principal city in the Fort Collins-Loveland Metropolitan Statistical Area and is the 4th fastest growing city in the state. In 2014, Sunset Magazine ranked Loveland one of the best places to live in the west. The city of Loveland recently entered into a 25-year, $360 million public-private partnership to improve the city s infrastructure and draw new businesses to the city with turnkey and build-to-suit commercial and industrial sites. Situated at the heart of the Colorado Higher Education Triangle, Loveland benefits from a highly educated workforce, drawing from the University of Northern Colorado, Colorado State University, the University of Colorado at Boulder, and a satellite campus of Aims Community College located in the town. The region benefits from a diverse economic base, including advanced manufacturing, aerospace and aviation, bioscience, food and agriculture, information technology, and more. Loveland additionally benefits from a strong high-tech presence in the area; major high-tech employers in the region include Hewlett-Packard, Qualfon, Hach Company, Avago Technologies, Intel, CA Technologies, IHS Inc., AMD, and more. In 2013, the Loveland area was ranked second nationwide in high-tech startup density by the Kauffman Foundation. The Northern Colorado region is home to numerous startup incubators and other programs designed to foster entrepreneurship, especially in the high-tech arena. Major recent developments in Loveland include a $60 million mixed-use redevelopment of nearly 3 blocks of the city s downtown which will result in 155 new residential units, a five-screen movie theater, and large community plaza. Phase two of the project will also include a 53,000 square foot hotel space. In addition, construction is expected to begin in late 2017 of a 930,000+ square foot, $572 million, high-end mixed use master planned shopping center development. The site will include two hotels, office space, retail, 825 luxury apartments, and an IMAX movie theater. The city of Loveland unanimously approved a $258 million finance package to incentivize development of the project within city limits. Other recent developments include a retail center anchored by a newly built Scheel s sporting goods store, billed as the Disneyland of sporting goods, opening in late 2017, which will feature a 65-foot indoor Ferris wheel, 160,000 gallon saltwater aquarium, and 95 specialty stores stocking more than 2.2 million pieces of inventory annually. When the center is complete, it will comprise more than 900,000 square feet of new retail space within the city. In addition, plans are underway for a $10 million redevelopment a historic mill ravaged by fire and tornado, which will be transformed into retail and office space.

10 ABOUT THE AREA SITE Site Information The subject property is centrally located with excellent visibility at the junction of Eisenhower Blvd/Interstate 34 (40,500 AADT) and Mountain Lion Drive within a thriving and affluent retail corridor. The site benefits from strong demographics in a growing community with a population of 84,908 within a five mile radius and an annual growth rate of 5.15% immediately surrounding the site since Growth in the area is projected to remain strong, with an anticipated annual rate of 2.36% through Average household income within five miles of the site exceeds $81,780, and more than a quarter of the surrounding population makes $100,000 or more annually. Major tenants neighboring the site include Lowe s Home Improvement, Target, Walmart Supercenter, Mattress Firm, Sportsman s Warehouse, Best Buy, Dick s Sporting Goods, Kohl s, Ross, Jo-Ann Fabric and Crafts, Old Navy, Petsmart, Noodles and Company, Wells Fargo, Panera Bread, Starbucks, Chick-Fil-A, and more. Major shopping centers neighboring the site include the Promenade Shops at Centerra, a lifestyle-oriented outdoor regional shopping mall with more than 70 shops and restaurants serving a trade area spanning eastern Colorado, Wyoming, and southwestern Nevada. The site also neighbors the Outlets at Loveland, a 328,000 square foot outlet retail center featuring more than 40 brand name outlet stores. In addition, the site is located just three miles from the University of Colorado Medical Center of the Rockies, a fullservice, 166-bed regional medical center specializing in cardiology and trauma care. The site additionally neighbors the Skyline Surgery Center, an outpatient surgical facility specializing in orthopedics, ophthalmology, general surgery, urology, and pain management.

11 DEMOGRAPHICS 1371 Sculptor Dr Loveland, CO DAYTIME POPULATION 85,611 AVG. HOUSEHOLD INCOME $81,788 Top Employers (Larimer County) University of Colorado Health 5,740 Hewlett Packard 1,490 Banner Health: McKee Medical Center 1,340 Population Summary 1 Mile 3 Miles 5 Miles 2010 Total Population 4,005 29,347 73, Total Population 5,450 34,515 84, Total Population 6,123 38,096 92, Annual Rate 2.36% 1.99% 1.82% 2017 Total Daytime Population 7,587 41,669 85,611 Average Household Income 2017 $72,044 $74,639 $81, $80,591 $85,654 $94,144 Avago Technologies 1,300 Woodward 1,230 Hach Company 800 Qualfon 770 Otterbox 580 New Belgium Brewing Company 540 Anheuser-Busch 520 Median Home Value 2017 $260,963 $264,629 $281, $318,214 $369,294 $356,313 PRESERVE WEST CAPITAL 9

12 BUILDING CAPITAL WITH CONFIDENCE Michael Maffia Partner CA RE License # Putnam Daily Partner - Brokerage Division putnam@preservewc.com CA RE License #