EXECUTIVE SUMMARY SITESTONE LOVEL AND, COLOR ADO A 135,014-SQUARE-FOOT industrial flex
w 37th st e 29th st d st w 18th st n garfield ave madison ave 34 e eisenhower blvd ii / executive summary s wilson ave carlisle dr w 8th st w 4th st 287 Loveland e 1st st 14th st sw 287 s taft ave n boise ave w co rd 16
Offering Highlights 609 639 14TH STREET SW Loveland, Colorado 80537 Offering Summary Price $14,250,000 Current Occupancy 100% Rentable Square Feet 135,014 SF Year Built / Renovated 1964 / 2008 Lot Size 10.097 Acres Current Net Operating Income $1,027,284 Price/SF $105.54 SF Cap Rate (Year 1) 7.21%F Yield & Returns Highlights 10 Year Unleveraged IRR 10.21% 10 Year Leveraged IRR 19.17% New Acquisition Financing Loan Amount $9,975,000 Loan-to-Sales Price Ratio 70.00% Interest Rate 4.70% Term * 10 Years Amortization Period 30 Years Maturity September-2028 Loan Constant 4.70% Loan Constant (Amortizing) 6.22% Annual Debt Service Payment $468,825 Outstanding Loan Balance at Maturity $8,502,439 Year 1 Debt Service Coverage Ratio (Interest Only) 2.19 Year 3 Debt Service Coverage Ratio (Amortizing) 1.76 Annual Debt Service Payment (Year 1) $468,825 Annual Debt Service Payment (Year 3) $620,810 *First 24 Months Interest Only iii / executive summary please visit WWW.SITESTONELOVELAND.COM for more offering materials
Investment Overview iv / executive summary Marcus & Millichap has been selected to exclusively market for sale 609-639 14th Street SW, a multi-tenant industrial flex building located in Loveland, Colorado. The building serves as corporate headquarters for Vergent Products, a full service contractual electronics manufacturer. Rise Broadband, the nation s largest fixed broadband service provider, is the other principal tenant, serving as its regional network control center and call center headquarters. Both anchor spaces are build-to-suit with customized tenant improvements. The building was originally built as a Samsonite luggage facility and then occupied by Teledyne Water Pik for many years. The property was purchased in 2007 and underwent extensive renovation, resulting in very attractive finishes for Vergent Products and Rise Broadband, the two anchor tenants who occupy 68 percent of the building. The remaining industrial warehouse portion of the building is occupied by Relevant Play and Genesis Hospitality, who utilize the space for manufacturing and distribution purposes. The property lies 2 miles south of downtown Loveland, 5 miles directly west of I-25, 15 miles south of Fort Collins, and 50 miles north/ northwest of downtown Denver. The building is also located in Larimer County s Enterprise Zone, a program designed to spur economic development through incentives related to business investment, company expansion, and new business relocation. The owner has the benefit of minimal management responsibilities, as all tenants will have NNN leases in place by October 2018.
Investment Highlights Stabilized asset in Northern Colorado Long-term anchor leases Located within the Larimer County Enterprise Zone Fully occupied building since 2008 renovation Minimal management responsibilities v / executive summary please visit WWW.SITESTONELOVELAND.COM for more offering materials
Summary of Terms Interest Offered Fee simple interest in Sitestone, a 135,014-square-foot industrial flex located at 609-639 14th Street SW, Loveland Colorado. vi / executive summary Terms of the Sale Sitestone is offered at $14,250,000, all cash to seller, free and clear of existing debt. Property Tours Prospective purchasers are encouraged to visit the subject property prior to submitting offers. However, all property tours must be arranged with the listing agents. Please do not contact the tenants, property management, or staff without prior approval.
SiteStone L O V E L A N D, C O L O R A D O Brian C. Smith, CCIM Vice President Investments DENVER OFFICE Tel: (303) 328-2021 Cell: (720) 308-7757 brian.smith@marcusmillichap.com License: CO EA001311361 David Bader Associate DENVER OFFICE Tel: (303) 328-2029 Cell: (720) 539-3794 david.bader@marcusmillichap.com License: CO FA100065695 Debt Financing By Phillip Gause Senior Director DENVER OFFICE Tel: (303) 328-2017 Cell: (612) 508-1987 phillip.gause@marcusmillichap.com please visit WWW.SITESTONELOVELAND.COM for more offering materials