Shops At Highpointe Park Plaza Thornton, CO
CONTENTS 2 CONTENTS INVESTMENT SUMMARY...3 HIGHLIGHTS...4 PROPERTY DESCRIPTION...5 AERIAL VIEW & SITE PLAN...6 AREA OVERVIEW...12 ROLL...13 PRICING SUMMARY...14 This Offering Memorandum has been prepared by SRS National Net Lease Group (SRS) and has been approved for distribution by the owner. Although effort has been made to provide accurate information, neither the owner nor SRS can warrant or represent accuracy or completeness of the materials presented herein or in any other written or oral communications transmitted or made available to the purchaser. Many documents have been referred to in summary form and these summaries do not purport to represent or constitute a legal analysis of the contents of the applicable documents. Neither owner nor SRS represents that this offering summary is all inclusive or contains all of the information a purchaser may require. All of the financial projections and/or conclusions presented herein are provided strictly for reference purposes and have been developed based upon assumptions and conditions in effect at the time the evaluations were undertaken. They do not purport to reflect changes in the economic performance of the property or the business activities of the owner since the date of preparation of this Offering Memorandum. The projected economic performance of the property, competitive submarket conditions, and selected economic and demographic statistics may have changed subsequent to the preparation of the package. Qualified purchasers are urged to inspect the property and undertake their own independent evaluation of the property, the market and the surrounding competitive environment. EXCLUSIVELY MARKETED BY MATTHEW MOUSAVI Managing Principal SRS National Net Lease Group 610 Newport Center Drive, Suite 400 Newport Beach, CA 92660 DL: 949.698.1116 M: 714.404.8849 Matthew.Mousavi@srsre.com License No. 01732226 CHRIS TRAMONTANO Senior Vice President 610 Newport Center Drive, Suite 400 Newport Beach, CA 92660 DL: 949.698.1112 M: 310.922.6709 Chris.Tramontano@srsre.com License No. 01344898 ERIC DIESCH First Vice President 1875 Lawrence Street, Suite 850 Denver, CO 80202 DL: 303.390.5230 Eric.Diesch@srsre.com License No. 100035894 PATRICK R. LUTHER, CCIM Managing Principal SRS National Net Lease Group 610 Newport Center Drive, Suite 400 Newport Beach, CA 92660 DL: 949.698.1115 M: 480.221.4221 Patrick.Luther@srsre.com License No. 01209944 JOHN REDFIELD Vice President 610 Newport Center Drive, Suite 400 Newport Beach, CA 92660 DL: 949.698.1113 M: 949.547.2213 John.Redfield@srsre.com License No. 01928036
INVESTMENT SUMMARY 3 HIGHPOINTE PARK PLAZA - THORNTON, COLORADO SRS National Net Lease Group is pleased to present the rare opportunity to acquire the Shops At Highpointe Park Plaza, a 4-tenant, NNN leased investment property located in Thornton, CO. The tenant lineup includes Sprint, Spring Leaf Financial, and Highpointe Park Dental. All of the leases feature option periods with rent increases, and Spring Leaf Financial and Highpointe Park Dental s leases both feature rent increases throughout their respective primary terms. Sprint recently extended their lease demonstrating long-term commitment to the site. The Shops At Highpointe Park Plaza is located along Grant Street (14,800 vehicles per day) with excellent visibility. The site is conveniently located half a mile away from Interstate 25 (125,000 vehicles per day) with direct on/off-ramp access. The site is across the street from a shopping center anchored by Walmart, The Home Depot, and a Cinebarre movie theater. Other nearby national/credit tenants include Sam s Club, Safeway, King Soopers, Walgreens, and many more, increasing consumer draw for the site. Within a 5-mile radius there are 321,000 residents ($70,700 AHHI) and 110,500 employees who support the trade area. OFFERING Pricing: $3,257,000 Net Operating Income: $200,285 Cap Rate: 6.15% PROPERTY SPECIFICATIONS Rentable Area: Land Area: 9,419 SF Property Address: 9760 Grant Street, Thornton, CO 80229 TBD Year Built: 2008 Parcel Number: Ownership: Tenants: Undergoing Parcelization Fee Simple (Land and Building) Sprint, High Pointe Park Dental, Spring Leaf Financial
HIGHLIGHTS 4 (NNN) LEASED PAD / FEE SIMPLE OWNERSHIP (LAND & BUILDING) / TROPHY TENANT LINEUP Tenants include: Sprint, Highpointe Park Dental, and Spring Leaf Financial Limited landlord management Highpointe Park Dental recently expanded their space from 2,551 SF to 4,106 SF, demonstrating long-term commitment to the site Tenants reimburse for CAM, insurance, and taxes Built in 2008 with an attractive stone facade and high quality materials Sprint recently extended their lease demonstrating long-term commitment to the site Across From Walmart / Close Proximity To National Retailers / Excellent Trade Area Subject property is across the street from Thornton Town Center, a mall anchored by Walmart, The Home Depot, and a Cinebarre movie theater Other nearby national/credit retailers include Sam s Club, Safeway, King Soopers, Walgreens and more Adjacent to Highpointe Park Apartments, a 220 unit apartment complex Strong tenant synergy with cross over traffic Interstate 25 Access / Along Major Thoroughfare / Excellent Visibility Site is conveniently located less than half a mile away from Interstate 25 Situated along Grant St (14,800 vehicles per day) with excellent visibility, street frontage, and access Two prominent monument signs further increase visibility Direct on/off-ramp access DENSE 5-MILE TRADE AREA WITH STRONG DEMOGRAPHICS Over 321,000 residents and 110,500 employees support the 5-mile trade area $70,700 average household income
PROPERTY DESCRIPTION 5 PROPERTY DESCRIPTION PARCEL Undergoing Parcelization ZONING PD: Planned Development ACCESS There are two (2) access points with two (1) along 97th Avenue and one (1) along 98th Avenue. TRAFFIC COUNTS Washington Street:...27,700 Thornton Parkway:...32,100 IMPROVEMENTS There is approximately 9,419 SF of existing building area. PARKING There are approximately 99 parking spaces on the owned parcel. The parking ratio is approximately 10.51 per 1,000 SF of leasable area. YEAR BUILT 2008
AERIAL VIEW 6
AERIAL VIEW 7
LOCATION MAP 8 BOULDER 2015 ESTIMATED POPULATION 1 Mile... 13,608 3 Mile...156,978 2015 AVERAGE HOUSEHOLD INCOME 1 Mile...$61,746 3 Mile...$61,756 2015 ESTIMATED TOTAL EMPLOYEES 1 Mile... 7,811 3 Mile... 38,683 THORNTON SUBJECT PROPERTY DENVER
PHOTOS 9
NEARBY ANCHORS 1 0 REPRESENTATIVE PHOTO
SITE PLAN 1 1 Grant St. Monument Sign Building - G2 G-2 50 G-2 60 G-2 70 G-2 100 Potential Pad #1 97 th Ave. SUITE NAME SQ FT G2-50 Sprint 2,800 G2-60 Spring Leaf Financial 1,293 G2-70 Vacant 1,220 G2-105 Highpointe Park Dental 4,106
AREA OVERVIEW 1 2 CITY OF THORNTON The City of Thornton is a Home Rule Municipality in Adams and Weld counties in the U.S. state of Colorado, located in the northeast quadrant of the Denver-Aurora-Broomfield, CO Metropolitan Statistical Area. Thornton is 10 miles north/northeast of downtown Denver. The city s estimated population was 118,747. Thornton is the sixth most populous city in the state of Colorado and the 213th most populous city in the United States. The city s location also provides an excellent environment for cultural, recreational, and outdoor enthusiasts. Thornton offers easy access to the 28 major resort areas found in the nearby Rocky Mountains, which offers skiing, hiking, rafting, and camping, as well as beautiful and breathtaking scenic wonders and most are well within a two hour drive. Thornton s location provides an ideal environment for business, recreation, and residences. DISTANCE TO POINTS OF INTEREST 0.9 MILES North Suburban Medical Center 5.7 MILES Thorncreek Golf Club 1.0 MILE Five Star Stadium 5.7 MILES Erie Municipal Airport 0.1 MILES 0.5 MILES 0.25 MILES 0.1 MILES DEMOGRAPHICS 1 Mile 3 Miles 5 Miles 2015 Estimated Population 13,608 156,978 320,802 2020 Projected Population 14,190 163,277 334,112 2010 Census Population 13,099 150,012 307,773 2000 Census Population 10,862 132,739 276,804 Projected Annual Growth 2015 to 2020 0.84% 0.79% 0.82% Historical Annual Growth 2010 to 2015 0.73% 0.87% 0.79% 2015 Estimated Households 4,739 56,470 116,403 2020 Projected Households 4,935 58,670 121,327 2010 Census Households 4,578 54,282 111,784 2000 Census Households 3,760 48,913 100,372 Projected Annual Growth 2015 to 2020 0.81% 0.77% 0.83% Historical Annual Growth 2010 to 2015 0.66% 0.76% 0.77% 2015 Estimated White 70.32% 71.06% 74.18% 2015 Estimated Black or African American 2.38% 2.04% 1.83% 2015 Estimated Asian or Pacific Islander 4.32% 3.88% 4.30% 2015 Estimated American Indian or Native Alaskan 1.18% 1.58% 1.40% 2015 Estimated Other Races 17.62% 16.93% 13.93% Estimated Hispanic 46.46% 43.60% 37.24% 2015 Estimated Average Household Income $61,746 $61,756 $70,656 2015 Estimated Median Household Income $53,607 $49,862 $56,416 2015 Estimated Per Capita Income $21,950 $22,402 $25,707 2015 Estimated Total Businesses 564 4,048 10,016 2015 Estimated Total Employees 7,811 38,683 110,474
ROLL 1 3 SUITE # TENANT NAME SIZE SF PRO RATA (SF) MONTHLY $/SF/MO ANNUAL $/SF/YR PRO RATA ($) INCREASE DATE INC. MONTHLY $/SF/MO ANNUAL $/SF/YR EXPENSE LEASE LEASE RECOVER START END TYPE DATE DATE LEASE OPTIONS 50 SPRINT SPECTRUM 2,800 30% $5,250 $1.88 $63,000 $22.50 32% NOV-18 4% $5,483 $1.96 $65,800 $23.50 NNN NOV 2011 NOV 2021 2 (5-YEAR) OPT 1: $67,760/YR OPT 2: $74,536/YR 60 SPRING LEAF FINANCIAL 1,293 14% $2,586 $2.00 $31,032 $24.00 16% YEAR 2 2% $2,638 $2.04 $31,653 $24.48 NNN TBD 5 YEARS 1 (5 YEAR) YEAR 3 2% $2,689 $2.08 $32,273 $24.96 @ 2% ANNUAL YEAR 4 2% $2,742 $2.12 $32,907 $25.45 INCREASES YEAR 5 2% $2,796 $2.16 $33,553 $25.95 70 LOI PENDING 1,220 13% $2,440 $2.00 $29,280 $24.00 15% - - - - - - NNN - - 105 HIGHPOINTE DENTAL 4,106 44% $6,386 $1.56 $76,635 $18.66 38% JUL 2017 3% $6,578 $1.60 $78,931 $19.22 NNN JUN 2011 JUN 2022 2 (5-YEAR) @ FMV TOTAL OCCUPIED 9,419 100% $16,662 $1.77 $199,947 $21.23 100% TOTAL VACANT 0 0% $0 $0 0% TOTAL / WTD. AVG: 9,419 100% $16,662 $1.77 $199,947 $21.23 100% Note: 1) Seller guarantees the rent and reimbursements for suite 70 for up to 1 year.
PRICING SUMMARY 1 4 OPERATING CASH FLOW Potential Rental Revenue: $199,947 Potential Reimbursement Revenue: $73,708 Effective Gross Revenue: $273,655 Less Expenses: ($73,369) Net Operating Income: $200,285 OPERATING EXPENSES PSF/YR Taxes: 1 $58,347 $6.19 Special Assessments: 1 $718 $0.08 Insurance: 2 $2,553 $0.27 CAM: 2 $11,752 $1.25 Total: $73,369 $7.79 PRICING SUMMARY Price: $3,257,000 NOI: $200,285 Cap Rate: 6.15% NOTES (1) Listed tax and special assessments are approximately 40.3% (Pro-Rata SF) of 2015 tax bills. (2) Insurance and CAM are per 2015 cam reconciliation.