peoria street plaza€¦ · denver, co 80239 peoria street plaza executive summary 4611 peoria...

Justin Krieger, Principal

One Broadway Suite 300A | Denver, CO 80203303.962.9555 | www.PinnacleREA.comConfidential Offering Memorandum

PEORIA STREET PLAZADenver, CO 80239Strip Center + Two Pad Sites Available Individually or as a Por tfolio

This confidential Offering Memorandum, has been prepared by Pinnacle Real Estate Advisors, LLC (“Pinnacle REA”) for use by a limited number of qualified parties. This Offering Memorandum has been provided to you at your request based upon your assurances that you are a knowledgeable and sophisticated investor in commercial real estate projects and developments. Pinnacle REA recommends you, as a potential buyer/investor, should perform your own independent examination and inspection of the property described herein as Peoria Street Plaza at 4601, 4611 & 4631 Peoria Street located in Denver, Colorado (the “Property”) and of all of the information provided herein related to the Property. By accepting this Offering Memorandum, you acknowledge and agree that you shall rely solely upon your own examination and investigation of the Property and you shall not rely on any statements made in this Offering Memorandum or upon any other materials, statements or information provided by Pinnacle REA or its brokers.

Pinnacle REA makes no guarantee, warranty or representation about the completeness or accuracy of the information set forth in this Offering Memorandum. You are responsible to independently verify its accuracy and completeness. Pinnacle REA has prepared the information concerning the Property based upon assumptions relating to the general economy, its knowledge of other similar properties in the market, and on other market assumptions including factors beyond the control of the Pinnacle REA and the Owner of the Property. Pinnacle Real Estate Advisors make no representation or warranty as to either the accuracy or completeness of the information contained herein, and the information set forth in this Offering Memorandum in not intended to be a promise or representation as to the future performance of the Property. Although the information contained herein is believed to be accurate, Pinnacle REA and the Property Owner disclaim any responsibility or liability for any inaccuracies. Further, Pinnacle REA and the Property Owner disclaim any and all liability for any express or implied representations and warranties contained in, or for any omissions from, the Offering Memorandum and for any other written or oral communication transmitted or made available to you. Pinnacle REA shall make available to you, as a qualified prospective investor, additional information concerning the Property and an opportunity to inspect the Property upon written request.

This Offering Memorandum and the contents are intended to remain confidential except for such information which is in the public domain or is otherwise available to the public. By accepting this Offering Memorandum, you agree that you will hold and treat Offering Memorandum in the strictest confidence, that you will not photocopy or duplicate it, or distribute it. You agree you will not disclose this Offering Memorandum or its contents to any other person or entity, except to outside advisors retained by you and from whom you have obtained an agreement of confidentiality, without the prior written authorization of Pinnacle REA. You agree that you will use the information in this Offering Memorandum for the sole purpose of evaluating your interest in the Property. If you determine you have no interest in the property, kindly return the Offering Memorandum to Pinnacle REA at your earliest convenience.

Investment Contact:

Justin [email protected]

DISCLAIMER

© 2018 Pinnacle Real Estate Advisors, LLC. All information contained herein has been obtained from sources we believe to be reliable. However, we accept no responsibility for its accuracy and encourage verification of all information prior to making financial decisions.

INVESTMENT CONTACT

Justin [email protected]

One Broadway, Suite A300 | Denver, CO 80203www.PinnacleREA.com

PEORIA STREET PLAZADenver, CO 80239

TABLE OF CONTENTSExecutive SummaryMapsTenant SummaryIncome & ExpensesDemographicsTraffic Counts

Denver, CO 80239PEORIA STREET PLAZA

EXECUTIVE SUMMARY

4611 Peoria Street (Retail Strip Center)Building Size: 19,070 SF ($248.10/SF)Lot Size: 110,451 SFZoning: B-8Price: $4,731,300Cap Rate: 7%

Investment Highlights:

• Strip Center + Two Developable Pad Sites Available Individually or as a Portfolio• High-Quality 2006 Construction• 100% Occupied• 6 of 10 Tenants are National• Value-Add Opportunity: Some Tenants Still on Original Below-Market Gross Leases• Surrounded by National Tenants & New Construction• High-Traffic Location on Major 6 Lane Thoroughfare Directly off of I-70 Exit


4631 Peoria Street (Pad Site)Lot Size: 31,573 SFZoning: B-8Price: Contact broker

4601 Peoria Street (Pad Site)Lot Size: 37,221 SFZoning: B-8Price: Contact broker


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AERIAL MAP

E 46TH AVENUE

E 45TH AVENUE

PEO

RIA

STR

EET


INTERSTATE

70

INTERSTATE

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4601

46314611

39,265 VPD

60,150 VPD


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Alameda AveAlameda Ave

Colfax Ave

Baseline Rd

South Boulder Rd

96th Ave

104th Ave

136th Ave

120th Ave

112th Ave

144th Ave

144th Avenue

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Belleview Ave

Arapahoe Rd

Quincy AveQuincy Ave

Dry Creek Rd

Lincoln Ave

Main St

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County Line RdMineral Ave

Orchard RdBowles Ave

Morrison Rd

6th Ave

Iliff Ave

Mississippi Ave

Montview Blvd

Yale Ave

Colfax Ave

160th Avenue

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Rocky MountainArsenal

Wil dlife Refuge

Cherry CreekState Park

Chatf ieldState Park

BEAR CREEK PARK

InterlockenBusiness Park

StapletonRedevelopment

Area

LowryRedevelopment

Area

DenverTech Center

InvernessBusiness

Park

MeridianBusiness Park

MONTBELLO

KEN CARYL RANCH

CHERRY HILLS VILLAGE

MORRISON

HIGHLANDS RANCH

LONE TREE

GREENWOODVILLAGE

NORTHGLENN

BROOMFIELD

SUPERIOR

LOUISVILLE

LAFAYETTE

BRIGHTON

WHEATRIDGE

ERIE

NIWOTFORT LUPTON

DACONO

FREDERICK

FIRESTONE

VALMONT

LOVELAND

COMMERCECITY

LARIMERCOUNTY

ADAMSCOUNTY

ARAPAHOECOUNTY

DOUGLAS COUNTY

WELDCOUNTY

JEFFERSONCOUNTY

ADAMSCOUNTY

BOULDERCOUNTY

JEFFERSON COUNTY

Jef fersonCountyAirpor t

Centenni alAirpor t

LONGMONT

BOULDER

WESTMINSTER

THORNTON

ARVADA

DOWNTOWN

MIDTOWNLAKEWOOD

GOLDEN

EVERGREEN

LITTLETON

PARKER

AURORADENVER

DenverInternational

Airport

Ken Caryl Ave.

AREA OVERVIEW

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TENANT SUMMARY

Suite Tenant GLA % of GLA

Lease Commence

Lease Expire

Annual Rent

Rent/SF

Rent Increase Date

Changes To Options Lease

Type

A1 Rusty's Vape & Smoke 1,642 8.6% 11/13/15 05/12/21 $26,280 $16.00 Two 5 Year Options NNNA2 H&R Block 1,322 6.9% 10/01/06 04/30/20 $24,272 $18.36 5/1/2019 $18.72 One 4 Year Option NNNB&C Trina's Place 4,729 24.8% 03/01/17 09/30/24 $86,824 $18.36 9/1/2019 $18.72 None NNND1 Metro PCS 1,221 6.4% 11/01/13 02/28/22 $23,663 $19.38 2/1/2019 $19.76 None NNND2&E Fast Cash Pawn 3,371 17.7% 11/08/11 10/31/21 $52,250 $15.50 11/1/2019 $16.00 Two 5 Year Options NNNF1 Ice Cream Shop 1,180 6.2% 09/01/18 08/31/23 $27,140 $23.00 9/1/2019 $24.00 None NNNF2 Salon El Paisa 1,180 6.2% 04/01/16 03/31/21 $19,104 $16.19 4/1/2019 $16.66 None GrossG1 OneMain Financial 1,500 7.9% 08/11/06 08/31/20 $31,500 $21.00 None NNNG2 Fred Loya Insurance 909 4.8% 12/01/07 11/30/22 $24,725 $27.20 None NNNH Gano Excel 2,016 10.6% 10/15/13 10/31/21 $32,393 $16.06 11/1/2019 $16.87 None NNN

TOTAL VACANT 0 0.0% $0 TOTAL OCCUPIED 19,070 100.0% $348,151 TOTAL 19,070 100.0% $348,151

Note: Rusty’s Vape & Smoke receives a $667/month credit to compensate them for their tenant improvement costs. That credit expires approximately 5 years after their lease commencement.


H&R BlockH&R Block, Inc. (H&R Block), incorporated on July 27, 1955, through its subsidiaries, provides tax preparation and other services. H&R Block provides assisted income tax return preparation, digital do-it-yourself (DIY) tax solutions and other services and products related to income tax return preparation to the general public primarily in the United States, Canada, Australia and their respective territories.

MetroPCSMetroPCS is a prepaid wireless service in the United States that is part of T-Mobile US, Inc.. MetroPCS provides nationwide talk, text, and data depending on the plan services using GSM, HSPA, HSPA+ and 4G LTE networks.

OneMain FinancialOneMain Holdings, Inc., incorporated on August 5, 2013, is a financial services holding company. OneMain Financial is a consumer finance company, which is engaged in providing personal loan products; credit and non-credit insurance, and service loans owned by it and service or subservice loans owned by third-parties.

FastCash Pawn & Gold CenterFast Cash Pawn’s primary business is the operation of large format, full-service pawn stores which make small pawn loans secured by personal property such as consumer electronics, jewelry, power tools, household appliances, sporting goods and musical instruments. These pawn stores generate significant retail sales from the merchandise acquired through collateral forfeitures and over-the-counter purchases from customers.

Fred Loya InsuranceFred Loya Insurance is a premier auto insurance company specializing in affordable car and automobile insurance for all drivers. As of 2016 the company had 5,200 employees and 700 offices in Alabama, Arizona, California, Colorado, Georgia, Illinois, Indiana, Missouri, New Mexico, Nevada, Ohio and Texas. It is the 18th largest Latino-owned company in the country.

Gano ExcelSince 1995, Gano Excel products have been distributed in over 70 countries and currently has over 8 million customers and growing. From cultivation to extraction, to manufacturing - Gano Excel is 100% vertically integrated and owns 100% of the manufacturing processes. Gano Excel is one of the leading direct sales company in the industry.

NATIONAL TENANTS


INCOME & EXPENSESNovember 2018 Projections PER SF

INCOMEBase Rent Occupied Space 19,070 SF $348,151 $18.25GROSS POTENTIAL RENT $348,151 $18.25 Other Income Expense Reimbursements $126,171 $6.62 TOTAL OTHER INCOME $126,171 $6.62

Gross Potential Income $474,322 $24.87 EFFECTIVE GROSS INCOME $474,322 $24.87

EXPENSESReal Estate Taxes (includes all three properties) $91,665 $4.81 Insurance $8,000 $0.42 CAM Electricity $2,700 $0.14 Water & Sewer $9,000 $0.47 Sanding & Snow Removal $5,000 $0.26 Trash Removal $5,600 $0.29 Sidewalk Maintenance & Repairs $1,000 $0.05 Paving Maintenance & Repairs $2,000 $0.10 Landscaping $5,000 $0.26 General Repairs & Maintenance $1,200 $0.06 Administrative Fee $4,750 $0.25 TOTAL CAM $36,250 $1.90 Management Fee $7,200 $0.38TOTAL EXPENSES $143,115 $7.50 % OF EGI 30.1%NET OPERATING INCOME $331,207 $17.37


-100%0 SF

200619,070 SF

General Retail

Rent/SF/Yr:% Leased:

Total Available:

Year Built:GLA:

Building Type:-Secondary:

Radius 1 Mile 3 Mile 5 MilePopulation

2023 Projection 11,511 109,757 280,6462018 Estimate 10,465 99,395 256,7482010 Census 8,964 80,033 217,521Growth 2018 - 2023 10.00% 10.43% 9.31%Growth 2010 - 2018 16.74% 24.19% 18.03%

2018 Population by Hispanic Origin 5,673 47,459 110,1452018 Population 10,465 99,395 256,748

White 5,900 56.38% 68,784 69.20% 176,660 68.81%Black 3,488 33.33% 20,501 20.63% 52,833 20.58%Am. Indian & Alaskan 297 2.84% 2,242 2.26% 5,319 2.07%Asian 251 2.40% 3,512 3.53% 10,280 4.00%Hawaiian & Pacific Island 54 0.52% 392 0.39% 993 0.39%Other 474 4.53% 3,964 3.99% 10,662 4.15%U.S. Armed Forces 0 105 246

Households2023 Projection 3,345 33,276 95,2652018 Estimate 3,045 30,060 87,1862010 Census 2,631 23,483 73,532Growth 2018 - 2023 9.85% 10.70% 9.27%Growth 2010 - 2018 15.74% 28.01% 18.57%Owner Occupied 1,534 50.38% 15,974 53.14% 46,259 53.06%Renter Occupied 1,511 49.62% 14,086 46.86% 40,928 46.94%

2018 Households by HH Income 3,047 30,061 87,185Income: <$25,000 847 27.80% 6,368 21.18% 18,582 21.31%Income: $25,000 - $50,000 905 29.70% 7,156 23.80% 20,942 24.02%Income: $50,000 - $75,000 591 19.40% 5,536 18.42% 16,983 19.48%Income: $75,000 - $100,000 422 13.85% 3,951 13.14% 10,971 12.58%Income: $100,000 - $125,000 132 4.33% 2,060 6.85% 6,781 7.78%Income: $125,000 - $150,000 38 1.25% 1,474 4.90% 4,123 4.73%Income: $150,000 - $200,000 95 3.12% 1,701 5.66% 4,392 5.04%Income: $200,000+ 17 0.56% 1,815 6.04% 4,411 5.06%

2018 Avg Household Income $53,197 $77,923 $74,7632018 Med Household Income $45,159 $55,845 $55,152

Demographic Summary ReportPeoria Street Plaza

4611 Peoria St, Denver, CO 80239

Copyrighted report licensed to Pinnacle Real Estate Advisors - 334326.6/19/2018

Page 2

DEMOGRAPHICS


-100%0 SF200619,070 SF-General Retail


Total Available:Year Built:

GLA:Secondary:

Building Type:

Street Cross Street Cross Str DistCountYear

Avg DailyVolume

VolumeType

Miles fromSubject Prop

1 Peoria St E 46th Ave 0.06 S 2016 39,265 MPSI .072 Peoria St E 45th Ave 0.06 N 2017 60,150 MPSI .213 Albrook Dr Tulsa Ct 0.12 SE 2017 11,156 MPSI .224 E 47th Ave Nome St 0.02 E 2017 7,000 MPSI .305 Albrook Dr Tulsa Ct 0.01 NW 2014 7,620 MPSI .326 Peoria St I- 70 0.09 S 2017 51,000 MPSI .337 Peoria St E Andrews Dr 0.06 N 2017 25,540 MPSI .378 I70 Fwy Peoria St 0.11 W 2014 5,288 MPSI .429 I- 70 Peoria St 0.11 W 2016 5,160 MPSI .42

10 I- 70 Peoria St 0.02 W 2016 132,364 MPSI .43

Traffic Count ReportPeoria Street Plaza



Page 1

-100%0 SF200619,070 SF-General Retail


Total Available:Year Built:

GLA:Secondary:

Building Type:

Street Cross Street Cross Str DistCountYear

Avg DailyVolume

VolumeType

Miles fromSubject Prop

1 Peoria St E 46th Ave 0.06 S 2016 39,265 MPSI .072 Peoria St E 45th Ave 0.06 N 2017 60,150 MPSI .213 Albrook Dr Tulsa Ct 0.12 SE 2017 11,156 MPSI .224 E 47th Ave Nome St 0.02 E 2017 7,000 MPSI .305 Albrook Dr Tulsa Ct 0.01 NW 2014 7,620 MPSI .326 Peoria St I- 70 0.09 S 2017 51,000 MPSI .337 Peoria St E Andrews Dr 0.06 N 2017 25,540 MPSI .378 I70 Fwy Peoria St 0.11 W 2014 5,288 MPSI .429 I- 70 Peoria St 0.11 W 2016 5,160 MPSI .42

10 I- 70 Peoria St 0.02 W 2016 132,364 MPSI .43

Traffic Count ReportPeoria Street Plaza



Page 1

TRAFFIC COUNTS

Justin Krieger, Principal

© 2018 Pinnacle Real Estate Advisors, LLC. All information contained herein has been obtained from sources we believe to be reliable. However, we accept no responsibility for its accuracy and encourage verification of all information prior to making financial decisions.

Confidential Offering Memorandum

PEORIA STREET PLAZAStrip Center + Two Pad Sites Available Individually or as a Por tfolio

peoria street plaza€¦ · denver, co 80239 peoria street plaza executive summary 4611 peoria...

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