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W E S T H A M P D E N
E X E C U T I V E S U M M A R Y
I N F I L L M U LT I -T E N A N T I N D U S T R I A L P R O J E C T W I T H 1 0 + Y E A R S O F AV E R A G E T E R M R E M A I N I N G
C E N T R A L D E N V E R
85
85
W HAMPDEN AVE
W DARTMOUTH AVE
S BROADWAY ST
GREENWOOD VILLAGE
LITTLETON
DOWNTOWN DENVER
ENGLEWOOD LIGHT RAIL STATION
SA
NTA
FE
DR
W E S T H A M P D E N
285 285
W E S T H A M P D E N
C O N T A C T S D E B T A D V I S O R S
J E R E M Y B A L L E N G E RSenior Vice [email protected]
B R A D Y O ’ D O N N E L LVice Chairman+1 303 628 [email protected]
J I M B O L TExecutive Vice [email protected]
J E F F H A L S E YVice President+1 303 628 [email protected]
T Y L E R C A R N E RSenior Vice [email protected]
J E S S I C A O S T E R M I C KDirector [email protected]
© 2019 CBRE, Inc. All Rights Reserved.
01 E X E C U T I V E S U M M A R Y
E X E C U T I V E S U M M A R Y
01E X E C U T I V E S U M M A R Y
E X E C U T I V E S U M M A R YT H E O F F E R I N G
CBRE, as exclusive advisor, is pleased to present the opportunity to acquire the fee simple interest in 1050 W. Hampden Ave. (the “Project”) – a 92,080 sq. ft. infill multi-tenant industrial asset ideally located at the junction of Highway 85 and Highway 285 in Denver’s South Central market.
1 0 5 0 W . H A M P D E N AV E . , E N G L E W O O D , C O 8 0 1 1 0
Building 92,080 SF
Site 6.38 AC
Occupancy 100%
Tenant / Suites 3 / 3
Year Built / Renovated 1987 / 2018 (100% Renovation)
Loading Dock High, Drive In
Fire Protection ESFR & Wet Sprinkler
Power 3,000 Amps 480v 3p
Auto Parking 3.8 : 1,000 SF
Features Fenced truck court, highway visibility, heavy power, large truck court, heavy parking
Weighted Avg. RemainingLease Term 10.8 Years
Special Zones: Opportunity and Enterprise Zone
THE FULLY-STABILIZED INDUSTRIAL PROJECT OFFERS INVESTORS LONG TERM LEASES, A GROWING REVENUE STREAM AND A HIGHLY FUNCTIONAL BUILDING - ALL IN A DESIR ABLE INFILL LOCATION.
4 1050 WEST HAMPDEN
1 0 + Y E A R S O F AV E R A G E R E M A I N I N G T E R M
+ The Project offers 10.8 years of average remaining lease term (as of Jan-2020), an average rental rate of $11.49 per sq. ft. NNN, and contractural rent increases.
+ In-place leases offer a diversified rollover schedule with no expirations occurring in the same year and the largest tenant expiring in 2033.
+ Tenant industries include finished goods, construction materials and a national and high-profile recreational climbing gym company that has customized their space to feature 55’ ceilings.
+ Underscoring the tenants’ commitment to the property, 1050 W. Hampden Ave. tenants collectively spent an additional $2.39M on interior improvements on top of market tenat allowances.
S T R AT E G I C I N F I L L L O C AT I O N W I T H E X C E L L E N T H I G H W AY A C C E S S A N D V I S I B I L I T Y
+ The Project offers excellent access to Metro Denver via its central location at the junction of Highway 85 (S. Santa Fe Dr.) and Highway 285 (Hampden Ave.), which respectively see between 91,000 and 76,000 vehicles per day. Both the Project and monument signage are highly visible from U.S. Highway 85.
+ Tenants have access to over two-thirds of the metropolitan Denver population within a 15-mile radius and are surrounded by some of Denver’s highest-income neighborhoods.
+ In addition to numerous nearby amenities including a regional shopping center, Englewood City Center and a host of neighborhood-servicing retail options, the Project is located with 1,000’ to 3,000’ of the Englewood City Center and Oxford light rail stations on the C-D lines.
+ In today’s rising property tax environment, prospective tenants will increasingly value the Project’s competitive mill levy of 78.204 – about 45 mills lower than nearby and competitive projects on average.
+ Opportunity Zone and Enterprise Zone designations afford potential tax benefits to businesses and property owners.
I N V E S T M E N T H I G H L I G H T SF U N C T I O N A L I N D U S T R I A L A S S E T W I T H A T T R A C T I V E F E A T U R E S
+ The Project features sprinklers (20.96% with ESFR) and offers a 140’ fenced truck court, drive in and dock high loading, ample parking and monument signage. + Fully renovated, including new roof (20 year warranty), dock and drive-in doors, parking lot and 100% new office and warehouse.+ In addition to heavy power the Project has a 2” water line and 2” gas line. + With three separate entrances, the front park side load design is preferred by users, particularly those with showroom or storefront needs common in the
51050 WEST HAMPDEN
I N V E S T M E N T H I G H L I G H T S
D Y N A M I C E C O N O M Y A N D F A S T G R O W I N G M A R K E T
+ Colorado and the Denver market have been consistent leaders in job and population growth after being one of the first markets to recover in 2010. As a top market for both millennial and baby boomer in-migration, Denver gained 365,000 people (2010-2018) for a 15% increase – nearly double the average pace, and Colorado recorded the 5th fastest population growth between 2010-2018.
+ Recently ranked as the top state economy and best city to live in, Denver’s economic diversity and influx of labor have resulted in the addition of more than 342,000 new jobs among diverse industries since 2010. Denver posted all industry job growth of 2.6% with the unemployment rate at 2.9% at year-end 2018.
+ On-going investment in infrastructure projects - the $2.0 billion expansion of Denver International Airport, the metro-wide light rail system and major highway expansions - position Denver for future economic growth.
C O N S I S T E N T L Y B E L O W A V G S O U T H C E N T R A L V A C A N C Y
S O U R C E : C B R E R E S E A R C H , Q 2 2 0 1 9
8%
0%
2%
4%
6%
Q1 2010
VA
CA
NC
Y %
Q1 2011
Q1 2012
Q1 2013
Q1 2014
5.6% METRO DENVER AVG VACANCY
2.3% SOUTH CENTR AL AVG VACANCY
Q1 2015
Q1 2016
Q1 2017
Q1 2018
Q1 2019
S T R O N G M A R K E T F U N D A M E N T A L S U N D E R S C O R E B O T H D E M A N D A N D B A R R I E R S T O E N T R Y F O R N E W D E V E L O P M E N T
+ The Project’s desirable Central submarket is Denver’s second largest critical mass of warehouse and distribution facilities at nearly 62 million rentable square feet (including both the South and North sections). Underscoring the demand for infill locations, the South Central submarket has an average historical vacancy rate of 2.3%, 330 basis points tighter than the metro average and consistently one of the tightest in the country.
+ Rising transportation costs and growing customer demand for same-day delivery increases both the value of centrally-located assets as well as tenant’s demand for centrally-located functional space. Despite deep demand, little new construction has delivered in the fully-built out market area for decades due to non-existent developable land.
+ As of Q2 2019, the Denver industrial market has recorded 37 consecutive quarters of positive net absorption. Demand for industrial space in Denver is driven by the growing population across Colorado’s Front Range markets, e-commerce and the construction sector.
W W W . C B R E D E A L F L O W . C O M
* S e a r s v a c a t e d 3 0 0 , 0 0 0 S F a t 7 0 1 S . O s a g e D i s t r i b u t i o n C e n t e r .
6 1050 WEST HAMPDEN
Affiliated Business Disclosure
CBRE, Inc. operates within a global family of companies with many subsidiaries and related entities (each an “Affiliate”) engaging in a broad range of commercial real estate businesses including, but not limited to, brokerage services, property and facilities management, valuation, investment fund management and development. At times different Affiliates, including CBRE Global Investors, Inc. or Trammell Crow Company, may have or represent clients who have competing interests in the same transaction. For example, Affiliates or their clients may have or express an interest in the property described in this Memorandum (the “Property”), and may be the successful bidder for the Property. Your receipt of this Memorandum constitutes your acknowledgment of that possibility and your agreement that neither CBRE, Inc. nor any Affiliate has an obligation to disclose to you such Affiliates’ interest or involvement in the sale or purchase of the Property. In all instances, however, CBRE, Inc. and its Affiliates will act in the best interest of their respective client(s), at arms’ length, not in concert, or in a manner detrimental to any third party. CBRE, Inc. and its Affiliates will conduct their respective businesses in a manner consistent with the law and all fiduciary duties owed to their respective client(s).
Confidentiality Agreement
Your receipt of this Memorandum constitutes your acknowledgment that (i) it is a confidential Memorandum solely for your limited use and benefit in determining whether you desire to express further interest in the acquisition of the Property, (ii) you will hold it in the strictest confidence, (iii) you will not disclose it or its contents to any third party without the prior written authorization of the owner of the Property (“Owner”) or CBRE, Inc., and (iv) you will not use any part of this Memorandum in any manner detrimental to the Owner or CBRE, Inc.
If after reviewing this Memorandum, you have no further interest in purchasing the Property, kindly return it to CBRE, Inc.
Disclaimer
This Memorandum contains select information pertaining to the Property and the Owner, and does not purport to be all-inclusive or contain all or part of the information which prospective investors may require to evaluate a purchase of the Property. The information contained in this Memorandum has been obtained from sources believed to be reliable, but has not been verified for accuracy, completeness, or fitness for any particular purpose. All information is presented “as is” without representation or warranty of any kind. Such information includes estimates based on forward-looking assumptions relating to the general economy, market conditions, competition and other factors which are subject to uncertainty and may not represent the current or future performance of the Property. All references to acreages, square footages, and other measurements are approximations. This Memorandum describes certain documents, including leases and other materials, in summary form. These summaries may not be complete nor accurate descriptions of the full agreements referenced. Additional information and an opportunity to inspect the Property may be made available to qualified prospective purchasers. You are advised to independently verify the accuracy and completeness of all summaries and information contained herein, to consult with independent legal and financial advisors, and carefully investigate the economics of this transaction and Property’s suitability for your needs. ANY RELIANCE ON THE CONTENT OF THIS MEMORANDUM IS SOLELY AT YOUR OWN RISK.
The Owner expressly reserves the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the Property, and/or to terminate discussions at any time with or without notice to you. All offers, counteroffers, and negotiations shall be non-binding and neither CBRE, Inc. nor the Owner shall have any legal commitment or obligation except as set forth in a fully executed, definitive purchase and sale agreement delivered by the Owner. PMStudio_September2019
W E S T H A M P D E N
71050 WEST HAMPDEN
W E S T H A M P D E NC O N T A C T S
J E R E M Y B A L L E N G E RSenior Vice President
J I M B O L TExecutive Vice President
T Y L E R C A R N E RSenior Vice President
J E S S I C A O S T E R M I C KDirector
D E B T A D V I S O R S
B R A D Y O ’ D O N N E L LVice Chairman
+1 303 628 [email protected]
J E F F H A L S E YVice President
+1 303 628 [email protected]
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