R E V E R E P L A C E - LoopNet · The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the

R E V E R E P L A C EC E N T E N N I A L , C O L O R A D O

O f f e r i n g M e M O r a n d u M

NON-ENDORSEMENT & DISCLAIMER NOTICE

CONFIDENTIALITY & DISCLAIMERThe information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by

the party receiving it from Marcus & Millichap and should not be made available to any other person or entity without the written consent of

Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and

to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due

diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to the income

or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and

improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the

physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions

to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we

believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus

& Millichap conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy

or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein.

Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc.

© 2017 Marcus & Millichap. All rights reserved.

NON-ENDORSEMENT NOTICEMarcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The

presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation

of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely

included for the purpose of providing tenant lessee information about this listing to prospective customers.

ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY.

PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.

ZAA0050188

REVERE PLACEC E N T E N N I A L , C O L O R A D O

O F F I C E S N A T I O N W I D E A N D T H R O U G H O U T C A N A D A

WWW.MARCUSMILLICHAP.COM

1982YEAR BUILT

R E V E R E P L A C E

89.26%OCCUPIED

02 32

10 46

18

EXECUTIVE SUMMARYSECTION 1 Investment Overview • Investment Highlights

COMPARABLE PROPERTIESSECTION 4 Lease Comparables • Sales Comparables

PROPERTY DESCRIPTIONSECTION 2 Property Details • Regional Map • Property Photos

MARKET OVERVIEWSECTION 5Location Overview • Location Highlightsl • Market Aerial • Demographics

FINANCIAL ANALYSISSECTION 3Pricing Details • Operating Data • Rent Roll

TABLE OF CONTENTS

EXCLUSIVELY LISTED BY:

REVERE PLACEC E N T E N N I A L , C O L O R A D O

2

EXECUTIVESUMMARY

REVERE PLACE

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OFFERING SUMMARY

6551 South Revere Parkway Centennial, CO 80111

OFFERING PRICE

$6,000,000PRICE PER SQUARE FOOT

$124.19

VITAL DATA

Rentable Square Feet 48,314

Occupancy 89.26%

IIR (Unleveraged) 9.21%

IIR (Leveraged) 16.39%

REVERE PLACE

CAPITALIZATION RATE

7.34%PROJECTED CASH FLOW YEAR 1

9.51%

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INVESTMENT OVERVIEWRevere Place is a two-story, 48,314 square foot multi-tenant office property located in Centennial, Colorado, named the Arapahoe Road corridor market of Metro Denver. Situated on Revere Parkway just three parcels off of the Arapaho Road intersection, this location offers direct access within one mile to both to Parker Road corridor to the east, and the I-25 corridor to the west. The Arapahoe Road traffic count is 60,000 cars daily (DROG 2016 study) and is a major arterial in the Southeast Denver area. Revere Place is less than one mile from the Centennial Airport, two miles to the Denver Tech Center, and approximately fifteen miles to Downtown Denver.

Revere Place is a unique acquisition opportunity that supports financing from in-place income while Landlord can enjoy quick income increases from below-market expirations with a loyal tenant mix and historically high retention. There are 23 current tenants with an average unit size of 1,659 square feet, many of whom have renewed multiple times. Due to the small suite size of the property, Revere Place has had historically low tenant improvement costs to owner.

Tenant’s suite configurations for small suites are generally generic and require little variations for users. In addition, the current long term ownership was oriented towards consistent cash flow and did not offer free rent to many of its current tenants. If a buyer wished, there is higher lease potential employing free rent for higher lease rates while capitalizing on a

future sale. The multi-tenant project also minimizes risk for the long term owner since there isn’t any single tenant that can disrupt cash significantly.

Revere Place is an excellent investment opportunity for the investor looking for a quicker holding period to generate a quality rate of return with a financeable acquisition, or for the longer term cash flow investor, who can realize value added increases managed with lower risk from the smaller tenant mix. Revere Place offers the landlord an opportunity to minimize risk from imposing negotiations that occur with larger tenants.

A 48,314 SQUARE FOOT OFFICE OPPORTUNITY

INVESTMENT HIGHLIGHTS

Va l u e-ad d Op p O r t u n i t y:

Su b M a r k e t: nO r t h e a S t ar a pa h O e rO a d CO r r i d O r

► The Arapahoe submarket has continued to tighten, resulting in a continuation in rising rental rates.

Ce n t e n n i a l a i r p O r t

► Significant value upside with leasing the current available suites at market rents. Vacant suites, by and large, are “rent-ready” as-is. By leasing one additional 2,500 square foot space at $18.50 per square foot (market rate) would increase net operating income by $46,250, adding approximately $600,000 in today’s value.

► The 3rd busiest general aviation airport in the country, and the 25th busiest airport nationwide is Centennial Airport which is less than one mile from Revere Place. Centennial Airport has 24-hour US Customs, and a 24/7 Federal Aviation Administration control tower. The airport is used regularly by a variety of very important flights, such as Flight for Life, various medical flights and Law Enforcement. Several of these businesses have offices in the immediate area.

hi S t O r i C a l ly lO w t. i . CO S t S

► A unique factor of Revere Place is its historically low cost of tenant improvements. Existing suites are generally “rent-ready” for the most part, requiring minimal landlord expenditures for improvements. In fact, over the last six years, tenant improvements have averaged just $5.18 per square foot and this is not including “as-is” renewals. Revere Place, with its historical low tenant improvement costs, generates more cash flow to the bottom line than typical office investments and exceed proforma returns.

Sta b l e te n a n C y

► 44 percent of the current tenants have already renewed at least once, some as many as five times. The property has not offered free rent as much as the market, allowing a new owner the advantage of offering free rent and building value by including free rent with higher face rates.

lO w Op e r at i n g CO S t S

► The subject property has a history of operating at a very efficient level with current operating expenses running at only $6.91 per square foot, including management.

bu i l d i n g aM e n i t i e S

► Revere Place offers tenants on-site lockers and showers, common use conference room, abundant parking along with a full height loading dock. In addition , the nearby surrounding area is populated with numerous restaurants and retailers, parks and services.

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SUMMARY OF TERMS

INTEREST OFFEREDMarcus & Millichap has been selected to exclusively market for sale the Fee Simple Interest in Revere Place, a Class B office

building, located in Centennial, Colorado.

TERMS OF SALERevere Place is offered at $6,000,000, cash or cash to new financing, based on a price per square foot of $124.19. A six year Argus

model is included within this memorandum. The net operating income figures for the Property assume a fiscal year starting June

2019. Historical operating documentation, third party reports and other due diligence material can be found in the online document

data portal (Contact Listing Agent).

PROPERTY TOURSProspective purchasers are encouraged to visit the subject property prior to submitting offers. However, all property tours must be

arranged with the Marcus & Millichap listing agents. At no time shall the tenants, on-site management or maintenance staff be

contacted without prior approval.

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PROPERTYDESCRIPTION

REVERE PLACE

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PROPERTY DETAILS

THE OFFERING

Property Address 6551 South Revere Parkway, Centennial, CO 80111

Number of Stories Two (2)

Year Built 1982

Square Footage 48,314

Lot Size 2.98 AC

Parking Spaces 203 Spaces

Parking Ratio 4.20 / 1,000 SF

Assessor APN 2075-24-3-04-014 (Arapahoe County)

Zoning MU-PUD

CONSTRUCTION

Construction Type Masonry

Foundation Caissons, Footings, Slab on Grade

Exterior Walls Brick with Smoke Tinted Window Glazing

Roof 60 Mil EPDM Ballasted

Loading Dock Full Access: North Entrance

MECHANICAL

HVAC East 50-Ton (2004), West 60-Ton (2003)

Fire Protection

Fire Alarm Panel with Smoke and Heat Detection

and Horn Strobes. FACP Monitored by UL Listed

Monitoring Station

Plumbing 2” Domestic Water; Irrigation is 1 1/2” Tap

Electrical 1,600 Amps 277/480 Volt- 110 Volt

Elevator One- Lobby Access

Utilities- Electric / Gas Xcel Energy

Utilities- Water / Sewer Arapahoe County

INTERIOR

Walls Painted Gypsum Drywall

Celling Drop-In Acoustical Ceiling Tiles

Floor Covering Commercial Grade Carpet

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LOCAL MAP

REVERE PLACE

Arapahoe Rd Arapahoe Rd

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REGIONAL MAP

Denver International

Airport.

THORNTON

ARVADA

LAKEWOODENGLEWOOD

LITTLETON

DENVER AURORA

WESTMINSTER

NORTHGLENN

WHEATRIDGE

MORRISON

HIGHLANDS RANCH

PARKERLONE TREE

CASTLE ROCK

GOLDEN

CHERRY HILLS

VILLAGE

GREENWOOD VILLAGE

Chatfield State Park

Bear Creek State Park

COMMERCE CITY

Interlocken Business Park

BOULDER

Meridian Business Park

Inverness Business Park

Denver Tech Center

DOWNTOWN

MIDTOWN

UPTOWN

Stapleton

Lowry

Glendale

Cherry Creek

Bow Mar

Belmar

Ken Caryl470

470

470

470

470

36

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285285

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SITE PLAN

REVERE PLACE

Loading Dock

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Lynda Lynch, LLCVacant

Campbell Chiropractic

Lobel Financial Group

140112

110

100 Net Worth Realty

Alison & Company

Rebecca & Jacob KnudsenAllied Beauty Experts

125

130

135/150120

FLOOR PLAN- FLOOR 1

Gamma Phi Beta Foundation115/137 Parry’s Pizza & Bar, LLC145

Vacant165

Chinese American Post, Inc.

Parry’s Pizza & Bar, LLC

155

160

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FLOOR PLAN- FLOOR 2

Vacant

Transportation Resource Service

Matt Jad, CPA, LLC

First Flare & Repair, LLC

235

210

205

200

The Red Door Colorado

Back in Step Physical Therapy For Free, LLC dba MK Bolling

OZ Squared Construction

225

215 245

220

BPC of Colorado230

Appcoll, Inc.240

Vacant290

Appcoll, Inc.

Original Path Counseling

250

255

Cimarron Consultants265

Real Estate Appraisal Solutions

Weld Adolescent Resources

270

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FINANCIALANALYSIS

REVERE PLACE

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PRICING DETAILS

*Loan information is subject to change. Contact your Marcus & Millichap

Capital Corporation representative.

OPERATING DATA

INCOME YEAR 1- JUNE 2020

Scheduled Base Rental Revenue $869,679

Vacancy & Turnover (11.35%) ($98,332)

Gross Income $771,347

Other Income $1,946

Effective Gross Income $773,293

Total Operating Expenses ($333,125)

Net Operating Income $440,168

Debt Service $269,020

Net Cash Flow After Debt Service $171,148

OPERATING EXPENSES YEAR 1- JUNE 2020

Real Estate Taxes $66,478

Insurance $5,145

Gas and Electric $84,426

Water and Sewer $16,002

Other Utilities $8,769

Landscaping $5,439

Janitorial $43,045

Contract Services $46,216

Repairs & Maintenance $21,156

Misc. Expenses $5,574

Management Fee (4%) $30,875

Total Expenses $333,125

Expenses/SF $6.89 / SF

PRICE $6,000,000

Down Payment 30% / $1,800,000

Price Per SqFt $124.19

Gross Square Feet 48,314

Occupancy 89.26%

RETURNS

Year 1 Cap Rate 7.34%

Year 1 Cash-on-Cash 9.51%

Year 1 Debt Coverage Ratio 1.63

FINANCING

Loan Amount 70% / $4,200,000

Loan Type New Loan

Interest Rate 4.95%

Amortization 30 Years

Term 7-10 Years

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ARGUS ANALYSISSC h e d u l e O f pr O S p e C t i V e Ca S h fl O w

YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5 YEAR 6 YEAR 7

FOR THE YEARS ENDING JUN-2020 JUN-2021 JUN-2022 JUN-2023 JUN-2024 JUN-2025 JUN-2026

Potential Gross Revenue

Base Rental Revenue $868,250 $901,357 $911,782 $917,682 $924,357 $950,469 $994,321

Absorption & Turnover Vacancy (24,525) (21,795) (15,429) (4,215) (11,212) (25,049) (27,520)

Scheduled Base Rental Revenue 843,725 879,562 896,353 913,467 913,145 925,420 966,801

Expense Reimbursement Revenue

Gas + Electric 492 1,967 3,602 5,524 6,707 6,215 4,656

Water + Sewer 93 372 681 1,045 1,271 1,177 879

Other Utilities 50 204 372 573 695 644 485

Landscaping 34 127 232 354 432 401 301

Janitorial 250 1,003 1,836 2,818 3,420 3,169 2,375

Contract Services 269 1,076 1,970 3,027 3,670 3,402 2,550

Repairs & Maintenance 121 492 903 1,384 1,681 1,558 1,166

Misc 36 132 239 366 443 410 309

Management Fees 184 755 1,390 2,124 2,552 2,377 1,807

Insurance 31 117 220 335 406 380 283

Real Estate Taxes 386 1,551 2,837 4,352 5,281 4,896 3,665

Total Reimbursement Revenue 1,946 7,796 14,282 21,902 26,558 24,629 18,476

Total Potential Gross Revenue 845,671 887,358 910,635 935,369 939,703 950,049 985,277

General Vacancy (73,807) (50,937) (58,656) (70,952) (45,843) (33,457) (33,248)

Effective Gross Revenue 771,864 836,421 851,979 864,417 893,860 916,592 952,029

Operating Expenses

Gas + Electric 84,426 86,537 88,700 90,918 93,191 95,520 97,908

Water + Sewer 16,002 16,402 16,812 17,232 17,663 18,105 18,557

Other Utilities 8,769 8,988 9,213 9,443 9,679 9,921 10,169

Landscaping 5,439 5,575 5,714 5,857 6,004 6,154 6,308

Janitorial 43,045 44,121 45,224 46,355 47,514 48,701 49,919

Contract Services 46,216 47,371 48,556 49,770 51,014 52,289 53,596

Repairs & Maintenance 21,156 21,685 22,227 22,783 23,352 23,936 24,534

Misc 5,574 5,713 5,856 6,003 6,153 6,306 6,464

Management Fees 30,875 33,457 34,079 34,577 35,754 36,664 38,081

Insurance 5,145 5,274 5,405 5,541 5,679 5,821 5,967

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ARGUS ANALYSISSC h e d u l e O f pr O S p e C t i V e Ca S h fl O w CO n t i n u e d



Real Estate Taxes 66,478 68,140 69,843 71,590 73,379 75,214 77,094

Total Operating Expenses 333,125 343,263 351,629 360,069 369,382 378,631 388,597

Net Operating Income 438,739 493,158 500,350 504,348 524,478 537,961 563,432

Debt Service

Interest Payments 206,494 203,328 200,001 196,506 192,834 188,976

Principal Payments 62,526 65,692 69,019 72,514 76,186 80,044

Total Debt Service 269,020 269,020 269,020 269,020 269,020 269,020

Leasing & Capital Costs

Tenant Improvements 107,350 118,080 74,817 8,561 66,494 105,400 150,053

Leasing Commissions 53,675 59,040 37,409 4,281 33,248 52,699 75,026

Total Leasing & Capital Costs 161,025 177,120 112,226 12,842 99,742 158,099 225,079

Cash Flow After Debt Service But Before Taxes

$8,694 $47,018 $119,104 $222,486 $155,716 $110,842 $338,353

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ARGUS ANALYSISex p e n S e re i M b u r S e M e n t



Fiscal Year Reimbursable Operating Expenses Adjusted for Actual Occupancy

Reimbursable Expenses

Gas + Electric $84,426 $86,537 $88,700 $90,918 $93,191 $95,520 $97,908

Water + Sewer 16,002 16,402 16,812 17,232 17,663 18,105 18,557

Other Utilities 8,769 8,988 9,213 9,443 9,679 9,921 10,169

Landscaping 5,439 5,575 5,714 5,857 6,004 6,154 6,308

Janitorial 43,045 44,121 45,224 46,355 47,514 48,701 49,919



Misc 5,574 5,713 5,856 6,003 6,153 6,306 6,464

Management Fees 30,873 33,453 34,074 34,571 35,751 36,665 38,082

Insurance 5,145 5,274 5,405 5,541 5,679 5,821 5,967


Total Reimbursable Expenses $333,123 $343,259 $351,624 $360,063 $369,379 $378,632 $388,598


FOR THE YEARS ENDING DEC-2019 DEC-2020 DEC-2021 DEC-2022 DEC-2023 DEC-2024 DEC-2025

Calendar Year Reimbursable Operating Expenses used for Reimbursement Calculations

Reimbursable Expenses

Gas + Electric $83,396 $85,481 $87,618 $89,809 $92,054 $94,355 $96,714

Water + Sewer 15,807 16,202 16,607 17,022 17,448 17,884 18,331

Other Utilities 8,662 8,879 9,101 9,328 9,561 9,800 10,045

Landscaping 5,373 5,507 5,645 5,786 5,930 6,079 6,231

Janitorial 42,520 43,583 44,673 45,789 46,934 48,108 49,310



Misc 5,506 5,644 5,785 5,929 6,078 6,230 6,385

Management Fees 29,660 32,008 33,927 34,590 35,314 35,674 37,342

Insurance 5,082 5,209 5,340 5,473 5,610 5,750 5,894


Total Reimbursable Expenses $328,223 $338,036 $347,608 $356,110 $364,872 $373,472 $383,584

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ARGUS ANALYSISex p e n S e re i M b u r S e M e n t CO n t i n u e d



Resulting Fiscal Year Property Expense Reimbursement Revenue

Expense Reimbursements

Gas + Electric $492 $1,967 $3,602 $5,524 $6,707 $6,215 $4,656

Water + Sewer 93 372 681 1,045 1,271 1,177 879

Other Utilities 50 204 372 573 695 644 485

Landscaping 34 127 232 354 432 401 301

Janitorial 250 1,003 1,836 2,818 3,420 3,169 2,375

Contract Services 269 1,076 1,970 3,027 3,670 3,402 2,550

Repairs & Maintenance 121 492 903 1,384 1,681 1,558 1,166

Misc 36 132 239 366 443 410 309

Management Fees 184 755 1,390 2,124 2,552 2,377 1,807

Insurance 31 117 220 335 406 380 283

Real Estate Taxes 386 1,551 2,837 4,352 5,281 4,896 3,665

Total Expense Reimbursement $1,946 $7,796 $14,282 $21,902 $26,558 $24,629 $18,476



Percentage of Reimbursable Expenses Collected as Expense Reimbursement

Expense Reimbursements

Gas + Electric 0.58% 2.27% 4.06% 6.08% 7.20% 6.51% 4.76%

Water + Sewer 0.58% 2.27% 4.05% 6.06% 7.20% 6.50% 4.74%

Other Utilities 0.57% 2.27% 4.04% 6.07% 7.18% 6.49% 4.77%

Landscaping 0.63% 2.28% 4.06% 6.04% 7.20% 6.52% 4.77%

Janitorial 0.58% 2.27% 4.06% 6.08% 7.20% 6.51% 4.76%

Contract Services 0.58% 2.27% 4.06% 6.08% 7.19% 6.51% 4.76%

Repairs & Maintenance 0.57% 2.27% 4.06% 6.07% 7.20% 6.51% 4.75%

Misc 0.65% 2.31% 4.08% 6.10% 7.20% 6.50% 4.78%

Management Fees 0.60% 2.26% 4.08% 6.14% 7.14% 6.48% 4.75%

Insurance 0.60% 2.22% 4.07% 6.05% 7.15% 6.53% 4.74%

Real Estate Taxes 0.58% 2.28% 4.06% 6.08% 7.20% 6.51% 4.75%

Total Expense Reimbursement 0.58% 2.27% 4.06% 6.08% 7.19% 6.50% 4.75%

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ARGUS ANALYSISlO a n Su M M a ry

YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5 YEAR 6

FOR THE YEARS ENDING JUN-2020 JUN-2021 JUN-2022 JUN-2023 JUN-2024 JUN-2025

Minimum Debt Service

Interest Payments $206,494 $203,328 $200,001 $196,506 $192,834 $188,976

Principal Payments 62,526 65,692 69,019 72,514 76,186 80,044

Total Minimum Debt Service 269,020 269,020 269,020 269,020 269,020 269,020

Reductions & Retirement

Principal Balloon or Call 3,774,020

Total Reductions & Retirement 3,774,020

Total Cash Flow Paid To Lender $269,020 $269,020 $269,020 $269,020 $269,020 $4,043,040

Principal Balance Summary

Beginning Principal Balance $4,200,000 $4,137,474 $4,071,781 $4,002,763 $3,930,249 $3,854,064

Periodic Principal Reductions (62,526) (65,692) (69,019) (72,514) (76,186) (80,044)

Principal Balloon Payments (3,774,020)

Ending Principal Balance $4,137,474 $4,071,782 $4,002,762 $3,930,249 $3,854,063

Interest Rates

Interest Rate on Principal 4.95% 4.95% 4.95% 4.95% 4.95% 4.95%

Cash Flow Coverage Ratios

Cash to Total Interest Charged 212.47% 242.54% 250.17% 256.66% 271.98% 284.67%

Cash to Minimum Debt Service 163.09% 183.32% 185.99% 187.48% 194.96% 199.97%

Loan To Value Ratios

Loan to Purchase Price 70.00% 68.96% 67.86% 66.71% 65.50% 64.23%

Loan to Capitalized Value 71.80% 62.92% 61.03% 59.52% 56.20% 53.73%

Lenders Yields (IRR)

Base Yield to Maturity 4.95%

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ARGUS ANALYSISSO u r C e S a n d uS e S O f Ca p i ta l



Sources Of Capital

Net Operating Gains $438,739 $493,158 $500,350 $504,348 $524,478 $537,961

Debt Funding Proceeds 4,200,000

Initial Equity Contribution 1,800,000

Net Proceeds from Sale 7,362,178

Total Sources Of Capital $6,438,739 $493,158 $500,350 $504,348 $524,478 $7,900,139

Uses Of Capital

Property Purchase Price $6,000,000

Total Debt Service 269,020 269,020 269,020 269,020 269,020 269,020

Tenant Improvements 107,350 118,080 74,817 8,561 66,494 105,400

Leasing Commissions 53,675 59,040 37,409 4,281 33,248 52,699

Retirement & Penalties 3,774,020

Defined Uses Of Capital 6,430,045 446,140 381,246 281,862 368,762 4,201,139

Cash Flow Distributions 8,694 47,018 119,104 222,486 155,716 3,699,000

Total Uses Of Capital $6,438,739 $493,158 $500,350 $504,348 $524,478 $7,900,139

Unleveraged Cash On Cash Return

Cash to Purchase Price 4.63% 5.27% 6.47% 8.19% 7.08% 6.33%

NOI to Book Value 7.12% 7.78% 7.76% 7.80% 7.99% 8.00%

Cash to Purchase Price & Costs 4.63% 5.27% 6.47% 8.19% 7.08% 6.33%

Leveraged Cash On Cash Return

Cash to Initial Equity 0.48% 2.61% 6.62% 12.36% 8.65% 6.16%

Unleveraged Annual IRR 9.21%

Leveraged Annual IRR 16.39%

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ARGUS ANALYSISpr O S p e C t i V e pr O p e r t y re S a l e



Resale Amount

Gross Proceeds from Sale $6,575,440 $6,671,333 $6,724,640 $6,993,040 $7,172,813 $7,512,427

Commissions & Adjustments (131,509) (133,427) (134,493) (139,861) (143,456) (150,249)

Net Proceeds From Sale 6,443,931 6,537,906 6,590,147 6,853,179 7,029,357 7,362,178

Outstanding Debt Retirement

Total Principal Balances (4,137,474) (4,071,782) (4,002,762) (3,930,249) (3,854,063) (3,774,020)

Net Resale Proceeds After Debt $2,306,457 $2,466,124 $2,587,385 $2,922,930 $3,175,294 $3,588,158

Unleveraged Annual IRR 12.03% 9.22% 8.42% 9.11% 9.05% 9.21%

Leveraged Annual IRR 28.62% 18.40% 15.49% 16.91% 16.37% 16.39%

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ARGUS ANALYSISpr O p e r t y Su M M a ry

TIMING & INFLATION

Reporting Period: July 1, 2019 to June 30, 2025; 6 years

Inflation Month: Analysis Start

General Inflation Rate: 2.50%

PROPERTY SIZE & OCCUPANCY

Property Size: 48,314 Square Feet

Alternate Size: 1 Square Foot

Number of rent roll tenants: 30

Total Occupied Area: 48,31 Square Feet, 100.00%, during first month of analysis

PROPERTY PURCHASE & RESALE

Purchase Price: $6,000,000

Resale Method: Capitalize Net Operating Income

Cap Rate: 7.50%

Cap Year: Year 7

Commission/Closing Cost: $150,249

Net Cash Flow from Sale: $3,588,158

GENERAL VACANCY

Method: Percent of Potential Gross Revenue

Rate: 11.30% for 1 year

8.00% for 3 years

6.00% thereafter

DEBT FINANCING

Number of Notes: 1

Beginning Principal Balance: $4,200,000

Average Year 1 Interest Rate: 4.95%

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RENT ROLL

TENANT SUITESQUARE

FEETLEASE COMM.

LEASE EXP.ANNUAL RENT/SF

TOTAL RENT/MONTH

CHANGES ON

RENT INCREASE

LEASE TYPE

RENEWAL OPTIONS

Lobel Financial Corporation 1002,325

4.81%7/1/2011 6/30/2019 $16.44 $3,185 Base Year

Campbell Chiropractic, LLC 1101,090

2.26%9/1/2015 8/1/2020 $17.50 $1,590 9/1/2019 $1,635 Base Year

Vacant 1121,503

3.11%$18.50 $2,261

Gamma Phi Beta Foundation 115/1373,006

6.22%8/8/2017 7/31/2021 $19.00 $4,760

8/1/2019

8/1/2020

$4,885

$5,010Base Year

Allied Beauty Experts 1202,144

4.44% 2/1/2014 1/31/2021 $17.75 $3,171 2/1/2020 $3,261 Base Year

Real Estate Equities Development 125996

2.06%5/31/2017 5/31/2020 $18.00 $1,494 12/1/2019 $1,536 Base Year

Storage Closet -54

0.11%

Colorado Palliative & Hospice 1302,812

5.82%7/1/2017 6/30/2020 $17.00 $3,984 7/1/2019 $4,101 Base Year

Rebecca & Jacob Knudsen 1351,134

2.35%1/1/2019 12/31/2023 $17.50 $1,654

1/1/2020

1/1/2021

1/1/2022

1/1/2023

$1,701

$1,748

$1,795

$1,843

Base Year

Lynda Lynch, LLC 140648

1.34%5/1/2017 4/30/2019 $17.43 $941 Base Year

Parry’s Pizza & Bar, LLC 1452,295

4.75%9/17/2018 12/31/2023 $17.00 $3,251

1/1/2020

1/1/2021

1/1/2022

1/1/2023

$3,349

$3,450

$3,553

$3,661

Base Year

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RENT ROLL CONTINUED

TENANT SUITESQUARE

FEETLEASE COMM.


TOTAL RENT/MONTH

CHANGES ON

RENT INCREASE

LEASE TYPE

RENEWAL OPTIONS

Rebecca & Jacob Knudsen 1501,499

3.10%6/1/2017 12/31/2023 $17.50 $2,186

1/1/2020

1/1/2021

1/1/2022

1/1/2023

$2,249

$2,311

$2,373

$2,436

Base Year

Chinese American Post, Inc. 1551,244

2.57% 5/1/2017 4/30/2020 $17.00 $1,762 5/1/2019 $1,814 Base Year

Parry’s Pizza and Bar, LLC 1601,635

3.38% 5/1/2019 12/1/20123 $18.00 $2,453

5/1/2020

5/1/2021

5/1/2022

5/1/2023

$2,521

$2,586

$2,657

$2,725

Base Year

Vacant 1651,547

3.20%$18.50 $2,385

First Flare & Repair, LLC 200750

1.55%8/1/2014 8/31/2021 $17.00 $1,063

9/1/2019

9/1/2020

$1,094

$1,125Base Year

Matt Jad, CPA, LLC 2051,975

4.09%9/1/2018 9/30/2021 $17.00 $2,798

10/1/2019

10/1/2020

$2,880

$2,963Base Year

Transportation Resource Service 2101,920

3.97% 11/15/2014 11/30/2020 $18.00 $2,880 12/1/2019 $2,960 Base Year

Back in Step Physical Therapy 215688

1.42% 2/1/2017 8/31/2019 $18.25 $1,046

3/1/2020

3/1/2021

$1,075

$1,104Base Year

OZ Squared Construction 2201,262

2.61% 12/1/2016 8/31/2019 $17.70 $1,681 Base Year

The Red Door Colorado 2251,458

3.02% 12/1/2017 5/31/2020 $18.50 $2,248

1/1/2020

1/1/2021

$2,309

$2,369Base Year

BPC of Colorado 230599

1.24% 5/6/2016 5/31/2020 $17.00 $849 6/1/2019 $874 Base Year

Vacant 235910

1.88% $18.50 $1,403

Appcoll, Inc. 240/2502,969

6.15% 6/1/2019 5/31/2024 $18.50 $4,577

6/1/2020

6/1/2021

6/1/2022

6/1/2023

$4,701

$4,825

$4,948

$5,072

Base Year

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TENANT SUITESQUARE

FEETLEASE COMM.


TOTAL RENT/MONTH

CHANGES ON

RENT INCREASE

LEASE TYPE

RENEWAL OPTIONS

For Free, LLC dba MK Bolling 245799

1.65%8/16/2018 7/31/2021 $17.50 $1,165

8/1/2019

8/1/2020

$1,199

$1,232Base Year

Original Path Counseling 255819

1.70%10/15/2015 11/30/2021 $17.50 $1,194

12/1/2019

12/1/2020

$1,229

$1,263Base Year

Cimarron Consultants, Inc 2651,469

3.04% 2/1/1997 5/31/2023 $17.50 $2,142

6/1/2019

6/1/2020

6/1/2021

6/1/2022

$2,204

$2,265

$2,326

$2,387

Base Year

Real Estate Appraisal Solutions 2701,791

3.71%5/15/2015 MTM $14.50 $2,164 Base Year

Weld Adolescent Resources 2755,799

12.00%9/1/2006 6/30/2020 $16.50 $7,974 7/1/2019 $8,215 Base Year

Vacant 2901,174

2.43%$18.50 $1,810

Total Square Feet: 48,314 Total Monthly Income: $70,071

Total Occupied Square Feet: 43,126 Total Annual Income: $840,852

Total Occupancy: 89.26% Average Annual Rent/SF: $17.57

RENT ROLL CONTINUED

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COMPARABLEPROPERTIES

REVERE PLACE

SALES COMPARABLES

REVERE PLACE

1PANORAMA PLACE2

BELCARO PLACE3

HIGHLINE PROFESSIONAL CENTER4

KELLOGG OFFICE BUILDING5

APRAPAHOE PLAZA

6 CONCORDE PLACE

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Arapahoe Rd

Dry Creek Rd

470

470

Dry Creek Rd

Arapahoe Rd

Uni

vers

ity

Blvd

S Br

oadw

ay

Belleview Rd

Fede

ral B

lvd

Fede

ral B

lvd

Belleview Rd

Hol

ly S

tH

olly

St

Queb

ec S

t

Quincy AveQuincy Ave

Colo

rado

Blv

d

Parker Rd

Hav

ana

StSant

a Fe

Dr

Sant

a Fe

Dr

Sant

a Fe

Dr

Sher

idan

Blv

d

285

4

2

6

3

5

1

Parker Rd

Queb

ec S

t

Hampden Ave

Wad

swor

th B

lvd

Plat

te C

anyo

n Rd

285

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ARAPAHOE PLAZA7700 E. Arapahoe Rd. Centennial, CO

SALES PRICE $4,825,000

Sale Date 4/26/2017

Year Built 1981 / 2014

Cap Rate 7.15%

Building Size 38,050 SF

Price Per SF $126.81

Occupancy at Time of Sale 100%

11REVERE PLACE6551 S. Revere Pkwy. Centennial, CO

ASKING PRICE $6,000,000

Year Built 1982

Cap Rate 7.34%



Current Occupancy 89.26%

SALES COMPARABLES

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3BELCARO PLACE 3801 E. Florida Ave. Denver, CO

3


Sale Date 11/16/2017


Cap Rate 8.25%




3PANORAMA PLACE 9137 E. Mineral Cir. Englewood, CO

2


Sale Date 5/1/2017

Year Built 1982

Cap Rate 7.90%




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44

SALES COMPARABLES

2 KELLOGG OFFICE BUILDING26 W. Dry Creek Cir. Littleton, CO

5


Sale Date 11/29/2017

Year Built 1982

Cap Rate 7.81%




HIGHLINE PROFESSIONAL CENTER8 W. Dry Creek Cir. Littleton, CO


Sale Date 1/31/2017


Cap Rate 7.00%




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26 CONCORDE PLACE

7208 S. Tuscon Way Centennial, CO

ASKING PRICE $2,400,000

Sale Date 2/28/2019

Year Built 1982

Cap Rate 6.50%




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SOUTHFIELD TOWER I & I I

REVERE PLACE

REVERE CORPORATE CENTER

CENTENNIAL AIRPORT PLAZA

ARAPAHOE BUSINESS PARK

CONCORDE PLACE

PARKGATE OFFICE CENTER

LEASE COMPARABLES

1

2

3

4

5

6

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4

2

3

Arapahoe Rd

S Pe

oria

St

E Briarwood Ave

5

1

6

Arapahoe Rd

S Pe

oria

St

S Re

vere

Pkw

y

S Re

vere

Pkw

y

E Easter Ave

S Tu

scon

Way

S Po

tom

ac S

t.

S Bl

ackh

awk

St.

S Jo

rdan

Rd.

E Fremont Ave

E Briarwood Ave

S Po

tom

ac S

t.

E Peakview Ave

E Caley Ave

E Peakview Ave

S Li

ma

StS

Lim

a St

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REVERE PLACE6551 S. Revere Pkwy. Centennial, CO

SOUTHFIELD TOWER I & I I12835 E. Arapahoe Rd. Centennial, CO

1

LEASE COMPARABLES

ASKING RENT/SF $17.00-$18.50

Occupancy 89.26%

Available SF 5,188

Lease Type FSG

ADDITIONAL INFO

Year Built 1982

Gross Leasable Area 48,314


Occupancy 72.75%

Available SF 26,096

Lease Type FSG

Date of Survey 2/19/2019

ADDITIONAL INFO

Year Built 1984


NOTESNo lobby space. Built originally by Charles Golding Co. as office condos.

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LEASE COMPARABLES

ARAPAHOE BUSINESS PARK12600 E. Arapahoe Rd. Englewood, CO

3REVERE CORPORATE CENTER6377 S. Revere Pkwy. Centennial, CO

2


Occupancy 100%

Available SF 0

Lease Type MG


ADDITIONAL INFO

Year Built 2000


ASKING RENT/SF $19.00

Occupancy 100%

Available SF 12,000 SF Available for Sublease

Lease Type FSG


ADDITIONAL INFO

Year Built 1998


NOTESLast sale was September of 2016. Newer Construction. Nice lobby area

and better views.

NOTESSingle story with individual entrances. Some flex space.

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4


Occupancy 89.00%

Available SF 6,970

Lease Type FSG


ADDITIONAL INFO

Year Built 1983


CONCORDE PLACE7208 S. Tucson Way Centennial, CO

5


Occupancy 89.00%

Available SF 2,477

Lease Type FSG


ADDITIONAL INFO

Year Built 1982


CENTENNIAL AIRPORT PLAZA12150 E. Briarwood Ave. Centennial, CO

LEASE COMPARABLES

NOTESInferior location to Subject. Clean, well maintained, with limited lobby

amenities.

NOTESBest comparable overall. Poor parking lot. Last sale was April of 2015.

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PARKGATE OFFICE CENTER 6726-6786 S. Revere Pkwy. Centennial, CO

6


Occupancy 100%

Available SF 0

Lease Type FSG


ADDITIONAL INFO



LEASE COMPARABLES

NOTESFour buildings with outside entrances. Interior access to some sites.

Limited parking.

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This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, as-sumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate

Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2019 Marcus & Millichap

46

MARKETOVERVIEW

REVERE PLACE

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METRO OVERVIEW

The Denver-Aurora-Lakewood metro is at the center of Colorado’s Front

Range, nestled at the convergence of the Great Plains and the majestic

Rocky Mountains. The market consists of 10 counties: Broomfield, Arapahoe,

Denver, Adams, Douglas, Jefferson, Clear Creek, Elbert, Gilpin and Park

counties. Denver, which is both a county and a city, is the largest of each,

with approximately 700,000 residents. Denver also houses the state capitol.

The eastern and northern reaches of the metro are expected to receive the

majority of future development, as land in these areas is relatively flat and

more affordable. Denver’s elevation of 5,280 feet above sea level provides it

with the nickname “Mile-High City.”

MAJOR TRANSPORTATION CENTER

Denver serves as the vital transportation gateway to the West, with a well-developed infrastructure. The region is accessed by three interstates and two freight rail lines.

EMPHASIS ON SKILLED JOBS

Denver’s highly educated labor force attracts tech employers. Roughly 40 percent of residents age 25 and older hold at least a bachelor’s degree.

METRO HIGHLIGHTS

GROWING ALTERNATIVE ENERGY SECTOR

The National Renewable Energy Laboratory located in Golden helps lure energy-related businesses to the region.

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►Key drivers of the region’s economy include aerospace, bioscience, energy, financial services, healthcare, aviation, information technology and telecommunications.

►Denver’s economy is expanding, with the annual change in gross metropolitan product (GMP) expected to reach 3.4 percent this year.

►Many of Denver’s largest employers are in population-serving businesses such as retail and healthcare, and their expansion will track a rise in population and income growth.

►There are 10 Fortune 500 companies located in the metro, including Newmont Mining, DISH Network, DaVita Healthcare, Level 3 Com-munications and Liberty Interactive.

METRO ECONOMY

MAJOR AREA PRIVATE EMPLOYERS

HealthONE Corp.

CenturyLink

Children’s Hospital Colorado

Charles Schwab

Lockheed Martin Corp.

Comcast

Frontier Airlines

University of Denver

United Airlines

UC Health

*FORECAST

MANUFACTURING GOVERNMENT

HEALTH SERVICESEDUCATION AND

+OTHER SERVICES

LEISURE AND HOSPITALITY FINANCIAL ACTIVITIES

AND UTILITIESTRADE, TRANSPORTATION CONSTRUCTION

PROFESSIONAL ANDBUSINESS SERVICES

INFORMATION

5%

6%18%

18% 13%

13%

11%

3%

7%

4%

Share of 2018 Total Employment RE

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► Rapid employment growth fuels in-migration. The metro is expected to gain roughly 162,000 new residents during the next five years.

► Gains in higher paying employment sectors are expected to raise the median household income 11 percent through 2021, well above the national median.

► Elevated incomes have allowed nearly 63 percent of households to own their homes, slightly below the national rate, maintaining rental demand.

METRO DEMOGRAPHICS

Qu a l i t y Of l i f e

The Denver metro area offers residents urban and rural surroundings, in addition to exciting nightlife

and outdoor fun. Four professional sports teams play in venues within a short walk or drive of

downtown Denver. The local arts community is vibrant and the city’s large park system provides

relaxing opportunities to enjoy the outdoors. The lure of the Rocky Mountains keeps residents active.

Rocky Mountain National Park is less than two hours from the metro and offers numerous campsites

and hiking trails. Avid skiers and snowboarders are close to world-class ski resorts, such as Vail,

Beaver Creek and Copper Mountain. The Denver metro will continue to grow as the area’s high

quality of life attracts new residents.

6% 12%65+ YEARS

26%45-64 YEARS

31%25-44 YEARS20-24 YEARS

19%5-19 YEARS

6%0-4 YEARS

pO p u l at i O n by ag e

2.9M

1.1M

U.S. Median:

U.S. Median:

2018POPULATION:

2018POPULATION:

6.0%

2018HOUSEHOLDS:

Growth2018-2023*:7.4%

2018MEDIAN AGE:

36.538.0

2018 MEDIAN HOUSEHOLD INCOME:

$72,200 $58,800

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DENVER METRO AREAde M O g r a p h i C hi g h l i g h t S

2018 Forecast Job Growth Population Age 20-34

2018 Office-Using Job Growth

Square Foot Per Office Worker

Office Square Footage Age 25+ Percent With Bachelor Degree

2%

24%

22%

40%

311Metro: Metro: Metro:

Urban:

Metro:

1.2%US Average: 21%US Average: 213US Average:

32%US Average:1.7%Metro:

2.2%US Average:29%US Average:76%Suburban:

68%US Average:

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CITY OVERVIEW

The City of Centennial was formed on February 7, 2001, The name reflects Colorado’s admission to the Union as the 38th state in 1876, the centennial year of the United States Declaration of Independence.

A notable point of interest neighboring Centennial is the Centennial Airport, a three-runway international facility with 24-hour US Customs, and a 24/7 Federal Aviation Administration control tower. The airport is used regularly by a variety of very important flights, such as Flight for Life, various medical flights and Law Enforcement. The Centennial Airport is the third busiest general aviation airport among the top 25 busiest airports of all types.

Located near the City of Centennial is the two-story 90,000 square foot state-of-the-art Denver Broncos headquarters, Paul D. Bowlen Memorial Broncos Centre. This premier facility includes the Bronco’s Conditioning Center, which houses the team’s 9,000 square foot weight room and 18,000 square foot indoor conditioning area. The Bronco’s facility is situated on 13.5 acres and also includes an administrative building and three outdoor full-size fields.

MAJOR CITY EMPLOYERS

Comcast

Arrow Electronics

United Healthcare

United Launch Alliance

OppenheimerFunds

Nordstrom Bank

Zillow Group

S&P Global

Best Cities for First Time Homebuyers

(2018, Wallethub))

50 Best Cities to Live (2017 24/7 Wall Stareet)

25 Safest Communities in Colorado (2017, SafeHomes)

#3#2#4

Best Place to Raise a Family (2017, Smart Asset

#8#3

Most Livable Mid-Sized Cities in the U.S.

(2018, SmartAsset)

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POPULATION 1 MILE 3 MILES 5 MILES

2023 ProjectionTotal Population

3,461 63,043 259,613

2018 EstimateTotal Population

2,957 56,460 241,564

2010 CensusTotal Population

2,721 52,338 219,792

2000 CensusTotal Population

1,778 37,446 184,406

Daytime PopulationsTotal Population

8,704 105,402 331,108

HOUSEHOLDS 1 MILE 3 MILES 5 MILES

2023 ProjectionTotal Households

1,281 26,074 110,098

2018 EstimateTotal Households Average (Mean) Household Size

1,063

2.65

22,600

2.45

100,176

2.39

2010 CensusTotal Households

972 20,487 89,662

2000 CensusTotal Households

362 13,066 71,321

HOUSEHOLDS BY INCOME 1 MILE 3 MILES 5 MILES

2018 Estimate

$150,000 or More 36.0% 28.2% 20.90%

$100,000 - $149,000 18.9% 21.2% 20.10%

$75,000 - $99,999 12.8% 12.5% 14.30%

$50,000 - $74,999 17.2% 15.3% 17.60%

$35,000 - $49,999 8.3% 9.3% 10.30%

$25,000 - $34,999 2.8% 5.4% 6.60%

$15,000 - $24,999 2.7% 3.8% 5.00%

Under $15,000 1.3% 4.4% 5.30%

Average Household Income $161,260 $140,649 $118,327

Median Household Income $109,927 $98,665 $83,520

Per Capita Income $58,001 $56,686 $49,202

POPULATION PROFILE 1 MILE 3 MILES 5 MILES

Population By Age

2018 Estimate Total Population

Under 20 29.90% 24.9 26.50%

20 - 34 Years 13.80% 22.6 20.70%

35 - 44 Years 16.90% 14.2 14.40%

45 - 54 Years 17.90% 13.8 15.70%

55 - 64 Years 14.30% 13.5 12.60%

Age 65+ 7.00% 11.1 9.90%

Median Age 41 36.8 37.7

Population 25+ by Education Level

2018 Estimate Population Age 25+ 2,009 38,733 168,225

Elementary (0-8) 0.9% 0.8% 1.40%

Some High School (9-11) .08% 2.1% 2.50%

High School Graduate (12) 11.1% 12.4% 16.70%

Some College (13-15) 14.5% 18.1% 22.00%

Associate Degree Only 40.5% 7.5% 8.50%

Bachelors Degree Only 26.3% 35.1% 31.00%

Graduate Degree 0.6% 23.6% 17.20%

AREA DEMOGRAPHICS

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SUBMARKET OFFICE INVENTORY

INVENTORY 12 MONTH DELIVERIES UNDER CONSTRUCTION

NO. SUBMARKET BLDGS SF PERCENT RANK BLDGS SF PERCENT RANK BLDGS SF PERCENT RANK

1 Arapahoe Rd 74 1,718 1.0% 27 0 0 0% - 0 - - -

2 Aurora 311 9,454 5.4% 6 1 0 0% 17 0 - - -

3 Broomfield County 136 6,886 3.9% 9 2 85 1.2% 7 2 107 1.6% 6

4 Capitol Hill 442 6,045 3.5% 10 0 0 0% - 0 - - -

5 CBD 131 27,981 16.0% 1 1 22 0.1% 12 2 678 2.4% 2

6 Centennial 88 3,542 2.0% 17 0 0 0% - 0 - - -

7 Cherry Creek 126 3,289 1.9% 20 3 234 7.1% 5 2 155 4.7% 4

8 Clear Creek County 11 103 0.1% 30 0 0 0% - 0 - - -

9 Colorado Blvd/I-25 247 5,869 3.4% 12 1 23 0.4% 11 0 - - -

10 Denver Tech Center 108 11,858 6.8% 3 2 257 2.2% 4 1 382 3.2% 3

11 East Hampden 140 3,542 2.0% 18 0 0 0% - 1 104 2.9% 7

12 East I-70/Montbello 87 3,067 1.8% 23 1 1 0% 16 1 10 0.3% 14

13 Elbert County 22 57 0% 31 0 0 0% - 0 - - -

14 Gilpin County 5 20 0% 33 0 0 0% - 0 - - -

15 Glendale 115 5,213 3.0% 13 0 0 0% - 1 63 1.2% 11

16 Greenwood Village 137 9,557 5.5% 5 1 324 3.4% 2 0 - - -

17 Highlands Ranch 41 2,213 1.3% 25 0 0 0% - 0 - - -

18 Inverness 111 6,042 3.5% 11 1 7 0.1% 14 2 61 1.0% 12

19 LoDo 157 7,622 4.4% 7 2 30 0.4% 9 1 95 1.3% 9

20 Lone Tree 65 3,130 1.8% 22 0 0 0% - 1 80 2.6% 10

21 Meridian 35 3,420 2.0% 19 0 0 0% - 0 - - -

22 North Denver 179 4,960 2.8% 14 1 14 0.3% 13 4 60 1.2% 13

23 Northeast Denver 179 2,083 1.2% 26 0 0 0% - 0 - - -

24 Northwest Denver 480 7,028 4.0% 8 1 125 1.8% 6 1 9 0.1% 15

25 Outlying Adams County 5 15 0% 34 0 0 0% - 0 - - -

26 Outlying Arapahoe County 11 163 0.1% 28 0 0 0% - 0 - - -

27 Outlying Douglas County 22 133 0.1% 29 1 29 21.7% 10 0 - - -

28 Panorama/Highland Park 63 3,739 2.1% 16 0 0 0% - 0 - - -

29 Park County 16 53 0% 32 0 0 0% - 0 - - -

30 Parker/Castle Rock 184 2,358 1.3% 24 2 5 0.2% 15 4 97 4.1% 8

31 Platte River 101 4,743 2.7% 15 7 1,187 25.0% 1 7 823 17.3% 1

32 South Midtown 250 3,170 1.8% 21 0 0 0% - 2 147 4.6% 5

33 Southwest Denver 568 10,100 5.8% 4 3 43 0.4% 8 0 - - -

34 West Denver 762 15,746 9.0% 2 2 278 1.8% 3 1 8 0% 16

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SUBMARKET RENT

GROSS ASKING RENT 12 MONTH ASKING RENT ANNUALIZED QUARTERLY RENT

NO. SUBMARKET PSF RANK GROWTH RANK GROWTH RANK

1 Arapahoe Rd $22.24 24 2.4% 25 1.4% 19

2 Aurora $21.23 30 4.1% 4 2.2% 12

3 Broomfield County $26.79 8 4.1% 5 1.1% 22

4 Capitol Hill $24.50 17 2.4% 26 1.5% 17

5 CBD $33.03 4 5.7% 1 6.2% 1

6 Centennial $22.40 23 2.5% 23 1.0% 23

7 Cherry Creek $35.37 3 2.7% 18 2.9% 5

8 Clear Creek County $22.01 25 2.9% 15 1.6% 16

9 Colorado Blvd/I-25 $24.65 15 2.4% 27 0.9% 26

10 Denver Tech Center $27.27 6 2.6% 21 -0.4% 33

11 East Hampden $19.37 34 1.5% 31 1.3% 21

12 East I-70/Montbello $23.87 21 3.4% 9 2.9% 6

13 Elbert County $19.54 33 1.5% 32 1.0% 24

14 Gilpin County $21.52 27 1.3% 33 0.9% 25

15 Glendale $24.94 13 3.0% 12 2.4% 9

16 Greenwood Village $26.40 10 2.3% 28 0.8% 28

17 Highlands Ranch $26.30 12 2.6% 20 0.6% 30

18 Inverness $24.30 19 2.5% 22 2.3% 10

19 LoDo $36.92 2 3.5% 8 5.0% 2

20 Lone Tree $29.17 5 2.9% 13 0.6% 31

21 Meridian $27.22 7 2.6% 19 0.3% 32

22 North Denver $24.39 18 3.9% 6 2.4% 8

23 Northeast Denver $21.76 26 2.9% 14 3.9% 4

24 Northwest Denver $21.32 29 2.8% 17 2.0% 14

25 Outlying Adams County $20.92 31 1.2% 34 0.8% 27

26 Outlying Arapahoe County $24.56 16 3.7% 7 2.3% 11

27 Outlying Douglas County $24.30 20 3.1% 11 1.4% 18

28 Panorama/Highland Park $26.31 11 2.4% 24 0.8% 29

29 Park County $21.45 28 2.0% 30 1.4% 20

30 Parker/Castle Rock $26.43 9 3.3% 10 2.2% 13

31 Platte River $39.42 1 5.6% 2 4.3% 3

32 South Midtown $24.79 14 2.8% 16 2.0% 15

33 Southwest Denver $20.09 32 2.3% 29 -2.0% 34

34 West Denver $22.68 22 4.7% 3 2.7% 7

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SUBMARKET VACANCY AND NET ABSORPTION

VACANCY 12 MONTH NET ABSORPTION

NO. SUBMARKET SF SF RANK SF % OF INV RANK CONSTRUCT RATIO

1 Arapahoe Rd 109,726 6.4% 8 8,165 0.5% 20 -

2 Aurora 838,194 8.9% 15 (114,271) -1.2% 33 -

3 Broomfield County 399,149 5.8% 7 284,336 4.1% 6 0.3

4 Capitol Hill 313,616 5.2% 4 49,606 0.8% 13 -

5 CBD 3,699,947 13.2% 28 615,135 2.2% 3 -

6 Centennial 204,730 5.8% 6 8,289 0.2% 19 -

7 Cherry Creek 313,250 9.5% 22 246,646 7.5% 7 0.9

8 Clear Creek County 10,000 9.7% 23 (9,383) -9.1% 26 -

9 Colorado Blvd/I-25 552,182 9.4% 21 296,153 5.0% 5 0.1

10 Denver Tech Center 1,868,424 15.8% 29 147,811 1.2% 8 1.7

11 East Hampden 376,236 10.6% 25 (6,797) -0.2% 24 -

12 East I-70/Montbello 200,039 6.5% 10 48,348 1.6% 14 -

13 Elbert County 17,188 29.9% 32 (10,606) -18.5% 27 -

14 Gilpin County - - - 5,088 25.1% 21 -

15 Glendale 440,544 8.5% 14 32,393 0.6% 15 -

16 Greenwood Village 1,137,564 11.9% 26 425,481 4.5% 4 0.8

17 Highlands Ranch 198,550 9.0% 17 (8,686) -0.4% 25 -

18 Inverness 1,023,422 16.9% 31 131,038 2.2% 9 -

19 LoDo 678,250 8.9% 16 59,073 0.8% 12 0.5

20 Lone Tree 173,244 5.5% 5 27,326 0.9% 17 -

21 Meridian 556,629 16.3% 30 (160,200) -4.7% 34 -

22 North Denver 330,177 6.7% 11 13,774 0.3% 18 1.0

23 Northeast Denver 89,864 4.3% 3 113,005 5.4% 10 -

24 Northwest Denver 658,470 9.4% 20 81,010 1.2% 11 1.2

25 Outlying Adams County - - - 0 0% - -

26 Outlying Arapahoe County 14,687 9.0% 18 (14,598) -9.0% 28 -

27 Outlying Douglas County 3,392 2.5% 2 29,175 21.9% 16 1.0

28 Panorama/Highland Park 386,336 10.3% 24 (91,911) -2.5% 32 -

29 Park County 3,400 6.4% 9 (2,437) -4.6% 23 -

30 Parker/Castle Rock 173,860 7.4% 13 (29,489) -1.3% 29 -

31 Platte River 603,469 12.7% 27 1,048,027 22.1% 1 1.1

32 South Midtown 48,031 1.5% 1 (55,797) -1.8% 31 -

33 Southwest Denver 934,007 9.2% 19 (31,825) -0.3% 30 -

34 West Denver 1,083,769 6.9% 12 667,463 4.2% 2 0.4

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REVERE PLACE

Documents

R E V E R E P L A C E - LoopNet · The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the