6628 W 10TH STGreeley, CO 80634
Peter [email protected] 720.529.2984
Will [email protected] 720.529.2896
Offering Memorandum
THE OFFERINGLegend Investment Group is pleased to present the opportunity to acquire
a fully occupied strip center in Greeley Colorado. Shadow anchored by
King Soopers, Colorado’s dominant grocer, the center benefits from great
co-tenancy and daily needs traffic. The property is ideally position along
West 10th street offering excellent visibility to the over 23,000 of vehicles
per day.
The property was built in 2013 with all tenants currently in NNN leases
presenting an ideal passive investment opportunity with minimal landlord
responsibilities.
6628 W 10TH ST
W 10th St 23,004 vpd
W 20th St
W 16th St
59
th A
ve10
,99
8 vp
d
71st A
ve5
,50
1 vpd
TWIN RIVERSCOMMUNITY PARK
GROCERY ANCHORED CENTER OUTPARCEL BUILDING
Located in front of a King Soopers anchored center, Colorado’s dominant grocer, the center benefits from great co-tenancy and daily needs traffic.
NNN LEASES WITH MINIMAL MANAGEMENT
All tenants are on NNN leases reimbursing for their Pro Rata share of Taxes, Insurance, and Common Area Maintenance offering an investor with a predictable income stream with minimal management responsibilities.
HIGHLIGHTS
EXCELLENT DEMOGRAPHICS
Average household incomes are above the State average with $97,000 within 1 mile and $93,000 within 3 miles.
EXPLOSIVE GROWTH
Greeley ranked in the Top 10 Fastest Growing Metropolitan Areas in Percentage Growth from 2010-2018.
Income
Scheduled Base Income $150,551
Expense Reimbursements $62,723
Effective Gross Income $213,274
Vacancy Reserve (5%) -$10,664
Gross Effective Income $202,610
Total Operating Expenses -$62,723
Net Operating Income $139,887
Expenses: Projected PSF
Electric $1,350 $0.20
Snow Removal $2,000 $0.30
Lawn Care $2,700 $0.40
Water $7,100 $1.06
Trash $3,200 $0.48
Property Taxes $33,093 $4.94
Insurance $2,700 $0.40
Pest Control $580 $0.09
Fire Alarm $300 $0.04
Telephone for fire alarm $850 $0.13
Grease Trap $850 $0.13
Management Fee - 4% $8,000 $1.20
Total Cost $62,723 $9.37
INVESTMENT SUMMARY
PRICE $2,331,449CAP 6.00%$/SF $348
PROPERTY SUMMARY
NAME NorthGate Village YEAR BUILT 2013
ADDRESS 6628 W 10th StGreeley, CO 80634
PARKING 34 Spaces
BUILDING AREA 6,694 SF PARCEL # 0959-09-2-06-001
LAND AREA 38,507 SF COUNTY Weld
RENT ROLL
TENANT TOTAL SFANNUAL BASE
RENTANNUAL CAM
CURRENT RENT/SF
CURRENT CAM/SF
LEASE TYPELease Term Remaining
Papa Murphy's 1381 $36,597 $12,940 $26.50 $9.37 NNN 3yrs
Dickey's 2857 $58,569 $26,770 $20.50 $9.37 NNN 5yrs
420 Friendly's 1366 $28,681 $12,799 $21.00 $9.37 NNN 3.5yrs
Hiroshi 1090 $26,705 $10,213 $24.50 $9.37 NNN 4.5yrs
Total 6694 $150,551 $62,723 $22.49 $9.37
TENANT SUMMARIES
Hiroshi Teriyaki Grill - previously known as Teriyaki Planet, is a fast-casual Japanese style restaurant with multiple locations in Greeley as well as Johnstown, Colorado. Founded in 1994, Hiroshi Teriyaki Grill has focused on preparing healthy meals while slowly expanding the franchise throughout Colorado.
www.hiroshigrill.com
YEAR FOUNDED | 1994
Papa Murphy’s Take ‘N’ Bake Pizza - is the fifth-largest pizza chain in the United states with over 1,300 locations both nationally and in Canada. Started in 1995 in Petaluma, California, Papa Murphy’s quickly expanded and has since won numerous awards, including Pizza Today’s Chain of the Year in 2001, 2006, 2008, and 2009. In 2011, Papa Murphy’s was ranked No. 5 on Forbes magazine’s list of top 20 restaurant franchises to buy.
www.papamurphys.com
LOCATIONS | 1,300
YEAR FOUNDED | 1995
Dickey’s Barbecue Pit - is a chain store of fast-casual style restaurants and the largest barbecue franchise in the United States. The restaurant chain was founded in Dallas Texas in 1941 and has since expanded to over 560 location in 43 states, as well as its first international location in the United Arab Emirates. Dickey’s Barbecue Pit offers what it calls “six revenue streams,” listed as Dine-In, Online Ordering, Catering, Outside Delivery, Retail Items, and Holiday Meals.
www.dickeys.com
LOCATIONS | 560
YEAR FOUNDED | 1941
420 Friendly’s CBD and Kratom Shop - is a smoke shop specializing in the sale of CBD, glass pipes, and other accessories. Founded in 2018, 420 Friendly’s is quickly becoming Greeley’s best retail shop for all smoke and vape memorabilia.
420-friendlys.business.site
YEAR FOUNDED | 2018
420 Friendly’s
POPULATION 4,817 44,000 103,675
AVG. HOUSEHOLD INCOME $97,206 $93,991 $78,228
HOUSEHOLDS 1,864 16,486 37,784
BUSINESSES 397 1,599 3,726
DAYTIME POPULATION 3,941 34,958 81,717
1 MILE 3 MILE 5 MILEDEMOGRAPHICS
6628 W 10TH ST
Located approximately 50 miles northeast of Denver, at the confluence of the South Platte
and Cache la Poudre rivers, Greeley was primarily an agricultural development, with some
of the first successful irrigated farmland. Agri-business still provides a solid economic basis,
with Weld County (of which Greeley is the county seat) consistently ranking in the top 10
agricultural producing counties in the nation.
Greeley is also home to the University of Northern Colorado, founded in 1889 as the State
Normal School, but is also recognized today for its quality business, performing arts and
nursing programs. The university draws an array of guest artists and speakers who brighten
the cultural landscape. Each spring, one of the nation’s largest jazz festivals has the whole
town tapping its toes.
The city has several other signature events, including August’s AgriCULTURE Fest and
Feast, a celebration of the community’s agricultural heritage, and the Greeley Stampede,
a nearly 100-year-old northern Colorado tradition featuring rodeos, concerts and other fun.
Recognized as a Colorado Certified Creative District, downtown Greeley and surrounding
neighborhoods also hosts year-round happenings. The monthly First Friday art walk is a
favorite with locals and visitors.
GREELEY, COLORADO
As a market, Colorado is continuing to show signs of stability and
positive growth for the future. Colorado was the second-fastest
growing state in terms of population between 2014 and 2015. In
addition to higher-than-average economic performance, the state’s
unique assets include: a good quality of life, low business costs,
and an educated workforce. Colorado’s growing population will
continue to help keep the residential real estate market healthy
and bring more commercial activity state-wide. Currently 682,545
people call Denver home (the 21st most populous city in the U.S.)
with 2.7 million people within the Denver Metro area.
COLORADO
Over the past decade Colorado has continued to excel as one
of the nations top performing economies. According to figures
released by the U.S. Bureau of Economic Analysis, Colorado’s
per-capita disposable income is $52,059, ranking 15th among
the states and 5% higher than the national average. And at
only 2.3%, Colorado has the lowest unemployment
rate in the nation.
In addition to strong consumer spending, economic and
business growth has continued to exceed national averages,
with Colorado ranking 4th in GPD growth and 3rd in
employment growth. Colorado has continued to have higher
levels of new business activity compared to the national
average, and many statistics show Colorado among the top
states for entrepreneurship.
COLORADO ECONOMY
No. 1 economy in the U.S.
- U.S. News and World
Report, 2017
Best place for business
and careers
- Forbes, 2017
Best metro area for
economic & job growth
-Area Development
COLORADO FORTUNE 1000 COMPANIES
COLORADO FORTUNE 500 COMPANIES
Location Overview • 12
Affiliated Business Disclosure and Confidentiality Agreement
This Proposal has been prepared by Legend Investment Group (LIG) for use by a limited number of parties and has been obtained from sources believed reliable.
While we do not doubt its accuracy, we have not verified it, and make no guarantee, warranty or representation about it. It is your responsibility to confirm,
independently, its accuracy and completeness. All projections have been developed by LIG, Owner and designated sources, are based upon assumptions
relating to the general economy, competition, and other factors beyond the control of Owner, and therefore are subject to variation. No representation is made
by LIG or Owner as to the accuracy or completeness of the information contained herein, and nothing contained herein is or shall be relied on as a promise
or representation as to the future performance of the property. Although the information contained herein is believed to be correct, Owner and its employees
disclaim any responsibility for inaccuracies and expect prospective purchasers to exercise independent due diligence in verifying all such information. Further,
LIG, Owner and their employees disclaim any and all liability for representations and warranties, expressed and implied, contained in, or for omissions from, the
Proposal or any other written or oral communication transmitted or made available to the recipient. The Proposal does not constitute a representation that there
has been no change in the business or affairs of the property or Owner since the date of preparation of the Proposal. Analysis and verification of the information
contained in the Proposal is solely the responsibility of the prospective purchaser.
Additional information and an opportunity to inspect the property will be made available upon written request to interested and qualified prospective investors.
Owner and LIG each expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offers regarding the property and/or
terminate discussions with any entity at any time with or without notice. Owner shall have no legal commitment or obligations to any entity reviewing this Proposal
or making an offer to purchase the property unless and until such offer is approved by Owner, a written agreement for the purchase of the property has been
fully executed, delivered and approved by Owner and its legal counsel, and any obligations set by Owner thereunder have been satisfied or waived.
This Proposal and the contents, except such information, which is a matter of public record or is provided in sources available to the public, are of a confidential
nature. By accepting this Proposal , you agree that you will hold and treat it in the strictest confidence, that you will not photocopy or duplicate it, that you will not
disclose this Proposal or any of the contents to any other entity (except to outside advisors retained by you, if necessary, for your determination of whether or
not to make a proposal and from whom you have obtained an agreement of confidentiality) without the prior written authorization of Owner or LIG and that you
will use the information in this Proposal for the sole purpose of evaluating your interest in the property and you will not use the Proposal or any of the contents
in any fashion or manner detrimental to the interest of Owner or LIG. If you have no interest in the property, please return the Proposal forthwith.
Legend Investment Group5150 E. Yale Circle, Suite 400 • Denver, CO 80222
720.529.2999 • www.legendLLP.com
Peter [email protected]
720.529.2984
Will [email protected]
720.529.2896