ALPEN GLOW RETAIL INVESTMENT OFFERING 601 Lincoln Avenue Steamboat Springs, CO 80487
Brokerage Disclaimer This is a confidential Memorandum intended solely for your limited use and benefit in determining whether you desire to express further interest in the acquisition of the Property. This Memorandum contains selected information pertaining to the Property and does not purport to be a representation of the state of affairs of the Property or the owners of the Property (the “Owner�), to be all-inclusive or to contain all or part of the information which prospective investors may require to evaluate a purchase of real property. All financial projections and information are provided for general reference purposes only and are based on assumptions relating to the general economy, market conditions, competition and other factors beyond the control of the Colorado Group Realty, LLC. Therefore, all projections, assumptions and other information provided and made herein are subject to material variation. All references to acreages, square footages, and other measurements are approximations. Additional information and an opportunity to inspect the Property will be made available to interested and qualified prospective purchasers. In this memorandum, certain documents, including Leases and other materials, are described in summary form. These summaries do not purport to be complete nor necessarily accurate descriptions of the full agreements referenced. Interested parties are expected to review all such summaries and other documents of whatever nature independently and not rely on the contents of this Memorandum in any manner. Neither the Owner or Colorado Group Realty, LLC, nor any of their respective directors, officers, Affiliates or representatives make any representation or warranty, expressed or implied, as to the accuracy or completeness of this Memorandum or any of its contents, and no legal commitment or obligation shall arise by reason of your receipt of this Memorandum or use of its contents; and you are to rely solely on your investigations and inspections of the Property in evaluating a possible purchase of the real property. 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 with any entity at any time with or without notice which may arise as a result of review of this Memorandum. The Owner shall have no legal commitment or obligation to any entity reviewing this Memorandum or making an offer to purchase the Property unless and until written agreement(s) for the purchase of the Property have been fully executed, delivered and approved by the Owner and any conditions to the Owner’s obligations therein have been satisfied or waived. By receipt of this Memorandum, you agree that this Memorandum and its contents are of a confident nature, that you will hold and treat it in the strictest confidence and that you will not disclose this Memorandum or any of its contents to any other entity without the prior written authorization of the Owner or Colorado Group Realty, LLC. You also agree that you will not use this Memorandum or any of its contents in any manner detrimental to the interest of the Owner or Colorado Group Realty, LLC.
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Introduction TABLE OF CONTENTS EXECUTIVE SUMMARY Offering Terms Investment Highlights Location Offering Financial Summary THE PROPERTY Property Summary Floor Plan / Tenants Garage Parking and Storage Layout FINANCIAL ANALYSIS Rent Roll Income & Expenses
PROPERTY TOURS Please schedule all property tours through listing broker and refrain from all tenant dialogue.
EXCLUSIVE MARKET CONTACT: CHRIS PAOLI Colorado Group Realty Owner/Broker 970.819.1432 Chris@mybrokers.com
TENANT DETAILS Rocket Fizz Twisted Trails All That Jazz, Inc. Spa Nails Edward Jones THE MARKET Steamboat Springs Steamboat Springs - Market Information Steamboat Springs - Recent News
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Executive Summary
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Offering Terms Alpen Glow Retail is comprised of five commercial condominiums located in the heart of downtown Steamboat Springs. The subject property is 100% leased to a diverse mix of local and national credit tenants including Rocket Fizz and Edward Jones. Four of the five leases, covering 87% of the leased premises are triple net (NNN) leases whereby tenants are responsible for all expenses. The offering consists of 6,612 leasable square feet on the southwest corner of Lincoln Avenue & 6th Street. Completed in 2008, Alpen Glow is one of the premier developments located in downtown Steamboat Springs, featuring 10 unique residential flats above the street-level retail. The majority of the tenants located at Alpen Glow have lengthy remaining lease terms. Only one of the five tenants has an expiration in the next three years, with 54% of the leasable square footage not expiring until the end of 2019 or later. Spa Nails lease has a termination clause. The potential new owner will have the option to terminate the lease by giving 60 days written notice and replacing them with a new tenant. The offering also includes an option to purchase three deeded parking spaces, which are located underground at Alpen Glow in a heated and secure garage. The market value of the underground parking is currently $55,000 per space. Additionally, there are three commercial storage areas (two closets shown on the site plan and an additional, larger, storage area located in the garage) designated for the exclusive use of the retail tenants. Steamboat Springs, known as Ski Town USA, is an internationally recognized ski resort destination. Howelsen Hill, which sits directly across the Yampa River to the south of Alpen Glow, opened in 1915 and is the oldest continuously operated ski area in Colorado. Howelsen Hill is also the epicenter of the Steamboat Springs mountain bike experience. The city recently committed a $5,000,000 investment in trails over the next
10 years, confirming Steamboat’s commitment to remaining a winter and summer destination and Steamboat’s second title as Bike Town USA Steamboat Springs is located approximately 150 miles northwest of Denver, and can be accessed via Highway 40 or the Yampa Valley Regional Airport, which has inbound flights from 11 major domestic airports. This offering presents an investor with a unique opportunity to acquire a premier asset in an internationally recognized location.
OFFERING TERMS OFFERI N G PR I C E:
PERIO D O F A N A L YS I S :
2, 550, 000 7/1/2015 - 6/30/2016
CURREN T N O I CURREN T C A P R A T E: PRO F O R MA N O I : PRO F O R MA C A P R A T E: RENTA BL E S Q UA R E FEET : PERCE N T A G E L EA S ED : COST PER PA R K I N G S PA C E:
$198, 538 7. 79% $185, 805 7. 29% 6, 612 R S F 100% $55, 000
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Investment Highlights • 100% leased storefront retail in downtown Steamboat Springs, CO
• Internationally recognized location - Top 10 ski resort (Ranked by multiple ski industry magazines)
• 87% of square footage on NNN lease structures • Minimal management requirements with HOA structure • Located on hard corner of 6th Street & Lincoln Avenue • 2008 year of completion; very well maintained • All tenants have annual rent increases throughout remaining term • Minimal near term lease expiration • Three deeded parking spaces available
• New Edward Jones lease with seven year lease term & annual rent increases • City of Steamboat Springs has committed to a large capital investment downtown, including a city park on 6th Street
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Location Located on the hard corner of 6th and Lincoln Avenue, Alpen Glow Retail is a key corner for foot traffic in Steamboat Springs. With the City of Steamboat Springs committed to a new park on 6th and Yampa, the natural traffic pattern for pedestrians will be up 6th onto Lincoln. The City of Steamboat Springs has also committed to a major capital investment on Yampa Street, which will ultimately create the pedestrian flow shown below in yellow. Centally located and surrounded by ample public parking, the retail stores at Alpen Glow are ideally positioned to benefit from the planned investments in downtown Steamboat Springs.
P
A L PE N GL OW R E TA I L P
P YA M PA S T R E ET
PA RK
6TH STREET
9TH STREET
L I N C OLN AV E N U E
P
PA R K
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Offering Financial Summary Offering Price Square Footage Total GLA (Gross Leasable Area) Commercial Common Area GLA ‐ Excluding Commercial Common Area Proposed Financing LTV Interest Rate Year Amortization Term Years
$2,550,000 6,612 460 6,152 70% 4% 25 7
Down Payment
$765,000
Net Operating Income Current Annualized Pro Forma
$198,538 $185,805
Capitalization Rate Current Annualized Pro Forma Cash Flow After Debt Service Current Annualized Pro Forma Total Return (Including Principal Reduction) Current Annualized Pro Forma Total Cash on Cash Return (%) Current Annualized Pro Forma
7.79% 7.29% $85,475 $72,742 $127,910 $115,177 16.72% 15.06%
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Property Summary PRO P ERT Y S U MMAR Y P RO P E RT Y N A M E :
A lpen Gl ow Ret ai l
P RO P E RT Y T Y P E :
Storef ront Retai l
A D D RE S S :
6 0 1 L i ncol n Avenue Steamboat Spri ngs, C O 80487
LOCATION:
Corner of L i ncol n Avenue & 6 th Street , Steamboat Spri ngs
R E N T A BL E SQUA R E F E E T : 6 ,6 12 SF OC C U P A NCY :
1 0 0 % L eased
Y E A R C O MP LE T E D:
2008
N U MBE R OF UN I T S:
5
P A RK I N G SP A CE S:
3 Und erground Avai l abl e
S T O RA G E UN I T S:
3 (2 C l osets, 1 Underground Uni t)
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Floor Plan/Tenants
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Garage Parking and Storage Layout
UNIT P-13 UNIT UNIT P-13 P-13
UNIT P-14 UNIT UNIT P-14 P-14
UNIT P-12 UNIT UNIT P-12 P-12
UNIT P-11 UNIT UNIT P-11 P-11
UNIT P-15 UNIT UNIT P-15 P-15
UNIT P-18 UNIT UNIT P-18 P-18
ELEV ELEV ELEV
STOR STOR STOR UNIT R-34 UNIT UNIT R-34 R-34
STOR STOR STOR UNIT R-20 UNIT UNIT R-20 R-20 STOR STOR STOR UNIT R-2D UNIT UNIT R-2D R-2D
STOR STOR STOR UNIT R-2E UNIT UNIT R-2E R-2E
LOBBY LOBBY LOBBY
UNIT P-17 UNIT UNIT P-17 P-17
UNIT P-16 UNIT UNIT P-16 P-16
UNIT P-10 UNIT UNIT P-10 P-10
UNIT P-9 UNIT UNIT P-9 P-9
UNIT P-8 UNIT UNIT P-8 P-8
UNIT P-7 UNIT UNIT P-7 P-7
UNIT P-6 UNIT UNIT P-6 P-6
UNIT P-5 UNIT UNIT P-5 P-5
UNIT P-4 UNIT UNIT P-4 P-4
UNIT P-3 UNIT UNIT P-3 P-3
UNIT P-19 UNIT UNIT P-19 P-19
UNIT P-20 UNIT UNIT P-20 P-20
STOR STOR STOR UNIT C-3 UNIT UNIT C-3 C-3
STOR STOR STOR UNIT R-39 UNIT UNIT R-39 R-39
STOR STOR STOR UNIT R-30 UNIT UNIT R-30 R-30
CAPITAL MARKETS TEAM | INVESTMENT SALES & ACQUISITIONS
RETAIL PARKING SPACES 5, 6 & 7 (INCLUDED IN SALE) RETAIL RETAIL PARKING PARKING SPACES SPACES 5, 5, 6 6& &7 7 (INCLUDED (INCLUDED IN IN SALE) SALE)
STAIRS STAIRS STAIRS MECH MECH MECH ELEV ELEV ELEV
STOR STOR UNIT R-2A STOR UNIT UNIT R-2A R-2A MECHANICAL MECHANICAL MECHANICAL
UNIT P-2 UNIT UNIT P-2 P-2
MECHANICAL MECHANICAL MECHANICAL
STAIRS STAIRS STAIRS ELECTRIC ELECTRIC ELECTRIC
UNIT P-1 UNIT UNIT P-1 P-1
STAIRS STAIRS STAIRS
THE PROPERTY
BASEMENT PLAT/PARKING AREA
ENDRICKSON OHNSON C-3 STORAGE SPACE C-3 STORAGE C-3 STORAGE SPACE SPACE
ENDRICKSON OHNSON
10 CAPITAL MARKETS TEAM | INVESTMENT SALES & ACQUISITIONS
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Rent Roll
Suite No.
Tenant Name
Rentable SF
Lease Term
Rent Annual
Rent Monthly
Rent / SF
CAM / Insurance Insurance SF Tax Annual Tax / SF Annual / SF
Escalations
CAM Annual
$28.00
12/01/2015 ‐ $29.26 12/01/2016 ‐ $30.14 12/01/2017 ‐ $31.04 12/01/2018 ‐ $31.97
$8,604.35
$5.20
$6,010.52
$3.63
$309.20
$0.19
(1) 5‐Year Option @ Market
$5,807.28
$5.20
$4,056.65
$3.63
$208.69
$0.19
(2) 3‐Year Options @ Market (2) 5‐Year Options @ Market
1,655
6/1/2014 11/30/2019
C2
Twisted Trails Running Company
1,117
03/01/2015 05/31/2020
$32,393.00
$2,699.42
$29.00
03/01/2016 ‐ $30.16 03/01/2017 ‐ $31.37 03/01/2018 ‐ $32.62 03/01/2019 ‐ $33.93
C3
All That Jazz, Inc.
2,219
06/25/2008 08/24/2018
$81,282.00
$6,773.50
$36.63
07/01/2016 ‐ $38.10 07/01/2017 ‐ $39.62
$11,536.58
$5.20
$8,058.82
$3.63
$414.58
$0.19
C4
Spa Nails
840
02/01/2014 04/30/2017
$27,600.00
$2,300.00
$32.86
05/01/2016 ‐ $35
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$30.00
06/01/2016 ‐ $31.20 06/01/2017 ‐ $32.45 06/01/2018 ‐ $33.75 06/01/2019 ‐ $35.10 06/01/2020 ‐ $36.50 06/01/2021 ‐ $37.96
$4,060.42
$5.20
$2,836.38
$3.63
$145.91
$0.19
$30,008.63 $0.00 $30,008.63
$4.54 $0.00 $4.54
$20,962.37 $3.17 $1,078.38 $0.00 $0.00 $0.00 $20,962.37 $3.17 $1,078.38
C1
Rocket Fizz
C5
Edward Jones
781
Leased Vacant Total
6,612 0 6,612
06/01/2015 05/31/2022
$46,340.00
$23,430.00
$3,861.67
$1,952.50
$211,045.00 $17,587.08 $31.92 $0.00 $0.00 $0.00 $211,045.00 $17,587.08 $31.92
Options
(1) 5‐Year Option @ Market
$0.16 $0.00 $0.16
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Income & Expenses Current Annualized $211,045 $2,026 $0 $0 $213,071
Scheduled Lease Income Escalations Parking Revenue Vacancy (1) Net Leased Income CAM Reimbursements CAM Vacancy Tax Reimbursements Tax Vacancy Insurance Reimbursements Insurance Vacancy Total Reimbursments Total Income Expenses Repairs and Maintenance Management Fees (2) HOA Fees Real Estate Taxes Insurance Total Expenses Net Operating Income
Pro Forma $211,045 $2,026 $0 ($10,552) $202,519
$30,009 $0 $20,962 $0 $1,078 $0 $52,049 $265,120
$30,009 ($1,500) $20,962 ($1,048) $1,078 ($54) $49,447 $251,966
$1,500 $0 $30,748 $24,485 $1,327 $58,060
$1,500 $0 $30,748 $24,485 $1,327 $58,060
$207,060
$193,906
(1) 5% Vacancy (2) 4% Management Fee
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Tenant Profiles - Rocket Fizz Lease Date/Executed March 6, 2014 Name of Lessee (Legal) PNUT, Inc. Guaranty Signature Patrick Evans (Individual) Size of Space (SF) 1,655 Current Terms 06/01/2014-11/30/2019
Name of Lessor Name of Lessee (DBA) Type of Ownership Address (Unit #) Security Deposit
GCP Alpenglow, LLC Rocket Fizz Colorado Corporation 601 Lincoln Ave., Suite C-1 $5,000
B ASE RENT DATE
06/01/2014 12/01/2015 12/01/2016 12/01/2017 12/01/2018
ANNUAL RENT $46,340 $48,425 $49,882 $51,371 $52,910
MONTHLY RENT $3,862 $4,035 $4,157 $4,281 $4,409
SF RENT $28.00 $29.26 $30.14 $31.04 $31.97
OPTIONS/TERMS
(1) 5-Year Option @ Market: Notice to be given at least 12 months, but no more than 15 months prior to the expiration of the Initial Lease Term.
REIMBURSEMENT METHOD
NNN - Tenant’s Proportionate Share (25.03%)
PERMITTED USE
Retail sale of candy and soda pop and other gift items
1. TAXES
NNN - Tenant’s Proportionate Share (25.03%)
REPORT SALES VOLUMES AND/OR PERCENTAGE RENT
Tenant must provide Landlord quarterly Gross Sales during the preceding three months and an itemization of all permissible deductions therefrom. Annual balance sheets, net worth statements, financial statements and reports, and other financial data regarding the Tenant as Landlord may reasonably request.
2. CAM/OPERATING COSTS
NNN - Tenant’s Proportionate Share (25.03%)
3. FIRE/HAZARD INSURANCE
NNN - Tenant’s Proportionate Share (25.03%)
REIMBURSEMENT CAP
None.
HVAC
Tenant responsible for maintenance, repair, and replacement of HVAC units exclusively serving the Premises.
TENANT RELOCATION PROVISION
Landlord shall have right to relocate tenant with EARLY TERMINATION/ reasonable notice provided there is a Substitute SALES "KICK-OUTS" Premise available approximately the same size as the Premises. Landlord shall reimburse Tenant for all reasonable out of pocket expenses incurred by Tenant in installing leasehold improvements in the Substitute Premises.
SUBLETTING/ ASSIGNMENT
Must receive written consent from Landlord and pay a fee of $750 + reasonable attorney fees for the assignment/subletting process.
N/A
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Tenant Profiles - Twisted Trails Running Lease Date/Executed October 24, 2014 Name of Lessee (Legal) Joshua & Susan Boles Guaranty Signature Joshua & Susan Boles Size of Space (SF) 1,117 Current Terms 03/01/2015-05/31/2020
Name of Lessor GCP Alpenglow, LLC Name of Lessee (DBA) Twisted Trails Running Co. Type of Ownership Individuals Address (Unit #) 601 Lincoln Ave., Suite C-2 Security Deposit $5,000 B ASE RENT
DATE
03/01/2015 03/01/2016 03/01/2017 03/01/2018 03/01/2019
ANNUAL RENT $32,393 $33,689 $35,040 $36,437 $37,900
MONTHLY RENT $2,699 $2,807 $2,920 $3,036 $3,158
SF RENT $29.00 $30.16 $31.37 $32.62 $33.93
OPTIONS/TERMS
(2) 3-Year Options @ Market
REIMBURSEMENT METHOD
NNN - Tenant’s Proportionate Share (16.89%)
PERMITTED USE
Retail sale of clothing and accessories
1. TAXES
NNN - Tenant’s Proportionate Share (16.89%)
REPORT SALES VOLUMES AND/OR PERCENTAGE RENT
Tenant must provide Landlord quarterly Gross Sales during the preceding three months and an itemization of all permissible deductions therefrom. Annual balance sheets, net worth statements, financial statements and reports, and other financial data regarding the Tenant as Landlord may reasonably request.
2. CAM/OPERATING COSTS
NNN - Tenant’s Proportionate Share (16.89%)
3. FIRE/HAZARD INSURANCE
NNN - Tenant’s Proportionate Share (16.89%)
REIMBURSEMENT CAP
None.
HVAC
Tenant responsible for maintenance, repair, and replacement of HVAC units exclusively serving the Premises.
TENANT RELOCATION PROVISION
Landlord shall have right to relocate tenant with EARLY TERMINATION/ reasonable notice provided there is a Substitute SALES "KICK-OUTS" Premise available approximately the same size as the Premises. Landlord shall reimburse Tenant for all reasonable out of pocket expenses incurred by Tenant in installing leasehold improvements in the Substitute Premises.
SUBLETTING/ ASSIGNMENT
Must receive written consent from Landlord and pay a fee of $750 and reasonable attorney fees for the assignment/subletting process.
N/A
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Tenant Profiles - All That Jazz, Inc. Lease Date/Executed Name of Lessee (Legal) Guaranty Signature Size of Space (SF) Current Terms
September 6, 2007 All That Jazz, Inc.; Assigned to KWH Music, Inc. Joseph Kboudi; Assigned to Kimberly Haggarty 2,219 06/25/2008-08/24/2018
Name of Lessor GCP Alpenglow, LLC Name of Lessee (DBA) All That Jazz Type of Ownership Individual Address (Unit #) 601 Lincoln Ave., Suite C-3 Security Deposit $0
B ASE RENT DATE
07/01/2014 07/01/2015 07/01/2016 07/01/2017
ANNUAL RENT $78,153 $81,282 $84,544 $87,917
MONTHLY RENT $6,513 $6,773 $7,045 $7,326 REIMBURSEMENT METHOD
SF RENT $35.22 $36.63 $38.10 $39.62
OPTIONS/TERMS
(2) 5-Year Options @ Market: Notice to be given at least 15 months, but no more than 24 months prior to the expiration of the original term.
NNN - Tenant’s Proportionate Share (33.56%)
PERMITTED USE
Retail sale of music, greeting cards, gifts, apparel, 1. TAXES and other goods as may be approved by Landlord, such approval shall not e unreasonably withheld. Business to be conducted under the trade name All That Jazz.
NNN - Tenant’s Proportionate Share (33.56%)
REPORT SALES VOLUMES AND/OR PERCENTAGE RENT
Tenant must provide Landlord quarterly Gross Sales during the preceding three months and an itemization of all permissible deductions therefrom.
2. CAM/OPERATING COSTS
NNN - Tenant’s Proportionate Share (33.56%)
3. FIRE/HAZARD INSURANCE
NNN - Tenant’s Proportionate Share (33.56%)
REIMBURSEMENT CAP
None.
HVAC
Tenant responsible for maintenance, repair, and replacement of HVAC units exclusively serving the Premises.
SUBLETTING/ ASSIGNMENT
Must receive written consent from Landlord and pay a fee of $750 + reasonable attorney fees for the assignment/subletting process.
EARLY TERMINATION/ SALES "KICK-OUTS"
N/A
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Tenant Profiles - Spa Nails Lease Date/Executed February 1, 2014 Name of Lessee (Legal) My Nguyen; Assigned to Qingqing Wen Guaranty Signature Qingqing Wen Size of Space (SF) 840 Current Terms 02/01/2014-04/30/2017
Name of Lessor GCP Alpenglow, LLC Name of Lessee (DBA) Angel's Nails; Assigned to Spa Nails Type of Ownership Individual Address (Unit #) 601 Lincoln Ave., Suite C-4 Security Deposit $2,000
B ASE RENT DATE
02/01/2014 05/01/2015 12/01/2016
ANNUAL RENT $25,800 $27,600 $29,400
MONTHLY RENT $2,150 $2,300 $2,450
SF RENT $30.71 $32.86 $35.00
OPTIONS/TERMS
None.
REIMBURSEMENT METHOD
Gross Lease
PERMITTED USE
Operation of a nail salon
1. TAXES
N/A - Gross Lease
REPORT SALES VOLUMES AND/OR PERCENTAGE RENT
Tenant must provide Landlord copies of any and all sales and use tax returns and any other monthly or quarterly reporting form or forms for the preceding calendar quarter required to be submitted by Tenant for state and local sales tax purposes.
2. CAM/OPERATING COSTS
N/A - Gross Lease
3. FIRE/HAZARD INSURANCE
N/A - Gross Lease
REIMBURSEMENT CAP
N/A - Gross Lease
HVAC
Tenant responsible for maintenance, repair, and replacement of HVAC units exclusively serving the Premises.
SUBLETTING/ ASSIGNMENT
Must obtain Landlord consent, which can be granted or withheld at Landlord’s sole discretion.
LANDLORD RIGHT TO TERMINATE
Landlord has an ongoing termination right throughout term of the lease.
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Tenant Profiles - Edward Jones Lease Date/Executed Name of Lessee (Legal) Guaranty Signature Size of Space (SF) Current Terms
Name of Lessor Name of Lessee (DBA) Type of Ownership Address (Unit #) Security Deposit
January 15, 2015 Edward D. Jones & Co., L.P. None 781 TBD - 05/31/2022
GCP Alpenglow, LLC Edward Jones Limited Partnership 601 Lincoln Ave., Suite C-5 $0
B ASE RENT DATE
TBD 06/01/2016 06/01/2017 06/01/2018 06/01/2019 06/01/2020 06/01/2021
ANNUAL RENT $23,430 $24,367 $25,342 $26,355 $27,410 $28,506 $29,646
MONTHLY RENT $1,953 $2,031 $2,112 $2,196 $2,284 $2,376 $2,471
SF RENT $30.00 $31.20 $32.45 $33.75 $35.10 $36.50 $37.96
OPTIONS/TERMS
(1) 5-Year Option @ Market: Notice to be given at least 6 months, but no more than 9 months prior to the expiration of the Initial Lease Term.
REIMBURSEMENT METHOD
NNN - Tenant’s Proportionate Share (11.81%)
PERMITTED USE
General office space in connection with investment brokerage, insurance sales and related financial services.
1. TAXES
NNN - Tenant’s Proportionate Share (11.81%)
REPORT SALES VOLUMES AND/OR PERCENTAGE RENT
N/A
2. CAM/OPERATING COSTS
NNN - Tenant’s Proportionate Share (11.81%)
3. FIRE/HAZARD INSURANCE
NNN - Tenant’s Proportionate Share (11.81%)
HVAC
Tenant responsible for maintenance, repair, and replacement of HVAC units exclusively serving the Premises.
REIMBURSEMENT CAP
N/A
SUBLETTING/ ASSIGNMENT
Must receive written consent from Landlord and pay a fee of $750 + reasonable attorney fees for the assignment/subletting process.
EARLY TERMINATION/ SALES "KICK-OUTS"
Lessee shall, from and after the date that is 48 months following the Commencement Date, have an ongoing right to cancel this Lease by giving at least 6 months prior written notice of the effective date of such cancellaton; Early Termination Fee equaling the total amount of monthly Base Rent and Additional Rent that would have otherwise been due during the 6 months next occuring in the Lease Term after the Early Termination Date, plus the unaccrued rent abatement received by Lessee, the unaccrued construction allowance, and the portion of Broker’s commissions determined by multiplying the number of calendar days between the Early Termination Date and the first scheduled Expiration Date of the Lease and the denominator of which is the number of days in the initial Lease Term.
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Steamboat Springs
Overview Also called Ski Town, USA速 and known for its World Class skiing facilities, Steamboat Springs was originally a summer resort. Travelers in the early 1900's visited Steamboat Springs in the summer months for the natural hot springs and vast hunting and fishing opportunities. Today, summer activities span the spectrum, with three championship golf courses, an indoor-outdoor tennis center, biking, hiking, kayaking, fly fishing, and horseback riding right in town. Howelsen Hill, which sits directly across the Yampa River to the South of Alpen Glow, opned in 1915 and is the oldest continuously operated ski area in Colorado. The complex has the largest and most complete natural ski-jumping complex in North America. Howelsen Hill is also the home of the Steamboat Springs Winter Sports Club, the oldest ski club west of the Mississippi. The club provides training in alpine, Nordic, freestyle, and snowboarding for athletes of all skill levels.
Population (2013 Census) City of Steamboat Springs: 12,100 Routt County: 23,513
Location Steamboat Springs is located approximately 150 miles northwest of Denver, and can be accessed via Highway 40 or the Yampa Valley Regional Airport, which has inbound flights from 11 major airports.
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Steamboat Springs - Market Information LABO R FOR C E S T A T I ST I C S - R OUTT CO U N T Y 2 0 1 4 L A B O R F O R CE :
15,523
EM P L O Y E D :
15,059
U N E MP L O Y ED : U N E MP L O Y ME N T R A T E :
464 3.0%
A CCO M MO D A T I O NS - ST E A M BOAT SP RIN G S 2 0 1 4 N U MBE R O F P I LLO WS:
20,542
N U MBE R O F BE DS:
11,411
N U MBE R O F UN I T S:
3,390
Steamboat Signature Events: • • • • • • • • • • •
Winter Carnival Pro Rodeo Series Weekly Farmers Market July 4th Celebration and Parade First Friday Art Walk Free Concert Series Mustang Rally Balloon Rodeo Art In The Park Triathlon and Running Series Town Challenge Bike Race Series
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Steamboat Springs - Recent News
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www.ThePaoliGroup.com
Exc lusive Market Co ntacts
Chris Paoli
Colorado Group Realty Owner/Broker 970.819.1432 Chris@mybrokers.com
Randi Fox
Colorado Group Realty Broker Associate 970.819.5916 Randi@mybrokers.com
Amy Brown
Colorado Group Realty Broker Associate 970.846.2116 AmyBrown@mybrokers.com
www.ThePaoliGroup.com