Embed Size (px)
Citation preview
1 |
ANIMAL EMERGENCY & SPECIALTY CENTER | PARKER, CO
O F F E R I N G M E M O R A N D U M
5.75%CA P RATE
10 YRSTERM REMAINING
$8.4 MPRICE
NNNLEA SE
P R O P E R T Y V I D E O
2
CONTENTS
03 EXECUTIVE OVERVIEW
06 FINANCIAL OVERVIEW
08 TENANT OVERVIEW
09 AREA OVERVIEW
LISTED BY:
ANDREW EVANSAssociateD: (949) 662-2256 M: (925) 360-0277E: [email protected] No. 02055475 (CA)
KYLE MATTHEWSBROKER OF RECORDLicense No. 100070704 (CO)
MICHAEL MORENOAssociate Vice President & DirectorD: (949) 432-4511 M: (818) 522-4497E: [email protected] No. 01982943 (CA)
RAHUL CHHAJEDAssociate Vice President & DirectorD: (949) 432-4513 M: (818) 434-1106E: [email protected] No. 01986299 (CA)
™
3
LIST PRICE
$8,407,826
YEAR 1 NOI
$483,450
PROPERTY ADDRESS
17701 COTTONWOOD DRIVEPARKER, CO 80134
CAP RATE
5.75%± 19,338 SF
GROSS LEASABLE AREA
LEASE TERM REMAINING
±10 YEARS
EXECUTIVE OVERVIEW
SECTION
0 1
PROPERTY HIGHLIGHTS• E-Commerce & Recession-Resistant Property – Veterinary properties are extremely sought-after investments for their
resistance to downturns in the economy and e-commerce trends that affect traditional retail properties
• Newly Renovated Facility – Animal Emergency & Specialty Center is currently renovating the whole interior/exterior of the facility and adding on an additional 5,000 SF to make this a 19,338 SF state-of-the-art animal emergency and specialty hospital. Lease commencement begins once construction is complete. We are expecting the construction to be complete July 1st.
• Practice Acquired by Large Veterinary Operator – Animal Emergency & Specialty Center was acquired by Compassion-First in 2017 because of the site’s strong, successful performance. Compassion-First is a well-recognized veterinary operator that operates 40+ specialty hospitals across the country and is backed by Private Equity firm JAB Ltd.
• Tenant Investment in Location – Veterinary Clinics rarely relocate due to difficulty retaining the same patients in a new location, and high costs of moving
• 24/7 Emergency Hospital – This is a 24-Hour Specialty Emergency Hospital with 22 veterinarians giving their clients Overnight, Holiday, and Weekend Emergency Veterinary Care
• Stable Long-Term Colorado Investment – NNN lease with 10 years remaining located in Parker, Colorado, making this a very stable investment for investors looking to acquire Colorado Real Estate
LOCATION HIGHLIGHTS• Ideal Location – AESC is outparceled to a 130,000 SF King-Sooper-anchored shopping center, and is just down the street
from the only Costco (150,000 SF) in Parker, CO
• Significant Population Growth – The area is seeing massive development growth. Significant population growth in the 1,3, and 5-mile radius ranging from 21% - 30% in the last 8 years, and is projected to grow an additional 8% - 9% in the next 5 years
• Above Average Household Incomes – The 2020 average household incomes were well-above the national average in the 1,3, and 5-mile radius: $98,739, $131,334, $143,263
• High-Traffic Corridor – AESC is located at the convergence of Cottonwood Dr and South Parker Rd, providing for fantastic visibility and access from two major streets in the trade area with combined traffic counts exceeding 48,000 VPD
TENANT HIGHLIGHTS• Extremely Insulated to Economic Downturns – Pet Care spending grew during the past two economic downturns and
recessions. Spending grew 29% during the 2001 Economic Recession and grew 17% during the 2008 Great Recession
• Private Equity Backing – Private Equity investment in Compassion-First by JAB Ltd., provides significant capital to expedite their expansion and acquisition of new hospitals across the country
• Expanding Operations – Compassion-First expands by acquiring existing veterinary practices that are already successful and established within the community. This allows them to quickly grow their footprint across new markets
• Compassion-First – CF operates 41 veterinary specialty hospitals across the country and is valued at $1.2B or more than $29.6M per hospital
4
F U E L C E N T E R
E V E R Y D A YG A S
S . PA R K E R R D± 4 8 , 0 0 0 V P D
C O T T O N W O O D D R
5
6
FINANCIALOVERVIEW
SECTION
0 2
7
ANNUALIZED OPERATING DATA
LEASE YEARS MONTHLY RENT ANNUAL RENT CAP RATE
7/1/2020 - 7/1/2021 $40,287.50 $483,450.00 5.50%
7/1/2021 - 7/1/2022 $40,287.50 $483,450.00 5.50%
7/1/2022 - 7/1/2023 $40,287.50 $483,450.00 5.50%
7/1/2023 - 7/1/2024 $40,287.50 $483,450.00 5.50%
7/1/2024 - 7/1/2025 $41,899.00 $502,788.00 5.72%
7/1/2025 - 7/1/2026 $41,899.00 $502,788.00 5.72%
7/1/2026 - 7/1/2027 $41,899.00 $502,788.00 5.72%
7/1/2027 - 7/1/2028 $42,946.50 $515,358.00 5.86%
7/1/2028 - 7/1/2029 $42,946.50 $515,358.00 5.86%
7/1/2029 - 7/1/2030 $42,946.50 $515,358.00 5.86%
PROPERTY SUMMARY
List Price $8,407,826
NOI $483,450
CAP Rate 5.75%
Price/SF $434.78
GLA 19,338
Year Built 2004 R2020
LEASE SUMMARY
Tenant Name Compassion-First
Type of Ownership Fee Simple
Lease Type NNN
Original Lease Term 10 Years
Lease Commencement Date 7/1/20
Lease Expiration Date 7/1/30
Term Remaining 10 Years
Options Two (2) Five (5) Year Options
Increases $502,788 Year 5, $515,358 Year 8
Lot Size ±1.6 Acres (±69,522 SF)
GLA ±19,338 SF
Number of Stories Three
Landscaping Professional
Topography Generally Level
TENANT OVERVIEW
» L O C A T I O N S±40 HOSPITALS
» T E N A N T N A M ECOMPASSION-FIRST PET HOSPITALS
» W E B S I T ECOMPASSIONFIRSTPETS.COM
Founded in 2014, Compassion-First Pet Hospitals is a family of 42 specialty and emergency veterinary hospitals in 14 states across the country. Founder John Payne views the collaborative group of hospitals as a family that is united by a common passion: to put pet owners and their pets at the center of care. The hospitals benefit by working together and maximizing their resources. Each hospital owner retains their uniqueness, integrity and medical decisions.
Compassion-First Pet Hospital sees all beloved pets as more than animals. They are their owner’s best friends. Children. Partners in life. Meeting the needs of these Very Important Pets (VIPs) and their families is a top priority—that’s why they work hard every day to set the bar high for hospitals across the country.
Compassion-First Pet Hospitals connect veterinary experts already known for delivering excellence in compassionate care. Their additional support ensures that every pet and their family have access to the most advanced treatment options available, to help them make a decision that results in the best medical outcome for their situation.
TENANT OVERVIEW
SECTION
0 3
9
AREAOVERVIEW
SECTION
0 4
10
PARKER, COParker, located in Douglas County with easy access to the Denver metropolitan area, is known for its unique Western-Victorian downtown and its hometown feel. The Town of Parker is 22.2 square miles with a current population of approximately 56,000 people residing within the incorporated Town boundaries.
Parker, Colorado is home to unbridled opportunity. This is where businesses and families come to put down roots, grow and thrive. Here, there are no limits to a person’s possibilities. Whether it is an entrepreneur looking to launch a company, a large business seeking to expand, or a family in search of a safe and appealing community - Parker has everything worth looking for.
Parker’s thriving economy, robust business center, family-friendly environment, great schools, and extensive cultural and recreational activities are the reasons why CNN Money rated us one of the Best Places to Live in the United States.
DEMOGRAPHICS
HOUSEHOLDS 1-MILE 3-MILE 5-MILE
2025 PROJECTION 4,580 24,613 71,2782020 ESTIMATE 4,150 22,565 65,5852010 CENSUS 3,181 17,292 51,021GROWTH: 2020 - 2025 10.36% 9.08% 8.68%GROWTH: 2010 - 2020 30.46% 30.49% 28.55%INCOME 1-MILE 3-MILE 5-MILE
AVERAGE HH INCOME $98,739 $131,334 $143,263
MEDIAN HH INCOME $85,101 $101,718 $113,554
POPULATION 1-MILE 3-MILE 5-MILE
2025 PROJECTION 9,664 64,981 195,9362020 ESTIMATE 8,856 59,604 180,6502010 CENSUS 7,042 45,414 141,616GROWTH: 2020 - 2025 9.12% 9.02% 8.46%GROWTH: 2010 - 2020 25.76% 31.25% 27.56%
11
DENVER, CODenver is the capital and most populous municipality of the U.S. state of Colorado. Denver is in the South Platte River Valley on the western edge of the High Plains just east of the Front Range of the Rocky Mountains. Denver is nicknamed the Mile-High City because its official elevation is exactly one mile above sea level, making it the highest major city in the United States.
Denver is ranked as a Beta-World city by the Globalization and World Cities Research Network. With an estimated population of 693,060 in 2016, Denver is the 19th-most populous U.S. city, and with a 15.48% increase since the 2010 United States census. In 2016, Denver was named the best place to live in the United States by U.S. News & World Report.
TOP COUNTY EMPLOYERS
#1BEST PLACES FOR
BUSINESS & CA REER-FORBES
2NDLA RG EST ECON OMY IN
THE U N ITED STATES
2.4%PROJ ECTED JOB
GROW TH -FORBES
3.5%HH IN COME G ROW TH
-FORBES
DENVER, CO±21 MILES
12
DENVER ECONOMYDenver’s economy is based partially on its geographic position and its connection to some of the country’s major transportation systems. Because Denver is the largest city within 500 miles, it has become a natural location for storage and distribution of goods and services to the Mountain States, Southwest states, as well as all western states. Another benefit for distribution is that Denver is nearly equidistant from large cities of the Midwest, such as Chicago and St. Louis and some large cities of the West Coast, such as Los Angeles and San Francisco.
Geography also allows Denver to have a considerable government presence, with many federal agencies based or having offices in the Denver area. Along with federal agencies come many companies based on US defense and space projects, and more jobs are brought to the city by virtue of it being the state capital. The Denver area is home to the former nuclear weapons plant Rocky Flats, the Denver Federal Center, Byron G. Rogers Federal Building and United States Courthouse, the Denver Mint, and the National Renewable Energy Laboratory.
Denver’s position near the mineral-rich Rocky Mountains encouraged mining and energy companies to spring up in the area. In the early days of the city, gold and silver booms and busts played a large role in the city’s economic success. In the 1970s and early 1980s, the energy crisis in America and resulting high oil prices created an energy boom in Denver captured in the soap opera Dynasty. Energy and mining are still important in Denver’s economy today, with companies such as EnCana, Halliburton, Smith International, Rio Tinto Group, Newmont Mining, Noble Energy, and Anadarko headquartered or having significant operations.
This Offering Memorandum contains select information pertaining to the business and affairs of Animal Emergency & Specialty Center located in 17701 Cottonwood Drive, Parker, CO 80134 (“Property”). It has been prepared by Matthews Real Estate Investment Services. This Offering Memorandum may not be all-inclusive or contain all of the information a prospective purchaser may desire. The information contained in this Offering Memorandum is confidential and furnished solely for the purpose of a review by a prospective purchaser of the Property. It is not to be used for any other purpose or made available to any other person without the written consent of Seller or Matthews Real Estate Investment Services. The material is based in part upon information supplied by the Seller and in part upon financial information obtained from sources it deems reliable. Owner, nor their officers, employees, or agents makes any representation or warranty, express or implied, as to the accuracy or completeness of this Offering Memorandum or any of its contents and no legal liability is assumed or shall be implied with respect thereto. Prospective purchasers should make their own projections and form their own conclusions without reliance upon the material contained herein and conduct their own due diligence.
By acknowledging your receipt of this Offering Memorandum for the Property, you agree:
1. The Offering Memorandum and its contents are confidential;2. You will hold it and treat it in the strictest of confidence; and3. You will not, directly or indirectly, disclose or permit anyone else to disclose this Offering Memorandum or its contents in any fashion
or manner detrimental to the interest of the Seller.
Owner and Matthews Real Estate Investment Services expressly reserve the right, at their sole discretion, to reject any and all expressions of interest or offers to purchase the Property and to terminate discussions with any person or entity reviewing this Offering Memorandum or making an offer to purchase the Property unless and until a written agreement for the purchase and sale of the Property has been fully executed and delivered.
If you wish not to pursue negotiations leading to the acquisition of the Property or in the future you discontinue such negotiations, then you agree to purge all materials relating to this Property including this Offering Memorandum.
A prospective purchaser’s sole and exclusive rights with respect to this prospective transaction, the Property, or information provided herein or in connection with the sale of the Property shall be limited to those expressly provided in an executed Purchase Agreement and shall be subject to the terms thereof. In no event shall a prospective purchaser have any other claims against Seller or Matthews Real Estate Investment Services or any of their affiliates or any of their respective officers, Directors, shareholders, owners, employees, or agents for any damages, liability, or causes of action relating to this solicitation process or the marketing or sale of the Property.
This Offering Memorandum shall not be deemed to represent the state of affairs of the Property or constitute an indication that there has been no change in the state of affairs of the Property since the date this Offering Memorandum.
CONFIDENTIALITY AGREEMENT & DISCLAIMER
14 ™
LISTED BY:
17701 COTTONWOOD DRIVE | PARKER, CO 80134
KYLE MATTHEWSBROKER OF RECORD
License No. 100070704 (CO)
MICHAEL MORENOAssociate Vice President & Director
D: (949) 432-4511 M: (818) 522-4497
E: [email protected] No. 01982943 (CA)
RAHUL CHHAJEDAssociate Vice President & Director
D: (949) 432-4513 M: (818) 434-1106
E: [email protected] No. 01986299 (CA)
ANDREW EVANSAssociate
D: (949) 662-2256 M: (925) 360-0277
E: [email protected] No. 02055475 (CA)
ANIMAL EMERGENCY & SPECIALTY CENTER
