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17th Annual Brokers Benefiting Kids
Saturday, August 23rd, 2008
www.bbkdenver.com
In 1992, Steve Leonard, President of Pacifica Holding Company, founded Brokers for Battered Kids (BBK) to bring awareness to the needs of children in the Denver community. Utilizing the help of Denver Active 20-30, Steve rallied the Denver real estate brokerage community to help raise money for charities that provide services to children at risk. The founding sponsors were Pacifica Holding Company (Steve Leonard), Northmarq Capital, Inc. (Steve Koeneke) and Land Title Guarantee Company (John E. Freyer). The Denver Active 20-30 Children’s Foundation is a nonprofit service organization that manages and disburses funds raised. BBK is one of the three fundraising events that Denver Active 20-30 coordinates each year.
In the second year, Brokers for Battered Kids was recognized by the Denver Nuggets Community Fund, as a charity event consistent with their ideals and goals. Accordingly, the DNC Fund agreed to match dollars with BBK for children’s charities. Over a few short years, the event and fundraising grew rapidly. Originally these efforts were formed by commercial real estate brokerage companies and now encompasses developers, lenders, and vendors. National real estate organizations with local chapters like NAIOP, CREW, BOMA, and IREM made commitments to sponsor the event and local real estate organizations such as DMCAR followed suit. The Colorado Real Estate Journal joined the efforts and became the print media sponsor.
In 2002 the name of the organization changed to Brokers Benefiting Kids at the request of some local charities. Over the past 16 years, BBK has donated in excess of $4,300,000 to change the lives of hundreds of children at risk. BBK’s ability to reach out to Denver metro kids is directly related to the commitment of our major sponsors. On behalf of the many kids that benefit from BBK’s charitable contributions - Thank You!
The members of BBK and the Colorado commercial real estate community cordially invite you to become an integral part of our 17th annual event. With your generous donations, we can offer financial support to grass roots organizations whose programs are targeted to metro area youth who are either at risk or in need.
Over $4,300,000 raised for children in need.
To bring Denver’s commercial real estate industry together to positively affect the lives of children at risk in our community.
To support local charities dedicated to helping at risk children and to strengthen families through counseling, education and support.
Mission Statement
Who We Are
17th Annual Brokers Benefiting Kids
Saturday, August 23rd, 2008
www.bbkdenver.com
Hall of Fame Sponsor - $5,000Premier placement in all Colorado Real Estate Journal advertisementsPremier placement on the BBK websiteCorporate name on all BBK promotional materialsCorporate name on event t-shirtsPremier corporate banner placement at BBK event“Hall of Fame” professionally framed event artwork with sponsor plaqueRecognition at team party
All Star Sponsor - $2,500Premier placement in three Colorado Real Estate Journal advertisementsPlacement on the BBK websiteCorporate name on all BBK promotional materialsCorporate name on event t-shirtsCorporate banner placement at BBK eventPost event media “Thank You” advertisement in Colorado Real Estate Journal“All Star” professionally framed event artwork with sponsor plaqueRecognition at team party
Platinum Sponsor - $1,000 Post event media “Thank You” advertisement in the Colorado Real Estate Journal“Platinum” professionally framed event artwork with sponsor plaque
Gold Sponsor - $500Post event media “Thank You” advertisement in the Colorado Real Estate Journal
Silver Sponsor - $250Post event media “Thank You” advertisement in the Colorado Real Estate Journal
•••••••
••••••••
••
•
•
Help us help them, become a sponsor!
Becoming a sponsor allows you to improve the lives of local children in need. Your contribution will help create a better and brighter future for the youth in our community. You can be a part of one of the largest fundraising events hosted by the Colorado commercial real estate community. Your donation will go towards food, clothing, shelter, education and social activities to children at risk.
Make check payable to Brokers Benefiting Kids Tax ID 74-2535078
Online credit card payment option is available at www.bbkdenver.com
Be A Sponsor
17th Annual Brokers Benefiting Kids
Saturday, August 23rd, 2008
www.bbkdenver.com
VolleyballUltimate FrisbeeObstacle Course
Horseshoes
Bocce BallBasketball Shoot
Tricycle Challenge
Saturday, August 23rd, 2008
8:00 a.m - 1:00 p.m.
Inverness Business Park
off I-25 & County Line Road
All teams will compete in a
series of events designed
by Denver Active 20-30
Children’s play area will be
available and a
complimentary
lunch will be served
Winning teams
announced at the
conclusion of the
competition
Trophies awarded for
athletic accomplishments
& fundraising excellence
Thank you to everyone who
participates in this annual
event...
We look forward to
another successful year!
Please refer to www.bbkdenver.com if you need further details.
17th Annual Brokers Benefiting Kids Event
Below are the team athletic events from previous years:
Inverness Athletic Fields address: 312 Inverness Drive South Englewood, CO 80112
17th Annual Brokers Benefiting Kids
Saturday, August 23rd, 2008
www.bbkdenver.com
2007 Hall of Fame Sponsors ($5,000)Capmark FinanceCentimark CorporationNick LeClaire Memorial Fund (from the LeClaire family)FirstBank Holding CompanyKrahl ConstructionLand Title Insurance CorporationMichael SeaySand Construction of ColoradoSteve & Cindy LeonardThe Marcus & Millichap Company Foundation
2007 All Star Sponsors ($2,500) Alliance Commercial Partners, LLC Amstar Group Broe Real EstateCitywide Banks Community Banks of ColoradoCorum Real Estate Group, Inc. CTM Foundation - Tom & Cydney MarsicoDan Grooters/Riki Hashimoto DCB Construction Company, Inc. DPC Development CompanyDrake Real Estate Services Ducker, Montgomery, Aronstein, and Bess, P.C. Fidelity National TitleFirst American State Bank Fleisher Smyth Brokaw, LLCGateway Business Park/The Pauls Corporation GDA Real Estate Services, LLC Guaranty Bank & Trust CompanyGuaranty Federal BankHeidi’s Brookyln DeliHinds Financial GroupInverness Properties, LLC KEW RealtyKUVO Jazz 89Land Title Insurance Corporation Matrix Realty GoupMDC Holdings, Inc./Richmond American Homes Mike Winn/Tim Richey Old Republic National Title Insurance Company Prologis Management, Inc.Ralph Schomp BMWRobinson, Waters & O’Dorisio, P.C. Ron Urgitus/Tim Swan/Mary SullivanSecurity Title Guaranty Company Steele Street State Bank SVN The 9th Doorthe Studio GalleryTriumph Real Estate Corporation US Bank, N.A. Van Gilder Insurance Corporation Vintage Contracting
2007 Sponsors
Call for more details on becoming
a sponsor!
Online credit card payment option is now available at www.bbkdenver.com
2008 Organizing Sponsors
Marketing Sponsor
Media Sponsor
2007 Champion Hall of Fame Sponsor ($40,000)Big Sticks Invitational
Team Sponsor
17th Annual Brokers Benefiting Kids
Saturday, August 23rd, 2008
www.bbkdenver.com
Advocates for ChildrenAlliance for Choice in EducationAnchor Center for Blind ChildrenBal Swan Children’s CenterBluff Lake Nature CenterBoys Hope Girls Hope of ColoradoBreckenridge Outdoor Education CenterCamp Wapiyapi CASA of Jefferson and Gilpin CountiesColorado I Have A Dream FoundationChildren’s Advocacy & Family Resources, Inc.cityWILDDenver Inner City Parish, Inc.Denver Kids, Inc.Denver Young Artists Orchestra
Denver Youth ProgramEnvironmental Learning for KidsExcelsior Youth Centers, Inc.Family HomesteadFriends of Kids in CrisisFront Range Center for Assault PreventionGriffith Centers for Children, Inc.Growing Home, Inc.Healing for the HeartHemophilia Society of ColoradoLawrence L. and Helen Marie Byrne FoundationMaria Droste Services of Colorado, Inc.New Dance TheatreOpen FairwaysOpenWorld Learning
Parent PathwaysRocky Mountain Children’s ChoirRocky Mountain Children’s Law CenterSafehouse Denver, Inc.Save Our YouthSewall Child Development CenterSnowboard Outreach SocietyTennyson Center for ChildrenThe Never Forgotten FundThe Second Wind Fund: Addressing Teen Suicide in DenverThe Wildlife Experience, Inc.Urban Peak DenverVSA Arts of ColoradoYoung Audiences, Inc. Denver Area Chapter 80YouthBiz, Inc.
In order to be an active charity participant in this event, submit a formal application to begin the approval process. Your application will initiate your submission for a grant request. Applications are due by August 1st for new and existing charities. The approved charity list is determined in Q1 of the following year. Please visit www.da2030.com and click on the “Inquire About Funding” button at the bottom of the page to get started today!
Charity applications
are available at da2030.com
BBK Charities
Become A BBK Charity
17th Annual Brokers Benefiting Kids
Saturday, August 23rd, 2008
www.bbkdenver.com
David Goldberg, 2008 ChairAlberta Development Partners
Jason BollhoefnerCorum Real Estate Group
Mike DanitzInverness Properties, LLC
Scott FisherMountain West Industrial Properties
Sherri GoldsteinLand Title Guarantee Company
Ryan GoodCB Richard Ellis
Rick JansonNeighborhood Broker Alliance, LLC
Jon KelleyHinds Financial Group, Inc.
Karen KingDenver Active 20-30
Amanda KruczynskiAustin PetersonKiely WilsonAlberta Development Partners
Greg Latcham2008 Team Captain ChairLandAmerica Commercial Services
Kyle MalnatiPinnacle Real Estate Advisors
Tanner MasonRare Space Tenant
Jordan RobbinsMarcus & Millichap
Paul RuffTriumph Real Estate Corporation
Carole SchumacherCrimson Services, LLC
Matthew Sparks2008 Co-Chair, Denver Active 20-30Wealth Strategies Group
Larry ThielGrubb & Ellis Company
Greg TitusFairbairn Commercial
Sam ZaitzStaubach Company
2008 Board of Directors
Honorary Board of Directors
Michelle BrokawFleisher Smyth Brokaw, LLC
Charlie DavisInverness Properties
Robert GarciaCore Companies
Steve LeonardBBK Founder
Brad NeimanNorthstar Commercial Partners
Tina RutherfordLand Title Guarantee Company
R. Brian WatsonNorthstar Commercial Partners
Mike WinnCushman & Wakefield
Many thanks to these individuals who have contributed so much to Brokers Benefiting Kids and are retiring from active involvement on the Board of Directors:
17th Annual Brokers Benefiting Kids
Saturday, August 23rd, 2008
www.bbkdenver.com
Each year BBK invites the
children from local charities to participate
in an annual art contest. The winning art
piece is used in promotional materials
(including the event t-shirt), displayed
at local offices and posted on the BBK
website. This contest stimulates creativity,
provides a fun venue for the kids and
allows each child to express their
gratitude to the real estate community
for their consistent generosity.2007 Winning Art
Annual Charity Kids Art Contest
2007 Art Contest Winners: 1st place - Destiny, Age 12, Denver Kids
2nd place - Cherish, Age 14, Denver Kids3rd place - Angelica, Age 11, Colorado I Have a Dream Foundation
Honorable Mention:Bianca, Age 17, Excelsior Youth Center
Casandra, Age 11, Colorado I Have a Dream Foundation
2006 Art Contest Winners
17th Annual Brokers Benefiting Kids
Saturday, August 23rd, 2008
www.bbkdenver.com
Be a part of the commercial real estate industry’s largest fundraising event and help better a child’s life. Every donation counts and you can make a difference. Please complete this donation form and mail your payment to the address below. Every donor will receive recognition in the post event “Thank You” ad in the Colorado Real Estate Journal.
Make your
donation today!
Make check payable to Brokers Benefiting Kids Tax ID 74-2535078
For more information or a receipt contact: Karen King, Denver Active 20-30
303. 832.8390 / [email protected]
2008 BBK Chair, David Goldberg303.771.4004 / [email protected]
2008 Team Captain Chair, Greg Latcham303.291.3315 / [email protected]
Online credit card payment option is now available at www.bbkdenver.com
Company Name______________________________________________________________________________
First Name_________________________________ Last Name_______________________________________
Company Address_____________________________________________________________________________
Primary Number____________________________ Work Number___________________________________
Email Address________________________________________________________________________________
Donor Name as it should appear in any advertising:______________________________________________
BBK Team Contact:_____________________________________________________________________(who asked you to donate?)
Fill out form below and submit with payment.
Donation Form
Healthcare Quarterly Update May 2010www.brcrealestate.com
Healthcare Quarterly Update May 2010www.brcrealestate.com
Inside this IssueReal estate financing
Page 2
Lease or own?Page 3
Available medical propertiesPage 4
Centura Health construction timeline in Castle Rock
Page 4
IN THE NEWS
ɶ Lone Tree Obstetrics & Gynecology opened their new office location at Park Ridge Office Suites at 10465 Park Meadows Drive, Suite 104, Lone Tree on May 1. Lone Tree Obstetrics and Gynecology is a full service OB-GYN office and offers a personal approach
in women’s health care from adolescence to the postmenopausal years. Formerly located at 9218 Kimmer Drive in Lone Tree, Dr. Lara Lane purchased the real estate in December and completed the interior for their grand opening in May. At Lone Tree Obstetrics and Gynecology each patient is managed primarily by a single provider, thus ensuring continuity of care with a personal touch that most large groups cannot provide. www.LoneTreeOBGYN.com
ɶ Colorado Hair Institute leased 1,932 square feet at the Park Meadows Medical building located at 9218 Kimmer Drive in Lone Tree. Colorado Hair Institute has more than 20 years of experience with thousands of hair restoration procedures performed on both men and women through Virginia Surgical Center with other offices in Virginia Beach, Richmond, McLean, VA and in Columbia, MD. They are internationally known for work with many people in the entertainment industry and offer fololicular unit extraction, hair transplantation, natural follicular unit, laser hair therapy, slit incision vari-grafting, Propecia®, medically formulated hair care line, and new developments include gene therapy and cloning.
www.coloradohairinstitute.com
ɶ Park Ridge Office Suites new businesses: Agona, Inc. purchased Suite 101 for their IT consulting firm while Xcelente Marketing and Colón Construction purchased Suites 107 and 108 respectively at 10465 Park Meadows Drive.
Hershey | Skinner Law firm purchased Suite 209, and The Law Office of Brian Budman PC purchased Suite 207 at 10463 Park Meadows Drive. All businesses are currently completing their interior finish and will make this their new business home in 2010.
BRC REAL ESTATE MEDICAL OPPORTUNITIES
HAVE QUESTIONS?Contact Medical Real Estate Sales & Leasing Specialists:
Carole SchumacherExecutive Vice President303.541.1575 (direct)[email protected]
Bryan HardmanVice President303.541.1573 (direct)[email protected]
Park Meadows Medical9218 Kimmer Drive1,650 to 3,443 sq. ft. for leasePlug & play medical office spaceFOR LEASE: $18.50/sf NNN
14
Powerhouse Plaza at Lowry495 Uinta Way 2,232 sq. ft. final suite availableFOR SALE: $145/SF - $323,640
Parker Square Medical Center19641 East Parker Square Drive417 to 3,935 sq. ft. for leaseJoin Saddle Rock Family Practice & Urgent Care FOR LEASE: $14.00/SF NNN
Meadows Professional Plaza3740-3750 Dacoro Lane784 to 5,092 sq. ft. for saleHighest quality construction in Castle RockFOR SALE: Starting at $125 per square foot
CASTLE ROCK
LOWRY PARKER
LONE TREE
Park Ridge Office Suites10455-10456 Park Meadows Drive1,614 to 29,406 sq. ft. for saleJust north of SkyRidge Medical CenterFOR SALE: $135 per square foot
I-25 & LINCOLN
Did you know?
Impact of Healthcare Reform
A real estate formula for calculating medical space
holds that a health care system requires about 1.9 sq. ft.
of medical office space per patient...
With reform, 32 million people are being added to the ranks of the insured, which equates to the potential demand for
64 million sq. ft. of additional medical space.
Source: National Real Estate Investor: Health Care Reform article
March 24, 2010
Premises Personal WarehouseMedical Storage880 sf to 9,000 sfHighlands Ranch, Parker, Golden, & WindsorFOR SALE: $75/sf to $125/sf
WHAT’S HAPPENING:Centura Health is building a 40,000 s.f. medical office building & 20,000 sf ER/imaging center in the Meadows at Castle Rock. The project timeline is as follows:
Centura Health’s Castle
Rock ProjectAnnouncement
January 2010
Huntonbrady Architecture selected to
design Phase One of Castle Rock Medical
Campus
February 2010
ConstructionManager to be
announced
May 2010
Centura Health’s Castle
Rock Project
Groundbreaking
Late Summer 2010 Nov. 20, 2010
Sponsor of Starlighting ceremony
Opening ofCentura
Health’s Phase One
Castle Rock Project
Winter 2011
303.804.9800To follow this online: www.centura.org/castle-rock-project
PROPERTY TAX UPDATEIf you own your real estate, you will receive your notice of valuation
from the county assessor this month. Any protest must be filed with the Assessor no later than June 1st.For properties in Douglas County, the Assessor’s office will request
your rent roll to assist in the valuation process.www.brcrealestate.com
Healthcare Quarterly Update May 2010www.brcrealestate.com
Healthcare Quarterly Update May 2010www.brcrealestate.com
LEASE OR OWN?
Medical office ownership is just smart business. 90% financing is still available. Purchase Assumptions:
Square feet 2,500
Price per square foot $135
Purchase price $337,500
Tenant finish ($60/sf) $150,000
Loan/financing fees1 $5,888
Total price (includes loan fees1) $493,388
Down payment (10%) $49,340
Mortgage amount $444,049
Interest rate 6.25%
Term 25 Years
Annual payment (P & I) $35,151
Monthly payment (P & I) $2,929
Monthly expenses ($9.00/sf/yr)* $1,875
Total monthly cost $4,804*Includes association fees & real estate taxes
Economic Stimulus Program Extended
On April 15, 2010, HR 4851 was passed by both Houses of Congress and on April 16th, President Obama signed the bill into law.
The bill appropriates an additional $80,000,000 for fee offsets for both 504 and 7(a) loan guarantee programs. These funds will be used by the SBA to offset both the 504 bank fee on the first mortgage and the CDC processing fee for the guaranteed second mortgage. The bill also extends the 7(a) 90% guarantee through May 31, 2010.
COMMERCIAL REAL ESTATE FINANCINGTake a look at the numbers and decide for yourself.
2 3
Lease Assumptions:Square feet 2,500
Price per square foot (net) $20
Annual rent (net) $50,000
Operating Expenses ($11/sf) $27,500
Gross Annual Rent $77,500
Total Monthly Rent (gross) $6,458
Rent paid over 10 years* $848,194*Includes a typical 3% annual rent increase
Bottom Line - Why Buy?Total Cost over 10 year period Own Lease
Total Cost $576,510 $848,194
Equity (includes a 2% annual appreciation) $216,970 $0.0
At the end of 10 years $793,480 ($848,194)
What is a 504 loan?Established in 1986, the 504 loan program provides long-term, fixed rate financing for major fixed assets, such as real estate, facilities construction or expansion, or other fixed-asset needs. 504 loans are made through Certified Development Companies (CDC’s).
Who is eligible for a SBA 504 loan program?To be eligible for a CDC/504 loan, the business must be operated for profit and fall within the size standards set by the SBA. Under the 504 Program, the business qualifies as “small” if its tangible net worth in less than $8.5 million and/or a net income of no more than $3 million after taxes for the preceding two years. Loans cannot be made to businesses engaged in speculation or investment in rental real estate.
What are the use of proceeds?Proceeds from these loans must be used for fixed-asset projects, such as purchasing the real estate plus the cost of interior improvements and long-term machinery or equipment used in the business.
The 504 loan program was designed by the SBA to promote economic development by allowing small businesses to obtain up to 90% financing for fixed assets. This enables business owners to retain needed capital for expansion. 504 loans help create economic development benefits both through job creation or retention and increasing the local tax base. In addition, the 504 structure provides for a long-term fixed interest rate.
Want more info?Buying your first commercial real estate may seem daunting, but working with competent lenders who understand all the components of real estate financing is critical. Call BRC Real Estate and ask us who we have been closing deals with. We’ll provide you a list of qualified lenders to talk to - maybe your bank is on the list - we’ll give you the name of someone who specializes in commercial real estate financing. Call 303.804.9800 and ask for Carole or Bryan for more information.
Medical Record StorageHow much are you paying to store your medical records over the next seven years as you convert to EMR? Consider purchasing storage space and pay yourself instead of the storage company.
Premises Personal Warehouses have units available from 880 to 9,000 square feet and have locations in Parker, Highlands Ranch, Golden and Windsor, Colorado. These storage units are priced from $75 to $125 per square foot.
Example: You can purchase a 1,000 sq. ft. unit in Parker for $900/month and stop paying those monthly bills to the storage company. When you phase out of medical record storage, you will have an asset that has appreciated over time for resale (or lease it to someone else).
“Now is a great time to buy real estate.”Quote by Donald Trump on FOX News, April 26, 2010
S i t e p l a n
OFFICE 1
OFFICE 2O
FFICE 3
OFFICE 4
OFFICE 5
OFFICE 6 Marriott H
otel andLincoln Light R
ail Station
park Meadows Drive
Sky Ridge
Medical C
enter
1045
5
1045710459
10461
1046510463
Medical & Professional Office Suites
• Six-building,92,972sfClass“A”officecondominiumdevelopmentlocatedatI-25&LincolnAvenue
• Contiguoussuitesstartingat1,614sfupto16,353sf
• LocatedwithinParkRidgeCorporateCenter, justminutes fromSkyRidgeMedicalCenter, theLincolnLightRailStation,LoneTree’sbusinessepicenterandParkMeadowsMall
a e r i a l
Centennial Airport
Lincoln Avenue Light Rail Station
Park Meadows Mall
County Line Rd.
Queb
ec S
t.
Highlands Ranch
Lone Tree
RidgeGate
Sky Ridge Medical Center
Lincoln Ave.
Lone T
ree
Golf Cour
se
Park Meadows Dr.
MeridianYo
semi
te St
.
Park Meadows Dr.
Inverness
Lincoln Ave.
Lone Tree Entertainment
District
ContaCt:LucindaStanley,CCIM
480-365-1550 [email protected]
CaroleSchumacher303.541.1575
BryanHardman303.541.1573
BRC Real Estate9331 Commerce Center St.Highlands Ranch, CO 80129
303.804.9800
w w w . b r c r e a l e s t a t e . c o m
Park ridge Office SuiteSI -25 & LI n c o L n Av e n u e
10463 - 10465 Park Meadows drive, Littleton, cO 80124
ChilisKeyBank
Park Ridge Medical Building
twtelecomBuilding
Park RidgeOffice Suites
Sale Price: $135/Sf
p ro p e rt y F e at u r eSPark Ridge Office Suites is a distinctive Class “A” six-buildingofficecondominiumprojectavailableforsaleorlease.The property consists of four single-story buildings (all ofwhich are sold out) and two 2-story buildings totaling 92,972 square feet. These brand new buildings are in core and shell condition with common area rest rooms on the 2nd floor and state-of-the-art central heating and cooling available throughout the buildings.
l o c at i o n , l o c at i o n , l o c at i o nPark Ridge Office Suites is an exciting opportunity for users desiring a highly visible location at thecornerofI-25andLincolnAvenueinParkRidgeCorporateCenteralongParkMeadowsDriveinLittleton,Colorado. Park Ridge Office SuitesislocatedjustnorthofLincolnAvenueanddirectlywestofI-25inunincorporatedDouglasCounty.ThebusinessparkishometotheDenverMarriottSouthconventioncenterhotel,twtelecom,AuroraBank,HewlettPackard,MerrillLynch,KeyBank,Chili’sandParkRidgeMedicalPlaza.LocatedjustsouthoftheLincolnLightRail Station, and just north of SkyRidgeMedicalCentercampusandtheRidgeGate development, the amenitybasemakes this an ideal location foramedicaluseraswellasprofessionaloffices.
X Idealmedical,dentalorprofessionaloffice
X Prominentmonument&buildingsignage
X Quick&easyaccesstoSkyRidgeMedicalCenter,RidgeGate,LoneTreeEntertainmentDistrict,ParkMeadowsMall&LincolnLightRailStation
X 4.6:1,000freeparking
X Ultimatevisibility&accessibilityfromLincolnAvenue&Interstate25
PRoPERTy H IGHL IGHTS
• Prideofownership
• Build equity
• Controloperatingexpenses
• Realestateappreciation
• Taxadvantages
• Upto90%financingavailable
• Buynowatlowestpricingever!
10463 Park Meadows Drive (north 2-story building): X FirstFloor-Suite112(1,614sf) X SecondFloor-Suites211&213(4,633sf,divisible)
10465 Park Meadows Drive (south 2-story building): X FirstFloor-Suites102,103&105(6,806sf,divisible) X SecondFloor(7,219sfto16,353sf)
aVa i l a B l e
Real estate OwneRship...
it’s Just smaRt Business.
ow n e r S h i p a DVa n tag e S
...Just steps from Light Rail, Sky Ridge & Park Meadows Park ridge Office SuiteS
MediCal offiCe:• AdvancedIntegrativeMedicine• AllegroDental• DenverCyberknife• Endurance(outreachofHope)• MedHotel(oB/GyN)• MetropolitanDental• Park Meadows Orthodontics• UniversityofColorado
DepartmentofRadiationoncology
Professional offiCe:• Agona,Inc.• AxiomSolutions• BudmanLaw• Colõn Construction• FirstCommercialBank• FreedomFinancialServices• Hershey Law• K&GPetroleum/Jenny’sMarket• McKenzie,Rhody&Hearn• RaymondJamesFinancial• TRGTitleServices• Xcelente Marketing
Join these businesses at Park ridge offiCe suites:
First Floor
Second Floor
10463ParkMeadowsDrive(office#5)
Suite 1012,044 sf
Suite 1052,303 sf
Suite 1072,055 sf
Suite 1082,084 sf
Suite 2012,753 sf
Suite 2052,593 sf
Suite 2044,692 sf
Suite 2024,442 sf
Suite 2031,873 sf
Suite 1031,595 sf
6,806sfavailableon1stfloor16,353sfavailableon2ndfloor
10465ParkMeadowsDrive(office#6)
Common Area Rest Rooms
Common Area Rest Rooms
Common Area Rest Rooms
Axiom Solutions
Suites 109/1104,139 sf
University of Colorado Radiology/Oncology
Suites 111/1133,683 sf
Raymond James FinancialSuite 1152,259 sf
Denver CyberknifeSuite 1144,416 sf
Suite 1121,614 sf
Park Meadows OrthodonticsSuite 206
3,566 sf
Suite 2132,442 sf
TRG Title SvcSuite 208
1,722 sf
Freedom FinancialSuite 2101,978 sfCommon Area
Rest Rooms
West
1,614sfavailableon1stfloor4,633sfavailableon2ndfloor
Suite 2112,191 sf
Xcelente MarketingSuite 1072,055 sf
Colõn Construction
Suite 1082,084 sf
Suite 1022,908 sf
MedHotel OBGYNSuite 104/106
3,122 sf
Budman LawSuite 207
1,970 sf
Hershey Law Suite 209
2,493 sf
Agona, Inc.Suite 1012,044 sf
7,219sfat$150/sf
9,134sfat$135/sf
• 2,805 sq. ft. available for immediate purchase
• Four private offices, open area, conference room, reception, full restroom with shower and heated floors, drive in shop/warehouse area.
• Plug & Play including T-1 line, and communication systems
• Prominent signage opportunities
• Drive-in warehouse door adjacent to front entry into spacious storage/shop area
• Located off Belleview and Santa Fe in Littleton adjacent to Lowe’s
• Pristine in every way for business owner seeking turn-key office and shop/storage space along Santa Fe
2270 W. Ch e n a n g o av e n u e
Su i t e 400Litt leton, CO 80120
FOR SALE
Exclusively Marketed by Carole Schumacher
BRC Real Estate9331 Commerce Center St.
Suite A-1Highlands Ranch, CO 80129
303.804.9800
$550,000$400,000New CoNstruCtioN
FiNished & ready For immediate oCCupaNCy
exquisitely FiNished
turN-key oFFiCe spaCe with warehouse storage/shop spaCe
BRC Real Estate9331 Commerce Center St. Suite A-1
Highlands Ranch, CO 80129
303.804.9800
For more information contact:Carole SchumacherExecutive Vice President
Direct: [email protected]
w w w . b r c r e a l e s t a t e . c o m
2,805 Square Feet
2270 W. Chenango Ave . , Suite 400
Conference room features full glass wall off reception area
Restroom features full walk-in shower and heated tile floor
Work room provides built-in cabinets with sink and refrigerator
Turn Key Medical Office Space
Parker Square Medical19641 East Parker Square Dr, Parker
417 sf to 3,935 sfLease rates starting at $14/sf NNN
fOr leaSeJoin Saddle Rock Family Practice & Urgent Care
(opening June 1) at Parker Square Medical just
3.7 miles south of Parker Adventist Hospital
in Parker
w w w . b r c r e a l e s t a t e . c o m
M a k e Y o u r M o v e NoW!
Carole [email protected]
Bryan [email protected]
Join Children’s Hospital Surgery Center, Rocky Mountain Spine & Sport,
Lone Tree Cosmetic Surgery in Lone Tree.
Ready-to-occupy dental & medical office space
fOr leaSe
Parker Meadows Medical9218 Kimmer Dr, Lone Tree
1,650 sf to 3,443 sfLease rates starting at $18.50/sf NNN
Medical Office cOndOs...it’s Just sMart Business.
Park Ridge Office Suites10463 - 10465 Park Meadows Dr, Lone Tree
1,614 sf to 16,353 sf$135/sf
fOr sale
Meadows Professional Plaza3740 - 3750 Dacoro Lane, Castle Rock
784 sf to 5,092 sfStarting at $125/sf
fOr sale
Powerhouse Plaza at Lowry495 Uinta Way, Denver
2,232 sf$145/sf
Premises Personal WarehouseMedical Storage - 880 sf to 9,000 sf
Highlands Ranch, Parker, Golden, & Windsor$75/sf to $125/sf
fOr sale fOr sale
w w w . b r c r e a l e s t a t e . c o m
Carole [email protected]
Bryan [email protected]
for years, you’ve paid your landlord and generously enhanced his financial position...
it’s time to do that for yourself!
The Time is NOWTO make mOves iN Real esTaTe.
As the sales and leasing experts in medical office space we guarantee quality space and below market rates! Check out these listing in high visibility areas of Denver Metro...
Park Ridge Office Suites10463 - 10465 Park Meadows Drive
1,614 sf to 16,353 sfStarting at $135/sf
Meadows Professional Plaza3740 - 3750 Dacoro Lane
784 sf to 5,092 sfStarting at $139/sf
Powerhouse Plaza10463 - 10465 Park Meadows Drive
1,614 sf to 16,353 sfStarting at $135/sf
Park Meadows Medical9218 Kimmer Drive1,620 sf to 3,363 sf
Lease rates starting at $18.50/sf NNN
Parker Square Medical19641 East Parker Square Drive
417 sf to 3,935 sfLease rates starting at $14.00/sf NNN
Premises Personal Warehouses9337 Commerce Center Street*
3,000 sf to 4,004 sfStarting at $125/sf
9331 Commerce Center St., A1Highlands Ranch, CO 80129
303.804.9800w w w. b r c r e a l e s t a t e . c o m
Carole Schumacher Bryan Hardman303.541.1575 [email protected] [email protected]
*locations include Highlands Ranch, Parker, Golden, Windsor & Silverthorne
L i s t e n A c t
I n v e s tL e a r n
L e a r n n o wA solid business plan has never started with,
“How can I make my landlord richer”.
L i s t e n H e r eThe secret is out...
Office condos are available today.
i n v e s t F o r t o m o r r o wDo the math -
Ask for our lease versus own analysis.
a c t n o wStill leasing your office space? Ask your landlord
when you can visit your money.
For years you have paid your landlord first and generously enhanced his finances, reduced his tax consequences and
provided him a life of leisure and luxury.
Maybe it’s time to do that for yourself!
Yo u r n e w o f f i c e c o n d o m i n i u m !
Carole [email protected]
Mike GarzaCommercial Sales [email protected]
Crimson Services10375 Park Meadows DriveSuite 500Littleton, CO 80124720.284.3600www.crimsoncorp.com/co
Tax advantagesStabilize occupancy costs
Enhance your estate planningAsset enhancement and appreciation
Customize your space to fit your business and lifestyleEliminate uncertainty of being arbitrarily relocated by landlord
Are you ready? You don’t need anyone’s permission but your own
Ow n e r s h i p AdvA n tAg e s:
Quality Office Condominiumsare an entrepreneurial option
in the Denver market...
Typical Buyers? Entrepreneurial Business OwnersReal Estate CompaniesFinancial PlannersCPA’sMedical PractitionersDentistsMortgage BrokersGeneral Contractors
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ArchitectsEngineersAttorneysPrivate InvestorsInsurance AgentsTechnology FirmsIT Consultants
•••••••
WHY?•ECONOMICS 101•
Purchase Assumptions:Square Feet 5,000Price per SF $235Purchase Price $1,175,000Tenant Finish ($55/sf) $275,000Total Price $1,450,000Down Payment (10%) $145,000Loan Balance $1,305,000Rate 7.50%Term 25 YearsAnnual Payment (P & I) ($115,726)Monthly Payment ($9,644)Est. Operating Exp ($8.00/sf) ($40,000)Monthly Expenses ($3,333)Total Monthly Pymt ($12,977.17)
Total cost to own after 5 years $778,630
Lease Assumptions (5,000 sf):Full Service Lease Rate $28.00Year Annual Rent* Amount Paid
1 $140,0002 $144,200 $284,200
3 $148,526 $432,2764 $152,982 $585,7085 $157,571 $743,279
*Assumes 3% annual increase in rentRent paid over 5 years $743,279
Owner Equity After 5 Years
Own Equity after 5 years $483,838*Assumes 3% appreciation and $1.45M initial cost
Lease Equity after 5 years ZERO
Rents aRe Rising...contRol futuRe business costs
thRough owneRship
Carole Schumacher 720.284.3602 [email protected] Garza 720.284.3609 [email protected]
CrimsonServices, LLC
10375 Park Meadows Drive, Suite 500 Littleton, CO 80124
CrimsonServicesCommerCial real estate
Healthcare Quarterly Update | April 2009www.crimsoncolorado.com
CrimsonServicesCommerCial real estate
Healthcare Quarterly Update | April 2009www.crimsoncolorado.com
Inside this Issue
Real estate financingEfficiency (R/U Factor)
Page 2
New medical developmentsPage 3
Available medical propertiesPage 4
IN ThE NEws...
Dr. susan savage purchased an office condominium at 9898 Rosemont Avenue in Lone Tree for her internal medicine practice. She will relocate her practice from the Littleton Adventist Hospital campus to her new location in May 2009.
University of Colorado Family Medicine at Park Meadows renewed their lease at 8080 East Park Meadows Drive in Lone Tree for an additional five years.
Rocky Mountain Cyberknife is finalizing interior improvements to their new location at 10463 Park Meadows Drive, suite 114, Park Ridge Office suites, Littleton. Located just north of Sky Ridge Medical Center and adjacent to the Denver Marriott South Hotel, this new location will open May 1, 2009.
University of Colorado - Radiation Oncology Department has started interior improvements at 10463 Park Meadows Drive, suites 111/113, Park Ridge Office suites in Littleton. This location will offer cancer treatment for patients from Lone Tree, Highlands Ranch, Parker and Castle Rock when they open for business in August 2009.
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CRIMsON sERvICEs MEDICAL LIsTINgs
Contact Medical Real Estate Sales Specialists:
Carole schumacher, Director720.284.3602 or [email protected]
Mark Ulrich, Director720.284.3603 or [email protected]
For more information about these properties or to schedule a private meeting or tour, contact Medical Real Estate Specialists:
Carole schumacher, Director720.284.3602 or [email protected]
Mark Ulrich, Director720.284.3603 or [email protected]
www.crimsoncolorado.com
Crimson Services, LLC10375 Park Meadows Drive, Suite 500Littleton, CO 80124ADDRESS SERVICE REQUESTED
PRSRT STDU.S. POSTAGE
PAIDLITTLETON, COPERMIT NO. 64
Crimson services Commercial Real Estate Advisory servicesAs experienced medical real estate professionals, we will help you analyze your office space so
you can concentrate 100% on the normal day-to-day activities of your practice.
Crimson will:
Analyze your real estate requirements to provide a clear plan for future occupancy
Analyze current lease terms vs. current market trends
Identify real estate options for your medical practice
Negotiate your lease (new or renewal) with your landlord
Provide financial analysis to compare lease vs. own (see page 2)
Connect you to financing sources for purchase of real estate, FF&E or renovations
Evaluate total occupancy costs
Broncos Parkway Plaza15510-15530 Broncos Parkway Plaza1,500 to 15,060 sq. ft. Lease-to-Own options available
Meadows Professional Plaza3740-3750 Dacoro Lane784 to 5,092 sq. ft. for saleHighest quality construction in Castle Rock
Park Meadows Medical9218 Kimmer Drive1,932 to 4,067 sq. ft. for leasePlug & play dental and medical offices
14
Powerhouse Plaza at Lowry495 Uinta Way2,232 sq. ft. final suite availableClose out sale pricing!
8080 East Park Meadows DriveLone Tree, CO5,885 sq. ft. for leaseAdjacent to family practice & PT
Spivack Vision Center6881 South Yosemite Street2,748 sq. ft. for leaseIdeal for dental or pediatric care
Oneida Tower2121 South Oneida Street310 to 3,820 sq. ft. for leaseFree rent available
Park Ridge Office Suites10455-10456 Park Meadows Drive1,614 to 32,000 sq. ft. for saleLowest real estate tax mil levy in area!
Castle RoCk
lowRy
Centennial
DenveR
lone tRee lone tRee
Centennial
i-25 & linColn
Park Ridge Office Suites10457 Park Meadows Drive2,016 sq. ft. for leaseBuilding signage facing Park Meadows Drive
lone tRee
Who said there’s no such thing
as a free lunch?!
We will bring you (and your staff) lunch.
Limited openings available.
Have lunch on us to gain valuable
information about current real estate
opportunities.
Call Christine at 720.284.3606 before May 15 to secure your spot (no obligation).
Pick our brains while you pick at your salad.
10463-10465 Park Meadows DriveLittleton, CO
CrimsonServicesCommerCial real estate
Healthcare Quarterly Update | April 2009www.crimsoncolorado.com
CrimsonServicesCommerCial real estate
Healthcare Quarterly Update | April 2009www.crimsoncolorado.com
Parker, CO...Business Park at westcreek is
located at 9400 & 9450 Twenty Mile Road in Parker, Colorado at the SWC of E-470 and Parker Road, just west of Parker Adventist Hospital between Pine Lane & Silverado Drive.
This project features 3 single-story professional/medical office condominium buildings totaling 24,820 square feet, and a 3-story
professional/medical office building totaling 53,000 square feet, with floor plates of approximately 17,600 square feet.
The medical office condo buildings are now available for sale with space available from 2,500 square feet up to 10,000 square feet.
The Business Park at Westcreek offers high-tech amenities including redundancy fiber optic accessibility to provide an ideal location for
technical, medical and professional office users who require the highest level of broadband receptivity.
Pre-leasing reservations are now being taken from medical and professional office users for an early 2010 opening.
Littleton, CO...hilltop vistas is a new office
condominium project located at 8199 southpark Court, Littleton, Colorado just north of C-470 between Santa Fe and Lucent Boulevard.
This beautiful development features two Class A single-story office condominium buildings totaling 30,905 square feet within Hilltop Business Centre just east of NoNo’s Restaurant and the new Hampton Inn and Suites (currently under construction). Hilltop Vistas is west of Rocky Mountain Harley Davidson, and north of the recently developed 1500-unit Wind Crest Retirement Community in Highlands Ranch.
Hilltop Vistas provides mid-sized medical and professional business owners with suites ranging from 1,756 square feet up to a full building (18,000 sf).
The new offices provide stunning vistas of the foothills and Front Range enhanced by a 360-degree glass line design in each building to take in views of McLellan Reservoir, Chatfield Lake and South Platte Park.
Walk-up entrances, distinctive architecture, energy efficiencies, and styling with curved canopies, cultured stone and stucco façades, plus a 4.2:1,000 square foot parking ratio provide the amenities most sought after by business owners.
Pre-sales are now available.
For more information about these developments, please contact Carole Schumacher at 720.284.3602 or Mark Ulrich at 720.284.3603.
Castle Rock, COCentura Adventist is evaluating
what they will construct on the 50-acre site at the NEC of Meadows Parkway and Meadows Boulevard in Castle Rock.
The Castle Rock project is sponsored by Adventist Health System and these hospitals: Avista, Littleton, Parker and Porter Adventist Hospitals - are part of Centura Health in the greater Denver area. Initial cost estimates of the entire project exceed $120 million. Stay tuned...
NEw MEDICAL DEvELOPMENTs
Medical office ownership is just smart business... 90% financing is still available.
Purchase Assumptions:Square feet 2,200
Price per square foot $200
Purchase price $440,000
Tenant finish ($60/sf) $132,000
Total price $572,000
Down payment (10%) $57,200
Mortgage amount $514,800
Interest rate 6.5%
Term 25 Years
Annual payment (P & I) $41,712
Monthly payment (P & I) $3,476
Monthly expenses ($8.00/sf/yr)* $1,467
Total monthly cost $4,943*Includes association fees & real estate taxes
Financing is available for small business owners through the Small Business Administration (“SBA”) to acquire real estate and/or complete interior improvements at commercial interest rates that are at historic lows (sub 6%). For some medical practitioners (i.e.: dentists), 100% financing options may also be available. Key changes under the 2008 Economic Stimulus Act and the 2009 Recovery & Reinvestment Act:
Increases in loan guarantees up to 90% on the SBA 7(a) program. This is temporary and will apply through calendar year 2009 or until funds are exhausted. Temporary elimination of loan origination fees and points for borrowers.Bonus depreciation of up to 50% to be written off in 2009 if work completed by 12/31/09.
1.
2.3.
COMMERCIAL REAL EsTATE FINANCINgMedical & Professional Office developments coming to Parker and Littleton
9400 Twenty Mile RoadProfessional/Medical Office Building
9450 Twenty Mile RoadMedical Office Condos
How efficient is your clinical space?Efficiency is the name of the game. Not just energy efficiency... Do you know your R/U factor (“Rentable/Usable”)? The rentable area is what you pay for. The usable area is what you occupy. If your lease is calculated on a “rentable square footage” basis, you should know how much of that space is actually usable. If the efficiency of your space is increased by 20% due to a low R/U factor, this could reduce your occupancy costs by as much as 20%. The majority of office and medical condos are extremely efficient - most with an R/U factor under 8%. Read your lease.
2 3
Lease Assumptions:Square feet 2,200
Price per square foot (net) $20
Annual rent (net) $44,000
Operating Expenses ($10/sf) $22,000
Gross Annual Rent $66,000
Total Monthly Rent (gross) $5,500
Rent paid over 10 years* $756,616*Includes a typical 3% annual rent increase
Hilltop VistasMedical & Professional Office Condos
Bottom Line - Why Buy?Total Cost over 10 year period Own Lease
Total Cost $593,116 $756,616
Equity (includes a 3% annual appreciation) $369,692 $0.0
E x c E l l E n c E .I n n o vat I o n .I n t E g r I t y .
Crimson Services, LLC10375 Park Meadows Drive, Suite 500
Littleton, CO 80124
PRSRT STDU.S. POSTAGE
PAIDLITTLETON, COPERMIT NO. 64
Dedicated professionals in a class all their own.
Investment SalesLand SalesOffice Leasing
•••
Office Condo SalesEquity PlacementProperty Management
•••
Crimson Services provides clients with insightful and personalized real estate services, salient market information, strategic thinking and access to local, regional and national investors.
CrimsonServicesCommerCial real estate
crImson sErvIcEs Is plEasEd to announcE thE followIng salE transactIons...
1450 Infinite DriveLouisville, CO
$25,000,000Seller: Triumph Real Estate
Buyer: Grosvenor Investment Management US Inc.
9285 Park Meadows DriveLone Tree, CO$6,425,000
Seller: Kaufman Realty GroupBuyer: City of Lone Tree
10375 Park Meadows DriveLittleton, CO
$39,500,000Seller: KBS Realty Services
Buyer: Grosvenor Investment Management US Inc.
w w w . c r I m s o n c o r p . c o m / c o10375 p a r k m E a d ow s d r I v E s u I t E 500 , l I t t l E to n , co 80124 p : 720 .284 . 3600 f : 720 .284 . 36 10
“We were very pleased with the research, quality of work and attention to detail provided by the Crimson Services team
throughout the transaction; it was a top-notch job all around.”Paul J. Ruff, President, Triumph Real Estate
“The Crimson Services team found the most logical purchaser for this asset... they were very professional in their approach
and made sure that each party kept focused on the details of the deal to bring it to a successful conclusion.”Craig Kaufman, President, Kaufman Realty Group
Office Building Square Feet Type Location
ParkRidge Six 161,000 Core Littleton, CO
AtlanTech Tower 413,390 Value Add Fort Lauderdale, FL
Currently For Sale:
AUGUST 6–AUGUST 19, 2008
As appeared in…
www.crej.com
For a new generation of office developments, the ability to create an envi-
ronment conducive to businesses working together is becoming a formula for success. This new gen-eration of buildings, referred to as “the new workplace,” offers additional value to tenants by encouraging them to collaborate, relying on one another's expertise. This is in contrast to the typical office environment where tenants unlock their doors in the morning, spend an entire day working and leave their desks at night – with-out understanding what the busi-ness next door does and how the surrounding community might add value to the bottom line.
Forward-thinking office proj-ects are looking at ways to design and build properties that create a culture of collaboration, becom-ing a valuable amenity for small and medium-sized businesses in particular. This approach provides business owners with valuable resources and potential partners, adding a competitive edge. For example, an architectural firm competing for a public project has the ability to collaborate on the proposal with an engineering firm and a landscape architect located down the hall – creating a team with a competitive edge. The col-laboration dramatically improves the chances of winning the new business as well as creating new business that might not otherwise exist. The firms easily share ideas,
examine costs and prepare a unified front, offering a potential client a strong team working from the same loca-tion.
Elements of a successful collaborative office develop-ment include:■ Redefin-
ing the cor-ridor. Among the most i m p o r t a n t
distinguishing features of a col-laborative office environment is replacing the typical hallway with a varied environment that resem-bles a street – a place of public engagement and interaction. The typical dim, sterile office corridor is transformed into an engaging environment with splashes of color, natural light and individual storefronts reflecting the unique identities of the tenants. In addi-tion, art and informal furniture arrangements turn a trip down the hall into a disarmingly casual experience and opportunity to visit and learn about neighboring businesses. ■Being small-business friend-
ly. A tenant mix that includes a range of small and medium-sized tenants as well as larger groups is an important feature of a modern
workplace environment. This is accomplished by providing qual-ity space of varied sizes at reason-able prices so that small business-es have an opportunity to succeed without stretching their budget. Larger users also are attracted by access to smaller, flexible partners as well as the more individualized character of the environment.■Amenities.Amenities includ-
ing a café, fitness space and out-door meeting places are important components to creating a culture of collaboration. Workday lunch is no longer a quick trip to the vend-ing machine or sandwich counter. Instead, an inviting café setting created by a talented chef and gourmet ingredients becomes a great place to a close deals with clients or get to know a neigh-boring business that can provide value. ■ The new workplace. For
many businesses, the categories like Class A, B and C office space are becoming increasingly obsolete with the emergence of another cat-egory – the new workplace. These properties are defined by sustain-able, well-designed environments that include flexible, open floor plans and common areas that promote communication among employees, business partners and clients. Increasingly, the hierarchal image of cubicles and spaces load-ed with mahogany and granite is being rejected in favor of one that projects efficiency, creativity and collaboration.▲
Designing for collaborationadds value to the bottom line
Kyle Zeppelin Vice president,
Zeppelin Development,
Denver. Zeppelin Development
developed TAXI.
November 5, 2008 - A couple of weeks ago, I had the pleasure of meeting the CEO for Australia’s largest pension property trust, whose company has real estate holdings locally and world wide, but had never before been to Denver. My job was to educate him to the overall Denver economy and office market.
After having spent a day touring him through the market, he had the following observations about Denver: 1) desirable location to live – continued positive net migration 2) definitely becoming a primary market 3) balanced employment by sector 4) office price per sf still relatively inexpensive 5) speculative office construction not over-built 6) office market is stable compared to other national and international cities 7) Denver’s market will trend down with the national and global economy, but not as much as other markets, and will recover sooner than most.
Perspective is a good thing. In 2000, Denver had 6.5M sf of positive absorption and an 8% overall vacancy rate…oh, the good old days! In 2001, 9/11 occurred and the beginning of the telecom/dotcom meltdown was underway. Then in 2002, the wheels fell off. The office market experienced 2.2M sf of negative absorption and direct vacancy approached 20% and overall vacancy was near 30%.
Unlike the 2001/2002 bust, speculative office construction has not been over-built. More
importantly, the overall Denver and SES office markets are fundamentally strong and stronger relative to most other major U.S. cities. Year-to-date, 7.75M sf of leasing activity has occurred, equating to 450k sf of net absorption. Yes, that is only a third of the 1.5M sf of net absorption for the same period a year ago, but it is positive absorption, and there a host of other cities that would gladly trade places with Denver!
Overall market vacancy has only slightly increased from a year ago remaining at less than 13.5%. SES’s year-to-date overall vacancy rate increased to 14.23 % or 16.01% (depending on which report one reads) either way, through the 3rd quarter of 2008, overall vacancy has increased less than .50%. Comparatively, SES’s class A office vacancy remains at a healthy 12%.
The Big Picture - so goes the national economy and employment, so goes the Denver and SES office markets. National & global economic woes will continue to impact Denver and the SES office markets. Today, Denver, with its diverse employment base, is now more connected to the national economy than it has ever been in the past, making Denver more susceptible to national job growth and losses. However, this same diverse economy also makes Denver less immune to specific industry down turns. Although financial and construction sector employment growth in
metro Denver has declined, all nonagricultural employment over the 12-month span ending in July was up 1.1% (equal to 14,000 jobs). Future national job losses will most certainly have a ripple effect in local employment, creating a non-expansionary market, an increase in sublease space, short-term negative absorption and subsequent flattening or slightly declining rental rates. Although we, like most other cities, are in a weakening commercial real estate market, all indications are that the Denver and SES office markets are no where near, nor will they approach, the lows of the last down cycles. And, based on the region’s now diverse economy, Denver will in the near future continue to out-perform most other major U.S. office markets.
So what does the future hold for the Denver and SES office markets? We are without doubt headed for more challenging times. But, with challenges come opportunities. Yes, the downturn will undoubtedly continue for the next several quarters. The obvious question is how long and how deep the downturn will last? To which there is no obvious answer; given the complexity of the credit crisis and its far reaching effect on the U.S. and global economies. Perhaps the question we need to ask of ourselves is how will we respond to the challenges?
Now is the time to demonstrate
to our clients, investors and industry peers that we have the grit and fortitude to endure these challenging times and make the best of our circumstances and future. One might say the crystal ball is partly cloudy, however I prefer to think of it as partly sunny…it all depends on one’s perspective!
Bill Balkovatz is Managing Director at Crimson Services, LLC, and can be reached at
720.284.3603 or [email protected]
Crimson Services, LLC10375 Park Meadows Drive
Suite 500Littleton, Colorado 80124
720.284.3600www.crimsoncolorado.com
Perspective of the Denver and the Southeast Suburban (SES) Office MarketsBy Bill Balkovatz
FOR IMMEDIATE RELEASE
CRIMSON SERVICES DENVER WINS TOP SMALL SHOPS AWARD
DENVER, CO – (March 6, 2009) – Crimson Services is pleased to announce that
Richard Egitto, CCIM, Senior Managing Director, has been named the Denver Metro
Commercial Association of REALTORS’® (DMCAR) Top Small Shops Broker for 2008.
Egitto was one of nine finalists nominated for the Top Small Shops (less than six brokers)
Broker award, which was announced last Friday, February 27, at the annual DMCAR Heavy
Hitters in Commercial Real Estate awards luncheon at The Ritz-Carlton Denver. This is Egitto’s
second straight title as Top Small Shops Broker and his fifth time in the last six years to win the
top award in this category. Egitto was also a finalist in this year’s Top Investment Broker
category.
The DMCAR Heavy Hitters annual awards luncheon recognizes the top producers in
commercial real estate in Denver in 11 categories, including Top Young Broker and
REALTOR® of the Year.
Egitto completed a number of deals in 2008, including representing Denver-based
Alliance Commercial Partners in the $96,000,000 sale of their 336,939 square foot Anchor
Centre office complex in Phoenix, AZ to Transwestern Investment Co. Other notable
transactions include the sale of 2.87 acres of land in Lone Tree, CO for the development of a
Westin-brand hotel (the Element), and the sale of 2.46 acres of vacant land in Littleton, CO for
the development of a Hampton Inn & Suites Hotel.
“The first half of 2008 went pretty much as we expected,” said Egitto. “But nobody
anticipated or predicted the near shutdown that occurred in the third and fourth quarters and the
resulting crisis that made the development process nearly impossible. For 2009 and 2010, we’re
focused on helping our clients figure out the next steps for their portfolios.”
Egitto’s other notable clients include Saxa, Demattia Group, Stanisz Development and
Grosvenor Investment Management.
(More)
10375 Park Meadows Drive, Suite 500 Littleton, CO 80124
Phone: 720-284-3600 Fax: 720-284-3610 www.crimsoncolorado.com
10375 Park Meadows Drive, Suite 500 Littleton, CO 80124
Phone: 720-284-3600 Fax: 720-284-3610 www.crimsoncolorado.com
Crimson Services is a full-service commercial real estate brokerage firm, specializing in
commercial real estate investment sales and acquisitions, land sales, office condominium sales,
portfolio analysis and consulting for real estate owners and corporate real estate users throughout
the country. The firm also provides landlord project leasing and property management services
in targeted national markets to support asset enhancement of commercial real estate facilities.
For more information, contact 720-284-3600 or visit www.crimsoncolorado.com.
###
For more information, contact: Megan Maddocks, Marketing Director 720-284-3604, [email protected] Richard Egitto, CCIM , Senior Managing Director 720-284-3601, [email protected]
LITTLETON - A new upscale office condominium project is being planned for Littleton, near the intersection of County Line Road and Santa Fe Drive.
Teton Capital LLC unveiled plans this week to develop Hilltop Vistas Professional Offices, featuring two Class “A” single-story office condominium buildings totaling 30,905 square feet in the Hilltop Business Centre.
The buildings are being marketed to small to mid-sized business owners, specifically physicians, dentists, accountants, lawyers, real estate firms, financial planners, medical users, and other professional service firms. Suites range from 1,756 to 4,000 square feet, at $225 per
square foot for core and shell. The units are for sale and are expected to be completed in mid-2009.
The offices will provide views of the foothills and Front Range, enhanced by a 360-degree glass line design in each building to take in views of McLellan Reservoir, Chatfield Lake and South Platte Park. Walk-up entrances, distinctive architecture and styling with curved canopies and cultured stone and stucco façades also will be offered.
“We developed these buildings to provide an upscale real estate investment opportunity for owner-occupants to purchase their office space in a great southwest location with C-470 visibility and access, awesome view
New offices planned for southeast Littleton areaThursday, October 2, 2008
corridors and nearby business amenities,” said Tony Patinella, principal of Teton Capital LLC.
The area has seen several developments lately, including the 1500-unit Wind Crest Retirement Community and a Hampton Inn Hotel and Suites, which is under construction.
Teton Capital LLC is a group of local investors with more than 50 cumulative years of experience in the real estate development and construction industry.
For more information visit www.crimsoncolorado.com or call 720-284-3600.