the greens at inverness - loopnet...the greens at inverness 3 executive summary rise commercial real...
TRANSCRIPT
T HE G REENSAT INVE RNESS56 & 58 Inverness Drive EastEnglewood, CO 80112
Commercial Real Estate Advisors
OFFERING MEMORANDUM
THE GREENSAT INVERNESS
2
EXECUTIVE SUMMARY
SALE & LEASING CONTACTSFor additional information, please contact either:
Jeremy Reeves, Senior Advisor720.274.8376 | [email protected] Woodward, Principal720.274.8313 | [email protected]
RISE Commercial Real Estate Advisors188 Inverness Drive West, Suite 140 | Englewood, Colorado 80112Main Phone: 303.799.9500 Fax: 303.799.9502
Information and Property ToursRISE Commercial Real Estate Advisors will facilitate all communications relating to the Offering Memorandum, the dissemination of additional information requests, tours of the Property and purchase offers. We respectfully request that you do not contact the owner, the property management team or the tenants at the Property. Please contact one of the Sale Contacts to schedule a convenient time to tour the asset.
DisclaimerThe information contained in this offering material was prepared by RISE Commercial Real Estate Advisors and was reviewed by the Owner. It is, however, subject to errors and omissions. Each prospective purchaser is to rely upon its own investigation, evaluation, and judgment as to the advisability of purchasing the Properties described herein. The Owner expressly reserves the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the Properties and/or terminate discussions with any party, at any time, with or without notice.
THE GREENSAT INVERNESS
3
EXECUTIVE SUMMARY
RISE Commercial Real Estate Advisors is pleased to present to qualified owner/users or investors, the sale of the Greens at Inverness, a multi-tenant, two-building office complex totaling 64,148 square feet. The property is located in the Southeast Suburban market in Denver, Colorado. This is a unique opportunity to purchase a value add, partially leased, office building in the coveted Inverness Park.
OFFERING DETAILS
• Occupancy 67%• Number of Tenants 15• In-Place Average Rent $17.64/RSF Full Service Gross• Property Quoted Rent $19.00/RSF – $21.00/RSF Full Service Gross• In-Place Monthly Rent $63,186.22• 2017 Budgeted Operating Expenses $7.83/SF
Offered at $8,350,000
THE GREENSAT INVERNESS
4
SITE PLAN
THE GREENSAT INVERNESS
5
PROPERTY HIGHLIGHTS
RISE Commercial Real Estate Advisors is pleased to offer for sale a unique office property which offers the following attributes:
Superior Location and AccessThe Greens at Inverness is a small tenant office complex in the highly desirable Southeast Suburban Submarket of Denver. The property is located in the heart of the prestigious, covenant controlled Inverness Park and surrounded by a variety of upscale commercial properties, high-end residential communities, and abundant retail and restaurant options. With its centerpiece 18-hole championship golf course and abundant amenities, Inverness Park has attracted a who’s who of corporate America including Comcast, DirecTV, Jeppesen, IHS, Sprint, and Echostar. The barrier Centennial Airport creates to through traffic provides an unmatched, serene business park environment. The Greens at Inverness is only 1 ½ miles to I-25 via Dry Creek or County Line Road and 2 miles to C-470. The property is serviced by the RTD Call N Ride bus system which provides transportation from the Dry Creek Light Rail station to the covered bus stop in front of 56 Inverness Drive East.
Owner/User OpportunityA contiguous block of 15,844 RSF is available on the second floor of 56 Inverness Drive East. An owner/user is able to create a “statement” office suite in this space with lobby exposure, high ceilings, golf course and pond views, and an extensive glass line stretching three sides of the building. A diversified rent roll allows for an owner/user to acquire a high quality asset with the ability to offset their occupancy costs through in place and future rent income. The size of this asset allows an owner/user to strategically accommodate their future growth.
THE GREENSAT INVERNESS
6
PROPERTY HIGHLIGHTS
Value Add OpportunityGreens at Inverness is 67% occupied. The vacancy allows an owner/user or investor the opportunity to grow the NOI and create value through immediate lease up, while enjoying the existing cash flow. The Denver office market continues to be one of the strongest in the country. Denver posted some of the strongest rent growth nationally from 2012 – 2015 and rents today are more than 10% above last cycle’s highs. Additional upside exists as tenants renew at current market rates.
Enhance Property Through Additional ImprovementsThe Greens at Inverness is positioned in the Inverness and surrounding submarkets as a value alternative in a highly desirable location. The building is well kept and many of the suites have above standard finishes for a Class B office building. A new owner can provide additional value to the property by making aesthetic improvements to reposition the property to compete with higher end properties within Inverness Park and the Southeast Suburban market.
THE GREENSAT INVERNESS
7
PROPERTY OVERVIEW
PROPERTY DESCRIPTION
Name: The Greens at Inverness
Property Type: Two story office
Property Address: 56 & 58 Inverness Drive East, Englewood, Colorado
County: Arapahoe
Year of Construction: 1981
Rentable Building Area: 64,148 SF (combined)
Number of Floors: 2 floors per building
Net Rentable Square Footage: 56 Inverness: 39,938 SF 58 Inverness: 24,210 SF
Site Size: 56 Inverness: 3.4 acres 58 Inverness: 1.8 acres
Zoning: I-1. Light Industrial, by Arapahoe County. This zoning classification is generally similar throughout the park. Allowable uses include: office, light industrial, day care, and research facilities among others.
Roof: The flat roof is constructed with a steel deck cov-ered with insulation board and covered by a membrane roof, overlaid with rock ballast. The roofs were replaced in 2002 and professionally reconditioned in November 2013 with a full 10-year parts and labor warranty, with no deductible.
Signage: The east side of The Greens features two mon-ument signs fronting Inverness Drive East, each with 4 panels.
Type of Construction: Structural steel beams and columns with an exterior finish of exposed aggregate
concrete panel with aluminum-framed anodized glass win-dows band and tinted glass.
Foundation: Concrete slab-on-grade with concrete foot-ings.
HVAC: Approximately 35 roof mounted HVAC units of varying age provide central air conditioning and heat.
Vertical Transportation: Main vertical transport is provid-ed by a set of open finished stairways located as part of the front entrance lobby, a single elevator per building, and an additional enclosed stairwell.
Fire and Life Safety: The buildings are fully sprinklered.
Finished Ceiling Height: 9’-0”
Parking: On-site asphalt parking is available for a total of 249 parking spaces for a parking ratio of 3.9: 1,000 SF of rentable area.
Utilities:Telephone: Century Link Gas and Electric: Xcel Energy Water and Sewer: Inverness Water and Sanitation DistrictDSL & Cable: Century Link and Focus FiberPolice Protection: Arapahoe County Fire Protection: Castlewood Fire District
Storage: 3 garage-type storage units on-site, all leased to tenants.
Access: The site is accessed from Interstate 25 via the Dry Creek Road interchange from the north and the County Line Road interchange from the south. Both roads connect into Inverness Drive East, a major north/south feeder road through Inverness that connects the two roads. The Greens is accessed from two curb cuts off of Inverness Drive East.
The Regional Transportation Department (RTD) Dry Creek
THE GREENSAT INVERNESS
8
PROPERTY OVERVIEW
Light Rail stop is located at Interstate 25 and Dry Creek Road, and the Park Meadows Station is located just south of County Line Road on I-25, offering Call-n-Ride delivery to all office buildings in Inverness. The Property enjoys an RTD stop at its entrance.
Parking: The spaces are located on the east and north sides of the buildings, with a remote lot north and west of Building 58.
Landscaping: The site is well landscaped with a variety of trees and shrubs, ground cover, turf and flowers. The landscaping is attractive, established and well main-tained.
Metropolitan District: The building is located in the In-verness Metropolitan Improvement District, a quasi-mu-nicipal corporation established for the construction and maintenance of public improvements within the park.
Protective Covenants: Located in Inverness Park and governed by the Inverness Planning and Architectural Control Committee (IPACC).
Separate Tax Parcels:
56 Inverness 2075-35-2-12-00158 Inverness 2075-35-2-12-002
THE GREENSAT INVERNESS
9
PROPERTY OVERVIEW
INVERNESS GOLF COURSE
CENTENNIAL AIRPORT
HILTON DENVER INVERNESS HOTEL
PARKMEADOWS
MALL
CENTENNIAL PROMENADE
CENTENNIALLONE TREE
N
Inverness Drive East
Dry Creek Rd.
County Line Rd.Inverness Drive East
LIGHT RAILLIGHT RAIL
THE GREENS AT INVERNESS
THE GREENSAT INVERNESS
10
PROPERTY OVERVIEW
THE GREENSAT INVERNESS
11
COLORADOATHLETIC
CLUB
CENTENNIALAIRPORT
SHOPS AT VALLAGIO
INVERNESSGOLF
COURSEHILTONDENVER
INVERNESSHOTEL
PARK MEADOWS
MALL
CENTENNIALPROMENADE
Inverness Drive EastCounty Line Road
Dry Creek Road
Inv
e rness Drive West
LIGHT RAIL
LIGHT RAIL
THE GREENS AT INVERNESS
Site Description
Located in southeast suburban Denver, The Greens at Inverness is located just 20 minutes from Downtown Denver and 40 minutes from Denver International Airport. The property is located directly on the Inverness Golf Course.
The location is immediately accessible to many casual and fine-dining restaurants, and major retail centers such as Park Meadows Regional Mall, Centennial Promenade, IKEA, the Lone Tree Entertainment District and the new Cabela’s. Numerous hotels are also in the area including the Inverness Hotel and Conference Center, the Denver South Marriott hotel and numerous limited service and extended stay brands.
PROPERTY OVERVIEW
Inverness Championship Golf Course
The Hilton Denver Inverness Hotel and Conference Center
JEREMY [email protected]
BILL [email protected]
1 8 8 I n v e r n e s s D r i v e W e s t , S u i t e 1 5 0 | E n g l e w o o d , C O 8 0 1 1 2 | 3 0 3 . 7 9 9 . 9 5 0 0 | w w w . R I S E c r e a . c o m
INNOVATION STRATEGY EXECUTIONRELATIONSHIPSCommercial Real Estate Advisors