NOR
LITTLETON, CO
RECENTLY OPENED CORPORATE STARBUCKS WITH DRIVE-THRU
STARBUCKS
OPENED SEPT. 13
BRAND NEW OUTPARCEL WITHIN THE WOODLAWN SHOPPING CENTER IN AFFLUENT DENVER SUBURB
OPENED SEPT. 13
COMING SOON
2
STARBUCKS
4.85%CAP
$1,814,000PRICE
New construction Corporate Starbucks
Outparcel within the WoodLawn Shopping Center (92% occupied)
10-year net lease; no early lease termination
Relocation of successful store from nearby King Soopers Center
Littleton is an affluent suburb of Denver, with Average Household Incomes of $111,787 within a 5-mile radius
This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.
LEASABLE SF2,000 SF
LEASE TERM10 Years
LEASE TYPECorp. Net Lease
LAND AREA0.7 AC
YEAR BUILT2019
PARKING28 Spaces
1500 W LITTLETON BLVD, LITTLETON, CO 80120
3
Overview
THE OFFERING provides an investor with the opportunity to acquire a build-to-suit Starbucks drive-thru outparcel within the WoodLawn Shopping Center in Littleton, CO. Construction was recently completed on the subject property, and Starbucks commenced a 10-year lease on September 13, 2019. The lease structure features defendable rents with 10% rental increases every five years, in addition to four 5-year extension options. Starbucks relocated from the King Soopers anchored shopping center just east of the subject property on W Littleton Boulevard, reflecting the appeal of being positioned within the WoodLawn center. W Littleton Boulevard is a well-trafficked road running east-west (24,758 VPD), which connects South Broadway to U.S. Route 85, which is the main north-south arterial that funnels into downtown Denver (62,668 VPD).
Contact the team
RELOCATION OF SUCCESSFUL STORE FROM KING SOOPERS CENTER LOCATED DOWN THE STREET
This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.
THE RETAIL MARKET - Littleton has a strengthening economy that has coincided with the impressive ongoing growth taking place in Denver. This spillover effect has led to increases in development in Littleton, which has received a 200% increase in development applications over the last five years. Neighboring retailers within the WoodLawn center include a mix of daily needs tenants that include Family Dollar, Anytime Fitness, Sherwin-Williams, as well as Dollar Tree which is moving into the center later this fall. To the east of the subject property is Littleton High School (1,200+ students), and to the southwest is the Arapahoe Community College (20,000+ students).
CHRIS [email protected]: 415.274.2701CA DRE# 01002010
ZEB [email protected]: 415.274.2702CA DRE# 01242540
CHRIS [email protected]: 415.274.2703CA DRE# 01339983
JACK [email protected]: 415.274.2705CA DRE# 01909630
IN CONJUNCTION WITHCO LICENSED BROKER:David LeutholdLeuthold Commercial Properties303.871.9000
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Investment Highlights
85
85
W LITTLETON BOULEVARDW ALAMO AVENUE
W MAIN STREET
W BOWLES AVENUE
E LITTLETON BOULEVARD
S B
ROA
DW
AYS
BRO
AD
WAY
S W
IND
ERM
ERE
STRE
ETS
WIN
DER
MER
E ST
REET
12,745 VPD
31,916 VPD
58,640 VPD
SCHOOL
ARAPAHOE COUNTY
ARAPAHOE COUNTY
CITY OF LITTLETON
CITY OF LITTLETON
CITY OF LITTLETON
HIGH SCHOOL
GOLF COURSE
ELEMENTARY SCHOOL
ELEMENTARY SCHOOL
ARAPAHOE COMMUNITY
COLLEGE
DENVER SEMINARY
22,490 VPD
24,758 VPD
62,668 VPD
DENVER(11 MILES)
5This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.
LIG
HTR
AIL
LIGH
TRAI
L
DOWNTOWN LITTLETON
THE SUBJECT PROPERTY IS LESS THAN 1/2 MILE FROM THE
LITTLETON DOWNTOWN RTD LIGHT RAIL STAION
LITTLETON DOWNTOWN
STATION
5
Zoomed-In Aerial
85
85
85
285
285
BROADWAYBROADWAY
W B
OW
LES
AVEN
UE
W L
ITTL
ETO
N
BO
ULE
VARD
31,916 VPD
76,000 VPD
51,957 VPD
58,640 VPD
32,950 VPD
76,000 VPD
ARAPAHOE COMMUNITY
COLLEGE
SWEDISH MEDICAL CENTERCRAIG
HOSPITAL
ACADEMY
ACADEMY
SCHOOL
SCHOOLSCHOOL
MIDDLE SCHOOL
MIDDLE SCHOOL
HIGH SCHOOL
HIGH SCHOOL
MUSEUM OF
OUTDOOR ARTS
HIGH SCHOOL
HIGH SCHOOL
HIGH SCHOOL
CITY OF SHERIDAN
GOLF COURSE
GOLF COURSE
GOLF COURSE
GOLF COURSE
SPORTS COMPLEX
GOLF COURSE
ELEMENTARY SCHOOL
ELEMENTARY SCHOOL
ELEMENTARY SCHOOL
ELEMENTARY SCHOOL
ELEMENTARY SCHOOL
ELEMENTARY SCHOOL
DENVER SEMINARY
24,758 VPD
6This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.
DENVER(11 MILES)
6
Zoomed-Out Aerial
Family DollarAnytime FitnessSherwin Williams7-ElevenUSPSArc Thrift StoreMetro by T-Mobile
King SoopersChipotleWells Fargo BankSubwayTeslaRomano’s PizzeriaTaylor Automotive
Littleton CafeWoodlawn LiquorsWash House LaundromatTaco House
This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.
Submarket Overview
RETAILERS IN CLOSE PROXIMITY INCLUDE:
BUSINESS SUMMARY
KEY 1-MILE 3-MILES 5-MILES 7
LITTLETON
ENGLEWOOD
HIGHLANDS RANCH
CENTENNIAL
TOTAL 1-MILE 3-MILES 5-MILES
Businesses 1,070 4,950 12,100
Employees 10,454 49,698 122,275
Residential Population 15,505 95,153 280,317
Avg Household Incomes $69,649 $103,682 $111,787
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Surrounding Retail
This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.
PRICE $1,814,000 Price Per Square Foot: $907.00
Capitalization Rate: 4.85%
Total Rentable Area (SF): 2,000
Lot Size (AC): 0.70
STABILIZED INCOME PER SQUARE FOOTScheduled Rent $44.00 $88,000
Effective Gross Income $44.00 $88,000
LESS PER SQUARE FOOTTaxes NNN $0.00
Insurance NNN $0.00
Total Operating Expenses NNN $0.00
EQUALS NET OPERATING INCOME $88,000
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Income & Expense
This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.
TENANT INFO LEASE TERMS RENT SUMMARY
TENANT NAME SQ. FT. CURRENT RENT
MONTHLY RENT
YEARLY RENT
MONTHLY RENT/FT
YEAR RENT/FT
Starbucks 2,000 09/13/19 09/30/24 $88,000 $7,333 $88,000 $3.67 $44.00
10/01/24 09/30/29 $8,067 $96,800 $4.03 $48.40
Option 1 10/01/29 09/30/34 $8,873 $106,480 $4.44 $53.24
Option 2 10/01/34 09/30/39 $9,760 $117,120 $4.88 $58.56
Option 3 10/01/39 09/30/44 $10,737 $128,840 $5.37 $64.42
Option 4 10/01/44 09/30/49 $11,810 $141,720 $5.91 $70.86
TOTALS: 2,000 $88,000 $7,333 $88,000 $3.67 $44.00
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Rent Roll
BASE RENT
DATE RANGE MONTHLY RENT ANNUAL RENT
09/13/19 - 09/30/24 $7,333 $88,00010/01/24 - 09/30/29 $8,067 $96,800
OPTION RENTS
DATE RANGE MONTHLY RENT ANNUAL RENT
10/01/29 - 09/30/34 $8,873 $106,48010/01/34 - 09/30/39 $9,760 $117,12010/01/39 - 09/30/44 $10,737 $128,84010/01/44 - 09/30/49 $11,810 $141,720
RENT
TENANT Starbucks Corporation BUILDING SF 2,000 SFLOT SIZE 0.70 ACLEASE TYPE Corporate Net LeaseLEASE COMMENCEMENT September 13, 2019TERM 10 YearsOPTIONS Four 5-year
PREMISES& TERM
TAXESTenant shall reimburse landlord for the payment of taxes.
TENANT’S OBLIGATIONSTenant is responsible for all maintenance and repair to the non-structural portions of the Premises, including the HVAC unit.
LANDLORD’S OBLIGATIONSLandlord is responsible for the maintenance and repair of the common areas, as well as the roof and structure of the building.
COMMON AREA EXPENSESTenant reimburses landlord for its pro rata share of common area operating expenses and shall not exceed 105% of the payment for the previous lease year (excluding utilities, trash, and snow/ice removal).
INSURANCETenant shall maintain: (1) Liability insurance with limits no less than $1 million per occurrence and $2 million in aggregate, naming landlord as additional insured; and (2) commercial property form insurance covering the replacement cost of tenant’s trade fixtures, equipment and inventory.
Landlord shall maintain: (1) Liability insurance with limits no less than $1 million per occurrence and $2 million in aggregate, naming tenant as additional insured; and (2) commercial property insurance covering the replacement cost of the building and parcel. Tenant reimburses landlord for insurance expenses.
UTILITIESTenant is responsible for direct payment of all utilities to the appropriate billing authority.
ASSIGNMENT/SUBLETTINGTenant may assign or sublet without landlord’s consent, but with at least 30 days prior written notice, and shall remain liable for the lease obligations.
ESTOPPEL CERTIFICATESTenant shall deliver to landlord an executed Estoppel Certificate within 30 days of written notice.
EXPENSES
LEASEPROVISIONS
The details contained within the Lease Abstract are provided as a courtesy to the recipient for purposes of evaluating the Property’s suitability. While every effort is made to accurately reflect the terms of the lease document(s), many of the items represented herein have been paraphrased, may have changed since the time of publication, or are potentially in error. Capital Pacific and its employees explicitly disclaim any responsibility for inaccuracies and it is the duty of the recipient to exercise an independent due diligence investigation in verifying all such information, including, but not limited to, the actual lease document(s).
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Lease Abstract
W LITTLETON BOULEVARD
AVAILABLE 2,400 SF
AVAILABLE 3,518 SF
AVAILABLE 2,160 SF
S D
ATU
RA S
TREE
T
S W
IND
ERM
ERE
STRE
ET
PYLON SIGN
LAUNDROMAT
KOSHA YOGA
GEKKO VAPES
EL LUSERO
CLIFF AUSTIN FINE ARTS
PHO-HEIN RESTAURANT
LITTLETON NAILS & SPA
LIQUOR STORE
GT JEWELRY
HARLEY’S HOT DOGS
CHRISTIAN SCIENCE
BOOK STORE
WOODLAWN VETERINARY
HOSPITAL
24,758 VPD
7,841 VPD
12This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.
COMING SOON
STATE BEAUTY SUPPLY
LUIS’ DINER
NOT A PART
MONUMENT SIGNBUS STOP
INDIA’S BEST
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Site Plan
This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.
ABOUT STARBUCKS
2018 RANKINGS
#5 - FORTUNE’S list of world’s most admired companies #132 - FORTUNE 500 list #30 - FORBE’S World’s Most Innovative Companies
The world’s #1 specialty coffee retailer, Starbucks has more than 29,000 coffee shops in 78 countries, and over 291,000 employees. The outlets offer coffee drinks and food items, as well as roasted beans, coffee accessories, and teas.
2018 NET REVENUES$24.7B
LOCATIONS IN THE AMERICAS17,450+
In 2018, the chain had a net revenue of $24.7 Billion, and an operating income of $4.4 Billion. Starbucks has a credit rating of A- from Standard & Poor, and is traded on the NASDAQ under SBUX.
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Tenant Overview
POPULATION
1-MILE 3-MILES 5-MILES
2010 14,559 87,775 256,714
2019 15,505 95,153 280,317
2024 16,376 101,012 296,295
2019 HH INCOME
1-MILE 3-MILES 5-MILES
Average $69,649 $103,682 $111,787 LITTLETON
DENVER (11 MILES)
THE AVERAGE HOUSEHOLD INCOME WITHIN A 5-MILE RADIUS
IS OVER $111K
This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.
AURORA
BROOMFIELD
LAKEWOOD
CENTENNIAL
TOP EMPLOYERS IN DENVER MSA
EMPLOYER # OF EMPLOYEES
Denver International Airport 35,000
Lockheed Martin 14,000
HealthONE Corporation 11,050
Centura Health 8,310
SCL Health Systems 8,270
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Demographics
Location Overview
LITTLETON is a small community just 11 miles south of Denver. It is easily accessible from downtown Denver via the RTD Light Rail, U.S. Route 85, and bike along the Platte River Trail and Mary Carter Greenway Trail.
Historic Downtown Littleton has a charm all its own, from turn-of-the-century buildings and antique shops to cozy, relaxed eateries, restaurants and bars. Littleton has nearly 1,500 acres of parks and open space, including Hudson Gardens, which encompasses thirty acres of garden exhibits, trails, natural terrain, and event venues.
704,621+DENVER POPULATION (ESTIMATED)
This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.
DENVER, CO
LITTLETON,COLORADO
DENVER is the capital and most populous city in Colorado with a population exceeding 700,000 residents. The Denver MSA had a gross domestic product of $214 billion in 2017, making it the 18th largest metropolitan area economy in the United States. The city’s relatively central location makes it a natural location as a distribution hub for the American west, while also supporting a number of growing industries in technology, telecommunications, and energy.
Employment in Denver had an increase of 2.5% between February 2017 and 2018, which is an additional 40,800 jobs. The unemployment rate in the Denver MSA is at 3.0%, lower than the U.S. average of 3.7%.
1515
Location Overview
Denver MSA
This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.
DENVER UNION STATION
DENVER MSA Denver, known as the Mile High City, rests on the eastern edge of the
Rocky Mountains at 5,280 feet in elevation. The Denver MSA is home to 10 Fortune 500 company headquarters, including DaVita, DISH Network, Western Union, Ball Corporation,
Arrow Electronics, Molson Coors Brewery, Qurate Retail, DCP Midstream, Liberty Media, and Newmont Mining.
The city is home to many nationally recognized museums, the second largest performing arts center in the nation, and three downtown stadiums hosting the city’s football, baseball, basketball, and hockey teams. Denver has gained a reputation as being a very active, outdoor oriented city because of its proximity to the mountains and generally sunny weather. Denver was ranked the #2 Best Place to Live in 2019 by U.S. News & World Report, and #4 on Forbes 2018 List of Best Places for Business and Careers.
GENERAL STATSLARGEST CITY IN COLORADO
5TH LARGEST MSA IN THE U.S.
#2 BEST PLACE TO LIVE IN 2019 BY U.S. NEWS & WORLD REPORT
3% UNEMPLOYMENT RATE IN METRO
1.74 MILLION JOBS IN THE METRO
#4 BEST PLACES FOR BUSINESS AND CAREERS BY FORBES
2ND LARGEST INCREASE IN WORKERS IN 2018 - LINKEDIN
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LOCAL DEVELOPMENTS
This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.
TECH BOOM
The Denver MSA has experienced a 63% growth in tech companies from 2010 to 2017, and a 74% increase in tech employment in Downtown Denver
Tech jobs account for 10.3% of the Colorado workforce, the fifth highest percentage in the United States
The tech sector’s economic impact in the state is $48 billion, or 14.5% of the overall economy
Many tech firms are expanding into Denver due to affordability (avg. rents are $1,468 compared to $3,084 in San Francisco)
DYNAMIC BUSINESS ENVIRONMENT
Denver’s labor force grew by over 58,000 people in 2018
No single industry accounts for more than 18% of Denver’s employment
Denver has the 5th ranked economy in the U.S. among large cities
Denver has 772 startups compared to 411 in 2010, ranking it 5th in the startup activity index for major metros
17
Economic Snapshot
RIVER MILE IS A PROPOSED MIXED-USE REDEVELOPMENT OF A 62-ACRE SITE along the South Platte River in Downtown Denver. Formerly the Elitch Gardens amusement park, the site will include residential, office, retail and restuarant uses, as well as a variety of public spaces. Development is expected to be built in phases over a 25-year period.
AMAZON ANNOUNCED PLANS TO OPEN A NEW DOWNTOWN DENVER OFFICE and create an additional 400 tech jobs in the city. This will more than double the tech workforce in the city’s metro area. Amazon’s new 98,000 square foot office will be located in Denver’s Lower Downtown neighborhood. Together with its customer fulfillment and retail facilities, the company has created more than 3,500 full-time jobs in Colorado.
AEROTROPOLIS IS A PLANNED DEVELOPMENT ON 21,000 ACRES of land just south of the Denver International Airport. The project will bring new businesses and housing, including 23,000-unit housing development. Plans are moving forward after the Aerotropolis Regional Transportation Authority voted in May 2019 to issue a bond for $200 million in infastructure improvements.
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We’d love to hearfrom you.
CHRIS [email protected]: 415.274.2701CA DRE# 01002010
ZEB [email protected]: 415.274.2702CA DRE# 01242540
CHRIS [email protected]: 415.274.2703CA DRE# 01339983
JACK [email protected]: 415.274.2705
CA DRE# 01909630
This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.
IN CONJUNCTION WITHCO LICENSED BROKER:David LeutholdLeuthold Commercial Properties303.871.9000
CAPITAL PACIFIC COLLABORATES. CLICK HERE TO MEET OUR SAN FRANCISCO TEAM:
JOE CACCAMOJOHN ANDREINI
ZANDY SMITH
DAVE LUCAS
RICK SANNER
CHRIS KOSTANECKIZEB RIPPLE CHRIS PETERS
JACK NAVARRAJUSTIN SHARP
JUSTIN STARK SAMANTHA TULLIO
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