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Home My WebLink About20212021.tiffCOUNTY BOARD OF EQUALIZATION WELD COUNTY Single County Schedule Number: R3919605 STIPULATION (As To Tax Year 2021 Actual Value) RE PETITION OF : NAME: Greeley Property LLC ADDRESS: 150 Brattle St Cambridge, MA Petitioner (s) and the Weld County Assessor hereby enter into this Stipulation regarding the tax year 2021 valuation of the subject property, and jointly move the Board of Equalization to enter its order based on this Stipulation. Petitioner (s) and Assessor agree and stipulate as follows: 1. The property subject to this Stipulation is described as: GR CS L2 BLK1 COTTONWOOD SQUARE 1641 23rd Ave, Greeley CO 2. The subject property is classified as commercial. 3. The County Assessor originally assigned the following actual value to the subject property for the tax year 2021 : Total: $2,449,020 4. After further review and negotiation, Petitioner (s) and Weld County Assessor agree to the following tax year 2021 actual value for the subject property: Total: $2,420,208 5. The valuation, as established above, shall be binding only with respect to tax year 2021 . 6. Brief narrative as to why the reduction was made: After a review of the approaches to value, a reduction was indicated. 7. Both parties agree that: ZIThe hearing scheduled before the Board of Equalization on 08/03/2021 at 8:30 am be vacated. nA hearing has not yet been scheduled before the Board of Equalization. R3919605 1 Oal-oal AS©1o9 DATED this 21 day of July , 2021 . Petitioner(s) or Agent or Attorney Address: 950 S Cherry Street, Suite 320 Denver CO 80246 Telephone: 3037578865 R3919605 (Assistant) County Attorney for Respondent, Weld County Board of Commissioners Address: 1150 "O" Street P.O. Box 758 Greeley, CO 80632 Telephone:(970) 336-7235 County Deputy Assessor Address: 1400 N.17th Avenue Greeley, CO 80631 Telephone: (970) 400-3650 2 R3919605 Greeley Property LLC Final Audit Report "R3919605 Greeley Property LLC" History SUE GUNDRY (sgundry@co.weld.co.us) t Document created by SUE GUNDRY (sgundry@co.weld.co.us) 2021-07-21 - 6:42:28 PM GMT- IP address: 204.133.39.9 'El Document emailed to SUE GUNDRY (sgundry@co.weld.co.us) for approval 2021-07-21 - 6:42:31 PM GMT Document approved by SUE GUNDRY (sgundry@co.weld.co.us) Approval Date: 2021-07-21 - 6:458 PM GMT - Time Source: server- IP address: 204.133.39.9 Document emailed to Jason Marini (jmarini@co.weld.co.us) for approval 2021-07-21 - 6:45:29 PM GMT t Email viewed by Jason Marini (jmarini@co.weld.co.us) 2021-07-21 - 11:15:44 PM GMT- IP address: 204.133.39.9 the Document approved by Jason Marini (jmarini@co.weld.co.us) Approval Date: 2021-07-22 - 2:54:52 PM GMT - Time Source: server- IP address: 204.133.39.9 Document emailed to Jason Marini (appeals@weldgov.com) for signature 2021-07-22 - 2:54:55 PM GMT • Email viewed by Jason Marini (appeals@weldgov.com) 2021-07-22 - 3:57:02 PM GMT- IP address: 204.133.39.9 t Document e -signed by Jason Marini (appeals@weldgov.com) Signature Date: 2021-07-22 - 3:57:24 PM GMT - Time Source: server- IP address: 204.133.39.9 2021-07-23 ,< Document emailed to Kendra Goldstein (kendra@sterlingpts.com) for signature 2021-07-22 - 3:57:26 PM GMT tJ Email viewed by Kendra Goldstein (kendra@sterlingpts.com) 2021-07-22 - 4:01:47 PM GMT- IP address: 174.248.152.160 WERE) BY Adobe Sign 4 Document e -signed by Kendra Goldstein (kendra@sterlingpts.com) Signature Date: 2021-07-23 - 5:53:00 PM GMT - Time Source: server- IP address: 73.34.240.159 1:74, Document emailed to Karin McDougal (weld-cboe@weldgov.com) for signature 2021-07-23 - 5:53:02 PM GMT c_ Email viewed by Karin McDougal (weld-cboe@weldgov.com) 2021-07-23 - 7:04:49 PM GMT- IP address: 204.133.39.9 Document e -signed by Karin McDougal (weld-cboe@weldgov.com) Signature Date: 2021-07-23 - 7:05:02 PM GMT - Time Source: server- IP address: 204.133.39.9 Agreement completed. 2021-07-23 - 7:05:02 PM GMT Adobe Sign CTB-County Board of Equalization Wednesday, July 14, 2021 1:39 PM SVC-AppeaIMailProcess CTB-County Board of Equalization R3919605 FW: 2021 Board of Equalization Appeals R3919605.pdf; Sterling Property Tax Back -Up Documentation.pdf Chloe Rempel From: Sent: To: Cc: Subject: Attachments: 83919605 GREELEY PROPERTY LLC, 1RA7'ILE ST CAMBRIDGE, MA 02138-2202 COMMERCIAL 2O21 0600 Chloe A. Rempel Deputy Clerk to the Board Supervisor Clerk to the Board's Office Weld County 1150 O Street Greeley, CO 80631 Tel: (970) 400-4213 Email: crempel@weldgov.com GR CS L2 BLK1 COI! I ONWOOD SQUARE 1641 23RD AVE GREELEY 2,449,020 2,449,( 2,449,020 2,449,0 Confidentiality Notice: This electronic transmission and any attached documents or other writings are intended only for the person or entity to which it is addressed and may contain information that is privileged, confidential 1 2021-2021 ASOIO1 or otherwise protected from disclosure If you have received this communication in error, please immediately notify sender by return e-mail and destroy the communication Any disclosure, copying, distribution or the taking of any action concerning the contents of this communication or any attachments by anyone other than the named recipient is strictly prohibited From: Barbara Gonzales <barbara@sterlingpts corn> Sent: Tuesday, July 13, 20213 23 PM To: CTB-County Board of Equalization <weld-cboe@co weld co us> Cc: Victoria Martin <victoria@sterlingpts corn> Subject: 2021 Board of Equalization Appeals Caution This email originated from outside`of Weld County Government. Do not click links pr open attachments unless you recognize the , sender and know the content issafe Dear Board, Please find attached the 2021 Board of Equalization appeals for the following schedule numbers R3919605 R2941404 R4696707 R2569303 R3846705 R5341708 R8945127 Our requested hearing date is as follows August 2, 2021 Please contact our office to discuss any question or concerns you may have regarding these cases Sincerely, Barbara Gonzales Senior Administrative Assistant I E- mail barbara@sterlingpts com Office 303-757-8865 Ext 106 I Fax 303-757-7691 STERLING PROPERTY TAX SPECIALISTS. INC- 950 S Cherry Street, Suite 320 Denver, CO 80246 www sterlingpts corn 2 NOTICE OF DETERMINATION Brenda Dones Weld County Assessor 1400 N 17'x' Ave Greeley, CO 80631 Date of Notice: 6/30/2021 Telephone: (970) 400-3650 Fax: (970) 304-6433 Office Hours: 8:00AM — 5:00PM ACCOUNT NO, TAX YEAR TAX AREA LEGAL DESCRIPTION/ PHYSICAL .,..,:z...4..:,...: LOCATION . .. ..,• R3919605 2021 0600 1641 GR CS L2 23RD BLK1 COTTONWOOD AVE GREELEY SQUARE -" GREELEY PROPERTY LLC 150 BRATTLE ST • •. CAMBRIDGE, MA 02138-2202 %. PROPERTY CLASSIFICATIONS ..... _ '.. ---r. t ... ... t .�,, - - .' •'ice .. 4rQ:�✓%'.ii f' ASSESSOR'S"VALUATION� - . .�,y;.,,,. ._ t.,i� rv:,: a.�s% — • 431 { .:. .<{9ti5 4.2 {1,,tN.ti�; 1�..;;:: ACTUAL , �.... VAL REVIEW - ` E PR oR To ACTUAL VALUE REVIEW \.+nil.}".._.._ AFTER , .. COMMERCIAL 2,449,020 2,449,020 TOTAL 2,449,020 2,449,020 The Assessor has carefully studied all available information, giving particular attention to the specifics included on your protest. The Assessor's determination of value after review is based on the following: The law requires that data from Jan 2019 to June 2020 be used to establish current values. We have considered all three approaches to value and we have denied your appeal based upon this data. If you disagree with the Assessor's decision, you have the right to appeal to the County Board of Equalization for further consideration, § 39-8-106(1)(a), C.R.S. The deadline for filing real property appeals is July 15. The Assessor establishes property values. The local taxing authorities (county, school district, city, fire protection, and other special districts) set mill levies. The mill levy requested by each taxing authority is based on a projected budget and the property tax revenue required to adequately fund the services it provides to its taxpayers. The local taxing authorities hold budget hearings in the fall. If you are concerned about mill levies, we recommend that you attend these budget hearings. Please refer to last year's tax bill or ask your Assessor for a listing of the local taxing authorities. Please refer to the reverse side of this notice for additional information: r, a\ 04\-`' Agent (If Applicable): • STERLING PROPERTY TAX SPECIALISTS INC 950 S CHERRY ST SUITE 320 DENVER, CO 80246 15-DPT-AR PR 207-08/13 R3919605 APPEAL PROCEDURES. -..: County Board of Equalization Hearings will be held from July 26th through August 5th at 1150 0 Street. To appeal the Assessor's decision, complete the Petition to the County Board of Equalization shown below, and mail, file online, or deliver a copy of both sides of this form to: Weld County Board of Equalization 1150 O Street, P.O. Box 758 Greeley, CO 80631 Telephone: (970) 356-4000 ext, 4225 Online: www.co.weld.co.us/appsl/cboe/ To preserve your appeal rights, your Petition to the County Board of Equalization must be postmarked or delivered on or before July 15 for real property — after such date, your right to appeal is lost. You may be required to prove that you filed a timely appeal; therefore, we recommend that all correspondence be mailed with proof of mailing. You will be notified of the date and time scheduled for your hearing. The County Board of Equalization must mail a written decision to you within five business days following the date of the decision. The County Board of Equalization must conclude hearings and render decisions by August 5, § 39-8-107(2), C.R.S. If you do not receive a decision from the County Board of Equalization and you wish to continue your appeal, you must file an appeal with the Board of Assessment Appeals by September 10, § 39-2-125(1) (e), C.R.S. If you are dissatisfied with the County Board of Equalization's decision and you wish to continue your appeal, you must appeal within 30 days of the date of the County Board's written decision to ONE of the following: Board of Assessment Appeals District Court 1313 Sherman Street, Room 315 Contact the District Court in the County Denver, CO 80203 where the property is located. See your (303) 866-5880 local telephone book for the address and www.dola.colorado.gov/baa telephone number. Binding Arbitration For a list of arbitrators, contact the County Commissioners at the address listed for the County Board of Equalization. If the date for filing any report, schedule, claim, tax return, statement, remittance, or other document falls upon a Saturday, Sunday, or legal holiday, it shall be deemed to have been timely filed if filed on the next business day, § 39-1-120(3), C.R.S. PETITION. COUNTY BOARD OF EQUALIZATION r eviewiervarTiticsir TO What is your estimate of the property's value as of June 30, 2020? (Your opinion of value in terms of a specific dollar amount is required for real property pursuant to § 39-8-106(1.5), C.R.S.) 2,175,306 What is the basis for your estimate of value or your reason for requesting a review? (Please attach additional sheets as necessary and any supporting documentation, i.e., comparable sales, rent roll, original installed cost, appraisal, etc.) Please see the attached. ATTESTATION I, the undersigned owner or agent' of the property identified above, affirm that the statements contained herein and on arty attachments hereto are true and complete. 6 303-757-8865 Signafure (I Telephone Number kendra@sterlingpts.com Please send all BOE hearing info. _and ROE pankPts to nsnaQStPrl stPrIngpts nom Email Address Attach letter of authorization signed by property owner. 7-13-21 Date 15-DPT-AR PR 207-08/13 R3919605 STERLING PROPERTY TAX SPECIALISTS. INC. May 14, 2021 Ms. Brenda A. Dones Weld County Assessor 1400 N. 17Th Avenue Greeley, CO 80631 RE: Walgreens located in Weld County (See Schedule Numbers set forth on Exhibit A attached hereto and made an integral part hereof) (the "Properties") Dear Assessor: gso S. Cherry Street Suite 320 Denver, Co 80246 303-757.8865 lax 303.757.7691 www.sterlingpts,com The undersigned, Sterling Property Tax Specialists, Inc., represents the single tenant user of the Properties for the purpose of protesting the 2021 Notice of valuation of all Walgreens set forth on Exhibit A attached hereto. A copy of the Letter of Authorization is attached hereto and made an integral part hereof. Only the schedule numbers set forth on Exhibit A are being protested hereunder. The Properties consist of 6 "build -to -suit" freestanding Walgreens Drug Stores ranging in size between 13,625 square feet to 14,739 square feet. Properties of this type have built-in obsolescence because they were built and designed to meet the needs of a specific single user, rather than the needs of a variety of users. In the case of the subject Properties, the original occupants specified the size, layout, materials, location and overall design of the improvements specifically for their sole use. The specificity and unique nature of the design limits the Properties' market potential/ and when compared with other 10,000 square feet to 20,000 square feet properties with mass market potential, the subject Properties' values are overstated. Most generic retail spaces have a larger number of potential tenants. This is not true for the subject Properties due to the unique design and size specifications for this particular single user. The square foot size range does not fit the needs of other single tenant users in the marketplace. The space is either too large or too small, which limits its market potential. The general layout of the Properties also presents complications for any potential typical retail user. Set within the center of a one -to -two -acre land parcel, the parking layout is designed to accommodate only a single tenant, with only one ideal entrance to the building. A property of this size is too large for the typical single -tenant retailer. The space would better accommodate two to four smaller users. This parking layout, as well as the single entrance, creates an inflexible design for a multi -tenant use. Additionally, there is only one loading area. In order for the Properties to be marketable to the typical retail user, substantial renovations would have to be implemented at an uneconomical cost. In determining the appropriate market value for the Properties, the Assessor has relied upon the income approach to value. Petitioner does not dispute the Assessor's reliance on the income approach; however, Petitioner contends the rental rates utilized by the Assessor fail to accurately capture the specific sub - market associated with these junior box retail stores, nor do the Assessor's assigned property values account for the limited pool of market participants and lack of desirability within the marketplace. As evidence, Petitioner notes the 2018 acquisition of a number of Rite -Aid stores after Walgreens entered into an asset purchase agreement with Rite -Aid. After the acquired stores were transferred. to Walgreens, Walgreens— 6 Weld Stores Page 2 a select few locations of both Walgreens and former Rite -Aids stores were closed and offered for sale or sublease in the open marketplace. Four locations, as well as a fifth location similar in size and adjacent to an operating Walgreens, all of which are located within the Denver Metro area, were offered for lease during the entirety of the data collection period. As of the date of this appeal, only one store has been leased, with the other four stores remaining available for lease. Attached hereto as Exhibit B and made an integral part hereof are the offering memorandums for each of these five stores, as well as an excerpt of single executed sublease. The details and asking rents are summarized below: 1. 6011 Dexter Ave. is a 14,490 sq. ft. former Walgreens store constructed in 2005 and offered for lease at a rental rate of $10 per sq. ft. gross. 2. 4550 S. Leetsdale Drive is a 11,550 sq. ft. former Rite -Aid store constructed in 2015 and offered for lease at a rental rate of $12 per sq. ft. gross. 3. 707 E. Jefferson Ave. is 14,608 sq. ft. former Rite -Aid store constructed in 2016 and offered for lease at a rental rate of $10.27 per sq. ft. gross. 4. 358 S. Colorado Blvd. is a 12,375 sq. ft. store formerly occupied by Performance Bike and offered for lease at $15 per sq. ft. gross. It is in an inline space directly adjacent to an operating Walgreens. 5. 10337 Washington is a 14,820 sq. ft. former Walgreens store constructed in 2009 and leased by Dollar Tree for $10 per sq. ft. gross. With the exception of the store located at 10337 Washington, the only other store to be successfully subleased was the former Walgreens located at 7510 S. Gartrell in Aurora. This 14,820 sq. ft. store was leased in November of 2017 for $12.15 per sq. ft. gross. As a test of reasonableness, Petitioner also notes that during the base period, the contract rent for two Walgreens stores within the Denver Metro, and a third located in Colorado Springs were renegotiated and reduced. Traditionally, the subject Properties' actual income stream is not representative of market rent, as the Properties are subject to "build -to -suit" arrangements that include the following: 1. The percentage of development cost is pre -arranged (rent -to -cost ratio). 2. The lease is never negotiated on the open market and pre-set based on a single user's needs. 3. The developer acts as a construction and financing arm of the user, providing 100% financing to the user. However, the fact that Walgreens has begun to renegotiate its leases whenever possible to account for worsening market conditions surrounding these outdated and functionally obsolescent properties is indicative that the submarket in which these stores exist is struggling. Attached hereto as Exhibit C and made an integral part hereof are copies of the lease amendments establishing rent reductions for these operating Walgreens stores. Petitioner has summarized the rent reductions hereinbelow: 1. 15031 E. Mississippi Ave. is an operating Walgreens store consisting of 11,957 sq. ft. and located in Aurora. The rental rate was reduced to $13.36 per sq. ft. NNN. 2. 7211 Federal Blvd. is an operating Walgreens store consisting of 13,957 sq. ft. and located in Westminster. The rental rate was reduced to $17 per sq. ft. NNN. 3. 5755 Constitution Ave. is an operating Walgreens store consisting of 13,777 sq. ft. andlocated in Colorado Springs. The rental rate was reduced to $15 per sq. ft. NNN. Walgreens 6 Weld Stores Page 3 As such, in conducting our income approach, Petitioner has performed a market derived triple net income approach relative to a retail user of this size based upon the market rental information as set forth in Exhibits B and C and detailed hereinabove. Petitioner contends the appropriate market rental rate for retail properties of this size and nature is between $13 and $15 per sq. ft. NNN. Therefore,. Petitioner has utilized a market rental rate of $14 per sq. ft. NNN in its analysis, depending on the age and location of the Properties.. To the Potential Gross Income Petitioner has applied a 5% vacancy allowance due to the Properties/ mid -box size but single tenancy nature. Petitioner has also applied an 8% expense factor in its analysis, which captures management and reserves. Finally, in light of the build -to -suit nature of the Property, as well as the built-in obsolescence as discussed hereinabove, Petitioner has utilized a 7.5% capitalization rate to determine the appropriate market value on a per sq. ft. basis. Petitioner contends this capitalization rate is conservative and well -supported based upon market studies. Attached hereto as Exhibit D and made an integral part hereof is an excerpt from the Boulder Group's 03 2020 Net Lease Drug Store Report, which details that Walgreens stores with 9 years or less remaining on the original term are listed in the open market with asking cap rates that range between 6.9 and 7.6%. As we are charged under Colorado law with valuing the fee simple estate rather than the leased fee value of the bondable Walgreens lease, these cap rates for Walgreens stores with dwindling years remaining on the original term are the most representative of the fee simple market. Our income approach for the subject Properties is as follows: Potential Gross Income Vacancy (5%) Effective Gross Income Expenses (8%) Net Operating Income Capitalized at 7.5% $ 13 psf 0.65 psf 12.35 psf 0.99 psf 11.36 psf S 151 psf $ 14 psf 0.70 psf 13.30 psf 1.06 psf 12.24 psf S 163 psf $ 15 psf 0.75 psf 14.25 psf 1.14 psf 13.11 psf 175 osf It should be recognized that Petitioner's requested value on a dollar value per sq, ft, basis is in line with or above the market sales price of a former Walgreens Drug Store which sold as vacant during the data collection period. Unlike sales of other Walgreens stores, wherein investors are purchasing a bondable lease with little if any consideration given to the actual real estate itself, the property located at 20901 E. Smoky Hill Road in Arapahoe County (Parcel ID 2073-23-1-13-007) sold in an arms -length transaction on January 10, 2019/ for $155.68 per sq. ft. Based upon the foregoing, Petitioner hereby requests the Assessor adjust the values for the Property for calendar year 2021 as set forth on Exhibit A attached hereto and made an integral part hereof. All information contained herein should be considered confidential and not available to any third parties. Respectfully submitted, STERLING PROPERTY TAX SPECIALISTS, INC. Kendra L Goldstein, Vice President LETTER OF AUTHORIZATION December 14, 2020 Sterling Property Tax Specialists, Inc. 950 South Cherry Street, Suite 320 Denver, Colorado 80246 E: 2021 and 2022 Property Tax Assessment Matters Gentlemen: The undersigned, as owner., or Lessee entitled to protest the valuation of the Property under our lease, located in Weld County, Colorado, at See Attached, and more particularly described on Assessor's Notice of Valuation, Schedule No(s). See Attached hereby authorizes Sterling Property Tax Specialists, Inc. and Goldstein Law Firm, LLC, to act as agent on my behalf regarding- all 2021 and 2022 property tax assessment matters, and obtain any and all documents relating thereto and file any protests necessary. This Authorization shall be effective as of the date set forth above. WALGREEN COMPANY thy Suvanieh Manager, Real Estate Tax Appeal Telephone: 847-5 7-4525 'dial green Company Weld County 2021 / 2022 1641 23rd Ave 3700 35th Avenue 3700 W 0th Street 5962 Ffirestone. Blvd 2600 11th Ave 1480 Main Street 490 Erie Parkway 1013 1 ph Street 83919605 R2682304 82941404 83846705 R4696707 R2569303. R5341708 R8073300 Property Address 1641 23 Avenue 370010 Street 2600 11th Avenue 1480 Main Street 5962 Firestone Blvd. 490 Erie Parkway Walgreens Weld County Petitioner's Requested Values 2021 Schedule Numbers 83919605 R2941404 R4696707 R2569303 R3846705 85341708 Square Value Footage Per SF 14,406 14,736 13,625 14,488 14,739 14,409 $151 $151 $151 $163 $163 $175 Petitioner's Exhibit A Petitioner's Requested Value $2,175306 $2,225,136 $2,057,375 $2,361,544 $2,402,457 $2,521,575 Ntr f I. commerce city, co commerce city, co nor mon al its W 84th Ave ier�relwood 'La r 7,4 C 88th Ave S z t r E 23rd Ave 6011 DEXTER ST MUD 11.0 Montview Blvd I mrc%, ale E 47th Ave I `21 Estimates 1 Mile 2 Miles 3 Miles Population 6,272 22,581 55,271 Households 2,010 6,882 17,643 ,;Avg. HH Inc. ;52,413 $59,235 $79,263 844 RNRE.111 k wwwsetailnetreaiestate.com _r ogr Property Overview Size. :±2.59 AC; �-f4,490 SF -a- double drive -through Year Built. 2005 Pa�. ±-6 1 Signage. Pylon with manual reader board & building Jntarsection. 65,000 VPD Opportunity.. Opportunity Zone, anfill location with adjacent vacant land Master Lease Expiration. 10/31/30 Zoning. M-3 Heavy IndustriaF, Commerce City Restricted Uses. Retail pharmacy Area Overview Adjacent Use. Mix of heavy and light industrial, neighborhood and destination retail, SRs, offices, and residential Air Convenient Location. Interchange of Vasquetz (85) and I-270, close to 1-70, 5 miles to downtown Denver 'r Consistent Activity. Combination of high day time populatbn1 destination retail, highway proximity and nearby residential result in steady activity °. Nearby Construction. Greyhound Purls, a 60 -acre mixed -use redevelopment, is across from s4e. It is under construction and will feature residential, retail, restaurants, offices and an educational facility. WBLEASE OPPORTUNITY RetailaMet REAL ESTATE S 4 Mr as s —maw PIlea I eLr • commerce city, co i r eso Thee kiesposstataisithtihmi" 0 co I a 4 , is. "i P maianir hasitti viaticaCity" lt^s .ter. #S4,. 844•RNRE•111 k www.retailnetrealestateicom I 41 -,— _ - -� _ w e 6011 DEXTER ST 'Mr Walmart a y • 1 a ' ,h iff �AC *it"1• j - f tw 4. i i 4 Ya• bass 11. r 4 Asith:=1 a ;I " y� •1 V ia M IN SUB LEASE Qppoi 7ll'" REAL ESTATE commerce city, co 6011 DEXTER ST Ir CO I CJ1 844411NRE111 h wwwsetailnetrealestatescom SUB LEASE OPPOATUJI Y BetaiLIef REAL ESTATE 844*RNRE.111 w'Y'M'areta 111etl agile .ta ewco1 n rir nnprno r city, co SUB -LEASE TERMS SUGGESTS RENT* SUGGESTED TERNS 6011 DEXTER ST otbarOFFE S EVALUATED AS RECEIVED ao $145,000 (Inclusive of REF; R&M, insurance, utilities separate) Co -terminus (101/30) dlAsi- I s!P i *Price + terms, along with all offers, are subject to approval of Walgreen Co.'s Real Estate Committee CONTACT MARK HOLLENBECK, CCIM 844.RNRES111 mark@retailnetrealestate.com THIS IS NOT AN OFFER; VOID WHERE PRO -4 IBITED., N3 WA,RRANT? OR REPRESENTATION, EXPRESSED OR IMPLIED, I.S MADE AS TO THE ACCURACY OF THE INFORMATION CONTAINED HEREIN, AND SAME IS SUBMITTED SUBJECT TO ERRORS, OMISSIONS, CHANGE OF PRICE, WITHDRAW"WITHOUT NOTICE, AND TO ANY SPECIAL .LISTING CONDITIONS IMPOSED BY OUR CLIENT AND/EAR FIRM PRINCIPALS_ SUELEASE OP POP TUN ITN' fletaW*4 REAL E TAT E glendale, co 4550 S. LEETSDALE A• 76) Denver V1/2: Attie Sanderson Gulch r° Lv 415 Ave. M 1 I College View Englewood Sheridan -rtli t a,Ol.Ih Ave r l Al mile 2 'Thies' 3 mile. • Cherry Hills Village r �'LJ1114 IL'1 .E j4 [Pa; fir rn H Jow I N I. 47Oi .ititi•rb I LI Colts, Ave 'V 1 • t ret T you Y 1 M .02i, • 1 `20 Estimates 1 Mile 2 Miles 3 Miles Population 20,346 89,201 222,712 Households 11,362 45,763 718,110 w ' Avg. H Inc. I $156,531 $137,864 $116,675 _ 844aRiNRE•11.1 .retaiinetre iest te.com. A u� r Property Overview Sine. ±1.43 AC; ±11 ,550 SF + drive -through Year Built. 2015 Parking. 59 Signage. Pylon, monument & bLuiding Hard Corner. SWQ of Leetsdaie 8( Cherry Qpportunity. infill location; long-term sublease (5/31135) Si Intersection. +48 000 VPD Zonina. Planned Unit Development District, City of Glendale Frontage. ±21(1' on S. Leetsdale Restricted Uses. Retail pharmacy, gym, grocery, dollar store, convenience store, restaurant Area Overview �. Adjacent Uses. Neighborhood and destination retail, offices, apartments and hotels Surrounding Neighborhoods. Some of the MSA's most desirablel including Glendale, Cherry Creek, Hilltop, Crestrnoor and Observatory Park. '. Convenient Location. +1- 5 Hiles to downtown Denver SUBLEASE OPPCaniNiTY RetaiiNet REAL ESTATE 844. RNR 11 'M&w•retai1 ietreaiest te.com Retairria. RE AL ESTATE SUBLEASE OPPORTUNITY RetailikNeL REAL ESTATE 844.11NRE.111, k w w.r etailnetrealestateLco glendale, co 4550 S. LEETSDALE CO O1 SUB LEASE TERMS SUGGESTED RENT* $140,000 (inclusive of RET• R&M, insurance,, utilities separate) MINIMUM TERM 10 years; maximum term 5/31/35 DELIVERY "As -!s" OFFE' S EVALUATED AS RECEIVED is—strAt *Price + terms, along with all offers, are subject to approval of Wa/green Co.'s Real Estate Committee • CONTACT MARK HOLLENBECK, CCIM 844.RNRE.111 C, mark@retailnetrealestate.com THIS IS NOT AN OFFER: VOID WHERE PROHIBITED, NO WARRANTY OIL REPRESENTATION, EXPRESSED OR IMPLIED, IS MADE AS TO THE ACCURACY OF THE INFORMATION CONTAINED HEREIN, AND SAME IS SUBMITTED SUBJECT TO ERRORS, orvirvlssioNs, CHANGE OF PRICE? " ITHDRAW 'ITH0UT NOTICE, AND TO ANY SPECIAL LISTING CONDITIONS IMPOSED BY OUR CLIENT AND/CR. FIRM PRINCIPALS. SUBLEASE OPPQRTUtart RetaikVet REAL ESTATE SUBLEASE OPPORTUNITY RetaiLet REAL ESTATE 1.iAC I sr 14,608SF� DT I May'37 ENGLEWOOD, CO Wtis19979 707 E JEFFERSON AVENUE englewood, co 707 E JEFFERSON AVENUE r ueh ,dersof Guilch I r 6 th .Ave Alamo PIadhta 2 Tides elleview Ave 3 miles S Prince Sr . r. U, 6 .Aiahiedo Ave Harvard Gulch erry Hills Village High Lire Canal 9 r > �� I p SA I' i+ tr GIefid ie re B 7 N r e elleview Ave Iliglhrine Canal (Parker to. Havana) JI 1 I I —- Sullivan I Greenwood Village b 0 raw 0- kr Centennial '20 Estimates 1 Mile I 2 Miles 3 Miles Popuation 18,178 50,297 114,467 ouseholds 9,434 i 23,108 49,420 es 131vg. HH Inc. $82,009 $103,558 $105,763 844.RNRE.111 k w .seta lnetreaies ate•corn Property Overview Size. -�1.1 CI AC; ±f 4,608 SF + drive -through Year : uiit. 2016 ParkIng. 50 Siqnage1. Pylon with electronic reader board + bul ding r Hard Corner. NWC of US 285 & Clarkson Opportunity. _cing-germ sublease (5I31/37) Signalized Intersection. ±65,O00 VFD Zonip. M2, City of Englewood f Frontage. i -290' on E. Jefferson (US 285) 'ir X238' S. Clarkson '. Batricted Uses. Retail pharmacy Area Overview Med ical Di strict Adjacent uses include several medical offices and the following facilities: Swedish Medical Center - 348 bed facility with > 2,Q00 employees ► Craig Hospital -93 bed facility, with 814 4 fir V employees Atria Engiewood . 130 -unit ALF Ai. Convenient Location. +1-1,25 miles to US 85., light rail station and Englewocad's CityCenter SUBLEASE o?POATUU NIT ' REAL ESTATE englewood, co 707 E JEFFERSON AVENUE co 0o 844eRNRE•111 40, 'ww.retaiinetreaiestatescom SUB LEASE QPPDRTIJFare REAL ESTATE 844.RNRE111 www.retailnetrealestatexon 844dRNRE•111 L www.retailnetrealestate.com englewood, co 707 EJEFFERSON AVENUE LU i 0 844.11NRE111 ._._t 7 i reta it n et rea le Late. co m SUBLEASE OPPORTUNITY • I Bet 4 R E L E S TAT E englewood, co 707 E JEFFERSON AVENUE SUB -LEASE TERMS SUGGESTED RENT* $150,000 (inclusive of RET; R&M, insurance, utilities separate) MINIMUM TERM 10 years; maximum term 5/31/37 DELIVERY "As- Is" OFFERS EVALUATED AS RECEIVED *Price + terms, along with al! offers, are subject to approval of ..."%s.s.Walgreen Co.'s Real Estate Committee CONTACT MARK HOLLENBECK, CCIM 844.RNRE.111 ni mark@retailnetrealestate.com THIS IS NOT AN OFFER: VOID WHERE PROHIBITED. NO WARRANTY OR REPRESENTATION, EXPRESSED OR IMPLIED, IS MADE AS TO THE ACCURACY OF THE UNFORMATION CONTAINED HEREIN, AND SAME IS S BC MITTED SUBJECT TO ERRORS, OMMISS-IONS, CHANGE OF PRICE, WITHDRAW WITHOUT NOTICE, AND TO ANY SPECIAL LISTING. CONDITIONS IMPOSED BY OUR CLIENT AND/OR FIRM PRINCIPALS,. SUBLEASE OPPORTUNITY RetaikNet REAL ESTATE glendale, co 358 S COLORADO BOULEVARD Denver W 6th Ave Sanderson Gulch. NV' -Evans Ave I Nr , M I I I e View yP E 40111 Ave Lams Lin LS Alamo Iacital E Alameda 2 miles 3 miles `20 Estimates Population Households rn Avg. HH Inc. rd 0 C U 2 20,346 11,362 E a 'ye E Evans Ave r I 0 C C ID L, r MontvIew Blvd L El-Colfax-Ave. I p E Hill lire Canal arker t. Havana) _-. MI Lit -J pia SIM Sullivan I, 89,201 45,763 $137,864 84 1R RE.11 www.reta In treylestate.com r -••fr y vV 'till,. a 1 re t _ i N Havant St 1 J lL 3 Miles 222,712 118,110 $116,675 Ar Property Overview r size. -±121375 SF Signage. Monument & building L4catian. SEQ of Colorado Blvd & Alameda Ave Opportunity. IrtW location; long-term sublease (9/29/28) Signalized Intersection1. ±82,000 VPD Zoning. Planned Unit Development District,, Cfty of Glendaie Restricted Uses. Retail pharmacy sir Rear Loading Bay. Overhead door Area Overview Air Adjacent Uses. Waigreens, Target, Bed Bath & Beyond, Petsmart, 24 Hour Fitness, Wells Fargo, Starbuc<s, Chick-tiE-A, Wendy1s, and KEG Surrounding Neighborhoods. Some of the MSA's most desirable, including Glendale, Cherry Creek,, Hilltop, Crestrnoo r and Ooservatory Park. Convenient Location. +1- 5 mites to downtown Inver SUB LEM E: OPPORTUNITY etaili'Pet REAL ESTATE 844.1 NRE•111 wwvvaretailnetrealestatescom 844.RNRE.111 - .www.retailnetrealestate.com 844.11NRE111 S .retailnet.reaiestate,com glen ale, c 844•RNRE0111 w MA! wsetailnet ease tate. om 358 S COLORADO BOULEVARD SUBLEASE OPPORTUNITY glendale, co 358 S COLORADO BOULEVARD SUB -LEASE TERMS SUGGESTED RENT* M INIMUM TERM ELIVERY OFFERS EVALUATED AS RECEIVED $185,000 ($15.00 psi) (inclusive of RET; R&/: /flSUVCflCC). utilities separrcrte) 9/30/28 "As -Is" *Price + terms, along with all offers, are subject to approval of Waigree. Co.'s Real Estate Committee CONTACT i'asissiipsorm uJ CO a MARK HOLLENBECK, CCIM 844. RNRE.111 mark@retailnetrealestate.com THIS IS NOT AN OFFER: VOID WHERE PROHIBITED. NO WARRANTY OR REPRESENTATION, EXPRESSED OR IMPLIED, IS MADE AS TO THE ACCURACY OF THE INFORMATION CONTAINED HEREIN, AND SAME IS SUBMITTED SUBJECT TO ERRORS, OMMISSIGNS, CHANGE OF PRICE, WITHDRAW WITHOUT NOTICE, AND TO ANY SPECIAL LISTING CONDITIONS 'IMPO$ED BY OUR CLIENT AND/OR FIRM PRINCIPALS. SUBLEASE OPPOR'TIJNI1Y REAL E T T E FOR SUBLEASE 1C}337 Washington St Thornton, CO IIReal Estate Partners Overview SIZE LEASE END DATE RATE NNN S 1 1•x-3• I 7 S iT►�ll.• ?ld90cit11p Lax, kit _b�� 9' Ili 'I:..fl41k V ",1*a,._ 1 Contact TAMil LORD N- /. iflf..ltr.91. 4.#- 1 . 14,820 SF 10/31/2034 Accepting Offers Self Maintained irr •, ul,'7'j !ail elf a •1111 flan F44"744NiThlq• iirpoir I igavolkip 9 f+.? F+ -Tr l r. ,n I alreirige GrpOEM t T o*fti.r 303390.5244 I tarnllord@srsre,com TONY PIERANGEL1 303.390 5257 I tony.pierangeli@srsre corn ra 6 I I lit .,. Description • Close proximity to I-25 ▪ Monument linage E Signalized access • Drive-thru Nearby Retailers Demographics Toted Population 2024 Growth Rate Average J -III Income /car: 2019 I Source: E ri Traffic Counts Washington St: sio F 104th Ave E 104th Aye: wio Washington St -25: nl E 104th Ave "ear ZD1ti, 2018 I Scurc : DRLUUC1 1 l IL 1.5,648 0,83% $76,537 SALLY BEAUTY 161,/34 0.85% $73,431 5 MULE 335,621 O,98% $84338 28,545 VP D 47,298 VPD 173,565 VPL) SRS REAL ESTATE PARTNERS l iz I(1f mar.i on cc r, alrl2U •}O ParEnCIS n`ttlkti': nc :pairar, 11875 Lawrence Street, Suite 850 I Denver, C 80202 I 303.572.1800 r :ft orrR «f We rai;aabiic -,."° °::.+'1 SF'r„S'leas t.' it I •Pr n rIriltIL`rt, a3;' tC N 1•i r'.4::nrZ5 1• .:, _ h 1` La ,r _ lS�df.l�ff thereof ESRME.00 M lef 10337 Washington St Thornton, CO s s Illy; lr;? ,r rrwat:ic+ra tuurn6.ildaleef£ln 6':3' iit'lv6'Ga! .N Hi. hl no r'a 1 Iliac no :.i Jcll .yl dl s. t'ri.ir (or ii;ler7• n repr L•'SL- ' : . ,-'rtetd CI he r lylc ; .ircoat:r t,e, SRS ifs; E the 1_I rCt'praitttil si.; Ira lac:rim:4 r ikl+ reci , SRSRE.COPA r „ -r tl' _4- t. ...y • .rr t f• DrIkirtt air RLAIL ESTATE PARTNERS i $85 urmance street Trade Area Aerial North Metro Denver, Co 4 _ fb!'1 16.4.4*. 4'' ..x.. r R ... ot ! a' ..$ �F.. ' t • S N I rvi?. _LP ' 2015I��".iy� •• • q - ' aet P11.4 Ipp".� a .1 } • ��. �•• r Maw -alp .a..• •7 y. Y -i.r . T. id-• •a v ^ ... .t4. "� .. ...-. I.y • J -W.-4120111A vg •-_ � .•,,� •�.R.� T• '+. t� IF Y 4. . 14 go . .4 flN ,• , - M e ,t _6} eater -r- _ IC- 4 1 t. .4 1 i �•w: Ana•,-. y _ �.� f '.: J'I r igh e. dy, - �� J P • 'M r-' •a d•/ . _ _•I ie• lry 1 Ir., ` _4 • 4 M fl • I y tie am SFISRE CON SRS FOB SUBLEASE 10337 Washin.gton St Thornton, CO FOR SUBLEASE 10337 Washington St SRS Thornton, CO Popu latio 2000 Population 2010 Population 2019 Population 2024 Population 2000-2010 Annual Rate 2018=2819 Annual Rate 2819-2024 Annual Rate 2019 Male Population 201,9 Female Population 2019 Median Age Households 2000 Households 2010 Households 2019 Total Households 2024 TotalHouseholds 2000-2010 Annual Rate 2010-2019 Annual Rate 2019-2024 Annual Rate 2019 Average Household Size Housing Units 2019 Total Housing Units 2019 Owner Occupied Housing Units 2019 Renter Occupied Housing Units 2019 Vacant Housing Units Race and Ethnicity 2019 White Alone 2019 Black Atone 2019 American Indian/Alaska Native Alone 2019 Mien Alone 2019 Pacific Islander Alone 2019 Hispanic Origin (Any Race) income 2019 Median Household IncomQ 2019 Average Household Income 2019 Per Capita Income 2019 Population 25+ by Educational Attainment Total High School Graduate GED/Alterna ive Credential Some College, No Degree Associate Degree Bachelor's Degree Graduate/Professional Degree Daytime Population 2019 Total Daytime Population Workers Residents 1 mile 11,16€ 14,361 15,648 16,305 2,55% 0.93% 0.83% 50.0% 50)7/0 :35.8 3,941 5,394 5,869 6/110 3.19% 0.92% 0,81% 2!65 6,008 3,551 2,319 139 71.9% 2.7% 1,2 5,3% 0.3% 37.5% $67,294 $76,537 $28,371 10,721 24.1% 5.0% 25.5% 11.4%%% 18.5%1% 4.8% 16,132 9,811 7,121 3 miles 126,794 14 7, 89 7 161,734 168,121 1.55% 8:97% 0.85% 49.8% 50,2% 33.7 47,322 54,836 89,417 61,896 1.,48 0.874,E 0.82% 2.71 61,231 35,243 24,174 1,814 71,2% 2.3% 1.5% 4.0% 0.2% 41.7% $59,129 $73,431 $27,046 104,649 23,6% 6,3% 23:1 % 8.8% 154% 6.6% 121,710 46,912 74,798 5 miles 262, 556 304,414 335,621 352,433 1449'%% 1.06% 0.98% 49,8% 58.2% 34.6 94,522 109,749 119,946 125,711. 1.50% 0.97% 11,94% 2.79 123,337 79,442 48, 504 3,391 73.5% 2.0% 1.4% 4.9% 0,1% 36.9% $68,266 $84,338 $30,085 218,699 21,5% 5.4% 21.6% 940% 18.7% 8.8% 255,457 98,447 157,010 SRS REAL ESTATE PARTNERS I 1875 Lawrence Street, Suite 850 Denver, CO 80202 1393.572 1800 .'ais `J altos; f ' Lin '171. .Z cern n• tn1I a ZIr ►ere€artar;on: i,, == t. ',- f - • ESR9RE.CO M s 10118 r la a , . H Y, ala T 7t co I 0 WAG -10331 'Y 'IIi rbcton St Thornton CO `.•& 0 40 �y C;!rroI1ationDam ia, &&r4.1 .n n; Thern 1st, _oaten +x34 • ' 4 _ 4 -Al •i ke ti Lit rcr '.e+r, 444,12? q 'V1 r maim ac a w `"min f &gni y IF 1 or r sr P/,.to a L - - - _9a.i �yq jj,, :'_ i .: r• i'- cf. L eased la rCy h arearibril ? 2 .14,: •� - —r X16 CCCE .E: LiCri-Jineri: •�,,,,-!Crnr-1.x'''1 es; H Z, , ti l •si .'.m:7 ` da l en "II 11 • Lit y 1. -1. &_ 71 - .� - ■ •—••w i ltr w` ea."! .l 1 A. er ,' - ryI-- 77.1 !•s-- �Iti rinr iti tin ;let 54GS. DIN �. s - s. �.E C 'irc .. .rru3C L•c ..iara!, adtm 'c'=r -rr jib ',;-,Ar Carr re Avera es sill Closed Wsigtersi A. Zo5F S12.. On Markel' WfriQh ed Ar--, : E - rr 4 Eat t Summary Marketing rite M. 4- Projeaed Annual G- s:. Re 656 rimed Annual 6rcff Rai Presjected Anima Gross RE' Uarizet Sudr9"-ar'w and _ow tenth -.".PSI :tr H 1 wr♦ aZ. ,:,.,r.,.• .. (;xl +":.aI *c, rkcr 1 _•1 .L't'.za!Vi 'ivitt P..t+k,' t... Tr, G ! r ..n r a live 'et. 1.71111 ' is i 1 tttd ic4'uik TIM rr'_%+: rg -41 cant'. ril.s..,- ril t c LiC hit r a.:i - 47 w - J . I'� ; .� ... w 'i 1' f dn1 -•'Jt, t Ji . w � �-� .t • f�.;�ispr,r �� . a �� -�P aCc'r� � -uc ' � �.� i�i�•»h �r� ��'r.�4I•a �,t�--��.• y �, ^,�•..0 .ads in '�r�r kaw��..�M,� ��. �•��r..,Q�. `'in ;cakes!: zi upc r e'en, C (`I,a.y. r.,: r-,,T'ic .7d 'cam. " --r isinet `►o 1+ r f' i ,artd Tr'' :i5 Ct1 rr- . d Inist ry L be rjbs,ccr *tit cifir corner tier I itcct :Mt: '4'43 i ' T•^it in;rngtM, C-4.0 1 n? iai7i`' t►x'Lt" ai-rst r 'l u 'L' torrlrg 2'U tFft oos :0 ataaaf`. .:, thz. Erne - 1y "rod az-1 -kr; Tkc4. Thornton, CO Store #10118 (WAG) SUBLEASE THIS SUBLEASE is made and executed in multiple counterparts as of the 14th day of September , 2020, between L FN Cal an Illinois corporation (tandlord"), and DOLLAR TREE STORES, INC., a Virginia corporation (41Subtenant"). WITNESS WHEREAS, by Lease dated August 15, 2008 between WASH -104, LLC ("QerJesso(), and Landlord (as amended, the "Ove i a "), a copy of which is attached hereto as Exhibit D, Overlessor leased to Landlord certain premises described in the Overlease (the `Subleased Premises"), which Subleased Premises contains a building containing approximately 14,820 square feet of floor area (the "Building") and appurtenances related thereto, together with certain easements of access and use as more particularly described in the Overlease, located at 10337 Washington ngton t, Thornton, CO 80229, as shown on the plan attached hereto and made a part hereof as Exhibit A, and as legally described in Exhibit B hereto attached; and WHEREAS, .EAS, Landlord desires to sublease to Subtenant, and Subtenant desires to sublease from Landlord, the Subleased Premises, on the terms and conditions hereinafter set fo rth f NOW THEREFORE, in consideration of the mutual covenants contain herein, it is agreed as follows; USE (a) Landlord does hereby demise and sublease to Subtenant and Subtenant does hereby rent from Landlord the Subleased Premises to be used and occupied by Subtenant, as a retail variety store selling general merchandise including food and beverages; and/or for any other lawful retail use which is not prohibited by the Overlease, the existing exclusives, any restrictions imposed upon the Subleased Premises or the terms and conditions of this Sublease. The use of the Subleased Premises shall be subject to the Overlease. Additionally, (I) Subtenant shall not knowingly conduct any activity on the Subleased Premises that will constitute the sale, lease, or other hypothecation of counterfeit goods or products; and (ii) the Subleased Premises will not knowingly be used for the storage of counterfeit goods or products; and (iii) Subtenant will not knowingly permit any counterfeit goods or products to be brought onto the Subleased Premises_ (b) Throughout the Term of this Sublease, it is expressly agreed that neither all nor any portion of the Subleased Premises shall be used, directly or indirectly, for any one or more of the following purposes: (I) the operation of a drug store or a so-called prescription pharmacy or prescription ordering, processing or delivery facility, whether or B-41.. ece Thornton, CO Store Is 10118 (WAG) not a pharmacist is present at such facility, or for any other purpose requiring a qualified pharmacist or other person authorized by law to dispense medicinal drugs, directly or indirectly, for a fee or remuneration of any kind; (Ii) the operation of a medical diagnostic lab or the provision of treatment services (other= than as part of a medical, dental, physician, surgical or chiropractic office[s], which office[s] shall not be restricted by this subclause [ii]D. 2. BENT (a) (I) Subtenant shall pay for the Subleased Premises a fixed rent of $12,416,67 per month, commencing on the Commencement Date as defined in Article 3(a) hereof (the "Rent Commencement Date") and continuing thereafter through the Initial Sublease Term, (ii) Subtenant shall pay for the Subleased Premises a fixed rent of $13,651.67 per month commencing on and continuing thereafter through the First Renewal Term if exercised by Subtenant under Article 3(c)). After the Rent Commencement Date, all fixed rent shall be paid on the first day of each and every month of the Sublease Term in advance and shall be properly apportioned for any period less than a full calendar month. As used in this Sublease, "Additional Rent" shall mean any amounts, other than fixed rent, to be paid by Subtenant to Landlord pursuant to the provisions of this Sublease, whether such payments are to be periodic and recurring or not. (b) Until further notice by Landlord to Subtenant, rent checks and all other payments to be made by Subtenant to Landlord under this Sublease shall be payable to and mailed to: Walgreens (Store #10118) c!o DLC Management Corp. P.O. Box 5111 White Plains, NY 10602-5111 (c) Any amounts payable hereunder which either party fails to pay shall bear interest, per annum, at the rate of either 3% over the then current prime rate as set by Bank of America (or its successors or assigns) from time to time, or the maximum rate allowed by law if greater, whichever Landlord chooses, until paid. 3. SUBLEASE TERM; LEASE YEAR (a) Terre. The term of this Sublease (Initial Sublease Term") shall commence on the earlier of (1) ninety (90) days after the date Landlord delivers actual possession of the Subleased Premises to Subtenant, or (ii) the date when Subtenant opens for business to the public in the Subleased Premises ('Commencement Date") and shalt expire ten (10) years after the Rent Commencement Date, provided, however, that if such Rent Thornton, t►on, CO Store ,,10118 (WAG) Commencement Date be other than the first day of the calendar month, then the Initial Sublease Term shall continue to and include the last day of the same calendar month of the tenth (1O") year thereafter, subject to the provisions of Article 18 herein. (b) Lease Year. The first lease year shall commence on the Rent Commencement Date and, if such date shall be on the first day of a calendar month, shall end twelve months thereafter, or, if such date be other than the first day of a calendar month, shall end on the last day of the same calendar month of the first year thereafter, and each succeeding lease year shall be each succeeding twelve month period. (c) Renewal Options. Provided that the Overlease remains in full force and effect, or in the event this Sublease has been assigned to Overlessor pursuant to Article 11-1, Subtenant shall have one (1) option to renew this Sublease for the retaining term of the Overlease (the "First Renewal Tame"), and this Sublease shall in all events expire no later than October 31, 2034. If Subtenant shall elect to renew this Sublease pursuant to this Article 3(c), Landlord's and Subtenant's rights and obligations for the First Renewal Term shall be upon the same terms and conditions as are contained in this Sublease, except that the amount of fixed rent payable hereunder shall be adjusted as set forth in Article 2. Subtenant shall notify Landlord, in writing, not less than twelve (12) months prior to the expiration of the Initial Sublease Terns of Subtenants desire to exercise its rights hereunder. (d) Sublease Term. "Sublease Tara" shall mean the Initial Sublease Terra, together with the First Renewal Terra, if actually exercised by Subtenant in accordance with Article 3(c) of this Sublease. 4. DELIVERY F POSSESSION (a) Landlord delivered actual possession of the Subleased Premises to Subtenant on August 21, 2020 pursuant to the executed Early Possession Agreement attached to this Lease as Exhibit E. (b) The ubl a shall be binding upon the parties from and after its mutual execution by both parties, notwithstanding that the term may commence at a later date. 5. REMODELING / SUBTENANT'S WORK (a) It is expressly understood that Landlord has made no representation with respect to the condition of the Subleased Premises, and such shall be delivered to Subtenant `'a is' the Landlord having made no agreement to initially repaint, repair, decorate, alter, or improve the Subleased Premises. Subject to Article 4 above, Subtenant acknowledges that it has inspected the Subleased Premises to the extent that Subtenant deemed necessary and that Subtenant is ati fied with the same. Petitioner's Exhibit C Atom. CO Store 44469 TB FIRST AMENDMENT TO LEASE this First Amendment to Lease ("First Amendment") is executed as of this it iblay of 201$ (the "Effect lice Dale"), by and between WPC MISSISSIPPI LILT, a -�' limited liability company, hereinafter called '' dlord", and wALGRErN CO., an Illinois corporation, hereinafter call cd L(dfenaat" RECITALS: A. On June 13, 1997, THE FAA TRUST . 't ED PARTNERSHIP, a Minnesota limited partnership, as landlord, and Tenant entered into a oertais lease relating to the real property located at 15301 U. Mississippi Avenue, Aurora, Colorado (the "Leese) as more particularly described in the Least 8. Landlord is the successor in interest to The ElA Trust Limited partnership, C. Landlord and Tenant desire to amend the Lease as hereinafter set forth. NOW THEREFORE, in consideration of the mutual promises and covenants contained herein and other good and valuable consideration, the receipt, ndcquaey and sufficiency of which is hereby achowledged, the parties hereto agree as follows: (a) Landlord and Tenant hereb ► acknowledge and agree that beginning on November ID. 2018 continuing for the remainder or the `Conn, the monthly rent set forth in Article 2(a) of time Rorie shall be reduced from 57.75851-14 to S 13.33333_ (b) Landlord and Tenant hereby acknowledge and agree that &ginning on November 1 2012 and continuing urrtil for the remainder of the Tenn the figure used for percentage rent calculation in Article 2(b) of the Lease shall be reduced from $668,578 to S320,000.00. Term and Options. (a) Landlord and Tenant acknowledgc and agree that the terra of the Lease commenced on October ,10, 1998 and will expire on October 31, 2058 and that Tenant currently has the 0001110 terminate the Lease as of the following dates: October 31, 2018, October 31, 2021, October 31, 2028, October 30, 2031, October 31, 2038, October 31, 1043, October 31, 2O48, and October 31, 2053. (b) From and after thc Effective Date, Tenant herby waives its option to terminate the Lease ns of October 31, 2018, and such that from and after thc Effective Date, Tenant shall have the right to terminate this Lease as of October 31, 2023, October 31, 2028, October 31, 2023, October 31% 2.03S, October 3 I , 2043, October 31, 2048, and October 31, 2051 t Aurora, CO Store M469 ra Rrnresenratlnn. Landlord warrants and represents to Tenant that if a Wid party consent is necessaxy for the execution, delivery. effectiveness -ectiveness and performance of this First Amendment to be effective, such consent is attached hereto or has been secured. Landlord agrees to indemnify and hold Tenant harmless from any liability arising out of said warranty and representation being untrue_ 4, Bro era_gc. Hach party to this First Amendment represents to the other that in the event they have 'dealt with a broker or intermediary with regard to this transaction, any commissions due shall bc paid by each respective party in accordance with a separate agreement Landlord and Tenant each hereby indemnify and held the other harmless against any claims for brokerage commissions or compensation or other elaims at any kind (including reasonable attorneys' fees and costs) arising out of the negotiation and execution or this First Amendment. Mhtellaneous. All capitalized terms not otherwise defined heroin shall have the meaning ascribed to such terms in the Lease. Except as specifically set forth herein, all terms, cevenar c and conditions of the Itase shall remain in ill force and effect_ To the extent the terms orthis first kmendinent conflict with the terms of the ,Lease, the terms of this First Amendment shall control. This First Amendment represents the entire agreement of Landlord and Tenant with respect to the subject matter hereof, and the tents hereof shall not be amended or changed by any oral representation or agreement_ This First Amendment may be executed in idly number of counterparts, each of which shall constitute an original and all of which men together shall constitute one sod the sankc original irnent and this First Amendment may be executed via facsimile signature], (or scanned in pd l format sent by @email transmission), and any such signature shalt constitute an original and all such sigiatures when taken together shall conslituto one and the same original instrument. (Text of the document ends here — signatlires commence on next Farce.) Amara, CO Stern I14469 TB IN INTlisIESSP WilEERE;OF Landlord and icnart have caused this First Amendment to Lease to be executed as of the date first above written, Tenant; SOX Amen! Da Lt Kum eitic 8-14-18 i , _ i -e I P MTI+IESS: Landlord: WPC MISSISSIPPI LLC Name:_ v Vi.-, J Ti tie WITNESS: Initials*,c13 Lease CD (if multiple Ceases in TRIRIGA): GO Docnni.ent ID (circle one): Document escriptor: it 0 LC A C M F Document Date: 1- / 7 Number of Pages: Abstract MN): ; 7 E Abstract comments attached (Y/N1 Location Not: 9_4 City anti State: Atk.. co l Scan Toss: Scan 8a; File: K Scan & Return to: Rent Reduction Westminster, CO Store 116552 DB THIRD AMENDMENT TO LEASE This Third Amendment to Lease ("Third Amendment") is executed as of this 30thday of rch 2020 (the "Effective Date"), by and between N 1) ENTERPRISES, LLB a California limited liability company, hereinafter called "Landlord", and .EEN CO. an Illinois corporation,, hereinafter called "Tenant"; RECITALS; A. On A st 31, 2000, WU Investments, 11C, a Delaware limited liability company, doing business in Colorado as UMW Inveitments, LLC, as landlord, and Tenant entered into a certain lease (the "Original Lease") as ended by that certain (1) Amendment to Lease dated August 31, 2000 (the "First men 't"), and (ii) Second Amendment to Lease Agreement dated November 22, 2000 (the "SecondAmendment") (the Original Lease together with the First Amendment and Second Ammtment are collectively referred to herein as the "Lease"), relating to the real property located at 7211 Federal Blvd., Westminster, Colorado 80030 as more particularly described in the Lease. B. Landlord ail the successor in interest to ' 1=I Investments, LEE, a Delaware limited liability company, doing business in Colorado as RI4DIV Investments, LLC. C. Landlord and Tenant desire to amend the Lease as hereinafter set forth. NOW THEREFORE, in consideration of the mutual promises and covenants contained herein and other good and valuable consideration, the receipt, adequacy and sufficiency of which is hereby acknowledged, the parties hereto twee as follows: (a) Landlord and Tenant hereby acknowledge and agree that beginning on February 1, 2021 and continuing for the remainder of the Term, the monthly rent set forth in Article 2(a) of the Lease shall be reduced from $30,566.67 to $19,79 r67. (h) Landlord and Tenant hereby acknowledge and agree that beginning on February 1, 2021 and continuing for the remainder of the Term, the figure used for percentage rent calculation in Article 2(b) of the Lease shall be reduced from $733,600.00 to $475,000.00. 2. Term and Options,, (a) Landlozd and Tenant acknowledge and agree that the Term of the Lease commenced on January 3,, 2001 and will expire on January 31, 2061 and that Tenant currently has the option to terminate the lease as of the following date: January 31, 2021, hammy 31, 2026, Janus 31, 2031, January 31, 2036, January 31, 2041, Januaty 31, 2046, January 31, 2051 and January 31, 2056. (b) From and after the Effective Date, Tenant hereby waives its option to terminate the Lease as of January 31, 2021 and January 31, 2026, and such that from and after the 1 Rent Reduction Wadminster, CO Store 46552 DR Effective Date, Tenant shall have the right to terminate this Lease as of Janus 31, 2031, Janus 31, 2036, Janus 3 I, 2041, Janes 31, 2046, January 31, 2051 and January 31, 2056. 3' Reps esentation. Landlord warrants and represents to Tenant that if a third party consent is necessary for the execution, delivery, effectiveness and performance of this Third Amendment to be effective, such consent is attached hereto or has been secured. Landlord agrees to indemnify and hold Tenant harmless from any liability arising out of said warranty and representation being untrue. 4, Broker ,. Each party to this Third Amendment represents to the other that hn the event they have dealt with a broker or intermediary with regard to this transaction, any commissions due shall be paid by each respective party in accordance with a separate agreement. Landlord and Tenant each hereby indemnify and hold the other harmless against any claims for brokerage commissions or compensation or other claims of any kind (including reasonable attorneys' fees and costs) arising out of the negotiation and execution etas Third Amendment. 41$cc}bncous. An capitalized tee not otherwise defined herein shall have the meaning ascribed to such terms in the Lease. Except as specifically set forth herein, all terms! covenants and conditions of the Lease shall remain in fall force and effect To the extent the terms of this Amendment conflict with the terms of the Lease, the terms of this Third Amendment shall control. This Third Amendment represents the entire agreement of Landlord and Tenant with respect to the subject matter h + and the terms hereof shall not be amended or changed by any oral representation or agreements This Third mendment may be executed in any number of counterparts, each of which shall constitute an original and ail of which taken together shall constitute one and the same original instrument nt and this Third Amendment may be executed via facsimile signature, (or scanned in pdf format sent by email transmission), and any such signature shall constitute an original and all such signatures when taken together shall constitute one and the same original instrument. (Text of the document ends here : siguatures co nonce on next page.) 2 Rent Reduction Westminster, CO Store #6552 DB IN WITNESS WHEREOF, Landlord and Tenant have caused this Third Amendment to Lease to be executed as of the date first above written. Tenant: REECO., an Illinois corporation By: /t Name: Alan Nielsen Title: SVP, Property & Store Planning SOX Appainl Dote V !ItELaty 3_20.2„U20 Property M 3-20-20 WITNESS: Date signed by Tenant: _ 3/30/20 , 2020 Landlord: I) ENTERPRISES, LLC, a California limited liability company Ti cuntare WITNESS: a AL Date signed Landlord: I' 0 2020 Rent Reduction Colorado Springs, Colorado Store #3914 SRS FIRST AMENDMENT TO LEASE This First Amendment to Lease ("First Amendment") is executed as of this 7 day of July , 2020 (the "Effective Date"), by and between LUCY HU FONG TRUSTEE OF THE FONG FAMILY TRUST dated February 23, 2006, hereinafter called "Landlord", and WALGREEN REEN ., an Illinois corporation, hereinafter called "Tenant's . RECITALS; A. On January 8, 1996, Ravinia Ltd. Liability Company, as landlord, and Tenant entered into a cer=tain lease relating to the real property located at 5755 Constitution Avenue, Colorado Springs, Colorado 80915 (the "Lease") as more particularly described in the Lease, B. Landlord is the successor in interest to Ravinia Ltd. Liability Company. C, Landlord and Tenant desire to amend the Lease as hereinafter set forth. NOW TI lELFI, in considerationof the mutual promises and covenants contained herein and other good and valuable consideration, the receipt, adequacy and sufficiency of which is hereby acknowledged, the parties hereto agree as follows: Rent. (a) Landlord and Tenant hereby acknowledge and agree that beginning on the Effective Date and continuing until September 30, 2031, the monthly rent set forth in Article 2(a) of the Lease shallba reduced from $21,666.66 to $17381.25. Beginning on October 1, 2031, and continuing for the remainder of the Term, the monthly rent set forth in Article 2(a) of the Lease shall be increased from $17,381.25 to $18,250.00. (b) Landlord and Tenant hereby acknowledge and agree that beginning on the Effective Date and continuing until September 30, 2031, the figure used for percentage rent calculation in Article 2(b) of the Lease shall be reduced from $260,000.00 to $208,575.00. Beginning on October 1, 2031, and continuing for the remainder of the Term, the figure used for percentage rent calculation in Article 2(b) of the Lease shall be increased from $208,575.00 to $219,000.00. 2. Term aryl_ Options. (a) Landlord and Tenant acknowledge and agree that the Term of the Lease commenced on September 27, 1996 and will expire on September 30, 2056 and that Tenant currently has the option to terminate the Lease as of the following dates: September 30, 2021, September 30, 2026, September 30., 2031, September 30, 2036, September 30, 2041, September 30, 2046 and September 30, 2051. (b) From and after the Effective Date, the Term of the Lease shalt be extended for a period of ten (10) years from October 1, 2056 to September 30, 2066. C-8 Rent Reduction Colorado Springs, Colorado Store #3914 IRS (c) From and after the Effective Date, Tenant hereby waives its option to terminate the Lease as of September 30, 2021 and September 30, 2026, but shall be granted additional option to terminate the Lease as of september 30, 2056 and September 30, 2061, and such that from and after the Effective Date, Tenant shall have the right to terminate this Lease as of September 30, 2031, September 30, 2036, September 30, 2041, September 30, 2046, September 30, 205 l., September 30, 2056 and September 30, 2061. 3. Representations. Landlord warrants and represents to Tenant that if a third party consent is necessary for the execution, delivery, effectiveness and performance of this First Amendment to be effective, such consent is attached hereto or has been secured. Landlord agrees to indemnify and hold Tenant harmless from any liability arising out of said warranty and representation being untrue. Tenant warrants and represents to Landlord that Tenant occupies the Leased Premises, the Lease is in full force and effect and has not been modified (except by this First Amendment), Landlord is not in default under the Lease, there are no claims, defenses, or offsets by Tenant against enforcement of the Lease by Landlord, and rent is paid in full through the Effective Date (or specify later date). 4, Brokerage. Each party to this First Amendment represents to the other that in the event they have dealt with a broker or intermediary with regard to this transaction, any commissions due shall be paid by each respective party in accordance with a separate agreement. Landlord and Tenant each hereby indemnify and hold the other harmless against any claims for brokerage commissions or compensation or other claims of any kind (including reasonable attorneys' fees and costs) arising out of the negotiation and execution of this First Amendment. 5. Miscellaneous. All capitalized terms not otherwise defined herein shall have the meaning ascribed to such terms in the Lease. Except as specifically set forth herein, all terms, covenants and conditions of the Lease shall remain in full force and effect. To the extent the terms of this Amendment conflict with the terms of the Lease, the terms of this First Amendment shall control, This First Amendment represents the entire agreement of Landlord and Tenant with respect to the subject matter hereof, and the terms hereof shall not be amended or changed by any oral representation or agreement. This First Amendment may be executed in any number of counterparts, each of which shall constitute an original and all of which taken together shall constitute one and the same original instrument and this First Amendment may be executed via facsimile signature, (or scanned in pdf format sent by e-mail transmission), and any such signature shall constitute an original and all such signatures when taken together shall constitute one and the same original instrument. (Text of the document ends here — signatures commence on next page.) 2 C-9 Reel Reduction Colorado Springs, Colorado Store 039]J MIS IN WITNESS WHEREOF, Landlord and Tenant have caused this First Amendment to Lease to be executed as of the date first above written. Tenant: WALGREEN EN O. By: Name: Alan Nielsen Title: SVP Property & Store Planning SOX Approval . - Date = fte Law 6,2 5.2020 proper ' 6-2420 WITNESS: Scintu-trtaractv__..__ Date signed by Tenant: Judy 7 Landlord: LUCY O TRUSTEE OF TIM FOND FAMILY TRUST dated February 23, 2006 T ie:T l Cf ThE FPOI1 Tan . 2020 Date signed by L lord: O 2020 3 C-90 Boulder �'A GROUP Petitioner's Exhibit D Q3 THE NET LEASE DRUG STORE REPORT T sti r. yZAti svt'1r` �-TT!4ai.TAll. w..lig.r`w in'teert ra' flttvraot.rrs-trertn. reran-.;%ippotopoi-onlcispoppip MEDIAN ASKING CAP RATE BY LEASE TERM REMAINING Term Remaining 20+ Years 15-19 Years Waigreens 5.50% 5.75% CVS 5.10% 5.45% Rite Aid NA 7.10% 10-14 Years 6.15% 5.85% 7.50% 6-9 Years 6.90% 6.75% 8.00% 5 Years & Under 7.60% 7.15% 9.00% CAP RATE DRUG STORE TRENDS 9.75% 9.25% 8.75% 825% 7.75% 725% 1 6.75% 652% 5.75% 5.25% ?-- Q1 2008 Q3 2008 Q2 2009 Q3 2009 Q1 2010 Q3 2010 Q1 2011 Q3 2011 Q2 2012 Q3 2013 Q3 2014 Q3 2016 Q3 2008 Q3 202( assmiNmmi Walareens MEDIAN NATIONAL ASKING VS CLOSED CAP RATE SPREAD Tenant Waigreens Closed 6.51% Ask 6.25% Spread (bps) 26 CVS 5.65% 5.50% 15 Rite Aid 8.25% 7.80% 45 i CVS Rite Aid DRUG STORE VS RETAIL NET LEASE MARKET CAP RATE Sector Drug Store Q3 2019 (Previous) Market 6.22% 6.21% Q3 2020 (Current) 6.39% 6.06% Differential (bps) +1 +33 r• •_ _Y .-. _ *u _.•.."Mr--i.T-`:a' :tom _ -i..7� '=='�' s t--r.'+T'Jr-S ' ..�"...v'•�� .. �i _ .-�- �Y www.bouldergroup.com July 15, 2021 Petitioner: GREELEY PROPERTY LLC 150 BRATTLE ST CAMBRIDGE, MA 02138-2202 CLERK TO THE BOARD PHONE (970) 400-4226 FAX (970) 336-7233 WEBSITE: www.weldgov.com 1150 O STREET P.O. BOX 758 GREELEY CO 80632 Agent (if applicable): STERLING PROPERTY TAX SPECIALISTS INC 950 S CHERRY ST SUITE 320 DENVER, CO 80246 RE: THE BOARD OF EQUALIZATION 2021, WELD COUNTY, COLORADO NOTIFICATION OF HEARING SCHEDULED Docket 2021-2021, AS0109 Appeal 2008230190 Hearing 8/3/2021 8:30 AM Account(s) Appealed: R3919605 Dear Petitioner(s): The Weld County Board of Equalization has set a date of August 3, 2021, at or about the hour of 8:30 AM, to hold a hearing on your valuation for assessment. This hearing will be held at the Weld County Administration Building, Assembly Room, 1150 O Street, Greeley, Colorado. You have a right to attend this hearing and present evidence in support of your petition. The Weld County Assessor or his designee will be present. The Board will make its decision on the basis of the record made at the aforementioned hearing, as well as your petition, so it would be in your interest to have a representative present. If you plan to be represented by an agent or an attorney at your hearing, prior to the hearing you shall provide, in writing to the Clerk to the Board's Office, an authorization for the agent or attorney to represent you. If you do not choose to attend this hearing, a decision will still be made by the Board by the close of business on August 5, 2021, and mailed to you within five (5) business days. Because of the volume of cases before the Board of Equalization, most cases shall be limited to 10 minutes. Also due to volume, cases cannot be rescheduled. It is imperative that you provide evidence to support your position. This may include evidence that similar homes in your area are valued less than yours or you are being assessed on improvements you do not have. Please note: The fact that your valuation has increased cannot be your sole basis of appeal. Without documented evidence as indicated above, the Board will have no choice but to deny your appeal. If you wish to discuss your value with the Assessor's Office, please call them at (970) 400-3650. If you wish to obtain the data supporting the Assessor's valuation of your property, please submit a written request directly to the Assessor's Office by emailing assessor@weldgov.com or sending a fax to (970) 304-6433. Upon receipt of your written request, the Assessor will notify you of the estimated cost of providing such information. Payment must be made prior to the Assessor providing such information, at which time the Assessor will make the data available within three (3) working days, subject to any confidentiality requirements. Please advise me if you decide not to keep your appointment as scheduled. If you need any additional information, please call me at your convenience. Very truly yours, BOARD OF EQUALIZATION r.z4,A Esther E. Gesick Clerk to the Board Weld County Board of Commissioners and Board of Equalization cc: Brenda Dones, Assessor July 15, 2021 Agent: STERLING PROPERTY TAX SPECIALISTS INC 950 S CHERRY ST SUITE 320 DENVER, CO 80246 CLERK TO THE BOARD PHONE (970) 400-4226 FAX (970) 336-7233 WEBSITE: www.weldgov.com 1150 O STREET P.O. BOX 758 GREELEY CO 80632 Petitioner: GREELEY PROPERTY LLC 150 BRATTLE ST CAMBRIDGE, MA 02138-2202 RE: THE BOARD OF EQUALIZATION 2021, WELD COUNTY, COLORADO NOTIFICATION OF HEARING SCHEDULED Docket 2021-2021, AS0109 Appeal 2008230190 Hearing 8/3/2021 8:30 AM Account(s) Appealed: R3919605 Dear Petitioner(s): The Weld County Board of Equalization has set a date of August 3, 2021, at or about the hour of 8:30 AM, to hold a hearing on your valuation for assessment. This hearing will be held at the Weld County Administration Building, Assembly Room, 1150 O Street, Greeley, Colorado. You have a right to attend this hearing and present evidence in support of your petition. The Weld County Assessor or his designee will be present. The Board will make its decision on the basis of the record made at the aforementioned hearing, as well as your petition, so it would be in your interest to have a representative present. If you plan to be represented by an agent or an attorney at your hearing, prior to the hearing you shall provide, in writing to the Clerk to the Board's Office, an authorization for the agent or attorney to represent you. If you do not choose to attend this hearing, a decision will still be made by the Board by the close of business on August 5, 2021, and mailed to you within five (5) business days. Because of the volume of cases before the Board of Equalization, most cases shall be limited to 10 minutes. Also due to volume, cases cannot be rescheduled. It is imperative that you provide evidence to support your position. This may include evidence that similar homes in your area are valued less than yours or you are being assessed on improvements you do not have. Please note: The fact that your valuation has increased cannot be your sole basis of appeal. Without documented evidence as indicated above, the Board will have no choice but to deny your appeal. If you wish to discuss your value with the Assessor's Office, please call them at (970) 400-3650. If you wish to obtain the data supporting the Assessor's valuation of your property, please submit a written request to assessor@weldgov.com. Upon receipt of your written request, the Assessor will notify you of the estimated cost of providing such information. Payment must be made prior to the Assessor providing such information, at which time the Assessor will make the data available within three (3) working days, subject to any confidentiality requirements. Please advise me if you decide not to keep your appointment as scheduled. If you need any additional information, please call me at your convenience. Very truly yours, BOARD OF EQUALIZATION Esther E. Gesick Clerk to the Board Weld County Board of Commissioners and Board of Equalization cc: Brenda Dones, Assessor August 5, 2021 Petitioner: GREELEY PROPERTY LLC 150 BRATTLE ST CAMBRIDGE, MA 02138-2202 CLERK TO THE BOARD PHONE (970) 400-4226 FAX (970) 336-7233 WEBSITE: www.weldgov.com 1150 O STREET P.O. BOX 758 GREELEY CO 80632 Agent (if applicable): STERLING PROPERTY TAX SPECIALISTS INC 950 S CHERRY ST SUITE 320 DENVER, CO 80246 RE: THE BOARD OF EQUALIZATION 2021, WELD COUNTY, COLORADO NOTICE OF DECISION Docket 2021-2021 Appeal 2008230190 Hearing 8/5/2021 Dear Petitioner: On the day indicated above, the Board of County Commissioners of Weld County Colorado convened and acting as the Board of Equalization, pursuant to C.R.S. §39-8-101 et seq., considered petition for appeal of the Weld County Assessor's valuation of your property described above, for the year 2021. Account # Decision The Assessment and valuation is set as follows: Actual Value as Actual Value as Set by Determined by Assessor Board R3919605 Stipulated - Approved Stipulated Value $2,449,020 $2,420,208 A denial of a petition, in whole or in part, by the Board of Equalization must be appealed within thirty (30) days of the date the denial is mailed to you. You must select only one of the following three (3) options for appeal: 1. Appeal to Board of Assessment Appeals: You have the right to appeal the County Board of Equalization's decision to the Colorado Board of Assessment Appeals. A hearing before that Board will be the last time you may present testimony or exhibits or other evidence, or call witnesses in support of your valuation. If the decision of the Board of Assessment Appeals is further appealed to the Court of Appeals pursuant to C.R.S. §39-8-108(2), only the record of proceedings from your hearing before the Board of Assessment Appeals and your legal brief are filed with the appellate court. All appeals to the Board of Assessment Appeals filed after August 10, 2021, MUST comply with the following provisions of C.R.S. §39-8-107(5): (5)(a)(I) On and after August 10, 2021, in addition to any other requirements under law, any petitioner appealing either a valuation of rent -producing commercial real property to the Board of Assessment Appeals pursuant to C.R.S. §39-8-108(1) or a denial of an abatement of taxes pursuant to C.R.S. §39-10-114 shall provide to the County Board of Equalization or to the Board of County Commissioners of the County in the case of an abatement, and not to the Board of Assessment Appeals, the following information, if applicable: (A) Actual annual rental income for two full years including the base year for the relevant property tax year; (B) Tenant reimbursements for two full years including the base year for the relevant property tax year; (C) Itemized expenses for two full years including the base year for the relevant property tax year; and (D) Rent roll data, including the name of any tenants, the address, unit, or suite number of the subject property, lease start and end dates, option terms, base rent, square footage leased, and vacant space for two full years including the base year for the relevant property tax year. (II) The petitioner shall provide the information required by subsection (5)(a)(I) of this paragraph (a) within ninety days after the appeal has been filed with the Board of Assessment Appeals. (b)(I) The Assessor, the County Board of Equalization, or the Board of County Commissioners of the County, as applicable, shall, upon request made by the petitioner, provide to a petitioner who has filed an appeal with the Board of Assessment Appeals not more than ninety days after receipt of the petitioner's request, the following information: (A) The primary method used by the county to determine the value of the subject property; and (B) The rates used by the county to determine the value of the subject property under the method identified in accordance with subsection (5)(b)(l)(A) of this section. (II) The party providing the information to the petitioner pursuant to subparagraph (I) of this paragraph (b) shall redact all confidential information contained therein. (c) If a petitioner fails to provide the information required by subparagraph (I) of paragraph (a) of this subsection (5) by the deadline specified in subparagraph (II) of said paragraph (a), the County may move the Board of Assessment Appeals to compel disclosure and to issue appropriate sanctions for noncompliance with such order. The motion may be made directly by the County Attorney and shall be accompanied by a certification that the County Assessor or the County Board of Equalization has in good faith conferred or attempted to confer with such petitioner in an effort to obtain the information without action by the Board of Assessment Appeals. If an order compelling disclosure is issued under this paragraph (c) and the petitioner fails to comply with such order, the Board of Assessment Appeals may make such orders in regard to the noncompliance as are just and reasonable under the circumstances, including an order dismissing the action or the entry of a judgment by default against the petitioner. Interest due the taxpayer shall cease to accrue as of the date the order compelling disclosure is issued, and the accrual of interest shall resume as of the date the contested information has been provided by the taxpayer. Appeals to the Board of Assessment Appeals must be made on forms furnished by that Board, and must be mailed or delivered within thirty (30) days of the date the denial by the Board of Equalization is mailed to you. The address and telephone number of the Board of Assessment Appeals are: Board of Assessment Appeals 1313 Sherman Street, Room 315 Denver, Colorado 80203 Telephone Number: (303) 864-7710 Email: baa@state.co.us Fees for Appeal to the Board of Assessment Appeals: A taxpayer representing himself is not charged for the first two (2) appeals to the Board of Assessment Appeals. A taxpayer represented by an attorney or agent must pay a fee of $101.25 per appeal. OR 2. Appeal to District Court: You have the right to appeal the decision of the Board of Equalization to the District Court of the county wherein your property is located: in this case that is Weld County District Court. A hearing before The District Court will be the last time you may present testimony or exhibits or other evidence, or call witnesses in support of your valuation. If the decision of the District Court is further appealed to the Court of Appeals pursuant to C.R.S. §39-8-108(1), the rules of Colorado appellate review and C.R.S. §24-4-106(9), govern the process. OR 3. Binding Arbitration: You have the right to submit your case to binding arbitration. If you choose this option, the arbitrator's decision is final and you have no further right to appeal your current valuation. C.R.S. §39-8-108.5 governs this process. The arbitration process involves the following: a. Select an Arbitrator: You must notify the Board of Equalization within 30 days that you will pursue arbitration. You and the Board of Equalization will select an arbitrator from the official list of qualified people. If you cannot agree on an arbitrator, the District Court of the county in which the property is located (i.e. Weld) will select the arbitrator. b. Arbitration Hearing Procedure: Arbitration hearings are held within sixty (60) days from the date the arbitrator is selected, and are set by the arbitrator. Both you and the Board of Equalization are entitled to participate in the hearing. The hearing is informal. The arbitrator has the authority to issue subpoenas for witnesses, books, records documents and other evidence pertaining to the value of the property. The arbitrator also has the authority to administer oaths, and determine all questions of law and fact presented to him. The arbitration hearing may be confidential and closed to the public if you and the Board of Equalization agree. The arbitrator's decision must be delivered personally or by registered mail within ten (10) days of the arbitration hearing. c. Fees and Expenses: The arbitrator's fees and expenses are agreed upon by you and the Board of Equalization. In the case of residential real property, the fees may not exceed $150.00 per case. For cases other than residential real property, the arbitrator's total fees and expenses are agreed to by you and Board of Equalization, but are paid by the parties as ordered by the arbitrator. If you have questions concerning the above information, please call me at (970) 400-4226. Very truly yours, BOARD OF EQUALIZATION Esther E. Gesick Clerk to the Board Weld County Board of Commissioners and Board of Equalization cc: Brenda Dones, Weld County Assessor August 5, 2021 Agent: Petitioner: STERLING PROPERTY TAX SPECIALISTS INC 950 S CHERRY ST SUITE 320 DENVER, CO 80246 CLERK TO THE BOARD PHONE (970) 400-4226 FAX (970) 336-7233 WEBSITE: www.weldqov.com 1150 O STREET P.O. BOX 758 GREELEY CO 80632 GREELEY PROPERTY LLC 150 BRATTLE ST CAMBRIDGE, MA 02138-2202 RE: THE BOARD OF EQUALIZATION 2021, WELD COUNTY, COLORADO NOTICE OF DECISION Docket 2021-2021 Appeal 2008230190 Hearing 8/5/2021 Dear Petitioner: On the day indicated above, the Board of County Commissioners of Weld County Colorado convened and acting as the Board of Equalization, pursuant to C.R.S. §39-8-101 et seq., considered petition for appeal of the Weld County Assessor's valuation of your property described above, for the year 2021. Account # Decision The Assessment and valuation is set as follows: Actual Value as Actual Value as Set by Determined by Assessor Board R3919605 Stipulated - Approved Stipulated Value $2,449,020 $2,420,208 A denial of a petition, in whole or in part, by the Board of Equalization must be appealed within thirty (30) days of the date the denial is mailed to you. You must select only one of the following three (3) options for appeal: 1. Appeal to Board of Assessment Appeals: You have the right to appeal the County Board of Equalization's decision to the Colorado Board of Assessment Appeals. A hearing before that Board will be the last time you may present testimony or exhibits or other evidence, or call witnesses in support of your valuation. If the decision of the Board of Assessment Appeals is further appealed to the Court of Appeals pursuant to C.R.S. §39-8-108(2), only the record of proceedings from your hearing before the Board of Assessment Appeals and your legal brief are filed with the appellate court. All appeals to the Board of Assessment Appeals filed after August 10, 2021, MUST comply with the following provisions of C.R.S. §39-8-107(5): (5)(a)(I) On and after August 10, 2021, in addition to any other requirements under law, any petitioner appealing either a valuation of rent -producing commercial real property to the Board of Assessment Appeals pursuant to C.R.S. §39-8-108(1) or a denial of an abatement of taxes pursuant to C.R.S. §39-10-114 shall provide to the county Board of Equalization or to the Board of County Commissioners of the County in the case of an abatement, and not to the Board of Assessment Appeals, the following information, if applicable: (A) Actual annual rental income for two full years including the base year for the relevant property tax year; (B) Tenant reimbursements for two full years including the base year for the relevant property tax year; (C) Itemized expenses for two full years including the base year for the relevant property tax year; and (D) Rent roll data, including the name of any tenants, the address, unit, or suite number of the subject property, lease start and end dates, option terms, base rent, square footage leased, and vacant space for two full years including the base year for the relevant property tax year. (II) The petitioner shall provide the information required by subsection (5)(a)(I) of this paragraph (a) within ninety days after the appeal has been filed with the board of assessment appeals. (b)(I) The Assessor, the County Board of Equalization, or the Board of County Commissioners of the County, as applicable, shall, upon request made by the petitioner, provide to a petitioner who has filed an appeal with the Board of Assessment Appeals not more than ninety days after receipt of the petitioner's request, the following information: (A) The primary method used by the county to determine the value of the subject property; and (B) The rates used by the county to determine the value of the subject property under the method identified in accordance with subsection (5)(b)(l)(A) of this section. (II) The party providing the information to the petitioner pursuant to subparagraph (I) of this paragraph (b) shall redact all confidential information contained therein. (c) If a petitioner fails to provide the information required by subparagraph (I) of paragraph (a) of this subsection (5) by the deadline specified in subparagraph (II) of said paragraph (a), the County may move the Board of Assessment Appeals to compel disclosure and to issue appropriate sanctions for noncompliance with such order. The motion may be made directly by the County Attorney and shall be accompanied by a certification that the County Assessor or the County Board of Equalization has in good faith conferred or attempted to confer with such petitioner in an effort to obtain the information without action by the Board of Assessment Appeals. If an order compelling disclosure is issued under this paragraph (c) and the petitioner fails to comply with such order, the Board of Assessment Appeals may make such orders in regard to the noncompliance as are just and reasonable under the circumstances, including an order dismissing the action or the entry of a judgment by default against the petitioner. Interest due the taxpayer shall cease to accrue as of the date the order compelling disclosure is issued, and the accrual of interest shall resume as of the date the contested information has been provided by the taxpayer. Appeals to the Board of Assessment Appeals must be made on forms furnished by that Board, and must be mailed or delivered within thirty (30) days of the date the denial by the Board of Equalization is mailed to you. The address and telephone number of the Board of Assessment Appeals are: Board of Assessment Appeals 1313 Sherman Street, Room 315 Denver, Colorado 80203 Telephone Number: (303) 864-7710 Email: baa@state.co.us Fees for Appeal to the Board of Assessment Appeals: A taxpayer representing himself is not charged for the first two (2) appeals to the Board of Assessment Appeals. A taxpayer represented by an attorney or agent must pay a fee of $101.25 per appeal. OR 2. Appeal to District Court: You have the right to appeal the decision of the Board of Equalization to the District Court of the county wherein your property is located: in this case that is Weld County District Court. A hearing before The District Court will be the last time you may present testimony or exhibits or other evidence, or call witnesses in support of your valuation. If the decision of the District Court is further appealed to the Court of Appeals pursuant to C.R.S. §39-8-108(1), the rules of Colorado appellate review and C.R.S. §24-4-106(9), govern the process. OR 3. Binding Arbitration: You have the right to submit your case to binding arbitration. If you choose this option, the arbitrator's decision is final and you have no further right to appeal your current valuation. C.R.S. §39-8-108.5 governs this process. The arbitration process involves the following: a. Select an Arbitrator: You must notify the Board of Equalization within 30 days that you will pursue arbitration. You and the Board of Equalization will select an arbitrator from the official list of qualified people. If you cannot agree on an arbitrator, the District Court of the county in which the property is located (i.e. Weld) will select the arbitrator. b. Arbitration Hearing Procedure: Arbitration hearings are held within sixty (60) days from the date the arbitrator is selected, and are set by the arbitrator. Both you and the Board of Equalization are entitled to participate in the hearing. The hearing is informal. The arbitrator has the authority to issue subpoenas for witnesses, books, records documents and other evidence pertaining to the value of the property. The arbitrator also has the authority to administer oaths, and determine all questions of law and fact presented to him. The arbitration hearing may be confidential and closed to the public if you and the Board of Equalization agree. The arbitrator's decision must be delivered personally or by registered mail within ten (10) days of the arbitration hearing. c. Fees and Expenses: The arbitrator's fees and expenses are agreed upon by you and the Board of Equalization. In the case of residential real property, the fess may not exceed $150.00 per case. For cases other than residential real property, the arbitrator's total fees and expenses are agreed to by you and Board of Equalization, but are paid by the parties as ordered by the arbitrator. If you have questions concerning the above information, please call me at (970) 400-4226. Very truly yours, BOARD OF EQUALIZATION Esther E. Gesick Clerk to the Board Weld County Board of Commissioners and Board of Equalization cc: Brenda Dones, Weld County Assessor Hello