HomeMy WebLinkAbout20212024.tiffChloe Rempel
From:
Sent:
To:
Subject:
Hey Sue,
Yes, that's just fine.
Thank you!
CTB-County Board of Equalization
Wednesday, July 21, 2021 2:33 PM
Susan Gundry
RE: Walgreens — R 05(09 30 3
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
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
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: Susan Gundry <sgundry@weldgov.com>
Sent: Wednesday, July 21, 2021 12:39 PM
To: Chloe Rempel <crempel@weldgov.com>
Subject: FW: Walgreens
Hi Chloe,
I received the email below regarding 6 appeals. The agent stated she wanted to withdraw one. Is the wording sufficient
in the email for that to happen? -�
Thank you
Susan Gundry
Property Appraiser
Commercial Division
Weld County Assessor's Office
1400 N. 17th Avenue
1 aoa I - WDL1
ASO 1 09
Greeley, CO 80631
970-400-3676
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 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: Kendra Goldstein <kendra@sterlingpts.com>
Sent: Wednesday, July 21, 2021 12:31 PM
To: Susan Gundry <sgundrv@weldgov.com>
Cc: Nina Langston <nina@sterlingpts.com>
Subject: Re: Walgreens
Caution: This email originated from outside of Weld County Government. Do not click links or open attachments unless you recognize the
sender and know the content is safe.
Hi Susan,
I have secured authority from my client to accept the settlements on the five parcels offered for reduction as set forth
your email below, and to withdraw the appeal on 1480 Main Street.
Can you please confirm whether we will be stipulating to these values or reading these actions into the record at
hearing? It would be our preference to stipulate/withdraw in advance and remove those hearings from the calendar
altogether, if possible.
Thank you!
Kendra
From: Susan Gundry <sgundry@weldgov.com>
Date: Monday, July 19, 2021 at 2:02 PM
To: Kendra Goldstein <kendra@sterlingpts.com>
Subject: Walgreens
Kendra,
Thank you for discussing the Walgreen properties today. Here are a few comps that we used. All were adjusted to a
market cap rate.
3609 S Timberline- vacant at sale
2
130 N 22"d St- adjusted sale
9845 CR 74- adjusted sale
1480 Main St- adjusted sale
5486 N Garfield- adjusted sale
As we discussed, we are willing to do the following:
1641 23rd Ave take from $170 p/sf to $168 p/sf
370010th St take from $170 p/sf to $168 p/sf
2600 11th Ave take from $170 p/sf to $168 p/sf
1480 Main St- Withdraw from you
5962 Firestone Blvd take from $176.40 to $174.80
490 Erie Parkway take from $189.12 to $187.29.
These changes have been approved by Jason the Deputy Assessor. Please let me know if you are ok so that I can start
the stipulation process.
Thank you,
Susan Gundry
Property Appraiser
Commercial Division
Weld County Assessor's Office
1400 N. 17th Avenue
Greeley, CO 80631
970-400-3676
WELD
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 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.
3
Chloe Rempel
From:
Sent:
To:
Cc:
Subject:
Attachments:
ARNOLD ASSETS CO LLC
1480 MAIN ST
WINDSOR, CO 805,50-6019
COMMERCIAL
CTB-County Board of Equalization
Wednesday, July 14, 2021 1:47 PM
SVC-AppealMailProcess
CTB-County Board of Equalization
R2569303 FW: 2021 Board of Equalization Appeals
R2569303.pdf; Sterling Property Tax Back -Up Documentation.pdf
2021
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
0437
WIN WAG L1 WINDSOR ASSEMBLY OF GOD
1480 MAIN ST WINDSOR
2,535,4,
2,535,4t
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
2021-2024
^Solocl
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, 2021 3 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
r
, ; - Caution Thtgrematl originated from outside of Weld'County Government Do not click links or open attachments unless you recognize the
t sender and know the content is safe
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@sterlmgpts com
Office 303-757-8865 Ext 106 I Fax 303-757-7691
S _ L 4ERL! NTG
PROPERTY rAX SPECIALISTS. INC.
950 S Cherry Street, Suite 320
Denver, CO 80246
www sterlmgpts corn
2
NOTICE OF DETERMINATION
Brenda Dones
Weld County Assessor
1400 N 17th 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
LOCATION
R2569303
2021
0437
1480
WIN
WAG
MAIN
L1
ST
WINDSOR
WINDSOR
ASSEMBLY
OF GOD
cc
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I
ct
t2ETSCOLLCRNOL
WINDSOR,
ASS
N
ST
CO 80550-6019
" PROPERTY
CLASSIFICATION
K
ArSSESSOR'S VALUATION
f. -..v
��'
ACTUAL
VALUE
REVIEW
PRIOR
TO
-:
ACTUAL'VALUE
REVIEW
AFTER
-
COMMERCIAL
2,535,400
2,535,400
• = TOTAL
2,535,400
2,535,400
ri.,..
A -
1_ _ r ..
.C ��5�5sou nas 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_ pp 1t�6(1)(a), C.R.S.
The deadline for filing real property appeals is July 15.
The Assessor establishes property values. The local taxing authorities count districts) (county, school district, city,
fire protection, and specialother
t icts) set mill levies. The mill levy requested by each taxing
authority is based on a projected budget and the property tax revenue fund
required to adequately
the services it provides to its taxpayers. The local taxing authorities
if you are concerned about mill levies, t es hold budget hearings in the fall.
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. orltles.
Please refer to the reverse side of this notice for additional information.
Agent (If Applicable):
STERLING PROPERTY TAX SPECIALISTS INC
950 S CHERRY ST SUITE 320
DENVER, CO 80246
- ,..)
i3 ri ; :iLb ti I
it) II
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tj 0 1.\\Ly
15-DPT-AR
PR 207-08/13
R2569303
" F APPEAL PROCEDURES
County Board of Equalization Hearings will be held from
July 26th through August 5th at 1150 O 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/
Topreserve your appeal rights, your Petition to the County Board of Equalization must be
your right to
postmarked or delivered on or before July 15 for real property — after such date, g
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 A
the Board of Assessment Appeals by
P
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
pp
the following:
Board of Assessment Appeals
1313 Sherman Street, Room 315
Denver, CO 80203
(303) 866-5880
www.dola.colorado.gov/baa
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 a upon Saturday, Sunday, or legal holiday, it shall be deemed to have been timely filed if filed
p Y
on the next business day, SC 39-1-120(3), C.R.S.
District Court
Contact the District Court in the County
where the property is located. See your
local telephone book for the address and
telephone number.
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.)
$ 2,361,544
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.
I, the yundersigned owner or agent of the property identified above, affirm that the statements contained herein
and on any attachments hereto are true and complete.
444-303-757-8865
Signature Telephone Number Date
kendra@sterlingpts.com s.com Please send all BOE hearing info. @ gpt O ear g n o.
and BOE packets to nina@sterl ngpts_com
Email Address
7-13-21
'Attach letter of authorization signed by property owner.
15-DPT-AR
PR 207-08/13
R2569303
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
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Property Overview
X2.59 AC; ±14,490 SF + doubte drive-th rough
Year Built. 2005
Parking,. t61
S� • nage. Pylon with manual reader board & builcing
inter section. 65,000 VPD
Opportunity. Opportunity Zone, infH location with
adjacent vacant Viand
Master Lease Expiration. 1 0f31 130
Zoning. A-3 Heavy IndustriaL Commerce City
restricted Uses. Retail pharmacy
Area Overview
Adjacent Uses. Mix of heavy and light ndustrial,
neighborhood and destination retail, QSRs, offices,
and residential
Convenient Location, interchange of Vasquez (85)
and1-270, close to 1-70, 5 miles to downtown Denver
Consistent Activity. Combination of high daytime
population, destination retail, highway proximity and
nearby residential result in steady activity
NearbK Construction. Greyhound Park, a 60 -acre
mixed --use redevelopment, is across from site. It is
under construction and will feature residential, retail,
restaurants, offices and an educational facility.
SUB LEJt5E OPPCRTUMTV
REAL EST T E
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SUB -LEASE TERMS
SUGGESTED RENT*.
SUGGESTED TERM
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OFFERS EVALUATE
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$45,OOO
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*price + Perms, along with all offers, are subject to approval of
Walgreen Co.'s Real Estate Committee
CONTACT
MARK HOLLENBECK, CCIM
844.RNRE.11J. ;. mark@retailnetrealestate.com
THIS IS NOT AN OFFER: VOID WHERE PRO H IBITEES. NO WARRANTY OR REPRESENTATION, EXPRESSED OR
IMPLIED, IS MADE AS TO TH. E ACCURACY OF THE INFORMATION CONTAINED HEREIN, AND SAME IS
SUBMITTED SUBJECT TO ERRORS, omm I SIGN , CHANGE OF PRICE, WITHDRAW WITHOUT NOTICE, AND
TO ANY SPECIAL LISTING CONDITIONS IMPOSED BY OUR CLIENT AND/OR FIRM PRINCIPALS.
SUBLEASE OP POCITUNITY
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G'lclr
Cherry FINIS
Village
C
'I;
f�
Pi:',II
K2
s 4 4
M
r IL'or
•
%'LJInn ' J'L•,4r
✓
n
N
te Paull
L' Co,I1ax Ave
yh -
'%
I.4;zrit i%M" c,
Ilmghllrn Canal
(Par cc C{1
M.t, rrpa1l
•
I
1
,v
C
}
1
NJ
q
J
Ln
'20
Estimates
1
Mile
2
Miles
3
Miles
Population
20,346
89,201
222,712
Households
11,362
45,763
118,110
Avg. HH
Inc.
$156,531
$137,864
$116,675
844.RNRE.iii'www.retailnetrealestate.com
Pr• petty Overview
Size. ±1.43 AC; ±11,550 SF + drive -through
pr Year Built, 2015
✓ Parking. 59
rSim. Pylon, monument & buildThg
✓ Hard corner. SWQ of Leetsdale & Cherry
r Opportunity. Infill location; long-term sublease
(5/31/35)
► gnalized intersection. ±48,000 VPD
1. Zoning. Planned Unit evefapment Qistrict, City of
Glendale
Frontage. ±210' 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 desirable, including Glendale, sherry Creek,
Hilltop, Crestmoor and Observatory Park.
Convenient Location-. +/- 5 miles to downtown
Denver
SUBLEASE OPFCRTUNITY
Retail---- et
REAL E STAT E
844.RNRE i ii wwwiretailnetrealestate.com
glendale, co
CO
i
44.RNRE.111. w' .retaflnetreale.state.com
4550 S. LEETSDALE
StIBLEASE CPpcct7`.LPNIi" (
ietaW1ek
REAL E S TAT E
4 . RED' 11 11 n. !- seta I netrea lest te.com
glendale, co
4550 S. LEETSDALE
SUB -LEASE TERMS
SUGGESTED RENT*
INIMUM TERM
DELIVERY
O
FFES EVALUATED AS RECEIVED
$140,000
finciUsive of RET; R&M Insurance, .utllfties separate)
10 gears; maximum term 5/31/35
"As -Is"
-440F reit _
*Price + terms, along with all offers, are subject to approval of
Walgreen Co.'s Real Estate Committee
CONTACT
MARK HOLLENBECK, CCIM
84
CO
I
O1
.RNRE.111 Lry markretailnetrealestate.cam
THIS IS NOT AN OFFER: VOID WHERE PROHIBITED. NO WARRANTY OR REPRESENTATION, EXPRESSED OR
IMPLIED, IS MADE AS TO THE ACCURACY OF THE INFORMATION ION CONTAINED HEREIN, AND SAME IS
SUBMITTED SU! JECTT'O ERRORS, ON/MISSIONS, CHANGE OF PRICE, WITHDRAW WITHOUT NOTICE, AND
TO ANY SPECIAL LISTING CONDITIONS IMPOSED BY OUR CLIENT AND/OR ARM PRINCIPALS.
admin.."
SUBLE=ASE OPPORT1Jwry
fletaiPNet
REAL ESTATE
engiewood, co
707 E JEFFERSON AVENUE
Gu/ch
W 6th Ave
Sanders
4 e s0 f G.u, c h
sea
r
I
I
College V
'Li Bel l eview Ave
Litt"
S Prince Sr
aSI
U,
a
Alamo Placita
to
ewood
C AIan7edd° Ave,
Harvard
Gulch
erry Hills
Village
igh Line Canal
fl
I
a- fr -
G l en d le
r
E-tighiine Canal
(Parker to
Havana)
E Evens Ave
t L
"LR
Ave
eI I evieyQ Ave —
1
I
Sullivan
Greenwood
Village
C
C
-
Le
Centenmal
`20
Estimates
Mile
1
2
Miles
3
Miles
Population
18,178
50,297
114,467
ouseholds
9,434
23,108
49,420
$105,763
Avg.
HH
Inc.
$82,009
$103,558
844. NRE.111 b wwwsetailnetrealestate.com
APr
Ar
P
A'P
Property Ove ry lew
Size. -P11 it AC; ±14,608 SF + dilve-through
Year Built. 2a16
Parkipg, 50
Stale. Pylon with &ectronc reader board +
building
Hard Corner. NWC of US 285 & Clarkson
Opportunity. Lang -berm sublease (5I37/37)
Signalized Intersection. ±65,000 VPD
Zoning. M2, City of Englewood
Frontage.
±290' on E. Jefferson (US 285)
'�. ±2'38' S. Clarkson
Restricted Uses. fletail pharmacy
Area Overview
Medical District. Adjacent uses Thclude several
medical offices and the following facilities:
Swedish Medical Center— 34S :red facility with
� 2,040 employees
Craig HospItal — 93 bed faciIit� with > 800
employees
Atr/a Englewood — 130 -unit ALF
Convenient Location. +l-1.25 miles to US 85, light
rail station and Englewocad's CityCenter
SUBLEASE OPPQUATUMfl
fletaiLNet
REAL ESTATE
englewood, co
707 E JEFFERSON AVENUE
co
Co
8444RNRElll 1 www•retaiketrealestate.com
SU
:
LIFALSE
OPPORTUlift
RetailkNet
REAL
E TAT
E
844. R RE.111 ''6 www.retailnetrealestatetcom
englewood, co
707 E JEFFERSON AVENUE
CO
i
N)
N)
844.RNRE.111 1 www.retailnetrealestate.com
SLIBLEAS E OPPORTUNITY
H :etai9l�!
E A L E S TAT E
englewood, co
707 E JEFFERSON AVENUE
CO
i
844.8 N RE.l i swww.retailnetreaiestatescom
SUBLEASE CIPPORTU'ItlY
BetaiL 'S
REAL ESTATE
englewood, co
707 E JEFFERSON AVENUE
SU
LEASE TERMS
SUGGESTED RENT*
MINIMUM TERM
DELIVERY
OFFERS EVALUATED AS RECEIVED
''Price + terms, along with all offers, are subject to approval of
Waigreen Co. 's Real Estate Committee
CONTACT
$150,000
(ncFusive of,RET; R&M, insurance, utilities separate)
10 years; maximum term 5/31,137
"As- is"
MARK HOLLENBECK, CCIM
844.. RN RE.111 r 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 ERRORSr OM I! SIGNS, CHANGE OF PRICE, WITHDRAW WITHOUT NOTICE, AND
TO ANY SPECIAL LISTING CONDITIONS IMPOSED BY OUR CLIENT N D/O R FIRM PRJ NCI PALS..
SUBLEASE OPPORTUNflY
netainiq
R
E '
ESTATE
glendale, co
358 S COLORADO BOULEVARD
Denver
W 6th Ave
Sanderson
Gulch
S' -Evans. Ave
I p
I
C
e View
sat
4
E 40th Ave
11.3
z
O
S
-Y
-74
n
Alamo lacita
E Alameda
2 mites
3 miles
a a a a a
and
c
Eli
A,�re
E Evans Ave
f , Y' �.
L C,
I r ,_
C
M
C
C
rn
r
IMiontview Blyti I
I
EI-coIrax-Aveh
a
I
N
I-Itg lire Canal
M.3rker to
Havana)
i
r r
Sullivan
6
.111
r
qt -
I
z
1
I
IL
'I I
'20
Estimates
1
Mile
2
Miles
3
Miles
222,712
Population
20,346
$9,201
1181110
ousehDlds
11,362
H
`
45,7&3
1#vg.
$116,675
HH
Inc.
$156,531
$137,864
844•RNRE.111 k www.retailnetrealestate.com
i Wn etrealestate.com
E 47O
Property Overview
% Size. -�1 2,375 SF
'4• Signaqe. Monument & buFding
'�► Location. SEQ of Colorado Blvd & Alameda Ave
Opportunity. Infill location;; long-term sublease
(9I29/28)
Signalized Intersection. �-$2,f}00 VPD
Zonina. Hanned Unit Development District City of
Glerida4e
Restricted Uses. Retail pharmacy
Rear Loading Bay. Overhead door
4
ag
tar
Area Overview
Adjacent . Uses. Walgreens, Target, Bed Bath &
Beyond, Petsmart, 24 Hour Fitness, Wells Fargo,
Starbucks, Chick -WA, Wendy's, and KFC
Surrounding Neighborhoods. Some of the USA's
most desirabb, including. Gieneale, Cherry Creek!
�IrCl�c�p, Crestmoor and Observatory Park.
Convenient Location. +1- 5 miles to downtown
Denver
-Alm ear_�,
47RN.R,•E■111 www.retailnetrealestate.com
44. R N R!E,.111 Iwww.retailnetrealestate.com
844•RNREI11 wwwaretaiinetreakstate.com
glendale, co
fl rnrs5 .
CO
i
0)
8444RN E.111 ihi www.retailnetrealestatexom
358 S COLORADO BOULEVARD
ED BATH
art
SUBLEASE. OPPORTUNITY
RetaiL c,t
REAL ESTATE
I
i
glendale, co
Ft till F i l l_ r, wwweretailnetrealestateicom
358 S COLORADO BOULEVARD
REAL ESTATE
glendale, co
358 S COLORADO BOULEVARD
L
F
a
fi'
SUB -LEASE TERMS
SUGGESTE.' RENT*
INIMUM TERM
DELIVERY
OFFERS EVALUATED AS RECEIVED
rtmin
Y 4,
sec=...
.
CO
N
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xs
3A
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$185,000 ($15.00 psf)
(inclusive of RET; R&M, insurance, utilities separate)
9/30/28
"As -Is"
*Price + terms, along with all offers, are subject to approval of
•
►` "
.I \. 4
.4
nI
toto
CONTA
AV:
a
w
Walgreen Co.'s Real Estate Committee
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, OMMISSIONS, , HANGE OF PRICE, WITHDRAW WITHOUT NOTICE, AND
TO ANY SPECIAL LISTING CONDITIONS IMPOSED BY OUR CLIENT AND/OR FIRM PRINCIPALS,
SUBLEASE OPPORTWItITY
RetaWANiet
REAL ESTATE'
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
0
C
2 10337 Washington St
Thornton, CO
OSRS
lit; PrIfo -:I $1i!t•eie1 v:as'u )6:V:ta !d frOt I Sources •C thi_;TLt L1 Cr; be bot.ivefre'r S'l;S fleaaD Estate
y�. M i!!,'!` 'EKE �'�GJ�61 ,.<I mttte*•, "Frei 1'sll'ilaes d1 reou sen1a; u, ris a' LE) i+;I? Lr1P1•IpkLt'I F'e_t !X accuracy tirweni,
• •
�r'
r
Trade Area Aerial
North Metro Denver, Co
•
t�
a- 5 - m ..ry.
1 •
,, •
71
•
.. . f Li —
r
• Y
:UAL ESTATE PARTNERS
t 375Lawrence weec I su+Ce u I l)enfeo.
sm.
flSRS
A ♦ R y
+-.1. i Fir • ji'.
14
SRSRECON
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,, ==
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Corr p Averages
S11.2
Closed Weig sed .#sg ;5F
- n Mittrkzet Weighted AvY ;
BOV Summary
12
PrOected Marketing Time
51' 3.2C0
Projected Annus'i G ra .! Re
32S%�-
Free :l meal Grc-sr' Re
f au
projected frapwael &rc__ Pa
. i "l1t' .
▪ _ C.41 —Ca
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O1a't ir_e '..Y"Jall aLi'
'market 5u irar : Yid r 'nd;
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f EVI! , ti' . °" k'�., e, Z1:d "Milki1fix nt k r.. I'1 chrn%'. Nev.
tr'o'i`tfl..C or w .o r,t reareirlr Pig a statoit fora i tC'4. i.. "With ►5 rd crulh Cc -r dLrs mi vf.szt s t •IICZI txro i'ttrokintkiN403I C' f.ter ti'^ '1 L -t.
1az ,packet .ipccw ar•• one rd 'c' r ..Trcnrt'o Iv , ill arc: n i:• n r'r.Az.'.rr iretertnit
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're.ec „io 3c;e-4. ttv-.ac' i r*rd 1; 1'rc; -
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
Petitioner's
Exhibit D
BouideriA,
GROUP
Q3
THE NET LEASE DRUG STORE REPORT
C
n
C
in.l._..a-e'-.lb. sr- • or f
. ., ••247C
MEDIAN ASKING CAP RATE BY LEASE TERM REMAINING
Term Remaining
20+ Years
Waigreens
5.50%
15-19 Years
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%
8.25% •
7.75%
7.25%
6.75% 1--
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 202C
mminms Wa la ree n s
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
CVS
Rite Aid
DRUG STORE VS RETAIL NET
LEASE MARKET CAP RATE
Sector
Drug Store
Q3 2019
(Previous)
6.22%
Q3 2020
(Current)
6.39%
Market
6.21%
Differential (bps)
+1
6.06%
+33
www.bouldergroup.com
July 15, 2021
Petitioner:
ARNOLD ASSETS CO LLC
1480 MAIN ST
WINDSOR, CO 80550-6019
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 2021-2024, AS0109 Appeal 2008230193 Hearing 8/3/2021 8:30 AM
Account(s) Appealed:
R2569303
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
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.weldqov.com
1150 O STREET
P.O. BOX 758
GREELEY CO 80632
Petitioner:
ARNOLD ASSETS CO LLC
1480 MAIN ST
WINDSOR, CO 80550-6019
RE: THE BOARD OF EQUALIZATION 2021, WELD COUNTY, COLORADO
NOTIFICATION OF HEARING SCHEDULED
Docket 2021-2024, AS0109 Appeal 2008230193 Hearing 8/3/2021 8:30 AM
Account(s) Appealed:
R2569303
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 4, 2021
Petitioner:
ARNOLD ASSETS CO LLC
1480 MAIN ST
WINDSOR, CO 80550-6019
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
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
CONFIRMATION OF WITHDRAWAL REQUEST
Docket #: 2021-2024 Appeal #: 2008230193
Dear Petitioner:
Based upon information furnished to the Weld County Board of Equalization, we understand that you
have withdrawn the petition challenging the valuation of the below account number(s). Please be
informed that a withdrawn petition precludes any further challenge to the valuation of the below account
number(s) for this assessment period. Therefore, the Board of Equalization took no action on your petition
and the assessed value remains as set by the Assessor.
Actual Value as
Account # Decision Determined by Assessor
R2569303 Withdrawn $2,535,400
Very truly yours,
BOARD OF EQUALIZATION
alJttn.`oy,.
Esther E. Gesick
Clerk to the Board
Weld County Board of Commissioners
and Board of Equalization
cc: Brenda Dones, Weld County Assessor
August 4, 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
ARNOLD ASSETS CO LLC
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WINDSOR, CO 80550-6019
RE: THE BOARD OF EQUALIZATION 2021, WELD COUNTY, COLORADO
CONFIRMATION OF WITHDRAWAL REQUEST
Docket #: 2021-2024 Appeal #: 2008230193
Dear Petitioner:
Based upon information furnished to the Weld County Board of Equalization, we understand that you
have withdrawn the petition challenging the valuation of the below account number(s). Please be
informed that a withdrawn petition precludes any further challenge to the valuation of the below account
number(s) for this assessment period. Therefore, the Board of Equalization took no action on your petition
and the assessed value remains as set by the Assessor.
Actual Value as
Account # Decision Determined by Assessor
R2569303 Withdrawn $2,535,400
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
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