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Home My WebLink About20182632.tiffRESOLUTION RE: ACTION OF THE BOARD CONCERNING PETITION FOR ABATEMENT OR REFUND OF TAXES FOR ACCOUNT NUMBER R7455298 - BANK MIDWEST, N.A., COMMUNITY BANKS OF COLORADO, A DIVISION OF NBH BANK, N.A. WHEREAS, the Board of County Commissioners of Weld County, Colorado, pursuant to Colorado statute and the Weld County Home Rule Charter, is vested with the authority of administering the affairs of Weld County, Colorado, and WHEREAS, the Board of County Commissioners of Weld County, State of Colorado, at a duly and lawfully called regular meeting held on the 15th day of August, 2018, at which meeting there were present the following members: Chair Steve Moreno, and Commissioners Barbara Kirkmeyer, Sean P. Conway, Julie A. Cozad, and Mike Freeman, and WHEREAS, notice of such meeting and an opportunity to be present has been given to the taxpayer and the Assessor of said County, with said Assessor, Christopher Woodruff, being represented by Brenda Dones, Assessor's Office, and taxpayer, Bank Midwest, N.A., Community Banks of Colorado, A Division of NBH Bank, N.A., being represented by Sterling Property Tax Specialists, Inc., not being present, and WHEREAS, the Board of County Commissioners has carefully considered the attached petition, and is fully advised in relation thereto. NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld County, Colorado, that the Board concurs with the recommendation of the Assessor and the petition be, and hereby is, denied, and an abatement or refund be allowed as follows: CORRECTION TO ASSESSED VALUATION ABATEMENT OR REFUND TAX YEAR $0.00 $0.00 2017 cc.: ct5RCCw/Bo/ Ot5IL.V), co-( (NC) , Q.PPL , APPL c .P Ogrt'7/t$' 2018-2632 AS0099 TAX ABATEMENT PETITION - BANK MIDWEST, N.A., COMMUNITY BANKS OF COLORADO, A DIVISION OF NBH BANK, N.A. PAGE 2 The above and foregoing Resolution was, on motion duly made and seconded, adopted by the following vote on the 15th day of August, A.D., 2018. ATTEST: ditAs4) ejelm•e1 Weld County Clek tothe Board BY: APED County "orney Date of signature: Oikiito f l8" BOARD OF COUNTY COMMISSIONERS WELD COUNTY, COLORADO Steve Moreno, Chair, LL 'Barbara Kirkmeyer to-Tem can P. Conway ozad ike Freeman 2018-2632 AS0099 PETITION FOR ABATEMENT OR REFUND OF TAXES County: Weld Date Received (Use Assessor's or Commissioners' Date Stamp) Section I: Petitioner, please complete Section I only. Date: February 23 _ 2018 Month Day Year Petitioner's Name: Bank Midwest N.A Petitioner's Mailing Address: do Sterling Property Tax Specialists, Inc. 950 S. Cherry Street, Suite 320 Denver CO 80246 City or Town State Zip Code RECEIVE FEB 2 6 218 WELD COUNTY ASSESSOR GREELEY, COLORADO SCHEDULE OR PARCEL NUMBER(S) PROPERTY ADDRESS OR LEGAL DESCRIPTION OF PROPERTY R7455298 3635 23rd Avenue RECEIVED JUL 2 5 2018 WELD COUNTY COMMISSIONERS Petitioner states that the taxes assessed against the above property for the property tax year 2017 are incorrect for the following reasons: (Briefly describe the circumstances surrounding the incorrect value or tax. Attach additional sheets if necessary ) Please see attached. Petitioner's estimate of value: $ 939,000 Value ( 2017 ) Year Petitioner requests an abatement or refund of the appropriate taxes. I declare, under penalty of perjury in the second degree, that this petition, together with any accompanying exhibits or statements, has been prepared or examined by me, and to the best of my knowledge, information and belief, is true, correct, and complete. By_ Petitioner's Signature nl's 5tyn:iture By Darla K iramillo for Sterling Property Tax Specialists, Inc. *Letter of ac .piny must be attached when petition is submitted by an agrnt. Dayi me Phone Number ( ) I Daytime Phone Number ( 303 ) 757-8865 If the board of county commissioners, pursuant to section 39-10-114(1), or the property tax administrator, pursuant to section 39-2-116, denies the petition for refund or abatement of taxes in whole or in part, the petitioner may appeal to the board of assessment appeals pursuant to the provisions of section 39-2-125 within thirty days of the entry of any such decision, § 39-10-114.5(1), C.R.S. Section II: Original Corrected Abate/Refund U Actual Assessor's Recommendation (For Assessor's Use Only) Tax Year _ Assessed Lug5.cwn -6111(9S-0 tiicoo I, OgSbovo I so sej 1 5:0 0 — Assessor recommends approval as outlined above. protest was filed for the year: (If a protest was filed, please attach a copy of the NOD.) Assessor recommends denial for the following reason(s): 1/214. certAa-ct 15 -OPT -AR No 920-66/06 FOR ASSESSORS AND COUNTY COMMISSIONERS USE ONLY (Section III or Section IV must be completed) Every petition for abatement or refund filed pursuant to section 39-10-114 shall be acted upon pursuant to the provisions of this section by the board of county commissioners or the assessor as appropnate within six months of the date of filing such petition § 39-1-113(1 7) C R S Section III Written Mutual Agreement of Assessor and Petitioner (Only for abatements up to $1,000) The commissioners of County authorize the assessor by Resolution No to review petitions for abatement or refund and to settle by written mutual agreement any such petition for abatement or refund in an amount of one thousand dollars or less per tract, parcel, or lot of land or per schedule of personal property, in accordance with § 39-1-113(1 5), C R S The assessor and petitioner mutually agree to the values and tax abatement/refund of Actual Tax Year Assessed Original Corrected Abate/Refund Tax Note The total tax amount does not include accrued interest penalties and fees associated with late and/or delinquent tax payments if applicable Please contact the county treasurer for full payment information Petitioner's Signature Date Assessor's or Deputy Assessor's Signature Date Section IV (Must be completed if Section III does not apply) WHEREAS, The County Commissioners of County, State of Colorado, at a duly and lawfully called regular meeting held on / / , at which meeting there were present the following members Month Day Year Decision of the County Commissioners with notice of such meeting and an opportunity to be present having been given to the taxpayer and the Assessor of said County and Assessor (being present --not present) and Name petitioner (being present --not present), and WHEREAS, The said Name County Commissioners have carefully considered the within petition, and are fully advised in relation thereto, NOW BE IT RESOLVED, That the Board (agrees --does not agree) with the recommendation of the assessor and the petition be (approved --approved in part --denied) with an abatement/refund as follows Year Assessed Value Taxes Abate/Refund Chairperson of the Board of County Commissioners' Signature County Clerk and Ex -officio Clerk of the Board of County Commissioners in and for the aforementioned county, do hereby certify that the above and foregoing order is truly copied from the record of the proceedings of the Board of County Commissioners IN WITNESS WHEREOF, I have hereunto set my hand and affixed the seal of said County this day of Month Year County Clerk's or Deputy County Clerk's Signature Note Abatements greater than $1 000 per schedule per year must be submitted in duplicate to the Property Tax Administrator for review Section V Action of the Property Tax Administrator (For all abatements greater than $1,000) The action of the Board of County Commissioners, relative to the within petition, is hereby ❑ Approved ❑ Approved in part $ ❑ Denied for the following reason(s) Secretary s Signature Property Tax Administrator's Signature Date 15-DPT AR No 920 66/06 7/19/2018 Attn Chris Woodruff RE 2017 Abatement received 02/26/2018 R7455298 Bank Midwest NA 3635 23rd Ave Evans, CO 2017 Assessors Value $1,085,000 ($200.00 p/sf) SUBJECT: The subject property is a bank retail/office building on the corner of 23rd Ave and 37th St It currently houses Community Bank of Colorado The subject was built in 1999 of wood frame construction and sits on 127 acres (55,225 sq sf ) The subject is 5,425 sq sf with a 5,425 sq sf basement which contains approximately 5,154 sq sf of garden level, finished office space It is in average condition for its age and use The subject is valued at $200 00 per sf for the 2017 assessment period Cost Approach: The Cost Approach was considered but not used For commercial buildings more than 10 years old it is difficult to accurately estimate the amount of physical depreciation to apply For this reason, a cost analysis was not developed Market Approach: Bank sales, in Weld County, during the data collection period of Jan 1, 2015 —June 30, 2016 included one sale for $290 00 Going back to include sales from the extended base period produces sales ranging from $179 00 to $216 00 Bank Comparables: Comp 1 2700 47th Ave, Greeley Sold March 6, 2015 for $290 00 per sq ft This bank is 9,124 sf and sits on a 92,217 sf site Seller contacted tenant about purchasing building, tenant accepted asking price Comp 2 3690 W 10th St, Greeley Sold September 11, 2014 for $216 00 per sq ft This bank is 11,094 sf with a 5,547 sf finished basement and sits on a 85,739 sf site This sale was an investor purchase US Bank was tenant in building at sale Comp 3 55 S Elm Ave, Eaton Sold on May 1, 2013 for $193 00 per sq sf This bank is 10,179 sf with a 1,593 sf basement and sits on a 43,560 sf site This sale was the purchase of New West Bank by Bank of Colorado This sale price is for real estate only Bank of Colorado was a tenant in the building at the time of purchase Comp 4 2425 35th Ave, Greeley Sold onlAugust 1, 2012 for $179 00 per sq ft This bank is 14,134 sf with a 7,126 finished basement and sits on a 91,476 sf site This is a bank to bank sale between Liberty Savings Bank, the seller and FMS Bank, the buyer After making adjustments for differences including size, sale date, location and basements, the median adjusted sale price of the bank comparable sales is $190 00 per sf, the mean is $191 00 per, the indicated value by the Market Approach is $1,030,750 or $190 00 per sq ft Income Approach Main Level For the 2017 tax year, the market rent comparables found reflect the lease rates of banks ranging between $16 67 per sf and $21 00 per sf The average of all leases was $19 05 per sf and the median was $19 50 per sf Three comparable bank leases were found to develop an income analysis for the bank New West Bank 3459 W 20th Greeley 6,140 sf $19 50 NNN per sf Dated 9/2011 Compass Bank 3501 W 12th St Greeley 6,120 sf $16 67 NNN per sf Dated 7/2015 Great Western Bank 2015 Clubhouse Dr Greeley 3,112 sf $21 00 NNN per sf Dated 10/2014 Additional retail rent comparables within a h mile radius of the subject show 7 units with rents between $17 38 and $21 20 per square foot during the base period These are office/retail sites that do not have the corner lot visibility CoStar estimated vacancy for banks and offices in the base period to be 10 to 15 percent Burbach and Associates show cap rates for retail ranging between 5 25% and 8% with the average being 7% The cap rate range for office was between 6 5% and 9% with the average being 7 5% It was determined that a cap rate of 7 5% appropriate for the subject By using a market rent of $17 00 multiplied by the main floor square feet, using a 10% allowance for vacancy, and deducting 8% for management and reserve expenses, the resulting NOI is $76,362 00 Applying a capitalization rate of 7 50% produces a value on the subject property of $1,018,164 Rate Size Annual Rent $17 00 5,425 $92,225 Potential Gross Income $92,225 Vacancy 10% $9,223 Effective Gross Income $83,003 Expenses 8% $6,640 Net Operating Income $76,362 Cap Rate 7 50% Indicated Value $1,018,164 Garden Level For the 2017 tax year, the market rent comparables for the garden level reflect the lease rates of offices ranging between $10 15 per sf and $14 51 per sf The average of all leases was $12 05 per sf and the median was $11 50 per sf Three comparable office leases were found to develop an income analysis for the bank: Garden Level 2525 W 16th St Greeley 1,250sf $11.50 NNN per sf Dated 7/2014 Lower Level 115 E Harmony Rd. Fort Collins 3,722 sf $14.51 NNN per sf Dated 7/2015 Basement 131 E Lincoln Ave. Loveland 1,181 sf $10.15 NNN per sf Dated 1/2014 CoStar estimated vacancy for banks and offices in the base period to be 10 to 15 percent. Burbach and Associates show cap rates for retail ranging between 5.25% and 8% with the average being 7%. The cap rate range for office was between 6.5% and 9% with the average being 7.5%. It was determined that a cap rate of 9.0% appropriate for the garden level. By using an office lower level market rent of $9.00 multiplied by the garden level square feet only, using a 15% allowance for vacancy, and deducting 8% for management and reserve expenses, the resulting NOI is $38,181.00. Applying a capitalization rate of 9.0% produces a value on the garden level of $424,235. del __P 'b1r Q R to L� � $9.00 Size Annual Rent 5,425 $48,825 Potential Gross Income $48,825 Vacancy 15% $7,324 Effective Gross Income $41,501 Expenses 8% $3,320 Net Operating Income $38,181 Cap Rate 9.00% Indicated Value $424,235 By adding the potential income value of the main level with the potential income value of the garden level, this creates a total income value of $1,442,399 for the subject. Summary: With equal weight on the both the Market Approach and the Income Approach, the Assessor's value of $1,085,000 is supported. Therefore, I would recommend a denial of the petitioner's request for abatement. Subject Photo's Subject Sketch 63' 52' Canopy M 1560.0 sf First Floor 5425.0 sf Finished 5425.0 sf 63' February 23, 2018 PROPERTY TAX SPECIALISTS, INC. Weld County Board of County Commissioners c/o Mr. Christopher Woodruff Weld County Assessor 1400 N. 17th Avenue Greeley, CO 80631 Dear Commissioners: 95o S. Cherry Street Suite 320 Denver, CO 80246 303.757.8865 fax 303.757.7691 www.sterlingpts.com RECEIVED FEB 2 6 2018 WELD COUNTY ASSESSOR GREELEY, COLORADO Enclosed please find the 2017 Petition for Abatement or Refund of Taxes for the Schedule Number R7455298 Please sign and either fax or email a copy of this letter to acknowledge the receipt and filing of this abatement. Our fax number is 303-757-7691 and my email address is melissa@sterlingpts.com. Sincerely, Melissa Preston Assistant to Barry J. Goldstein & Kendra L. Goldstein Above referenced Petition(s) received and filed: Date: Signed: Weld County PROPERTY TAX SPECIALISTS. INC. 95o S. Cherry Street Suite 320 Denver, CO 80246 303.757.8865 fax 303.757.7691 www.sterlingpts.com February 23, 2018 Weld County Board of County Commissioners c/o Mr. Christopher Woodruff Weld County Assessor 1400 N. 17th Avenue Greeley, CO 80631 Attn: Susan Gundry RE: 3635 23rd Avenue (Schedule No. R7455298) (the "Property") Dear Commissioners: The undersigned, Sterling Property Tax Specialists, Inc., represents the owner of the Property for the purpose of filing an abatement for tax year 2017. A copy of the Letter of Authorization is attached hereto and made an integral part hereof. Only the schedule number referenced hereinabove is protested hereunder. The Property consists of an owner -occupied bank with 5,425 square feet above grade and 5,425 square feet basement area. For tax year 2017, the Assessor has valued the Property at $1,085,000. The marketplace has seen a shift in the desirability of branch banks over the last several years, which has been documented by the escalation of branch closures which exceeds the number of branch openings. Attached hereto as Exhibit A and made an integral part hereof are articles relating to the change in desirability and reduced consumer need of the branch bank. Due to this change in consumer needs, the banking industry has altered their business model, and as a result, their real estate needs have changed. Bank branches are smaller in size and fewer in number, while some are transferring from free-standing brick and mortar buildings to kiosk locations within discount retail stores, grocery stores, and fast food restaurants. In valuing the Property, Petitioner has conducted an income approach utilizing market rental information available. Attached hereto as Exhibit B and made an integral part hereof is a compilation of market lease information relating to banks or properties similar in size and nature to that of the subject Property. The majority of this information contains starting and asking lease rents as gathered by CoStar. Also included is an excerpt from an appraisal conducted during the base period for a free-standing bank building, which concluded to a lease rate of $15.50 triple net. Additionally, Petitioner was confidentially supplied with an executed lease at a rental rate of $13.50 per square foot in the base period for a former bank facility located within the metro area. Upon review and consideration of the market rents as set forth in Exhibit B, and the location of the Property, Petitioner contends the appropriate market rental rate for the Property is $12.50 per square foot NNN for the above grade square footage. 3635 23rd Avenue Page 2 To the market rental rate of $12.50 per square foot for the above grade area, Petitioner has applied a 10% vacancy allowance, and to the Effective Gross Income, Petitioner has utilized an 8% expense ratio. Our income approach is as follows: Use Sf Rate Main level PGI V&C 10% EGI Exp. 8% NOI 5,425 $12.50 $67,813 $6,781 $61,031 $4,883 $56,149 Petitioner, in valuing the basement area of the Property, has relied on market rental rates applicable to basement area office space. Based upon data collected internally by Petitioner's agent, Sterling Property Tax Specialists, Inc., most basement area office space in bank buildings lease for approximately $5 per square foot NNN. Rentable basement area is typically reduced by 5% to 7% of the gross area for stairway and mechanical areas. Petitioner utilized rentable square footage of 95% of the gross square feet. To this Potential Gross Income, we have applied a market vacancy allowance of 20%, and an expense allowance of 8%. Our income approach for the second floor office space is as follows: Use Sf Rate Basement Area PGI V&C 20% EGI Exp. 8% NOI 5,154 $5.00 $25,770 $5,154 $20,616 $1,649 $18,967 In determining the appropriate capitalization rate, Petitioner has taken into consideration the average capitalization rate as reported in the Summer 2016 Burbach and Associates Real Estate Survey for low rise office of 7.6% as branch banks are most similar to office properties in regard to function, finish and design. Petitioner additionally gave consideration to the concluded capitalization rate of 7.8% as determined in the base period appraisal of a bank property contained in Exhibit B. Accordingly, given the Property's location outside of the metro area, Petitioner has applied an 8% capitalization rate in its analysis. The combined Net Operating Income for the Property is $75,116. Applying an 8% capitalization rate yields a total actual value of $939,000 (rounded) as shown below. 3635 23rd Avenue Page 3 Combined N0I Capitalization Rate Capitalized Value S75.116 0.080 S939.000 (rounded) Based upon the foregoing, Petitioner hereby requests the Board adjust the value of the Property for calendar year 2017 to $939,000. All information contained herein should be considered confidential and not available to any third parties. Sincerely, STERLING PROPERTY TAX SPECIALISTS, INC. By: Darla . Jaramillo, Property Tax Consultant LETTER OF AUTHORIZATION November 2, 2016 Sterling Property Tax Specialists, Inc. 950 South Cherry Street, Suite 320 Denver, Colorado 80246 RE: 2017 and 2018 Property Tax Assessment Matters Gentlemen: The undersigned, as owner(s) of property 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 2017 and 2018 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. - BANK MIDWEST, N.A. By: Community Banks of Colorado, A Division of NBH Bank WELD COUNTY BANK By: Community Banks of Colorado, A Division of NBH Bank Joseph C. Schwecke, Joseph C. Schwecke, Director of Facilities and Security Director of Facilities and Security Telephone: 720-529-3320 NBH Banks 2017 / 2018 County Address Parcel Number WELD Bank Midwest, N.A. Weld County Bank 3635 23rd Avenue R7455298 2395 37th Street R3388705 365 Justin Avenue R3575405 7251 W. 20th St. Bldg. A R1358002 1270 Automation Dr. R0840701 3766 W. 10th Street R2941304 Balnkrate• MORTGAGES BANKING CREDIT CARDS AUTO LOANS INVESTING TAXES Free creditreport ia e .'Exhibit A my 5 tech trends driving the future of banking DENISE TROWBRIDGE .E3P'.,4QY ii, 20.13 ih SANKING What will become of the branch bank? You might soon have to bid a teary farewell to your neighborhood bank branch. As more people bank online and via smartphone, banks are evaluating the future of the old-fashioned branch. "The number of transactions in branches is plummeting," says Brett King, author of "Bank 3.0" and "Branch Today, Gone Tomorrow." Customers don't visit branches as often, "because people do so much more of their day-to-day banking without them." From 2006 to 2010, the number of most types of common transactions performed inside bank branches declined, from opening bank accounts to making deposits and resolving problems, a study by industry research group Novantas LLC says. It's caused the industry to rethink the size, number and locations of bank branches and to look for more efficient, cheaper ways to conduct business. Neighborhood branches likely won't completely disappear, but they'll be smaller and have smaller staffs, says Maria Coyne, executive vice president of consumer and small-business banking for Cleveland -based KeyBank. Self-service and technology are quickly becoming the name of the game. "There's still a place for the branch, but what happens inside is changing," she says. Here are some of the trends driving the future of banking. ivE. Er:'ENT ADVE2TISi.k,EN Related Articles 7 surprising benefits of higher interest rates from the Federal Reserve 8 ways to save money on a budget 4 college savings plans to consider Build a 52 -week savings plan America's 10 biggest banks AI, i FP `i3Ek?EN 7 I)'/I' 't:"t\ac... k Do-it-yourself banking TAKE ADVAl(TAGE OF TODAY'S The branch of the future "will look more like an airport check -in than a traditional bank branch," Coyne says. Fewer tellers will manage a handful of self -serve computer screens, much like airline ticket agents at major airports do. A handful of banks, including (PMorgan Chase & Co., PNC Bank, Bank of America and KeyBank, are testing self-service kiosks, self-service drive-thru lanes and 24 -hour video -teller machines — ATMs with a two-way video feed to a live person. Ryan McInerney, Chase CEO of consumer banking, told investors that bank customers can perform 90 percent of traditional banking transactions at self-service kiosks, and Chase plans to test the technology at up to 1,000 bank branches. Banks are already deploying ATMs that let customers deposit cash and checks, "then print a picture of it on the receipt," says Richard Hunt, president of the Consumer Bankers Association. Self -serve centers give customers convenient, sometimes 24 -hour options for conducting banking business. For pinched banks, it's a potential pot of gold. Automation "lowers the bank's cost per transaction, making banks overall more profitable," Hunt says. Talk to experts by teleconference Need to meet with a mortgage loan officer or personal banker? Pull up to a computer. You'll soon be meeting him or her via teleconference in the branch rather than in person. "As the technology becomes more mainstream, eventually you'll be able to teleconference with bankers from home,' King says. Banks, including KeyBank and Citizen Financial Group,. are testing video teleconferencing in several markets.. "The benefit is you can meet with all kinds of experts in far- flung locations, while in the past you'd have to wait until they came through your area," KeyBank's Coyne says. "(It's more) flexible schedule -wise and ensures customers can meet with an expert who speaks their native language." Customers generally will fill out forms via computer in advance, then head to their local branch for the meeting. The conference screens "are very high -definition, and you really feel like the person is in the room," Coyne says. "There's no speech delay. It feels like an in -person experience." Goodbye paper and snail mail Banks are pushing paperless transactions in a bid to reduce costs. Wells Fargo customers can have ,. receipts sent to personal �' email addresses. In a bid ;•_� y�*•r to reduce the nearly 1 billion paper slips its customers generate each year, Chase is testing paperless teller touch screens that can initiate routine banking transactions, such as deposits to bank accounts and check cashing, without the need to fill out a paper slip. "It saves customers the trouble of filling out a form and saves the bank money," King says. Even the making of new bank debit cards is going high-tech. To reduce paper and mailing costs, some banks are testing "instant" card issuing, where a special machine inside the branch can make new or replacement cards instantly so customers don't have to wait for them to be sent by mail. It eliminates the sometimes two-week wait for a new debit card. Chase has made about 85,000 of these cards in 58 test locations since 2008. Still, eliminating paper and snail mail completely is a long way off, as "banks will have to make a huge front-end (technology) investment in the next five years to completely get rid of it," King says. More new, mobile types of accounts Customers will soon be gaining more mobile - banking payment and account options. "We're experience," says King. going to see a lot more and different products, and a richer (banking) For instance, plastic debit cards might soon be replaced by a contactless sticker — a thin adhesive that can be placed anywhere and used for purchases in place of a card — or smartphone payment app that not only lets you pay but generates reports on your spending habits, King says. Banks already are rolling out banking software for iPads and tablets and thinking of new ways to structure bank accounts "that are more purpose-built," with more options for tracking money and ways to make payments, King says. Hunt says there will be more options, not fewer, and banks will still "offer bread-and-butter checking and saving accounts," just with more modern twists. "All the banking products available in 1900 are still here today — like checking and savings. As technology evolves, banks aren't taking instruments away. They're just adding more options," he says. The strategy "is all about meeting clients where they are," Coyne says. Future of the branch All of the self-service kiosks, video -teller machines, mobile and Internet banking, and industry focus on cost control eventually will translate into fewer and smaller bank branches. "We're predicting a 50 percent reduction in the number of G.S. branches by end of decade," King says. Hunt says newly built locations and those remaining likely will be smaller. "We're estimating they'll be about 3,000 square feet, but some will be as small as a kiosk or a hotel room," down from the current average of 10,000 square feet, he says. "There won't be a one -size -fits -all branch anymore," Hunt says. King says the branches will be less focused on simple transactions and more focused on sales, such as opening new bank accounts and steering customers to more profitable services and products such as retirement planning, brokerage accounts and loans. Bank branches won't disappear entirely. "As silly as it sounds, people still like to be able to walk into a branch and see the people who are watching over their money," Coyne says. More From Bankrate How to write a check 5a^il, I.NG Pictures of big bills - $500, $1,000, $5,000, $10,000 BANKING w Routing number on check: How it $ works BANKING Why engaged couples should sign a prenup SR1APT MONEY Sponsored Stories RECYAIMENCED'n` Y IA -5 0 Q SUBSCRIBE PRO WATCHLIST i Ml 2rc-= I �? Retail b n C branch �sJdoomed, and banks don't know it 33 percent of millennials say they won't need a bank in 5 years: Goldman Sachs report Era ¢w>'9.nbaim l is ise Tuesday. 2 Jun 2015 12:13 PM ET Big banks are rolling out futuristic branches to keep up with the technology cutting -edge, but according to financial technology experts, it's a major waste of time and money. Within a decade the retail bank branch model will be dead. "Finance will be the most disrupted industry in the next 10 years." said Peter Diamandis, executive chairman and co-founder of Singularity University, at the Exponential Finance conference in New York City on Tuesday. The most obvious loser, according to experts, is at the level of the retail branches. "Bank branches will most be gone ... this decade." Diamandis said. Source: Diebold A prototype of a Diebold bank branch of the future Brett King, founder of mobile banking app Moven, said the banking industry will experience more disruption in the next 10 years than in the previous 3000 years. "Bank tellers will 'be the telegraph operators of 21st century when we took back in 10O years. the most -impacted job," King said. "This will 1twt w f e in 863 • SHARES BLUE COLLAR MILLIONAIRES FROM THE WEB Ct C1rirt.An P.Mn IIEMMTa):rs: Sponsored Links by Taboola "he'd Prat Ad Our Money" On This Stick The Motley Fool 4 Tbengi TbEs Company Demands of Clean Ears pane t Oil chevron Rech.is:,ts. Warns -Get Out Of Cain boo' ,' DailyWeeith 7P4ise irate hews. R=-.mrd-area�ing ra �esr e or 3y Count/ Last Velrearnaa.com ra C2s' . ° d' < use cre•l'-t c d.3' ,ki Gates "says '•'_ qtr° ci co3 c r :^.eae S liek1.s ii i?s -io-art nGriactri u=y# by Taboola Las: ,'tar saw the highest level of bark branch closures in the U.S. in n'story. according to FDIC data. The nurnber of people expected b come online in the near future across the glebe is a primary reason for the pessimism about the branch model's future. By 2020 at least 66 percent of the global population will be online. according to a conservative estimate from PHD Ventures. That would mean an additional 3 billion global consumers. Diamandis thinks that number will come in even higher —as many as 5 billion new consumers —backed by Internet -expansion projects -like Mal Zuckerberg's Internet.org and Google's Project Loon. "That's 3 to 5 billion new customers not accounted for in the global economy today entering it. I don't know why financial services companies don't get it," Diamandis said. "The biggest banks in the world in 2025 will be technoogy companies, and banks that through branch acquisitions in t"le '80 and '90s, that grew by physical bank s resence, shill have a real problem." -Brett King. founder of Moven Jay Sidhu, chairman and CEO of Customers Bancorp, which owns the BankMobile app, said in the U.S. alone there are 68 million individuals who are unbanked or underbanked. Forty percent of millennials would consider banking without a branch, according to Accenture. Meanwhile, 70 percent of the unbanked in Africa would have to spend their entire life savings to get to a branch. 4 ' etcorme to t`Se fac&ess futures banking Banks' biggest mistake is still thinking of communities as geographic markets, Sidhu said. "I was walking today, and there were 20 bank branches in six blocks on Madison Avenue. That's $30 million in rent," Sidhu said. "Putting screens in branches ... Why, when we all have screens in our pockets? Citibank's 'bank of tjte fttl=re` in Union Square ... It was built in [2010] and looks like a bank of the '60s to me," he said, adding, "Bank branches are mausoleums." Since 2011. 700 million global consumers have phone. The U.S. bank branch model, which Peaks at a 95.000 branches, is now down to 86,000 bran number to come down over the next three to five years,, but there may still be as many as 75.000 bank branches because "the banks don't get it. Banks are like Kodak," he said. !¢; her financial firms r..,.. tech bitco rt 523 o ;, '; 3n );fl3 order 3,)ori }tad wfloon used in Mancneste, terror 3tt3::K is'distu'u;rtg , sayi security expert 1,3hn Mayer brew 25''7 of his net worth or expe'?i;ve watches Buli3'd id> i US inf!aton Is 'worrisome' and markets are wrongs on Fed rate. path MOST POPULAR A woman who spent 341,000 on Amazon highlights a critical money lesson The mother of Uber CEO Travis Kalanick has perished in a boating accident, father injured Here are the top cities where U -Haul says people are packing up and moving British Airways CEO apologizes as 'major T failure' leads to ousrded flights in ondon EtnereEum, the bitcoin rival that bas rallied 2.700%, is headed for a 33% correction, are"yet says A -Z A stampede of fintech unicorns A big reason for the bold predictions about the divergent fortunes of banking apps and branches: There are 8.000 fintech start-ups in the U.S. today, more than the number of savings and loans with charters. There is also more venture capital investment in fintech than traditional banking industry investment in bank transformation. A total of 36 fintech unicorns now exist globally, by King's count, and another 32 fintech start-ups are on their way to a unicorn valuation soon. M _ra = B )rnetrlcs 3' I m'1obiLas: Banking's future "The biggest banks in the world in 2025 will be technology companies, and banks that grew through branch acquisitions in the '80s and '90s, that grew by physical bank presence, will have a real problem." King said. "They may have to give away the retail business." Yet he said right now the big -bank thinking is the opposite: Many banks continue to make the mistake of spending significant sums on bank branches that look more like Apple stores thinking the consumers will return. "It's not a design issue. It's not branches not being pretty enough. It's a behavior problem," King said, adding, "People just don't need branches. and this decline will speed up." He added: "In 2020 more people will be banking on their mobile phones than have ever banked before, and that's just five years away." Eric Editor, CNBC.com MORE FROM CNBC Ptare. Cuban "O: 't u; cretht cards' by Taboola B i't Gates saiis OUt' c , s ona o tr a;a 3 fie.ids t" he were iterthng put today nt.,t,etc/orki. ae 'a4arna.t. 52 cr: is co+ming, and eipitg ith it, a Sophisticated wea.poh used in Ma :hester terror attack is disturb ng', says se` city expo{t iPto.`'t_7 jet .�}�_s. 2 'L � s e watchas >s kets ca..,e _c rata G3°.„ FROM THE WEB ...j,E. Tba ,'dotley Fool Spc^a.''a7 FtA'Ks Cy Taboo,a Best 5 Banks for Savings Best for Savings Rates and MMAs. View our comparison chart. rjr3'ania_3 con' (0)J�.r� Search Investor Relations Careers Contact Us Services Industries Research Locations Properties News About People United States /News News release CHICAGO From Bricks to Clicks: FinTech Driving Bank Branch Transformation 24 April, 2017 ,ILL outlines the key real estate trends defining the future of retail banks Like ti Stara Tweet s .5 CHICAGO, April 25, 2017 — Consumers are more mobile than ever, and the banking industry shows just how quickly innovations alter consumer behaviors. It took decades for simple cash -dispensing ATMs to be accepted, but now mobile apps and FinTech define the entire future of banking real estate. While the recession forced banks to tighten operating costs and halt branch growth, mobile banking picked up momentum. As a result, banks are consolidating and optimizing locations. JILL s 2°:' 7 3a^ e r" * q r sfs that the recesswon sadconsumer technology have led fo a near -£s pie:ere destine x1 U.S b arch banks since 2CCa according to the FDIC. At the same time, new branches are still being built to fulfill market needs, indicating a robust and evolving industry. "The branch strategy of relying on sheer numbers to win market share is a thing of the past, and now banks need to focus on a customer -centric real estate approach," said Geno Coradini, Executive Vice President and Lead of JLL's Retail group. "Mobile apps and FinTech have transformed how we bank, but branch banks don't need to compete with these tech advances. Instead, they should leverage them to maximize real estate cost savings and the customer experience moving forward. Technology brings a sea of change to retail banking, but the industry isn't drowning; ifs evolving." With a massive real estate shift underway, JLL's new report lays out the must -know trends for retail banks: a The number of branch locations will continue to shrink, and we won't miss them. With banks adapting to consumer needs, these could be a 20 percent reduction in branch locations as leases expire over the next five years, While customer access to branches remains important, the necessity of a branch network is being balanced with advances in mobile platforms and FinTech, and fewer locations could lead to $3.2 billion in annual cost savings. a Mobile apps and broader FinTech applications will streamline personal and business banking. Mobile technology allowed early adopters to complete simple banking transactions without ever entering a branch or even using a computer. Now, customers expect to do more than transfer funds from their smartphones, and innovations will further expand mobile capabilities. a Bank branch size will shrink, saving billions in real estate costs annually. Consumer trends have fed to less utiilizedd' space in bank brarr tes. Sy downsizing remaining branches by 2.ta30 square feet, and reusingar sitleasmg surplus specs if possible, banks can save over $5 billion annually. Contacts Mike Romor +1 312 228 3958 mska ra:;c,, r ;;, :: . Not all branches will be created equal. As banks tailor branches to meet customer needs and regional demographics, full-scale operations and "convenience" locations for basic transactions will be peppered in their real estate portfolio. . Automated branches are coming. Consumers today are more accepting of banking innovations than in years past. Moving forward, expect to see greater use of remote tellers assisting with basic transactions. "The introduction of automated tellers is pivotal for banks to limit real estate costs, however it will take time for customers to fully embrace a technology that introduces a whole new customer service experience," said Coradini. "Optimizing market coverage is neither quick nor easy, but the long-term cost savings from this shift can be significant as banks also eliminate and shrink existing locations." ' For more insights on the outlook for the retail banking industry in 2017 and beyond, download g Ir.p! About JLL JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. A Fortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2015, 'LL had revenue of $5.8 billion and fee rs enue of $5.8. bililen and, on beha;f of dente, managed 4.4 billion, square feet, or 409 million square meters, and completed sales acquisitions and finance transactions of approximately $136 billion. At year-end 2016, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of more than 77,000. As of December 31, 2016, LaSalle Investment Management has $60.1 billion of real estate under asset management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit Worldwide Information for Learn more about Research 8 insights View global site Investors Awards and recognition Industrial and Logistics Investor Relat:cns Tenants and Corporates Corporate responsibll ty industries Diversity and Inclusion Office Sustalnability Real Views Workplace safety The Investor t � Contact us I Follow us RI IF in G.ej t: Privacy Statement Trim; Of usv Site Map - .2 Copynght 2017 Jones Lang LaSalle, IP. Inc A advertisement Ba nkrcte.com Comprst•ars.vs Objec'ive Frsa BANKING 4 ways tech will change your bank branch By David Mclk'lr • Bankrate.com panktnq a 4 Ways Tech Will Change Your Bank Branch 654321 Technology will change your bank branch From simplifying payments with person -to -person transfers to eliminating the need for passwords with voice recognition software, technology is revolutionizing how account holders manage their money. The result is that bank branches are looking less crowded. While customers can perform many transactions from wherever they are, technology will not force every branch to shut its doors. "Bank branches aren't going away," says Greg McBride, CFA, senior financial analyst at Bankrate.com. "The branch of the future is just going to look and feel a lot different than the branch of the past." As you enter the new age of consumer banking, here are four ways technology will change your bank branch. Find the best checking accounts at Bankrate.com. 654321 SHARE THIS STORY 1 Like) S lip to see what your friends like. ?ar. irq n 4 Ways Tech Will Charge Your Bank Branch 654321 Your teller may be many miles away Account holders are growing increasingly comfortable with making deposits and transfers remotely, and some banks hope they will enjoy talking to tellers from a distance, too. To reduce staffing, McBride says that banks and credit unions are beginning to embrace remote video tellers. These A -u representatives can offer assistance via video conferencing on ATM -"-^Y+*- A . --- - screens. mominam "Banks can't afford to pay tellers to stand around and be ready to post deposits and process withdrawals if technology is facilitating those transactions elsewhere," McBride says. Still, don't expect all face-to-face tellers to be relocated outside the walls of a physical bank branch. "The majority of customers still want those personal interactions, particularly when it comes to bigger decisions," says Todd Barnhart, executive vice president of branch banking for PNC Bank. "Consumers still want access to someone if they have an issue or a need that falls out of that routine category, such as wealth management advice or small-business banking services," McBride says. 654321 Bank:nq » 4 Ways Tech Will Change Your Bank Branch 654321 You can do your banking later • Communicating with a teller through a screen may seem strange to some account holders, but banks are using remote tellers to offer a new benefit: longer hours. More account holders expect on -demand access to money management, and the traditional 9 a.m. to 5 p.m. business model of the r„ bank branch is going away. 4 "Some of the busiest times at video -assisted tellers are evenings and weekends," McBride says. "These are times when branches weren't open in the past. Customers now have more available hours to take care of their banking needs." Some banks are extending hours for remote tellers to as late as 10 p.m. on weekdays and 5 p.m. on Saturdays and Sundays. Although call center tellers are not widespread throughout the industry yet, more banks are beginning to test the offering to see how customers react. 654321 Bar+.king» 4 Ways Tech Will Change Your Bank Branch 654321 You may feel a bit cramped As fewer account holders make trips to physical branches, some members of the banking industry are experimenting with new branch models that are a fraction of the size of traditional locations. "These express banking centers are a way of still having a physical presence for consumers but with smaller real estate overhead costs," McBride says. in addition to opening smaller branches, Barnhart say's that customers can expect to see more limited -service banking locations pop up in supermarkets. subway kiosks and other new locations A-- La "The one -size -fits -all branch model is going away," Barnhart says. "For a long time, every bank built the same kind of branch everywhere. Now, customer preferences are evolving due to the convenience and accessibility of new technologies, and branches will follow suit. "Customers don't need a 5,000 -square -foot branch every time they go to the bank," Barnhart says. 654321 B3nkinq N 4 Ways Tech Will Change Your Bank Branch 654321 You may drive farther to reach a branch Technology is creating new opportunities for more customer convenience, which is also allowing banks to close some less -trafficked branches. According to data from the Federal Deposit Insurance Corp:, the number of branches and bank offices in the U.S. has declined by more than 3,000 since its peak in 2009. More account holders are embracing technology, and that number will continue to fall. "Reducing branch costs is a necessity because branch traffic is declining," McBride says. Despite the decline, statistics indicate many consumers are still committed to going to branches. A 2013 survey from the American Bankers Association shows that branches are the second most popular way to conduct banking business behind online banking via laptop or PC. In the future, there may not be a branch on every corner, but consumers will still be able to conduct their banking business in person. "As a whole, the banking industry will most likely see a decline in the number of branches," Barnhart says. "However, I don't think it's as dire as some of the headlines might say. The bank branch is not dead." 654321 Barkir;q » 4 Ways Tech Will Change Your Bank Branch 654321 See what's next Location of article: .«:W �.. W 3s"tfE�3s�.....,z�';•°�».._� r, Zs '.u3'p rtx;:17- ref',1._,, Posted.Feb. 24, 201-4 A --i3 Forbes Rohit AroraContributor I write about small business lending and growth. Options expressed by Forbes Contributors are their own ErviREPREsiEURS 122312015 012:15PM 1,214 views o Branch Banking System Changes Will Continue In 2016 A new survey released by bankrate.com found that nearly 4O percent of Americans have not visited a bank or credit union branch in at least six months. Some 45 percent reported visiting a bank or credit union in the past 3o days (ATMs were not included in these figures). The propensity to have visited a branch ranged from 41% for Millennials to 48% for those ages 5o to 64. While that tells us that 6-in-io people still are visiting branches, the need to go into them is declining. Small businesses increasingly are turning to online bill pay, and traffic to small business lending platforms is growing by leaps and bounds. Typically, loan applications are completed during evenings and weekends when small business owners have more time to focus on aspects other than operations. Having the ability to make financial transactions such as paying bills or transferring funds electronically has saved entrepreneurs valuable time. Increasingly, these transactions are being conducted by tablets and smart phones, particularly among younger, tech savvy individuals. An important reason for this evolution in finance is that online banking is more secure and user-friendly than ever before. With just a few clicks, users can pay their monthly bills or transfer thousands of dollars in funds between accounts while avoiding a trip to the bank. Mobile apps such as Biz2Credit's Ssiz.` iabizerTM allow borrowers to easily access and manage their credit scores on - the -go. Further, the tool offers advice to help improve their financial portfolios and thus increase the odds of securing a loan. Big banks continue to work diligently to integrate technology on their platforms to streamline the loan approval process. Advanced algorithms enable financial institutions to grant loan requests with a higher rate of success while placing even heavier weight on past credit history. Meanwhile, small banks and credit unions that have limited online accessibility — or none at all — find themselves falling behind in an increasingly competitive marketplace. BEA MARKETER loin Tumstyle C ycl a and 650,000 other small businesses that trust Constant Contact Maeteting. Marketplace lending platforms and the emergence of institutional investors in the industry have drastically changed the small business finance landscape. Earlier this year, J P Roman Ck announced that it will invest more heavily in technology and reduce its number human tellers. We can expect fewer branches and less people working in them down the road. I expect other banks are likely to follow. Ultimately, this will translate to the closings of more bank branches nationwide in large part because of the efficiencies of technology, but also because of high real estate costs in cities and an increased propensity in entrepreneurs utilizing online banking opportunities. While people still are in the habit of visiting bank branches, there is no doubt that the banking system is evolving. Just as holiday shoppers flock to the interne instead of crowded malls for the speed and convenience of consumer transactions, Americans are embracing use of technology for their financial needs. Not everyone has or will give up the experience of visiting a brick -and - mortar store or bank branch as the bankrate survey found, however the trend of using technology for financing needs is apt to continue in 2016 and beyond. 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This article is available online at ^..r r,.'r' +++'yti 2017 Foibes.com LLCM AA Rights Reserved 4695 Quebec - Colorado Business Ban Denvrzr, CO80215 - Northeast Ret Subrnarket Fully Leased Building 6.300 SF Retail Bank Building Renovated in 2003 Built in 1985 Sale Sold Pnce 0600,000 (594.34/SF) Date Apr2003 Sale Type Investrrent Financing Down Payment of 3500,000 (100%) Building Type 3 Star Retail Bank GLA 6.360 SF Year Built 1935 Stories 1 Year Reno,/ 2003 Typical Floor 6.360 SF Tenancy Single Building Ht 14' Owner Occuc No Docks None Elevators None Construction Masonry Sprnklem None Parting 35 Surface Spaces are available; Patio of 6.45/1,000 SF Frontage 4' on 47th Ave Ave 340' on 47th Ave Dr 559' on 1-270 Hey 540' on Quebec St Taxes 53.51/SF (2016) Walk Scorer Car -Dependent (39) Transit Scoret Some Transit (30) Land Land Acre; 0.70 AC Land SF 30,513 SF Bldg FAR 0.21 Zor.ing I-1, Denver Parcel 1201-21-035 Tenants Nance Colorado Business Bank SF Occupied 6,319 SF Amenities Freeway Vuibifity Pyton Sign -Leasing Activity Sign Data Mar2013 Mar 2003 SF Leased 5,3193F 6,360 SF Use Retail Retail Rent S 12.47/NNN 39.071 NNN Pent Type Effective Effective P,larket Conditions Vaxncr Rates Current Building Subrnarket 2-t Star Market Overall „, 1`t Ask n.g Rents Per SF Subrnarket 2-i Star Market Overall Subrnarket Leasinc Arni'Ar 12 Mo. Leased SF Months on Market Submarret Sales Activity 12 Mo. Sales Volume (Mil.) 12 Mo. Price Per SF Current YDY Change 0.0% *4- 0.0% 5.0% Z' 1.3% 4.6% 316.93 S 15.93 431,255 30.2 0.4% 1 29.4% 4 5.3 me Currant Prey Yes. 395.3 596.1 3233 3207 Property Contacts Recorded Owner Dofit LLC Owner Type Corporate/User Demographics 1 ;.ii 3 rvli Population 2,696 03,497 Households 1,103 30,541 Average Age 33.90 34.60 Median NH Income 3104,677 357,033 Daytime Employees 11,339 61,458 Population Growth '17'22 Household Growth 't7=22 Traffic 4 17.0 /'; 1 1 1.4,j,, .4 17.5., 11.7/5 Coilectfon Street Cross Street Traffic Val Year Distance Building Notes E 4711 Avenue Dr E 47th Dr E 1,403 2015 0.02mi 4/03: Doric LLC, represented by S ernes-;aakovsky Realty Company, purchased the building. Fuller and Quebec St N Quebec St NE 53,162 2015 0.11 mi Company represented the seller, 5595 Quebec LLC, Reference Comps # DVC-34037-04-0320 for more Quebec St Sandcree'k Dr S NE 50.000 2013 0.11 rot information. Quebec St 11 Quebec St NE 63,113 2015 0.12 mi This quality restaurant building offers a busy location, quality masonry construction and full amenities for an operator or investor to open their business. Site improvements and FFLE all included in price. Adjacent to Hampton Inn with covered walkway to hotel. Traffic Counts: Quebec -44,000 cars/day (1999) I-70 -117,557 cars/day (2001) I-270 -70.084 cars/day (2000) Public Transportation Airort Denser Intarnatbnal Airport Drive Distance 26 min 13.6 mi Quebec St I- 270 NE 25.209 2009 0.15 mi Made wit Traff.c...letrif.DProduc Assessment 2016 Assessment Improvements Land Total Value 5037,600 5131.70/SF 3105,800 33.50/SF $944,400 330.95/SF 157;5 of last sa'e Location Zip 60216 SSuhmarr,,e_t Northeast Ret Subrar•:et Cluster Northeast Ret Markel Denver County Denver State Colorado CSSA Deriver -Aurora -Lakewood, CO DMA. Denver, CONY -NE Mee (Page) Pierson Graphics Corp 55 D Property tD: 656506 httn'/lnrooertv2.costar.cor'n/Procer(v/Detail/Detail.asox?t=1 4«id=696506Knclrltin=il 1 1/9 Building Images Primary Photo O., Building Photo Building Photo -,. , i _ i. - I I ' It 2 i4 4 I I f 1, •T,� __ �, «ra.ar-cal ja-' -- - t t:tmM,71 1 .e .1 5 i, f - Plat Map Northeast Retail Submarket Map Denver Retail Submarket Overview Map fl?_li U -p` http:/!property2.costar.com/Prop rty/Detail/Detail.aspx?t=14&id=696 C16&copuo=G 7/2 OF E USE Lease Rates: • $16.00 - $18.00/SF FSG. Space Available • Suite 150 - 1,144 SF Justin Rayburn, Principal 720.508.8105 justin.raybuinr 7 avisonyour:a.com Property Highlights • On -site banking available • Walking distance to shopping and restaurants • Ample parking 24/7 building access • Easy access to E-470, Parker Road and Arapahoe Road • Space on monument signage fronting Cottonwood Drive • Located in recently renovated retail center Howard Schmidt, Vice President 720.508.8104 f owerd.schmicit@avi50nyoung.com L) ') 45% - Suite Highlights • Suite 150 - 1,144 SF • Wide open plan, ready for build -out Justin Rayburn, Principal ! 720.508.8105 justin.rayburn@avisonyoung.com 1900 15th Street. Suite 1300, Denver, CO 90202 LAJ Howard Schmidt, Vice President 720.5508.8104 howard.schmicit@avisonyoung com Itutt _Y. Suite 150 1,144 SF 37 iheinrormAtioncmbine.dh?rein•wasohtain,Afro„3ou::e,be;:e,dre!iaj!,;hewevzc vuon'i.3uegm e noqua an;ee,,o,rr nt,e,o,repre,enmuon,as to th, comcieren=_scor acme/t a,o•,.ihe pre,eotot;ono1,nfs pr pe,ty is ,uh,nitted cubed:o erru, o,ni;;ic; J t - t(_ l« 7900 E 1st Ave Denver CO 80239 - Central Ret Submarket Fully Leaned Building 6,000 SF Retail Bank Building Built in 2006 Building Leasing Activity Type 3 Star Retail Bank Sign Date SF Leased Use Rent Rent Type GLP. 5,000 SF Year Suitt Nov 2005 Feb 2014 1,735 SF O0/ce $12.00 -14.00/MG Asking Stones 1 Tenancy Multi Typical Floor 6,000 SF Owner Occup Pio Market Conditions Building Ht 15' Vacancy Rates Docks Prone Current Budding Construction Masonry Submarket 2-4 Star Pah:sing 35 tree Surface Spaces are avatabu; Rata of 4.10/1.000 SF Pdar',tet Overall Frontage 133' on 1st Ave MN Ask!nq Rent; Per SF 163' on Ulster Ct Submarket 2-4 Star _ $20.01 Market Overall 5166.43 }• 4.9% Taxes 55.81/SF (2015) Submarket Leasing A.cniv?y Walk Score. Somewhat Via!kahte (57) 12 Mo. Leased SF 743.752 } Transit Scores Sorge Transit (36) tlonths on Market 7.5 I 3.2 mo Submarket Sales Activity Cu rent Pre./ Year Land . ch:me (..`,fir.) $131.1 3159 Land Acres 0.56 AC Land SF 2514 [ SF 1212 1.1n6.Ie. Sal Prce PVer SF S210 $105 Bldg FAR 0.24 Zoning 53 Property Contacts Parcel "0091-00-039 Recorded Owner E-.vab & Choc Lk _u.. _nl YOY Change 0.0% «* 0.0% 3.3.E i 0.2% 4.6% 't' 0.3,E 4' 15.5% Tenants Demographics Name SF Occupied Community Banks of Colorado 4,255 SF Population Eating Recovery Center 1,735 SF Households Average Age Amenities Median HH Income Enterprise Zone Daytime Employees Building Notes Corner building. Close to a!I Lowry residential areas and has immediate proximity to Crestmoor, Mayfair, Cherry Creek and Hilltop neighborhoods. Public Transportation Airood Onve Distance Denver International Airport 32 min 21.2 mi Location Zip S ub markat Submarket Chaster Market County State CBSA DMA.. 80230 Central Ret Central Pet Denver Denver Colorado Denver -Aurora -Lakewood, CO Denver, CO'Pff,4E Population Growth '17-22 Household Growth '17022 Traffic 1 M 3f.•. 16,842 223,331 7,551 96,422 35.00 36.50 557,423 556,543 7,134 72,6633 11 0„ .4 1u0.c.% 11.1% 10.9% Coikotlon Strut Powerhouse PI Academy Blvd E 4th Ave E 4th Ave Syracuse St Assessment Cross St,_-. Rampart Way SW Syracuse St SW Rosemary St NE E 6th PIN Tram:, Vol Year Distance 1,741 2014 0.10 mi 4.023 2013 0.25 rri 2,582 2015 0.29 ml 1,415 2015 0.33 mi 1,174 2015 0.40.mi Made wit Tra n.lerix5iProduCs 2016 Assessment Improvements Land Total Value 51,244 200 5207.37/SF $225,000 39.00iSF 51,473,200 557 91/SF Property '0' 1441173 m kft htip:/!property? costar.com/Property/Detail/Detail.a.spx%t=14&id=1444173&popup=0 1/3 Building Images Priman/ Photo `s " etiv X114 tune' Building Photo J Building Photo Building Photo FIW Rendering Site Plan Mal/proper ty2.costar.com!ProeertvIDetail/Detail.asox?t=14&id=1,t-t4173uobouu=0 7/ !. Avenue tr- 221 I .711 Floor Plan Central Retail Submarket Map Aerial It 1 : Denver Retail Submarkett rarview ✓ Denver Retail Submarket Overview Map htto://orocertv?.costar.com/Prorerh;/Detail!Detail.asox?t=14&id=144417.',&mono=fl POSSIBILITIES PROPERTY DESCRIPTION -TENANCY S. INVESTMENT OPPORTUNITIES LEASE: I t_ RETAIL / OFFICE NEAR FLATIRON CROSSING 1697 E Coalton Rd., Superior, CO 80027 Suite A: 1,779 SF ($14.00 Per SF ± $9.85 Est. NNN] Suite B: 1,567 SF [LEASED - Dentist] Suite C: 3,050 SF [$16.00 Per SF + $9.85 Est. !N!NN] SALE (BUILDING] $1.450.000 Suite A: 1,779 SF $400,275 [5225; SF] SALE [CONDOS]: T`368,245 ($235/Sr] z r y The Group Cc, mmer;i3l, LLC S!_tite B: 1,567 SF Suite C: 3,050 SF $732,000 [$245, SF] COREY WESS SE'lliO1 Advisor 970207.0700 -Attractive-and modern space for Retail or Office use in a busy retail center -Building is located within a fully -leased Safeway neighborhood center [Great Clips, Subway, Pizza Hut, John's Cleaners, Flatirons Family Dental & Orthodontics, Doug's Day Diner, Rock Creek, Wine & Spirits, T&C Nails, Delvickio's Italian Restaurant] -Existing drive -through bays for bank/. TM or other complimentary use -1 mile from Regional Shopping Center - Flatiron Crossing -Total building size 6,396 square feet -Lot size 1.33 acres -Excellent multi -tenant investment property. Potential $100,000 NOI and 7.0% cap rate Kli`-IBERLY MRYER Associdte .'.;Visor 570.211.3057 R H ETT 511301.1 Associate 970_592. 4154 rile-..=-: nir -..,'f"'.: t31 , L/ f RETAIL & OFFICE AT RO iaadY `tektt}l U'r �b'Y.2rk Bennett Sperry `an Jessy The Group Commercial, LLC .,,.n=„'Otf.:-,ir.-,_I__-rr,a„r__,ea_a._C COREY 'IESS Senior Advisor 970207.0700 coheyv:e sC s;n corn S E F' _ l� L I E ILE D— T I L n UOi � - F i r C K CREEK VILLAGE 1697 E Coalton Rd., Superior, CO 80027 KIMBERLY MEYER Associate Ad'viso, 970.214 3057 kim.mayer@svo.com NO it, - t nesburg :- Fort Lupton _� @H ' a Hinson_.1,L_- 79 1 RHETT STRO`i ASsoci e Advisor 970.692.4454 rhet_.strone9s!!n c er Map data ©2Q15Google t OR OFF E RETAIL & OFFICE AT ROCK CREEK VILLAGE Suite A 1;779 RSF Suite B 1,567 11SF 1697 E Coa(i_on Rd., Superior, CO 80027 - covered drive-thru SPACE SPACE USE LEASE RATE LEASE TYPE SIZE [SF] TERM COMMENTS Suite A Street Retail • $14.00 SF/YR .NN;NN 1,779 SF Negotiable Suite B Medical LEASED NIN1N 3,050 SF Suite C Street Retail 516.00 SF/YR NNN The Group Commercial, Li_C COBEY 'NESS Senior Advisor 970.207.0700 cote/s.sssAUsv. com 3,050 SF Negotiable KIMBERLY MEYER RKETT STROM Associate Advisor 970.2143057 ,iranle'_ s` acorn I?. n_,rn_..,,., "1?Ui:na.,. nninam,1 T -.r__,.. „-I.=. 10 e= Associate Advisor 970.692,4454 rneitstror .02svri.cor 3 drive -through bays and an ATM bay, and existing vault,•`offer a unique , opportunity to secure a turnkey.location for • bank of credit Union in a busy retail center in a thriving suburb of Denver. Long-term lease in place for dental. practice 11' RETAIL & OFFICE AT ROCK CREEK VILLAGE r y Va FJess_ Grouo Commsrci-di, I COREY WESS Senior Advisor 70.207.0700 onbey.+ves_:b sv n.COn1 1697 E Coalton Rd., Superior, CO 80027 KIMBERLY MEYER RHETT T STROM Associate. e Advisor 970.214.3057 ii. lrt_YC(: c>vri.CO,n Associate e Advisor 970.692.4451 DL A OFF1CF I L RETAIL & OFFICE AT ROCK CREEK VILLAGE 1697 E Coalton Rd., Superior, CO 80027 POPULATION 1 MILE 3 MILES 5 MILES TOTAL POPULATION MEDIAN AGE MEDIAN AGE (MALE) MEDIAN AGE (FEMALE) HOUSEHOLDS & INCOME 6,493 36.0 36.3 36.0 1 MILE 24,050 35.8 36.5 35.6 81,318 36.6 36.4 37.0 3 MILES 5 MILES TOTAL HOUSEHOLDS OF PERSONS PER HH AVERAGE HH INCOME AVERAGE HOUSE VALUE er'ry a 3 Ness. The Group Commercial, LLC nai COBEY 'NESS Senior Advisor 970.207.0700 coberivessrRisvnicom 2,116 3.1 $141,9 72 5447,472 72 9,556 2.5 3109,893 3432.563 KIMBERLY MEYER RHETT STROM A-ssociat? Advisor 970.214.3057 F5r",.rn_y_r@_vr.com Associaie Advisor 970.592.4454 rh_ttstromOrsvn:r um 32,063 2.5 $96,790 3323.726 7275 S Havana St Engle•a'1od, CO 112 -Southeast Ret Submarket Fully Leased Building 2,879 SF Retail Bank Building Built in 1998 Building Type 3 Star Retail Bank GLA 2.879 SF Year Built Stones 1 Tenancy Typical Floor 2,879 SF Owner Occup Docks None Construction Masonry Parking 22 free Surface Spaces are avertable; Ratio of 7.6411.000 SF Frontage. 143' on Geddes Ave 103' on Havana St Taxes 05.6515F (2009) Walk Score4 Car -Dependent (29) Transit Score') Some Transit (45) 1993 Single Land Land Acres 0.84 AC Land SF 35,747 SF Bldg FAR 0.02 Zoning AMU Parcel 2075-27-1-13-002 Tenants Name Belicn Credit Union Amenities Drive Tens Location SF Occu ed 2400 SF Zip 80112 Submarket Southeast Ret Submarkel Cluster Southeast Ret Markel Dearer County Arapahoe State Colorado C55.A Denver -Aurora -Lakewood, CO D`,W. Denver. CO'trr' iE Leasing Activity Sign Date Aug 2012 SF Leased 2,400 SF Market Conditions Vacancy Rates Current Building S •ubara;rket 2-4 Star Merkel Overall NNN Asking Rents Per SF Submarket 2-1 Star Ma,<et Overall Submarket Leasing Activity 12 Mo. Leased SF Months on Market Submarket Sales Activity 12 Mo. Sales Volume 11%.) 12 Poo. Price Per SF Use Retail Rent 015.50/NNN Pent Type Starting Current YOY Chance 0.0% 4-) 0.0% 3.9% 4 4.6YS 0.3% 519.80 ># _ 5.2% 516.93 4 4.0% 429.354 18 5% 11.2 '{ 3.2 mo _tsnent Pro Year 3152.2 093.3 $270 3277 Property Contacts Recorded O'snr Belldc First Federal Credit Mn Demographi-s Population Households Average Age Me.dian NH Income Daytime Employees Population Growth '17-22 Household Gm::th '17-22 Traffic 1 Sti 3 ,',',i 4,749 69,637 2,422 23,6606 34.50 38.40 537,356 096,751 29,017 150,321 4 12.7% 4 12.2% 4 9.8': Collection Street S Havana St E Easter Ave Inverness Dr N E Dry Creek Rd S Clinton St Assessment ..3 Strut E Geddes Ave N S Havana St V Inverness DrE S Inverness Dr 4:'i! S Fulton St NW T:=_^c Vol Year 30,753 2015 7,256 2015 9.805 2012 33.551 2015 9,139 2015 Distance 0.09 mi 0.24 r;i 0.31 mi 0.37 mi 0.39 mi Made_ will Tr 5cMeeix9Producrs 20t5 Assessment Irpimiverno n h Land Total Value 3314.600 5367,400 0632.000 5109.2715 F 510.00/SF 313.561SF Property ID: 6093.3:5? htlrs llnrnnerlv2 r.n.slar nnrrr/Prn arty/netail/nalail a:n'c2(n=RfR'8Rmr.RPClilte_n 1/2 Building Images Primary Photo Southeast Retail Submarket Southeast Retail Submarket Map http:/(property2.costar.com%PropertyiD etailiD etail_aspx?ID =8063802&Results=0 Building Photo Denver Retail Sutnark_t Overview J T Denver Retail Submarket Overview Map ITT2111 MIRE RRNEgait Cap"ivory POTENTIAL GROSS INCOME RENTABLE AREA (SF) 12,092 GROSS BUILDING AREA (SF. 14,226 INCOME APPROACH„ SUMMARY DIRECT CAPITALIZATION'METHOD, 'AS STABILIZED & "AS IS' Tenants MARKET RENT - 1ST LEVEL (NRA) MARKET RENT -- BASEMENT (USEABLE SF) GROSS POTENTIAL BASE INCOME_" „_ Building SF 6,757 SF 5,335 SF TENANT REIMBURSEMENTS GROSS POTENTIAL RENT (INCL REIMBURSEMENTS) VACANCY ALLOWANCE EFFECTIVE GROSS INCOME OPERATING EXPENSES Fixed - Real Estate Taxes Insurance Other Variable - Utilities Cleaning /Snow Removal Site / Common Areas Maintenance /Security/ Trash Management Fee / Administrative Non -Reimbursable - Tenant Finish Replacement Reserves Leasing Commissions TOTAL EXPENSES NET OPERATING;INCOn $135,514 /Year Capitalized @ INDICATED:VAL "AS STABILIZIED" - EXLUDING ANY DEFERRED MAINTENANCE Rent/SF $15.50 /SF $10.85 /SF $22,586 /Mo $20,328 /Mo - $ %of EGI $/SF 10% ($57,456) -23.55% ($4.04) ($3,023) -1.24% ($0.21) $0 0.00% $0.00 ($17,783) -7.29% ($1.25) ($5,400) -2.21% ($0.38) ($15,000) -6.15% ($1.05) ($9,757) -4.00% (30.69) 30 0.00% $0.00 $0 0.00% $0.00 $0 0.00% $0.00 ($108,419) -44.45% ($7.62) 7.80% Total Rent $104,734 $57,885 162,619' 108.419•. $271,038 ($27,104) 243.934` $135514 $1,737,364 $143.68$l;737,364a $1,737,364 LOST RENT DURING LEASE UP (12 MONTH) - LESS VACANCY FACTOR OF 10% TENANT FINISH RESERVE ($5.00/SF) LOST EXPENSE REIMBURSEMENTS DURING LEASE UP (12 MONTHS) (70%OF OPERATING COSTS) TOTAL LOST REVENUES COST OF CAPITAL (10%) TOTAL COST TO RE -TENANT BUILDING "AS IS" - EXLUDING ANY DEFERRED MAINTENANCE Rounded To: PSF ($74,499) ($60,460) ($37,947) ($172,906) ($17,291) ($190,196) $1,547,168 $1,550,000 $108.96 s CLERK TO THE BOARD PHONE: (970) 400-4225 FAX: (970) 336-7233 1150 O STREET P.O. BOX 758 GREELEY, COLORADO 80632 July 31, 2018 BANK MIDWEST, N.A., COMMUNITY BANKS OF COLORADO, A DIVISION OF NBH BANK, N.A. 1111 MAIN STREET SUITE 2800 KANSAS CITY, MO 64105-2154 RE: SCHEDULE NUMBER R7455298 Dear Property Owner: This is to advise you that the Weld County Board of Commissioners will hear your petition for abatement or refund of taxes on the property described as: 3635 23rd Avenue, Evans, CO 80620. The meeting is scheduled for Wednesday, August 15, 2018, at 9:00 a.m., in the Chambers of the Board of County Commissioners of Weld County, Colorado, Weld County Administration Building, 1150 O Street, Assembly Room, Greeley, Colorado 80631. The Assessor is recommending that the Board deny your petition. You are not required to be present at this hearing; however, this is your opportunity to have your position heard, particularly if your position is opposed to the Assessor's recommendation. If you intend to submit any documentation in support of your position for this hearing, all such documentation must be submitted to the Office of the Clerk to the Board and to the Weld County Assessor's Office at least seven calendar days prior to the meeting date in order for it to be considered at the scheduled hearing. If you have any questions concerning this matter, please do not hesitate to contact me at (970) 400-4226. Sincerely, Esther E. Gesick Clerk to the Board cc: Assessor Sterling Property Tax Specialists, Inc. Kimberly Dewey To: Subject: Attachments: Good Afternoon, melissa@sterlingpts.com Tax Abatement Hearing Letter for Bank Midwest, N.A., Community Banks of Colorado - R7455298 2795_001.pdf This is to advise you that the Weld County Board of Commissioners will hear your petition for abatement or refund of taxes on the property described as: 3635 23rd Avenue, Evans, CO 80620. The meeting is scheduled for Wednesday, August 15, 2018, at 9:00 a.m., in the Chambers of the Board of County Commissioners of Weld County, Colorado, Weld County Administration Building, 1150 O Street, Assembly Room, Greeley, Colorado 80631.Please see the attached letter for further information. If you have any further questions or concerns, please do not hesitate to contact me. Sincerely, Kim Dewey Deputy Clerk to the Board Weld County 1150 O Street Greeley, CO 80631 tel: 970-400-4225 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. 1 WELD COUNTY PETITION FOR ABATEMENT OR REFUND OF TAXES CERTIFICATE OF MAILING FIRST NAME COMPANY STATE POSTAL CODE ADDRESS 1 LAST NAME CITY BANK MIDWEST, 1111 MAIN STREET, KANSAS CITY MO 64105- 2154 SUITE 2800 N.A., BANKS COLORADO, DIVISION BANK, COMMUNITY N.A. OF OF A NBH ATTN: MELISSA PRESTON STERLING PROPERTY SPECIALISTS, TAX melissa@sterlingpts.com INC. I hereby certify that I have sent a notification of hearing date letter in accordance with the notification requirements of Weld County in the United States Mail, postage prepaid First Class Mail by letter as addressed on the attached list this 31st day of July, 2018. N S O O CI N 0 Kim Dewey Deputy Clerk to the U.S. Postal Service' CERTIFIED MAIL° RECEIPT Domestic Mail Only For delivery information, visit our website at www.usps.com®. C?i 403. { Certified Mail Fee sss cc: 4 Extra Services & Fees (check box, add fee as appropriate) ❑ Return Receipt (hardcopy) $ ❑ Return Receipt (electronic) $ ❑ Certified Mail Restricted Delivery $ O Adult Signature Required $ Adult Signature Restricted Delivery $ Postage Total Postage and Fees Sent Streat •� n..a (111 City, le!i t a PS Form 3800, April 2015 PSN 7530-02-000-9047 Pfl Rnx - f e, Llh'+4- 1YI. dwcs, N. 7/31fis, Postmark Here • &chafe° ; ka800 /05- O1 -l5 -� I See Reverse for Instructions U) C) a U) M v -v al as C D r EE co :4-0 .492 0 O U C as 0 C Fa O co EL • • a) • a O O i 0 E (D O C -a (0 > 0 D P L - CS 0 �C LLI a •W ® u.N N CO 2 C O X WI Fa 4-a .e 2 75 0 2T3 cc c 1p -ooca t� i '% a) a) a) 0 0'2).2) a a ccc cr co co ❑ ❑ ❑ ❑ ❑ ❑ a) N rid O C CD CO C C7 ❑ a) v cc I El 0 v V U C 4-4 ) a) ®CC 00)) N a) a) 2 o o fri E E 00 �a) lisj a) a C O U a) O U a) cc .≥ o 2 L5- 3 (/) O c ❑ ❑ Article Addressed to: Q �c) 4-4T gs.'" � � O Z (17 (7, S 1 : Nct Len m z U tIJ m ol'`- ca O L -a Etan z e- D Q N O a al Domestic Return Receipt PS Form 3811 Chloe Rempel From. Sent: To. Cc Subject. Senior Admin <senioradmin@sterlingpts corn> ,Thursday, August 2, 2018 12 31 PM Chloe Rempel Senior Admin, Darla Jaramillo Requesting an Administrative Denial - Schedule#R7455298 - 3635 23rd Ave Hey Chloel Not sure if I need to request this from you or Ms Ester Gesick (who signed our notice of hearing) We are requesting an Administrative Denial for the following BOCC Hearing Date/Time - August 15, 2018 at 9am Schedule #R7455298 — 3635 23rd Ave Tax Year 2017 This request is based on the denial we received with regard to our protest filed on the above property for tax year 2018 which was heard today, August 2, 2018 Thank you, Nina Langston I Senior Administrative Assistant I E- mail senioradmin@sterlingpts corn Office 303-757-8865 I Fax 303-757-7691 PROPERTY TAX SPECIALISTS. INC 950 S Cherry Street, Suite 320 Denver, CO 80246 www sterlingpts corn 1 CLERK TO THE BOARD PHONE: (970) 400-4226 FAX: (970) 336-7233 1150 O STREET P.O. BOX 758 GREELEY, COLORADO 80632 www.weldgov.com August 17, 2018 BANK MIDWEST, N.A. COMMUNITY BANKS OF COLORADO, A DIVISION OF NBH BANK, N.A. 1111 MAIN STREET, SUITE 2800 KANSAS CITY, MO 64105-2154 RE: SCHEDULE NUMBER R7455298 Dear Property Owner: On Wednesday, August 15, 2018, the Board of Weld County Commissioners considered your petition for abatement or refund of taxes and denied same. Pursuant to Section 39-2-125(f), C.R.S., you have the right to appeal this decision to the State Board of Assessment Appeals within thirty days. You may obtain the appropriate forms and instructions from: Board of Assessment Appeals — Department of Local Affairs 1313 Sherman Street, Room 315 Denver, CO 80203 Phone: (303) 864-7710 Email: dola_baa@state.co.us. In preparation for appealing to the State Board of Assessment Appeals you may also go to the following state link to obtain any further information you may need to proceed, http://www.dola.state.co.us/baa/index.htm Very truly yours, 0(2_0-e, 0, • RovA_Q, Chloe A. Rempel Clerk to the Board crempel@weldgov.com cc: Assessor Sterling Property Tax Specialists, Inc. Chloe Rempel From: Sent: To: Subject: Attachments: Good afternoon, Chloe Rempel Friday, August 17, 2018 2:00 PM 'Senior Admin' PETITION FOR ABATEMENT OR REFUND OF TAXES DETERMINATION LETTER - R7455298 Tax Abatement Determination Letter - R7455298.pdf On Wednesday, August 15, 2018, the Board of Weld County Commissioners considered your client's petition for abatement or refund of taxes and denied same. Please see the attached letter for further information, including options regarding the right to appeal. Sincere regards, Chloe A. Rempel Deputy Clerk to the Board Weld County 1150 O Street Greeley, CO 80631 tel: 970-400-4213 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. 1 WELD COUNTY PETITION FOR ABATEMENT OR REFUND OF TAXES CERTIFICATE OF MAILING LAST NAME COMPANY CITY POSTAL STATE ADDRESS 1 FIRST NAME CODE KANSAS CITY MO 64105- 2154 1111 MAIN STREET, BANK N.A., BANKS COLORADO, DIVISION BANK, COMMUNITY MIDWEST, N.A. OF OF A NBH SUITE 2800 STERLING senioradmin@sterlingpts.com PROPERTY SPECIALISTS, INC. TAX I hereby certify that I have sent a denial letter in accordance with the notification requirements of Weld County in the United States Mail, postage prepaid First Class Mail by letter as addressed on the attached list this 17th day of August 2018. ot,Th __a Chloe A. Rempel Deputy Clerk to the Boa C a) I o0 r go C ti Certified M ca 0 Q ro / ro b 69 69 ro U C U a CU D U U_ ozs i . cn Ti U CC CC c c can) m a> 69 69 69 U) CD ll. 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