HomeMy WebLinkAbout20172222.tiffAugust 9, 2017
Petitioner:
KASSITY-LOWELL ERIE LLC
C/O WALGREEN CO REAL ESTATE PROP TAX
PO BOX 1159
DEERFIELD, IL 60015-6002
CLERK TO THE BOARD
PHONE (970) 400-4226
FAX (970) 336-7233
WEBSITE: www.co.weld.co.us
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 2017, WELD COUNTY, COLORADO
NOTICE OF DECISION
Docket #: 2017-2222
Dear Petitioner:
Appeal #: 2008216800 Hearing Date:
On the day indicated above, the Board of County Commissioners of Weld County Colorado
convened and acting as the Board of Equalization, pursuant to C.R.S. Section 39-8-101 et seq., considered
petition for appeal of the Weld County Assessor's valuation of your property described above, for the year
2017.
Account # Decision
The Assessment and valuation is set as follows:
Actual Value as Actual Value as Set by
Determined by Assessor Board
R5341708 Stipulated - Approved
Stipulated Value
$2,879,623 $2,521,575
A denial of a petition, in whole or in part, by the Board of Equalization must be appealed within thirty (30)
days of the date the denial is mailed to you. You must select only one of the following three (3)
options for appeal:
1. Appeal to Board of Assessment Appeals: You have the right to appeal the County Board of
Equalization's decision to the Colorado Board of Assessment Appeals. A hearing before that Board will be
the last time you may present testimony or exhibits or other evidence, or call witnesses in support of your
valuation. If the decision of the Board of Assessment Appeals is further appealed to the Court of Appeals
pursuant to C.R.S. Section 39-8-108(2), only the record of proceedings from your hearing before the Board
of Assessment Appeals and your legal brief are filed with the appellate court.
All appeals to the Board of Assessment Appeals filed after August 10, 2016, MUST comply with the
following provisions of C.R.S. Section 39-8-107(5):
(5)(a)(I) On and after August 10, 2011, in addition to any other requirements under law, any petitioner
appealing either a valuation of rent -producing commercial real property to the board of assessment appeals
pursuant to section 39-8-108(1) or a denial of an abatement of taxes pursuant to section 39-10-114 shall
provide to the county board of equalization or to the board of county commissioners of the county in the
case of an abatement, and not to the board of assessment appeals, the following information, if applicable:
(A) Actual annual rental income for two full years including the base year for the relevant property tax year;
(B) Tenant reimbursements for two full years including the base year for the relevant property tax year;
(C) Itemized expenses for two full years including the base year for the relevant property tax year; and
(D) Rent roll data, including the name of any tenants, the address, unit, or suite number of the subject
property, lease start and end dates, option terms, base rent, square footage leased, and vacant space for
two full years including the base year for the relevant property tax year.
(II) The petitioner shall provide the information required by subparagraph (I) of this paragraph (a) within
ninety days after the appeal has been filed with the board of assessment appeals.
(b)(I) The assessor, the county board of equalization, or the board of county commissioners of the county,
as applicable, shall, upon request made by the petitioner, provide to a petitioner who has filed an appeal
with the board of assessment appeals not more than ninety days after receipt of the petitioner's request, the
following information:
(A) All of the underlying data used by the county in calculating the value of the subject property that is being
appealed, including the capitalization rate for such property; and
(B) The names of any commercially available and copyrighted publications used in calculating the value of
the subject property.
(II) The party providing the information to the petitioner pursuant to subparagraph (I) of this paragraph (b)
shall redact all confidential information contained therein.
(c) If a petitioner fails to provide the information required by subparagraph (I) of paragraph (a) of this
subsection (5) by the deadline specified in subparagraph (II) of said paragraph (a), the county may move
the board of assessment appeals to compel disclosure and to issue appropriate sanctions for
noncompliance with such order. The motion may be made directly by the county attorney and shall be
accompanied by a certification that the county assessor or the county board of equalization has in good faith
conferred or attempted to confer with such petitioner in an effort to obtain the information without action by
the board of assessment appeals. If an order compelling disclosure is issued under this paragraph (c) and
the petitioner fails to comply with such order, the board of assessment appeals may make such orders in
regard to the noncompliance as are just and reasonable under the circumstances, including an order
dismissing the action or the entry of a judgment by default against the petitioner. Interest due the taxpayer
shall cease to accrue as of the date the order compelling disclosure is issued, and the accrual of interest
shall resume as of the date the contested information has been provided by the taxpayer.
Appeals to the Board of Assessment Appeals must be made on forms furnished by that Board, and must be
mailed or delivered within thirty (30) days of the date the denial by the Board of Equalization is mailed to
you.
The address and telephone number of the Board of Assessment Appeals are:
Board of Assessment Appeals
1313 Sherman Street, Room 315
Denver, Colorado 80203
Telephone Number: 303-864-7710
Email: baa@state.co.us
Fees for Appeal to the Board of Assessment Appeals: A taxpayer representing himself is not charged for the
first two (2) appeals to the Board of Assessment Appeals. A taxpayer represented by an attorney or agent
must pay a fee of $101.25 per appeal.
OR
2. Appeal to District Court: You have the right to appeal the decision of the Board of Equalization to
the District Court of the /county wherein your property is located: in this case that is Weld County District
Court. A hearing before The District Court will be the last time you may present testimony or exhibits or
other evidence, or call witnesses in support of your valuation. If the decision of the District Court is further
appealed to the Court of Appeals pursuant to C.R.S. Section 39-8-108(1), the rules of Colorado appellate
review and C.R.S. Section 24-4-106(9), govern the process.
OR
3. Binding Arbitration: You have the right to submit your case to binding arbitration. If you choose this
option, the arbitrator's decision is final and you have no further right to appeal your current valuation.
C.R.S. Section 39-8-108.5 governs this process. The arbitration process involves the following:
a. Select an Arbitrator: You must notify the Board of Equalization that you will pursue
arbitration. You and the Board of Equalization will select an arbitrator from the official list of
qualified people. If you cannot agree on an arbitrator, the District Court of the county in which
the property is located (i.e., Weld) will select the arbitrator.
b. Arbitration Hearing Procedure: Arbitration hearings are held within sixty (60) days from the
date the arbitrator is selected, and are set by the arbitrator. Both you and the Board of
Equalization are entitled to participate in the hearing. The hearing is informal. The arbitrator
has the authority to issue subpoenas for witnesses, books, records documents and other
evidence pertaining to the value of the property. The arbitrator also has the authority to
administer oaths, and determine all questions of law and fact presented to him. The
arbitration hearing may be confidential and closed to the public if you and the Board of
Equalization agree. The arbitrator's decision must be delivered personally or by registered
mail within ten (10) days of the arbitration hearing.
c. Fees and Expenses: The arbitrator's fees and expenses are agreed upon by you and the
Board of Equalization. In the case of residential real property, the fess may not exceed
$150.00 per case. For cases other than residential real property, the arbitrator's total fees
and expenses are agreed to by you and Board of Equalization, but are paid by the parties as
ordered by the arbitrator.
If you have questions concerning the above information, please call me at (970) 400-4226.
Very truly yours,
Esther E. Gesick, Clerk to the Board
Weld County Board of County Commissioners
and Board of Equalization
Cc: Christopher Woodruff, Weld County Assessor
COUNTY I3OARi) OF EQUALIZATION
WELD COUNTY
Single County Schedule Number R5341708
STIPULATION (As To Tax Year_2017_ Actual Value)
RE PETITION OF : 490 ERIE PKWY, ERIE, CO
NAME:
ADDRESS:
KASSITY-LOWELL ERIE LLC
C/O WALGREEN CO REAL ESTATE PROP TAX
PO BOX 1159
DEERFIELD, IL 60015-6002
Petitioner (s) and the Weld County Assessor hereby enter into this Stipulation
regarding the tax year 2017 valuation of the subject property, and jointly move the Board
of Equalization to enter its order based on this Stipulation.
Petitioner (s) and Assessor agree and stipulate as follows:
1. The property subject to this Stipulation is described as:
LIO COAL CREEK CENTER
2. The subject property is classified as Commercial property.
3. The County Assessor originally assigned the following actual value to the
subject property for the tax year 2017:
Total $2,879,623.00
4. After further review and negotiation, Petitioner (s) and Weld County Assessor
agree to the following tax year 2017 actual valuc for the subject property:
Total $2,521,575.00
5. The valuation, as established above, shall be binding only with respect to tax
year 2017.
6. Brief narrative as to why the reduction was made:
Further review of all approaches to value indicated art adjustment.
7. Both parties agree that:
®The hearing scheduled before the Board of Equalization on 8/2/2017 at
1:30 pm be vacated.
85341708
EA hearing has not yet been scheduled before the Board of Equalization,
1
DATED tl 's 20th day of 2017.
Petitione
Address:
150 S . CAe, tv Si'(eg4.
s t( ))U
Telephone: O ) 1G7- gg(d5
Docket Number
Stip- I .Frm
R5341708
sEstant County Attorney or
Respondent, Weld County Boar
Commissioners
Address:
1150 "O" Street
P.O. Box 758
Greeley, Co 80632
Telephone:(970) 336-7235
County As
S�sOT
0
Address:
1400 N.17th Avenue
Greeley, CO 80631
Telephone: (970) 353-3845 ext. 3697
2
1
Christopher M. Woodruff
Weld County Assessor
1400 N 17th Ave
Greeley, CO 80631
NOTICE OF DETERMINATION
RECEIVFo
JUL D 3 2017
Date of Notice: 6/30/2017
Telephone: (970) 353-3845
Fax: (970) 304-6433
Office Hours: 8:00AM — 5:00PM
P M
ACCOUNT NO.
TAX YEAR
� TAX AREA
LEGAL DESCRIPTION/ PHYSICAL
LOCATION
R5341708
2017
1333
L1Q
490
ERIE
COAL CREEK CENTER
ERIE PKWY
R
, CO
JUL 1 0 20i7
WELD COUNTY
.- COMMISSIONERS
I
KASSITY-lt7WELl.
C/0WAl.GREEN
PO BOX 1159
DEERFIELD,
LLC
ESTATE PROP TAX
ERIE
CO REAL
1!.64015-6002
PERT's' OWN
PROPERTY CLASSIFICATION
ASSESSOR'S.VALUATION
ACTUAL VALUE PRIOR TO
REVIEW
ACTUAL VALUE AFTER
REVIEW
COMMERCIAL.
2,879,623
2,$79,823
TOTAL
$2,879,623
$2,879,623
The Assessor has carefully studied all available information, giving particular attention to the
specifics included on your protest. The Assessor's determination of value after review is based on
the following:
CM05 - The law requires that data from Jan 2015 to June 2016 be used to establish current values.
We have considered all three appmaches ches to value and we have denied your appeal based upon this
data.
If you disagree with the Assessor's decision, you have the right to appeal to the County
Board of Equalization for further consideration, § 39-8-106(1)(a), C.R.S.
The deadline for filing real property appeals is July 15.
The Assessor establishes property values. The local taxing authorities (county, school district, city,
fire protection, and other special districts) set mill levies. The mill levy requested by each taxing
authority is based on a projected budget and the property tax revenue required to adequately fund
the services it provides to its taxpayers. The local taxing authorities hold budget hearings in the fall.
If you are concerned about mill levies, we recommend that you attend these budget hearings.
Please refer to last year's tax bill or ask your Assessor for a listing of the local taxing authorities.
Please refer to the reverse side of this notice for additional information.
Agent (If Applicable):
STERLING PROPERTY TAX SPECIALISTS INC
950 S CHERRY ST SUITE 320
DENVER, CO 80246
16-DPT-AR
PR 207-08/13
R5341708
i _
APPEAL PROCEDURES
•
County Board of Equalization Hearings will be held from
July 24th through August 4th at 1150 0 Street
To appeal the Assessor's decision, complete the Petition to the County Board of Equalization shown
below, and mail, file online, or deliver a copy of both sides of this form to:
Weld County Board of Equalization
1150 0 Street, P.O. Box 758
Greeley, CO 80631
Telephone: (970) 356-4000 ext, 4225
Online: http://www.co.weld.co.usiabinkboe/
To preserve your appeal rights, your Petition to the County Board of Equalization must be
postmarked or delivered on or before July 15 for real property - after such date, your right to
appeal is lost. You may be required to prove that you filed a timely appeal; therefore, we
recommend that all correspondence be mailed with proof of mailing.
You, will be notified of the date and time scheduled for your hearing. The County Board of
Equalization must mail a written decision to you within five business days following the date of the
decision. The County Board of Equalization must conclude hearings and render decisions by August
5, § 39-8-107(2), C.R.S. If you do not receive a decision from the County Board of Equalization and
you wish to continue your appeal, you must file an appeal with the Board of Assessment Appeals by
September 10, § 39-2-125(1)(e), C.R.S.
If you are dissatisfied with the County Board of Equalization's decision and you wish to continue your
appeal, you must appeal within 30 days of the date of the County Board's written decision to ONE of
the following:
Board of Assessment Appeals
1313 herman 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 filin ► any report, schedule, claim, tax return, statement, remittance, or other document
fails upon a Saturday, Sunday, or legal holiday, it shall be deemed to have been timely filed if filed
on the next business day, 4# 394 CRS.
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.
P'ETI'TION To cot! NTY .. ? Rp .QF....E L J TION
1
What is your estimate of the property's value as of June 30, 2016? (Your opinion of value in terms of a
specific dollar amount is required for real property pursuant to § 9-8-106(1.5), CURS.)
0-na) ac
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, Le., comparable sales, rent ro l l , original
installed cost, appraisal, etc.)
I, the undersig
and o
Signatur
r
ATTESTATION
d owner or
rnenis h
enti of the property identified above, affirm that the statements contained herein
are true and complete,
7 kite C
Telephone Number Date
knA-*- '5'` eY I; O4.r�, �C]'�'5 . Gri'�In
Email Address
+.�
I Attach letter of authorization signed by property owner.
Tick,
16 -COPT -AR
PR 207-08/13
R5341708
LETTER OF AUTHORIZATION
December 1, 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, 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 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{
WAL E OM PAN
Anna Pcl ts, Manager, er, Real Estate Tax Appeal
Telephone: 47-527-441
STERLING
PROPERTY TAX SPECIALISTS, INC.
July 6, 2017
Weld County Board of Equalization
115o0Street
Greeley, CO 80631
Re: 490 Erie Parkway (Schedule No. R5341708)
Dear Board,
950 S Cherry Street
Suite 32O
Denver, CO 80246
303.757.8865
fax 303.757,7691
www,ster!ingpts1com
We respectfully request that the Board of Equalization hearings for Sterling Property Tax
Specialists, Inc. regarding the above -referenced property be scheduled on the following date
for a phone hearing:
Wednesday, August 2, 2017 at 9:00 am
Thank you for your help.
Sincerely,
Linda Mar
Assistant to BartyJt Goldstein
Kendra L. Goldstein
950 S. Cherry, Street
Suite 320
Denver, CO 80246
303.757 8865
fax 303.757.7691
www.sterlrngpts.cam
May 26, 2017
Chris Woodruff
Weld County Assessor
1400 N. 17th Avenue
Greeley, CO 80631
PROPERTY TAX SPECIALISTS. INC.
Re: 490 Erie Parkway (Schedule No, R5341708) the 'Pro s ert "
Dear Assessor:
The undersigned, Sterling Property Tax Specialists, Inc., represents the single tenant user of the
Property for the purpose of protesting the 2017 Notice of valuation of the Property. A copy of
the Letter of Authorization is attached hereto and made an integral part hereof. Only the
schedule number set forth hereinabove are being protested hereunder.
The Property consists of a "build -to -suit" freestanding Walgreens Drug Stores consisting of
14,409 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. This also limits the Property's market potential, and when compared with other 10,000
square feet to 20,000 square feet properties with mass market potential, the subject Property's
values are overstated.
The typical retail property utilizes street level window exposure for marketing of merchandise;
however, the windows in the subject Property are three to four feet above street level.
Therefore, the Property's flexibility to other users as a conversion retail property limits the
market value of the subject Property.
Most generic retail spaces have a larger number of potential tenants. This is not true for the
subject Property 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 Property 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 welt as the single entrance, creates an
inflexible design for a multi -tenant use. Additionally, there is only one loading area. In order for
the Property to be marketable to the typical retail user, substantial renovations would have to
be implemented at an uneconomical cost.
490 Erie Parkway —Weld County
Page 2
The Assessor's current value is more in line with use value and investment value, rather than
market value. The Assessor's Property values reflect the subjective relationship between
investors and investments, and the value a specific property has for a specific user. The
Property is 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.
Therefore, we have performed a market derived triple net income approach relative to a retail
user of this size based upon market rental information as set forth in Exhibit A attached hereto
and made an integral part hereof. We believe the income approach set forth below, applicable
to the subject Property, reflects the appropriate market value.
Exhibit A sets forth lease details relating to properties of similar size, single -occupancy, and
condition as the subject Property. Some of the lease comparables are based on information
available via Costar; others are confidential leases that have been reviewed and verified by the
undersigned. Petitioner contends these lease details are the best. indicator of market rental
rates for the subject Property. These rent comparables are summarized as follows:
1. The first property profile within Exhibit A is a listing for a store built for and formerly
occupied by Walgreens, and is located at 7510 5. Gartreil Road. This property was
available for lease throughout the entirety of the base period with asking rents less than
$10 per sq. ft. NNN. To date, there has been only one Letter of Intent submitted on
behalf of a Dollar Tree, which was for a nominal rental rate of $2.50 per sq. ft. NNN.
This property is stilt on the market and available for lease as of the date of this appeal,
with no offers even close to $10 per sq. ft. NNN.
2. The second property contained in &&hibit A is a freestanding single tenant retail store
located in Jefferson County consisting of approximately 18,000 sq. ft. This lease was
signed during the base period on October 31, 2014 for $12 per sq. ft. NNN.
3. The third property contained in Exhibit A is a single tenant retail tenant occupying
approximately 11,000 sq. ft. at a shopping center located in Arapahoe County. This
lease was signed in November of 2015 for a rate of $11 per seq. ft. NNW.
4. The fourth property detailed within Exhibit A is a free standing building formerly
occupied by 24 Hour Fitness. This particular property was offered for lease during the
base period for $13 per sq. ft. NNN, and consists of 18,500 sq. ft.
S. The fifth property set forth within Exhibit A is an approximately 16,000 sq. ft. single
tenant freestanding retail store located within Denver County. The lease for this
property was renegotiated in March of 2014 for $14.52 per sq. ft. NNN.
6. The sixth lease comparable shown in Exhibit A is a single tenant retail property, located
within Arapahoe County, consisting of a pproxinnate ly 15,000 sq. ft. This tenant signed
their lease in November of 2012 at a rate of $13.50 per sq. ft. NNN.
7. Also located within a shopping center in Arapahoe County are two medium -box retail
stores, which leased in January and February of 2016 for $8.50 and $9.50 per sq. ft.
490 Erie Parkway — Weld County
Page 3
NNN. Each retail store consists of approximately 25,000 sq. it Large tenant
improvement allowances were also given to these tenants by the landlord.
8. The eighth lease comparable contained within Exhibit A is a 14,160 sq. ft retail property
located at 999O East Colfax Avenue was offered for lease during the base period at $7
per sq. ft. NNN.
9. The ninth lease comparable set forth in Exhit it A is a freestanding day care center
consisting of 11,375 sq. ft. It was offered for lease during the base period for $11.50 per
sq. ft. NNN.
10. Lease comparable ten is a single tenant retail property consisting of 9,700 sq. ft. which
executed its lease in September of 2O15 for $4 per sq. ft. NNN. This property is located
in Arapahoe County,
11. The eleventh and final lease comparable is a 15,048 sq. ft single tenant retail store
located in Arapahoe County, whose lease was entered into in June of 2O14 at a rate of
$10 per sq. ft. NNN„ prior to consideration of free rent concessions.
Based upon the lease information as set forth in Exhibit A, Petitioner contends the appropriate
market rental rate for retail properties of this size and nature is $14 per sq. ft. NNN. Therefore,
Petitioner has utilized a market rental rate of $14 per sq. ft. NNN in its analysis. To the Potential
Gross Income Petitioner has applied an 8% vacancy allowance due to the Property's 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
73% capitalization rate to determine the appropriate market value on a per sq. ft. basis,
our income approach is as follows:
Potential Gross Income
Vacancy (8%)
Effective Gross Income
Expenses (8%)
Net Operating Income
Capitalized at 73
14psf
1.12 psf
12.88 psf
1.03 rsf
11.85 psf
S 158 psf (rounded)
In determining the appropriate market value for the Property, and as a test of reasonableness,
Petitioner has also considered similar comparable properties that have sold during the base
period as well as a former Walgreens that sold during the previous base period. Attached
hereto as Exhibit B and made an integral part hereof are seven base year sales, including two
former Waigreen sales, which Petitioner contends supports the value set forth hereinabove
based on a market income approach for a non -leased fee valuation of the Property. Six of these
sales range in year of construction from 1995 to 2O07. They also range in square footage from
490 Erie Parkway— Weld County
Page 4
10,425 sq. ft. to 19,650 sq. ft. and are all single -tenant user buildings similar to the subject
Property. The range of sales price on a per-sq. ft, basis is between $102.65 per sq. ft. to $140.53
per sq. ft., supporting Petitioner's income approach value of $158 per sq. ft.
Of the seven sales referenced on Exhibit B attached hereto and made an integral part hereof,.
the most relevant sale is a former Wa lgreens located at 2320 Main Street in Longmont,
Colorado. This property consisting of 13,854 seq. ft. was built in 2007. The sale of this property
occurred on June 7, 2016 for $119.10 per sq. ft. The Property is at an excellent location on the
signalized corner at one of the best locations in Longmont, Colorado. Attached hereto is
Exhibit C is a copy of the offering brochure setting forth all the benefits of this property, which is
substantially similar to the Property protested hereunder. Petitioner's value based on an
income approach, certainly takes into account the difference between a market -leased property
at $158 per sq. ft. as opposed to the sale of 2320 Main Street at $119 per sq. ft., as well as the
range of the attached seven sales ranging between $102 per sq. ft. and $140 per sq. ft.
In addition, in the previous base year, a former Walgreens store located at 2727 S. Parker Road
sold for $113 per sq. ft. The sate at 6300 W. Colfax at $130 per sq. ft. is also a former Walgreens
store.
It is imperative that the values of the subject Property be based on a market value of the real
estate, not a leased -fee value of a build to suit property sold based on a long-term income
stream from a national credit tenant, where the purchaser is buying an effective long-term
bond, not real estate.
Petitioner has given most weight in its analysis to the market income approach as set forth
hereinabove, with supporting weight given to the sales comparison approach. Based upon the
foregoing, Petitioner hereby requests the Assessor adjust the value for calendar year 2017 for
the Property to $158 per square loot, or $2,276,600.
All information contained herein should be considered confidential and not available to any
third parties.
Respectfully submitted,
STERLINGPROPERTY TAX SPECIALISTS, INC.
By:
Kend a Goldstein,
resident
Walgreen Company
Weld County
2017/2018
1641 23rd Ave
3700 35th Avenue
3700 W 10th Street
5962 Firestone Blvd
2600 11th Ave
1480 Main Street
490 Erie Parkway
NEC of Mountain View & Hwy 7
113919605
R2682304
P.2941404
R3846705
R46967O7
112569303
85341708
R8946729
r
Single Tenant Retail
Lease Comparable Summary
L i-Cbt p
'L a
0r d6/ ° - • :
- -
- •. _ • �- '
SF • • __ -
_ - _
1 1
•1
Pt�;�f1e�tu�nH
•O f
_
o_
_
er�_h• i
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p_e_n_ _ I'_ a rk__ e_ t' :1 0.
•JJ.T_- - 11, - {
141i.Iiial
rI
t
Rate/SF:
-__
_ _ 'D•a 'i`I.
__
�J• 1
Arapahoe
15,156
Offered during base period
$10 -.._
2
Jefferson
18,000
Signed
of
ber
$12
3
Arapahoe
111000
$11
4
Arapahoe
181500
$13
5
Denver
16,000
Renegotiated in March 2014
$14.52
6
Arapahoe
15,000
Signed
t
er
ber$13450
7
Arapahoe
25,000
$8.50-9450
8
Arapahoe
14,160
Offered during base period
$7
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Offered during base period
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Signed September 2015
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Signed June 2014
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Single Tenant Retail
Sales 10,000 to 20,000 SF
Sale
Costar #'
I
County
Address
YOC
SF
I Date of sale
I
I Sale Price
DOME
I
Sale price
I SF
Cap
Rate
36474031
Boulder
1
i
2320 Main
Longmont
Street
_..
2O07
13,8541
6/7/2016
$1,650,000
275
$119.10:
2
3170804!
El Paso
(
!6121 N. Academy Blvd.
Colo, Springs
+
r
i
18,08£
11/24/2014
$1,855,858
173 i
3
7
$102.65
1
9.26
s
3
3176804
Arapahoe
4747-5. Santa Fe Drive
1997 E
I
15,804
11/24/7014
$1,762,034
173
1111A91-9.26
i
3191375:
Denver
7211 E. Evans Avenue
1996
19,650;
17/22/2014 :
$2365,000 I
•1
256 :
$ 1 0 3 6
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3325461
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Jefferson
6300 W. Colfax
Avenue
• 1995
; 13,428)
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1878
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� $130.33•
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111
Douglas
5740 County Line Road
t
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2002 .17,053
•
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11/24/2014
12,282,112 t
178
I $133.82!
i
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9.26
7 I3184l98Jefferson
;
5790 Vance Street
1995 '
10,4751
i
12/1/2014
$1,465,000
105
$140.53'
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TABLE OF CONTENTS
EXECUTIVE SUMMARY
PROPERTY INFORMATION
Property Summary
Parcel Aerial
Site Plan
Trade Area Aerial
MARKET OVERVIEW
lM1arketAtA Glance
Demographic Summary
CONFIDENTIALITY AND
CONDITIONS OF SALE
BUILDING FOR SALE
2320 MAIN STREET
LONIGMONT, CO
•
Male _
Real Estate Partners
SRS Real Estate Partners is pleased to exclusively offer the opportunity
to acquire a 1.1.3 acre property ideally located along a highly desirable
intersection. The "Property" consists of a freestanding 13,854 SF
building.
OFFERS DUE - SEPTEMBER 4TH, 2015
LAND AREA
GLA SF .q.q
PARKIN r.4
YEAR BURT
1134 acre (49,397 sf)
13,854 sf
46 paces (343 per 1,000 sf)
4►kiYAl..rr.• •.•*41 rM.RR.ti iR/fY1e WI..`.,11/4'7
Location: 2320 Main St I Main St at Hwy 87/ 3rd Ave
Longmont, CO
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EXECUTIVE SUMMARY
HIGHLIGHTS
High Traffic Intersection Anchored by King Soopers
The property is situated at the high traffic, signalized intersection of the
northeast corner of Main Street/Highway 287 (28,474 CPD) and 23rd
Avenue (2,984 PD), Highway! 287 is the major north/south arterial
which provides people access to Longmont from Fort Collins to the
north and Loveland to the south.
Outstanding Property/Area Attributes
The immediate trade area has office, retail ehd residential surrounding
the site. King Soopers, Kroger, is the dominant grocer in the market
and anchors the center on the southwest corner of the intersection
along with Planet Fitness, Murdock's and Dollar Tree. The property is
well -positioned in the strong retail corridor of Main St/Hwy 287 with
additional retailers and restaurants.
Strategic Colorado Location
The proposed site is located in Longmont, CO located approximately 37
miles from Denver and 16 miles from Boulder. Twenty-five percent of
Colorado's technology workforce and twenty percent of its technology
companies currently reside in Boulder County, which has created a
great live/work environment for Longrnont's highly educated population
base.
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Exit: It i �;i'4tlzly l''ra p n•.pcl F;`, SF'S fl I ;.1 Egtn (t' Pa rtno r s
Real Estate Partners
HIGH INCOME, STRONG GROWTH (5 mile radius)
• $82,755 Household Income
• 1.15% annual growth rate from 2015p,2020
O
HIGH TRAFFIC COUNTS @ SIGNALIZED INTERSECTION
i 28,474 vpd (Main St)
4 4,029 vpd (23rd Ave west of Main St)
• 2,984 vpd (23rd Ave east of MainSt)
IMPRESSIVE SURROUNDING RETAIL
• King Soopers
• Mudoch's Ranch & Home upply
• Dollar Tree
• Noodles & Company
• Fred is Frozen Custard
• Sonic Drive -In
PreSrant ri C'v+ SPY.) fi i is i E ' t,l driers.;
QUICK FACTS
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Building Sizes:
Parking/Ratio:
Ingress/Egress:
Yezir'Built;
Parking Lot
46+1n ',to •.{ w. ;� iv: 41 ��•••.•I . .t .
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PROPERTY SUMMA:Y
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t �4+/- AC,
+/- 131854 SF
46 spaces; 3,3 per 1,000 SF
Ingress/Egress is available to the site from both Main t/ 87 & 23rd Ave
2007
Asphalt paved with striping; concrete curb and gutter for drainage
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Longmont, CO
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Real Estate Partners
Longmont, Colorado - Overview
The city of Longcnorrt (Boulder County) is located approximately 16 miles from Boulder
and only 37 miles from Denver and Fort Collins. While providing affordable housing
and recreational options, as well as a small-town community feel, Longmont also
appeals to those who want to live near the amenities of a metropolitan community
such as Denver or Boulder.
Economy
Situated at the intersection of high technology and manufacturing, Longmont
exemplifies the best of the Front Range offering a high quality of life, skilled workforce
and business friendly climate while remaining affordable and welcornirrg.
From biopharmaceuticals to satellite imagery to disk drive design, high-tech makes
up about 27 percent of the Longmont employment base, and according to the
Software & Information Industry Association, the Boulder -Longmont area has the
highest concentration of software -related jobs in the nation, Additionally, with the
University of Colorado nearby, the local work force is highly educated. According to
the U.S. census, the Boulder -Longmont area ranks first nationally in percentage of
residents over age 25 with a four-year college degree.
With sixteen cor 'ipanies throughout the Longmont area, software and iT joins
Colorado biotech companies and the aerospace industry as established Longmont
industries. Over 1,100 members of the Longmont, Colorado labor force are employed
by software and IT companies --the highest concentration of software employees
per -capita in the United States.
Source- City of Longmont Economic Development, 2015
0
1
MARKET AT A GLANCE
Longmont, GO: Largest Employers
•
J. StVrn ValleySchoois
2 Seagate Technology
3 Longmont United Hospital
4 tigital6lohe
r Intrado
6 City of Longmont
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7 Federal Aviation Administration
8 Circle Graphics
s McLane Western
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10 Crocs
:$.4.W1 S;41 • r
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Source: City Of Longmont Economic Council, 2015
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2320 Main Street I Longmont, CO
POPULATION
Current Est, Population _ ,826
2020 Projected Population 22,454
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Projected Annual Growth 2015-2020
Median Age
DEMOGRAPHIC SUMMARY
68,038 91787
71,783 97,201.
L08% 1.15%
38.5 38,3
HOUSEHOLDS
Current Est. H H
2020 Est, l H
Projected HH Growth 2015-2020
SAINALL•440
INCOME
W _
4,837 26,499 35,847
5,093
nH•rrr•�-
Avg, Household Income
111•11,11111, _
a _
28,:111. 38,164
1,19%
$63,782 $77,649
$83,755
EMPLOYMENT
Total Employees
iiikamaisimessaiiimpromprpliapiabam
Total Businesses
3,702 19,934
476 2,626
37,786
4,074
-
EDUCATION'
Bachelor's Degree or Higher
26.8%I
35,3% .83%
Source: Uls. Census 2ur'eau, Census 2010 Summary File 1., Esti forecasts for 2015 and 2020,
Esri converted Census 2000 data into 2010 geography, August 12, 201.5
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2015 Population by Race
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Clack
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DEMOGRAPHIC SUMMARY
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.1: LIZ. Census Bureau, Census 2010 Summary File .., Esri forecasts for 2015 and 2020,
Inverted Census 2000 data into 2010 geography, August 12, 2015
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2015 Population by Age
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12.8%
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7Y34� `i t a ,1 -. [d.unnentaxwaYLINQ i i a.:iILiIIMISLIVIC7'i17'.i% TaaleP'r
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This offering memorandum is not intended to constitute an offer, but is merely a
solicitation of interest with respect to a possible sale of the 113 acre property with a
13,854 SF freestanding building located at 2320 Main 8t, Longmont, CO,
This Offering Memorandum has been prepared by SRS, Real Estate Partners
Northwest, LP '(SR) and has been approved for distribution by the owner. Although
effort has been made to provide accurate information, neither the owner nor SRS
can warrant or represent accuracy or completeness of the materials presented
herein or in any other written or oral communications transmitted or made available
to the purchaser. Many documents have been referred to in summary form and
these summaries do not purport to represent or constitute a legal analysis of the
contents of the applicable documents. Neither owner nor SRS represents that
this offering summary is all inclusive or contains all of the information a purchaser
may require. All of the financial projections and/or conclusions presented herein
are provided strictly for reference purposes and have been developed based upon
assumptions and conditions in effect at the time the evaluations were undertaken,
They do not purport to reflect changes in the economic performance of the property
or the business activities of the ownersince the date of preparation of this Offering
Memorandum. The projected economic performance of the property, competitive
su brn a rket conditions, and selected economic and demographic statistics may have
changed subsequent to the preparation of the package. Qualified purchasers are
urged to inspect the property and undertake their own independent evaluation of the
property, the market and the surrounding competitive environment.
Environmental matters can and do have dramatic impact not only on the physical
conditions of a property but also on its economic performance and underlying
value. If such substances exist, special governmental approvals and permits may
be required,
Purchasers are encouraged to engage qualified professionals to determine whether
hazardous or toxic substances or wastes, including asbestos, PCB's, petrochemicals
or other contaminants or conditions are present at the property. Neither SRS
nor the owner performs or conducts investigations or analyses of environmental
matters, It is the sole responsibility of qualified purchasers to review all applicable
laws and regulations applying to either the existence, transportation or removal of
hazardous materials and to prudently have an onsite investigation and inspection
of the property conducted. The cost and removal of hozordous materials may be
substantial; .therefore,.,SRS strongly encourages Qualified urchaser.s to en age
reigcern By SRS Rani F'trte Portr, r;.
NHDENIIALITY AND
ITIONS OF SALE
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Ia.���ri��R,.laa�Yi.-�n,�se1+�•e .. '7'{'{.!�7 _.u1
legal counsel and, appropriate technical professionals if any of these conditions are
discovered during' the inspection, No person, firm or entity is authorized to make
or submit offers on behalf of anyone or divulge or reproduce the contents of this
executive summary or discuss the availability of the purchase of the property without
first having registered in writing the name of the party receiving the material and
received written authorization to proceed from SAS. The owner and SRS reserve the
right, at their discretion, to reject an or all expressions of interest with any party at
any time with or without notice, The Recipient is strictly prohibited from contacting
the tenant or any affiliate regarding this offering without prior written authorization
of owner and .R8, The terms and conditions stated herein apply to all sections of
the executive summary.
SAS is acting as exclusive disposition agent, and the owner reserves the right to
withdraw the property from the market, to change the price and terms or sell the
property at ony time without notice being given.
Offering exclusively represented by:
John J. Krtotplcn
Regional Director
847.971.812 1 johnbkrupkaGsrsre.com
Tony Piorangcli
Senior Vice President & Market Leader
303.390.5 57 1 tony,pierangeli@srsre.com
Joe Beck
Vice President
303.296 4485 I joe.beck@srsre.com
SRS Real Estate Partners Denver
1875 Lawrence St, Suite 850 # Denver, CO 80202
SR RE,COM/DENVER
The information contained herein was obtained from sourcas deemed to be reliable. However, SRS Real Estate
Partners makes no guarantees, warranties; or representations as to Me completeness or accuracy thereof.
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