114 NORTH SPRUCE STREET GRAND JUNCTION, CO 81501 Offering Memorandum NON-ENDORSEMENT NOTICE CONFIDENTIALITY & DISCLAIMER

NON-ENDORSEMENT NOTICE CONFIDENTIALITY & DISCLAIMER

NON-ENDORSEMENT NOTICE

Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.

ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.

CONFIDENTIALITY & DISCLAIMER

The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. SPECIAL COVID-19 NOTICE

All potential buyers are strongly advised to take advantage of their opportunities and obligations to conduct thorough due diligence and seek expert opinions as they may deem necessary, especially given the unpredictable changes resulting from the continuing COVID-19 pandemic. Marcus & Millichap has not been retained to perform, and cannot conduct, due diligence on behalf of any prospective purchaser. Marcus & Millichap’s principal expertise is in marketing investment properties and acting as intermediaries between buyers and sellers. Marcus & Millichap and its investment professionals cannot and will not act as lawyers, accountants, Exclusively Listed By contractors, or engineers. All potential buyers are admonished and advised to engage other professionals on legal issues, tax, regulatory, financial, and accounting matters, and for questions involving the property’s physical condition or financial outlook. Projections and pro forma financial statements are not guarantees and, SPENCER MASON BRANDON KRAMER 2 given the potential volatility created by COVID-19, all potential buyers should be comfortable with and rely solely on their own projections, analyses, and decision- Broker Associate | NOIPG Vice President Investments | Director, NOIPG making. Denver Office Denver Office Direct: 303.328.2079 // Mobile: 303.905.7219 Direct: 303.328.2020 // Mobile: 605.390.1248 [email protected] [email protected] 03 02 01 Leveraged Debt Investment Overview Retail AerialMap PROPERTY OVERVIEW //22 Cash Flow FINANCIAL ANALYSIS //18 Offering Summary EXECUTIVE SUMMARY //08 Rent RollSummary 114 NORTH SPRUCE STREET • Sources&Uses • InteriorPhotos • SummaryofTerms • InvestmentHighlights • Input GRAND JUNCTION, CO81501 Table ofContents

05 04 Local Attractions Location Overview MARKET OVERVIEW //38 Sales Comparables COMPARABLE PROPERTIES //28 • • • LocationHighlights Demographics SalesComparablesMap

5 TABLE OF CONTENTS EXECUTIVE EXECUTIVE SUMMARY SUMMARY

114 N Spruce St EXECUTIVE SUMMARY

6 7 EXECUTIVE SUMMARY EXECUTIVE 9 INTEREST OFFERED INTEREST selected to of Marcus & Millichap has been The Kramer Group Junction, CO for sale 114 N Spruce Street, Grand exclusively market 81501. SALE TERMS OF at $6,295,000 based on a price per is offered 114 N Spruce Street square foot of $267.02. TOURS PROPERTY to visit the subject property Prospective purchasers are encouraged must be arranged all property tours prior to submitting offers. However, tenants, the shall no time At agents. Millichap listing & Marcus the with without prior approval. on-site management or staff be contacted SUMMARY OF TERMS OF SUMMARY 4 100% 6.28% $267.02 0.37 AC 23,575 SF $6,295,000 16,117 SF CAP RATE 6.28% Steel Frame Structure with Masonry Facade

OFFERING PRICE $6,295,000 SUMMARY Number of Tenants Construction Total Acreage Total Land SF Total Percent Occupied Offering Price Cap Rate Price per Square Foot Total Building SF SF Building Total GRAND JUNCTION, COLORADO 8501 COLORADO GRAND JUNCTION, 114 N SPRUCE STREET 114 N SPRUCE OFFERING SUMMARY OFFERING

EXECUTIVE SUMMARY 8 EXECUTIVE SUMMARY EXECUTIVE 11 The Kramer Group of Marcus & Millichap is pleased to present this exclusive listing for the office property located at 114 North Spruce North at 114 property located office for the listing this exclusive present pleased to is Millichap & of Marcus Group Kramer The as a build- constructed was originally of land, and on 0.37 acres feet, is situated gross square asset is 23,575 Class A trophy Street. This The its 4 floors. tenants across occupied by 4 currently 100% property is in 2009. The office public defender’s the county’s to-suit for rentable 80% of the total approximately and occupies 8 years remaining lease with over is on a NNN defender, the public anchor tenant, dates on staggered expiration upside with gross leases court-related and have value-add The other 3 tenants are also square footage. to years for the public defender have been made in recent $179,199 of tenant improvements Approximately to renew. and with options from directly across the street This coupled with being located forth by the public defender. of which $160,379 was put expand on space, Other a tenant at the property. defender has with remaining as long term outlook the public Justice Center speaks to the the Mesa County premier a at located is St Spruce North 114 zone. opportunity an in is and zoning, B-2 spaces, parking paved 20 include: highlights the as well as Center, Medical Mary’s St University, Mesa Colorado downtown, from away blocks Junction, Grand of heart the in location Colorado River. INVESTMENT OVERVIEW INVESTMENT

1785 N ACADEMYEXECUTIVE BLVD // SUMMARYEXECUTIVE SUMMARY 10 1010 12

12

12 EXECUTIVE SUMMARY EXECUTIVE EXECUTIVE SUMMARY EXECUTIVE / / BLVD ACADEMY N 1785 CLASS A,STABILIZED BUILD-TO-SUIT FOR OPPORTUNITY ZONE PUBLIC DEFENDER CONSTRUCTION TROPHY ASSET LOCATED INAN NEWER OFFICE INVESTMENT HIGHLIGHTS Grand JunctionIsthe CountySeatforMesaandisthe Largest Cityon Value-Add UpsidewithOtherTenants WhoAreon Shorter Term, GrossLeases $179,199 OfTenant ImprovementsHaveRecentlyBeenPutintoTheProperty, Of Originally ConstructedasABuild-To-Suit forThePublicDefenderIn2009Who Long Term NNNLeaseforThePublicDefender With 8+Years LeftRemaining Located DirectlyAcrosstheStreetfromMesaCountyJusticeCenter Other CourtRelatedTenants (LawFirmsandBail Bondsman) Which $160,379Was CoveredbyThePublicDefender Occupies Approximately80%oftheSpace 100% Leasedto4Tenants The Western Slope 13 PROPERTY ANALYSIS EXECUTIVE SUMMARY EXECUTIVE 15 2009 0.37 AC $267.02 23,575 SF $6,295,000 $1,888,500 (30%) DEAL SUMMARY DEBT ASSUMPTIONS DEBT Price Down Payment Price/SF (GLA) Gross Leasable Area Lot Size Built Year 3.95% 2 Years 10 Years 30 Years $250,926 $174,057 $3,684,673 $4,406,500 (70%) FINANCING QUOTE FINANCING PHILLIP K GAUSE MARKETS CAPITAL FIRST VICE PRESIDENT, Direct: (303) 328-2017 Main: (303) 328-2000 [email protected] Loan Amount Interest Rate Year Due Year Amortization I/O Annual DS (Amortizing) Annual DS (I/O) Balance at Maturity $0.00 $0.00 $0.00 $89,976 EXPENSES TOTAL ANNUAL TOTAL REIMBURSABLE $0.00 $0.00 $0.00 $5.62 TOTAL EXPENSES/SF REIMBURSABLE NNN TYPE Gross Gross Gross LEASE (Tenants (Tenants OPTIONS (2) 5-Year (1) 5-Year (1) 5-Year (1) 3-5 Year (1) 3-5 Year Sole Option) RENT annually - 1/31/27 2% Yearly If option is If option is If option is If option is increases to increases to $800/month $800/month incresases to incresases to from 2/1/22 - from 2/1/22 - ESCALATIONS Average of 2% of 2% Average $4,600/month $4,600/month with 2% bumps with 2% bumps excercised, rent excercised, rent excercised, rent excercised, rent month from 2/1/23 month from 2/1/23 annually thereafter. annually thereafter. 1/31/23 & $5,152/ YEAR RENT/ $8,999 $18,731 $52,801 $435,153 $354,622 $750 RENT/ MONTH $1,561 $4,400 $36,263 $29,552 $6,540 $89,976 ($8,709) $522,973 $435,166 $395,538 ($22,008) ($105,427) $21.80 $27.52 $27.52 $19.35 $19.35 $19.87 $19.87 $22.15 $22.15 RENT/SF ANNUAL TERM LEASE 5/31/21 3/31/23 1/31/22 7/31/29 6/1/20 - 6/1/20 - 6/1/20 - 6/1/20 - 4/1/2018 - 4/1/2018 - 12/16//16 - 12/16//16 - REMAINING 0.00% 1.64% 4.85% SHARE %BLDG 13.31% 80.20% OPERATING STATEMENT OPERATING 100.00% 100.00% - SF 327 968 2,658 23,575 16,010 19,963 19,963 19,963 19,963 TOTAL GROSS SF TOTAL TOTAL RENTABLE SF RENTABLE TOTAL SF VACANT TOTALS ASAP Bail Bond Suite 101 Gary Doehling Law Suite 100 Law Tenhoff Suite 102 Public Defender Entire 3rd & 4th Floors + Suites 226 & 227 TENANT Scheduled Base Income Schedule Reimbursement Income Renewal Probability Income Factor Vacancy Effective Gross Revenue CAM Property Tax Net Operating Income RENT ROLL SUMMARY & OPERATING STATEMENT OPERATING & SUMMARY ROLL RENT

EXECUTIVE SUMMARY 14 FINANCIAL FINANCIAL ANALYSIS ANALYSIS ANALYSIS

114 N Spruce St FINANCIAL

16 17 FINANCIAL ANALYSIS FINANCIAL 19 10 $0 $0 $0 $0 1.89 1.89 1.81 1.81 7.55% ($7,303) $520,063 $107,530 $627,593 $627,593 $627,593 $475,297 $475,297 ($26,302) $3,552,161 $3,552,161 $7,487,760 $7,487,760 ($125,995) ($152,297) ($250,926) ($292,490) $7,312,257 $7,312,257 $(3,684,673) 9 CASH FLOW CASH 0.14 0.14 0.57% (0.13) ($3,284) $35,931 $35,931 ($7,195) $509,866 $320,200 $105,421 $935,488 $185,242 $185,242 ($25,786) ($16,010) ($16,010) ($254,210) ($750,246) ($123,525) ($149,310) ($250,926) 8 $0 $0 $0 $0 1.82 1.82 0.10 0.10 7.26% ($7,089) $198,825 $198,825 $449,751 $449,751 $499,869 $103,354 $603,223 $603,223 $603,223 $456,840 $456,840 ($25,280) ($121,102) ($146,383) ($250,926) 7 $0 $0 $0 $0 1.78 1.78 0.10 0.10 7.11% ($6,984) $189,973 $189,973 $440,898 $440,898 $490,067 $101,328 $591,395 $591,395 $591,395 $447,883 $447,883 ($24,785) ($118,728) ($143,513) ($250,926) 6 $0 $0 $0 $0 1.75 1.75 0.09 0.09 6.98% $99,341 ($6,881) $181,294 $181,294 $432,220 $432,220 $480,458 $579,799 $579,799 $579,799 $439,101 $439,101 ($24,299) ($116,400) ($140,699) ($250,926) 5 $0 $0 $0 $0 1.72 1.72 0.09 0.09 6.84% $97,393 ($6,779) $172,786 $172,786 $423,711 $423,711 $471,037 $568,431 $568,431 $568,431 $430,491 $430,491 ($23,822) ($114,118) ($137,940) ($250,926) 4 $0 $0 $0 $0 1.68 1.68 0.08 0.08 6.70% $95,483 ($6,679) $164,445 $164,445 $415,371 $415,371 $461,801 $557,285 $557,285 $557,285 $422,050 $422,050 ($23,355) ($111,880) ($135,235) ($250,926) 3 1.62 1.62 0.07 0.07 6.44% ($968) ($968) $19,360 $93,611 ($6,581) $146,261 $146,261 $397,186 $397,186 $452,746 $565,718 $538,286 $538,286 $405,703 $405,703 ($27,431) ($22,897) ($109,686) ($132,583) ($250,926) 2 2.19 2.19 0.10 0.10 6.04% $53,160 $91,776 ($6,483) ($2,658) ($2,658) $194,568 $194,568 $368,625 $368,625 $443,869 $588,805 $510,408 $510,408 $380,424 $380,424 ($78,397) ($22,448) ($107,536) ($129,984) ($174,057) 1 2.27 2.27 0.11 0.11 6.28% ($327) ($327) $6,540 $89,976 ($8,709) ($6,388) $214,440 $214,440 $388,496 $388,496 $435,166 $531,682 $522,973 $522,973 $395,538 $395,538 ($22,008) ($105,427) ($127,435) ($174,057) 0 ($1,964,040) ($6,370,540) CASH FLOW Potential Rent Income Potential Rent Income Renewal Probability Income Expense Reimbursements Gross Potential Income Gross Potential Income Less: Vacancy Effective Gross Income Effective Gross Income CAM CAM Tax Total Cost / Expenses Cost / Expenses Total NOI/EBITDA NOI/EBITDA CapEx Tenant Improvements Tenant Leasing Commisisons Leasing Commisisons Debt Service Sale Price Less: Cost of Sale Less: Loan Amount NCF to Equity - Leveraged Project Level Cash Flows Debt Service Coverage Ratio Return on Cost (Cap Rate) Return on Cost (Cap Rate) Equity Multiplier $/SF 2 10 30 1.00% 0.25% 0.25% $76.87 $76.87 $172.47 $172.47 $249.34 $249.34 $246.38 $390.58 $249.34 3.95% 70.0% $250,926 $250,926 $174,057 $4,406,500 $4,406,500 $3,684,673 $ $44,065 $44,065 $15,738 $15,738 $4,406,500 $4,406,500 $1,964,040 $6,370,540 $6,370,540 $6,295,000 $6,370,540 DEBT ASSUMPTIONS (BANK DEBT) New Perm Loan New Perm Equity Required Total Sources Total Purchase Price Purchase Price PSF / Land Loan Origination Legal Closing Costs Uses Total Loan Amount Loan Amount Interest Rate Loan to Cost Term Amortization I/O (Years) Annual DS (Amortizing) Annual DS (I/O) Balance at Maturity SOURCES & USES SOURCES 5 80% 2.0% 2.0% 0.0% 4.0% 7.0% 6.28% 6.50% $1.00 $1.00 $5.00 $0.25 11.99% 16,117 16,117 $25.00 0.37 AC 0.37 AC $796,646 $796,646 23,575 SF 23,575 INPUTS INPUTS 10 YEAR LEVERAGED IRR IRR NPV Total Gross SF Gross Total Land SF Total Expenses Annual Increase in General Vacancy (L/C) Leasing Commission Total Acreage Total Lease Rates Annual Increase in Improvement Tenant Going In Cap Rate Renewal Probability Renewal Rate (2% avg annual inf) Renewal Years Disposition Cap Rate Disposition Cap Rate Cost of Sale at Disposition Discount Rate for NPV Cap Ex FINANCIAL OVERVIEW FINANCIAL

FINANCIAL ANALYSIS 18 PROPERTY PROPERTY SUMMARY SUMMARY

114 N Spruce St PROPERTY SUMMARY PROPERTY

20 21 PROPERTY ANALYSIS PROPERTY 23 DOWNTOWN GRAND JUNCTION SURROUNDING AERIAL VIEW AERIAL SURROUNDING 114 NORTH 114 NORTH SPRUCE ST COURTHOUSE MESA COUNTY MESA

Park Lincoln Amphitheater At Las Colonias Park

Arts Center

Moss Performing ® Grand Junction Symphony Orchestra RIVERSIDE PKWYRIVERSIDE PKWY Downtown

Grand Junction

S 5TH ST ST 5TH 5TH S S NORTH AVE AVE NORTH NORTH PATTERSON RD RD PATTERSON PATTERSON

Convention Center

BROADWAY BROADWAY 114 NORTH 114 NORTH Mesa Mall SPRUCE ST SURROUNDING RETAIL AERIAL MAP AERIAL RETAIL SURROUNDING

PROPERTY ANALYSIS 22

PROPERTY ANALYSIS PROPERTY PROPERTY ANALYSIS PROPERTY 25

PROPERTY ANALYSIS 24 COMPARABLE PROPERTIES COMPARABLE PROPERTIES

114 N Spruce St COMPARABLE PROPERTIES COMPARABLE

26 27

28 COMPARABLE PROPERTIES COMPARABLE SALES COMPARABLES 9 8 4 2 7 6 5 3 1 PROPERTY NAME 114 NSpruceSt.GrandJunction,CO81501 1885 ElkRiverPl,SteamboatSprings,CO80487 31207 KeatsWay, Evergreen, CO80439 32186 CastleCt.Evergreen,CO80439 32045 CastleCt.Evergreen,CO80439 2145 ResortDr. SteamboatSprings,CO80487 120 WParkDr. GrandJunction,CO81505 5575 CleoraRd.Salida,CO81201 143 DiamondAve. Parachute,CO81635 2738 CrossroadsBlvd.GrandJunction, CO81506 AVERAGES YEAR BUILT/RENOVATED 2009 1981 2003 2005 2000 1990 2008 2013 2012 2003 -- BUILDING SIZESF 23,575 SF 23,000 SF 12,948 SF 12,500 SF 35,900 SF 20,551 SF 45,264 SF 16,021 SF 49,024 SF 11,068 SF 25,142 SF $10,100,000 $5,500,000 $1,875,000 $2,115,000 $5,600,000 $3,100,000 $4,700,000 $9,212,172 $2,451,800 $4,961,552 SALE PRICE TBD PRICE/SF $239.13 $144.81 $169.20 $155.99 $150.84 $223.14 $293.37 $234.89 $221.52 $204.65 TBD 6 9 8 5 1 7 2 4 3 29 COMPARABLE PROPERTIES

30 COMPARABLE PROPERTIES COMPARABLE SALES COMPARABLES SALE PRICE Property Type Year Built/Renovated Building PricePerSF Total LandAC Total BuildingSF Sale Date Grand Junction,CO81501 114 NORTH SPRUCE STREET Class AOffice 23,575 SF 0.37 AC 2009 TBD TBD TBD

Property Type Year Built/Renovated Building PricePerSF Total LandAC Total BuildingSF Sale Date SALE PRICE 1 Steamboat Springs,CO80487 1885 ELKRIVERPL $5,500,000 Class BOffice 12/31/2020 23,000 SF $239.13 7.50 AC 1981 SALES COMPARABLES

Property Type Year Built/Renovated Building PricePerSF Total LandAC Total BuildingSF Sale Date SALE PRICE 2 Evergreen, CO80439 31207 KEATS WAY $1,875,000 Class BOffice 2/22/2021 12,948 SF $144.81 1.14 AC 2003

Property Type Year Built/Renovated Building PricePerSF Total LandAC Total BuildingSF Sale Date SALE PRICE 3 Evergreen, CO80439 32186 CASTLE COURT $2,115,000 Class BOffice 7/22/2020 12,500 SF $169.20 1.08 AC 2005 31 COMPARABLE PROPERTIES COMPARABLE PROPERTIES COMPARABLE 33 2013 6.87 AC $293.37 16,021 SF 5/16/2019 Class B Office $4,700,000 5575 CLEORA ROAD 5575 Salida, CO 81201 7 SALE PRICE Year Built/Renovated Year Property Type Sale Date Building SF Total Land AC Total Building Price Per SF

2009 2.48 AC $223.14 45,264 SF 10/2/2019 Class A Office $10,100,000 120 WEST PARK DRIVE PARK 120 WEST Grand Junction, CO 81505 6 SALE PRICE Year Built/Renovated Year Property Type Building Price Per SF Sale Date Land AC Total Total Building SF Total

SALES COMPARABLES SALES 1990 1.31 AC $150.84 20,551 SF 2/28/2020 Class A Office $3,100,000 2145 RESORT DRIVE 2145 RESORT Steamboat Springs, CO 80487 5 SALE PRICE Total Land AC Total Building Price Per SF Built/Renovated Year Property Type Sale Date Building SF Total

2000 3.17 AC $155.99 35,900 SF 6/30/2020 Class B Office $5,600,000 32045 CASTLE COURT 32045 CASTLE Evergreen, CO 80439 4 SALE PRICE Sale Date Total Building SF Total Built/Renovated Year Property Type Total Land AC Total Building Price Per SF

SALES COMPARABLES SALES

COMPARABLE PROPERTIES 32 COMPARABLE PROPERTIES COMPARABLE 35 2003 1.48 AC $221.52 1/9/2018 11,068 SF Class B Office $2,451,800 2738 CROSSROADS BOULEVARD CROSSROADS 2738 Grand Junction, CO 81506 9 SALE PRICE Sale Date Total Building SF Total Land AC Total Building Price Per SF Built/Renovated Year Property Type

2012 3.63 AC $234.89 9/4/2018 49,024 SF Class A Office $9,212,172 143 DIAMOND AVENUE Parachute, CO 81635 8 SALE PRICE Total Building SF Total Land AC Total Building Price Per SF Sale Date Year Built/Renovated Built/Renovated Year Property Type

SALES COMPARABLES SALES

COMPARABLE PROPERTIES 34 MARKET MARKET OVERVIEW OVERVIEW

114 N Spruce St MARKET OVERVIEW

36 37 The City of GRAND JUNCTION // COLORADO GRAND JUNCTION

Grand Junction is a home rule municipality that is the county seat and the most populous municipality of Mesa County and roughly 247 miles west-southwest of the Colorado State Capitol in Denver. The city is along the Colorado River, at its confluence with the Gunnison River, which comes in from the south. “Grand” refers to the historical Grand River; it was renamed the Upper Colorado River in 1921. “Junction” refers to the confluence of the Colorado and Gunnison rivers. Grand Junction has been nicknamed “River City”. It is near the midpoint of a 30-mile arcing valley, known as the Grand Valley. MARKET OVERVIEW

The Colorado National Monument, a unique series of canyons and mesas, overlooks the city on the west. Most of the area is surrounded by federal public lands managed by the US Bureau of Land Management. Interstate 70 connects the city eastward to Glenwood Springs and Denver and westward to Green River, Utah; Salt Lake City is reached to the west via Interstate 70 and U.S Route 6; and Las Vegas (via Interstate 70 and Interstate 15).

The Grand Junction area has turned into a major mountain biking destination, with many bikers coming from all over the country to enjoy the area’s abundant single-track trails. Grand Junction is also home to the Country Jam Ranch, a permanent festival site built for music festivals, the most well-known of which is Country Jam. Grand Junction is also home to dozens of vineyards and wineries which are putting Colorado on the map. Colorado’s Grand Valley AVA was named one of the “Top Ten MARKET OVERVIEW wine travel destinations in the world” by Wine Enthusiast Magazine in 2018.

Aviation and Aerospace Information and Outdoor Recreation Creative Technology

Agriculture, Energy and Renewables Medical and Healthcare39 Food and Beverage

38 39 COMMERCIAL REAL ESTATE GROWTH

In Q1 and Q2 of 2020, the highest number of commercial building permits were pulled since 2009. This is largely due to the Multifamily MARKET OVERVIEW permits pulled for the Railyard at Rimrock – Grand Junction’s newest Multifamily development. This development will feature 7 buildings with 28 units each, for a total of 196 units.

In 2018, the commercial real estate sector in Mesa County had its strongest year in a decade, with more than 200 sales and nearly $180 million in volume in 2018 which was evidenced in 2019 as sales and permits were stronger than the previous year.

The City of Grand Junction invested over $14 million in a new river district located along the Colorado River in the heart of the valley. This includes the RIVERFRONT at Las Colonias PARK project – a 140 acre city park with an embedded commercial business park geared towards the outdoor industry. 15 prime acres within RIVERFRONT at Las Colonias PARK are designated for a business park geared toward outdoor recreation and tech-related businesses. As of August 2020, bike-rack manufacturer RockyMounts has officially opened its headquarters in the Riverfront business park. The company relocated from Boulder, Colorado. Bonsai Design, which designs and constructs aerial adventure parks around the country, broke ground on its HQ in the Summer of 2020 and plans to move in by December 2020. The construction of a warehouse and zipline for public use will follow the completion of the office building. ClickHERE for a more in-depth look at the overall master plan. MARKET OVERVIEW Another notable development broke ground in mid 2019. Downtown Grand Junction has partnered with Kaart Group, LLC for the development of 734 and 702 Main, which have sat vacant for over a decade. The Downtown GJ Board authorized a loan of $500,000 to Kaart Group, LLC for the development of the lots. The Downtown Development Authority board agreed to loan Young $500,000 for his projects at a 2 percent interest rate. The loan can be forgiven if Young hits certain milestones on time.

MESA COUNTY Q1 & Q2 COMMERCIAL SALES

Retail Centers Parks & Recreation Schools Points of Interest

• Mesa Mall • 20 Miles of Bike Paths • Mesa Valley School District No. 51 • Grand Mesa • Downtown Grand Junction • 900 Acres of Open Space • Colorado Mesa University has an enrollment • Museum of the West of just under 10k students and offers a • • 36 City Parks wide array of degrees Two Rivers Winery

40

Data Source: Mesa County Assessor DEMOGRAPHICS DEMOGRAPHICS

Grand Junction, Colorado UNIT TYPE 1 MILE 3 MILES 5 MILES 2020 HOUSEHOLDS BY INCOME 1 MILE 3 MILES 5 MILES

2025 Projection 5,675 53,032 97,583 <$25,000 34.98% 31.06% 24.46% Total Population $25,000 - $50,000 24.92% 27.56% 26.79% 2020 Estimate 5,418 50,631 93,006 Total Population $50,000 - $75,000 13.46% 12.61% 14.56% 2010 Census 5,068 47,055 86,142 $75,000 - $100,000 14.90% 12.05% 13.91% Total Population

MARKET OVERVIEW 50,631 $100,000 - $125,000 4.95% 6.10% 7.39% Growth 2020 - 2025 4.74% 4.74% 4.92% Total Population $125,000 - $150,000 2.65% 4.70% 5.87% Growth 2010 - 2020 6.91% 7.60% 7.97% $150,000 - $200,000 3.00% 2.80% 3.55%

$200,000+ 1.13% 3.11% 3.48%

HOUSEHOLDS 1 MILE 3 MILES 5 MILES 2020 Average Household Income $53,588 $60,966 $68,262 7.60% 2020 Median Household Income $39,963 $42,855 $48,858 2025 Projection 2,688 22,402 39,539 Growth Rate Last 10 Years Total Households 2020 Estimate 2,564 21,326 37,607 Total Households

RACE & ETHNIC BACKGROUND 1 MILE 3 MILES 5 MILES MARKET OVERVIEW 2010 Census 2,436 20,012 35,098 2020 Population by Hispanic Origin 1,064 8,111 14,107 Growth 2020 - 2025 4.84% 5.05% 5.14% $60,966 2020 Population 5,418 50,631 93,006 Average Household Income Growth 2010 - 2020 5.25% 6.57% 7.15% White 91.93% 93.37% 93.76%

Owner Occupied 41.26% 58.52% 67.53% Black 1.07% 1.10% 0.99% American Indian & Alaskan 2.68% 1.68% 1.52% Renter Occupied 58.74% 41.49% 32.47% 21,326 Asian 1.35% 1.31% 1.18% Hawaiian & Pacific Island 0.13% 0.14% 0.12% Total Households Other 2.84% 2.40% 2.44%

42 43 114 NORTH SPRUCE STREET GRAND JUNCTION, CO 81501

Exclusively Listed By

SPENCER MASON BRANDON KRAMER Associate Broker | Member, NOIPG Vice President Investments | Director, NOIPG Denver Office Denver Office Mobile 303.905.7219 Mobile 605.390.1248 Office 303.328.2079 Office 303.328.2020 [email protected] [email protected] License CO FA100082695 License CO FA100045203