High Profile Downtown Health Club Property at Opportunistic Price
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HIGH PROFILE DOWNTOWN HEALTH CLUB PROPERTY AT OPPORTUNISTIC PRICE OFFERING MEMORANDUM Interested Party understands and agrees, upon receipt of any and all This Offering Memorandum was prepared by Colliers International documents and other information from Property Owner (“Materials”), that (“Broker”) solely for the use of prospective purchasers of the real property Property Owner does not warrant the accuracy of such materials, express or commonly known as 1849 Curtis Street (the “Property”). Neither the implied, but intends only to supply the Interested Party with materials which Broker nor the owner of the Property (“Owner”) makes any representation are in Property Owner’s possession, to be reviewed and evaluated at or warranty, express or implied, as to the completeness or the accuracy of Interested Party’s discretion, including but not limited to any maps, diagrams the material contained in the Offering Memorandum. Prospective or schematics of the Property, including, without limitation: (i) the quality, purchasers of the Property are advised that: (i) changes may have occurred nature, adequacy and physical condition and aspects of the Property, in the physical or financial condition of the Property since the time this including but not limited to, elevations, structural elements, foundation, Offering Memorandum or the financial statements therein were prepared; roof, appurtenances, access, landscaping, parking facilities and the electrical, and (ii) the projections contained herein were made by Broker and not by mechanical, HVAC, plumbing, sewage and utility systems, facilities and Owner and are based upon assumptions of events beyond the control of appliances, if any; (ii) the quality, nature, adequacy and physical condition of Broker and Owner, and therefore may be subject to variation. Other than the soils, geology and any groundwater; (iii) the existence, quality, nature, historical revenue and operating expense figures of the Property, Owner adequacy and physical condition of utilities serving the Property, if any; (iv) has not, and will not, provide Broker or any prospective purchaser with the development potential of the Property and the Property’s use, any income and expense figures, budgets or projections regarding the Confidentiality Agreement Confidentiality merchantability, or fitness or the suitability, value or adequacy of the Property. Prospective purchasers of the Property are advised and Property for any particular purpose; (v) the zoning or other legal status of encouraged to conduct their own comprehensive review and analysis of the Property or any other public or private restrictions on use of the Property; the Property. (vi) the compliance of the Property or its operation with any applicable codes, laws, regulations, statutes, ordinances, covenants, conditions and The Offering Memorandum is a solicitation of interest only and is not an restrictions of any governmental or quasi-governmental entity or of any offer to sell the Property. The Owner and Broker expressly reserve the other person or entity; (vii) the presence of hazardous materials on, under right, at their sole discretion, to reject any or all expressions of interest or or about the Property or the adjoining or neighboring property; (viii) the offers to purchase the Property and expressly reserve the right at their quality of any labor and materials used in any improvements on the sole discretion, to terminate discussions with any entity at any time or Property, if any; and (ix) the condition of title to the Property. without notice. The Owner shall have no legal commitment or obligations to any entity reviewing the Offering Memorandum or making an offer to Property Owner shall not be liable for Interested Party’s reliance on the purchase the Property unless and until such offer of the Property is accuracy of the information contained in any such documents. Interested approved by Owner pursuant to its Finance Committee authorities and Party shall rely on Interested Party’s own due diligence on the Property the signature of an authorized representative of Owner is affixed to a prior to close of escrow. Property Owner is providing these documents for Purchase Agreement prepared by Owner. This Offering Memorandum is reference purposes only. It is Interested Party’s sole responsibility to verify confidential. By accepting the Offering Memorandum, you agree that: (i) the veracity of the documents provided and to confirm the condition of you will hold and treat the Offering Memorandum and its contents in the the Property and any improvements thereon. Interested Party expressly strictest confidence; (ii) you will not photocopy or duplicate any part of the waives any and all claims against Property Owner for any cause of action Offering Memorandum; (iii) you will not disclose the Offering Memorandum arising from Interested Party’s reliance on the documents and information or any of its contents to any other entity without the prior written provided by Property Owner. authorization of the Owner; and (iv) you will not use the Offering Memorandum in any fashion or manner detrimental to the interest of All information contained in the documents provided is confidential, and Owner or Broker. shall not be disclosed by Interested Party without the prior written consent of Property Owner. Notwithstanding the foregoing, Interested Party may *Please call listing team to register clients and discuss coop broker fees. disclose information contained in the documents to Interested Party’s attorneys, lenders, accountants or other advisors and consultants (“Authorized Third Parties”), provided such Authorized Third Parties are similarly advised of the documents’ confidential nature. Curti Confidentiality02 Agreement Contents Executive04 Summary Thevin Campton, CCIM Capital Markets [email protected] +1 720 731 8350 Jeremy Reeves 07 Vice President Property Summary [email protected] +1 303 283 1375 ford malmquist, mba Research Analyst [email protected] +1 303 283 4561 Colliers Denver 4643 South Ulster Street | Suite 1000 | Denver, CO 80237 Market19 Overview +1 303 745 5800 | fax +1 303 745 5888 www.colliers.com/denver 3 Curtis Executive Summary Colliers, as owner’s exclusive advisor, is pleased to present an exclusive opportunity to acquire a one-of-a-kind, irreplaceable 30,790-rentable-square-foot commercial condo located in the heart of downtown Denver, Colorado. The Property, commonly offering summary referred to as ‘The Bridge,’ represents a premier location for any future gym, health- Sale Price $3,997,000 wellness or fitness operator at a price that is significantly below the market average Price/SF $129.81 price per square foot and replacement cost. Nestled between two downtown towers, Condo Size 30,790 SF Denver Place and Granite Tower, the facility is strategically located within a five- Building Type Commercial Condo minute walk of more than 95,000 residents, daytime employees, hospitality guests, and tourists, offering a robust population for any operator’s membership program. Space Use Gym/Fitness Club The Bridge, which formerly served as the training facility of the Denver Nuggets, Annual HOA Dues (2020) $63,290 ($5,274/Mo) offers existing infrastructure to accommodate a full-service health and wellness Property Taxes (2021) $109,002 operation. Zoning D-C # of Floors 3 + Mechanical Room The property shares walls with both the 909,685-square-foot Denver Place office Parking Street side/Garage tower, as well as the 5-Star, 202 luxury room Ritz Carlton Hotel where visiting professional sports teams often stay. With Denver ranked as a city best positioned to recover from COVID-19, a top-ranked relocation city for millennials, and one of the fittest cities in America, any investor/operator will stand to benefit from the long- term growth potential that the health-conscious atmosphere of the mile-high city has to offer. The space is currently vacant, but has an ongoing lease with TruFit Athletic Club who has leased the space since 2014. The Seller has agreed to relieve TruFit of their lease upon sale. The building will be delivered to a new owner free and clear of all existing lease obligations. view the space fully operational 4 Property Summary property Summary is a 30,790-square-foot, 1849commercial Curtiscondominium located in downtown Connected to the Ritz-Carlton More than 43,000 residents and Denver’s central business district (CBD). The Hotel, one of only two five-star 125,000 employees within a condominium, also known as ‘The Bridge,’ is located hotels in downtown Denver, 1-mile radius of the Property above Curtis Street (11,500+ AADT), connecting with 202 rooms Denver Place with the Ritz-Carlton Hotel and Granite Tower city block, and situated between more than 1.5 million square feet of Class A office space. This property comprises a common area walking bridge, allowing tenants, residents, and hotel guests to travel between the Ritz-Carlton Hotel and Denver Building and monument Attached to more than 1.5 Place without crossing street traffic or experiencing signage visible to pedestrians million square feet of Class A harsher elements during winter months. The and over 11,500+ vehicles office space and nearly 200 property, which spans three floors, was formerly per day apartment and 150 luxury operated as a fitness center. The facility includes condo units two full-sized locker and steam rooms, a multitude of private showers and saunas, an indoor pool and hot tub, an expansive workout and gymnasium area with 13-foot