2495-2501 BLAKE STREET

OFFERING MEMORANDUM For additional information or to schedule a tour, please contact:

Andrew Cullen Ryan Arnold Partner / Managing Broker Partner 720-933-9411 303-359-7514 [email protected] [email protected]

DISCLAIMER: This Offering Memorandum is provided for the sole purpose of allowing a potential investor to evaluate whether there is interest in proceeding with further discussions regarding a possible purchase of or investment in 2495 Blake Street. (“Property”). The potential investor is urged to perform its own examination and inspection of the Property and information relating to same, and shall rely solely on such examination and investigation and not on this offering or any materials, statements or information contained herein or otherwise provided. Neither Tributary Real Estate, nor the Owner, nor any of their respective partners, directors, officers, employees, shareholders and agents (collectively, “Agents”), make any representations or warranties, whether express or implied, by operation of law or otherwise, with respect to this Offering Memorandum or the Property or any materials, statements (including financial statements and projections) or information contained herein or relating thereto, or as to the accuracy or completeness of such materials, statements or information, or as to the condition, quality or fitness of the Property, or assumes any responsibility with respect thereto. Such materials, statements and information have in many circumstances been obtained from outside sources, and have not been tested or verified. Projections, in particular, are based on various assumptions and subjective determinations as to which no guaranty or assurance can be given. Without limiting the foregoing, in the event this Offering Memorandum contains information relating to asbestos or any other hazardous, toxic or dangerous chemical, item, waste or substance (“Hazardous Materials”) in relation to the Property, such information shall in no way be construed as creating any warranties or representations, expressed or implied, by operation of law or otherwise, by Agents or the Owner, as to the existence or non-existence or nature of Hazardous Materials in, under, on or around the Property. This Offering Memorandum is provided subject to errors, omissions, change of price or terms and other changes to the materials, statements and information contained herein or relating to the Property, and is subject to withdrawal, all without notice. The contents hereof are confidential and are not to be reproduced or distributed to any person or entity without the prior written consent of Agents or used for any purpose other than initial evaluation as indicated above. Owner may, in its sole discretion, reject any offer to purchase the Property and may terminate negotiations at any time without written notice. Until a written sale agreement that is mutually acceptable to Owner and any investor has been executed by both parties, Owner shall have no binding obligations to any potential investor. Table of Contents COMPARABLES LOCATION PROPERTY EXECUTIVE OVERVIEW OVERVIEW SUMMARY ...... 17 10 4 2 13 1 EXECUTIVE SUMMARY

2 Executive

THE OFFERING Summary Tributary Real Estate is pleased to present to qualified investors, the sale of 2495-2501 Blake Street (the "Property"), a unique covered land play for developers who are looking for unprecedented access to the heart of Downtown . This investment opportunity encompasses approx. 79,000 s.f. of land that can be commercially developed up to eight stories in Denver’s highly desirable River North ("RiNo") / Ballpark / Lower Downtown (“LoDo”) neighborhood.

The Property is currently leased by Workplace Elements, LLC (“Seller”). As part of the transaction, the Seller is willing to lease-back 2501 Blake Street at market rates for a period of 24-72 months depending on Buyer’s timeline and desire for the project. 2501 Blake Street is the flagship showroom for Workplace Elements, LLC and is arguably one of the nicest adaptive reuse projects completed in Lower Downtown.

Located in the attractive and development constrained RiNo / Ballpark / LoDo neighborhood, this asset is an extraordinary opportunity to invest in Denver’s most active submarket.

2501 BLAKE STREET 2495 BLAKE STREET

Building size (SF) 34,857 14,600

Stories 1 + Mezz 1 + Mezz

Site / land area (SF) 42,092 36,715

Year Built | Renov 1939 | 2002, 2020, 2016 1948

Zoning C-MX-8 I-MX-8

Occupancy 100% 0% - Shell Condition

$27.00 NNN | NOI : $941K Vacant Upon Sale Lease-Back Opportunity CAMs: $12.38/SF Tax Carry: $77K /Yr Going-in-cap rate: 4% Potential Lease Rate: $10.00/SF

$23.5M ($298.20/Land Foot) Purchase Price Potential Cap Rate (Fully Leased): 4.63%

3 PROPERTY OVERVIEW

4 Property Overview – Description Canvas on Blakeon Canvas Apartments 5 Property

SITE PLAN – 2501 & 2495 BLAKE STREET Overview - Site Plan Site

2495 Blake St

2501 Blake St

2501 Blake St – Property Line

2495 Blake St – Property Line

Building

Parking N N

6 SITE PLAN – 2501 BLAKE ST First Floor Site Plan - Overview

Property 7 Property

SITE PLAN – 2501 BLAKE ST Overview Mezzanine - Site Plan Site

8 SITE PLAN – 2495 BLAKE ST Site Plan - Overview

Property 9 LOCATION OVERVIEW

10 Location Overview - Market With visitors mountain a cities, outdoor desirable metro talented notable Communications, proof Denver’s DOWNTOWN DENVER view 300 but of hub of from companies workforce central adventure corporate days places it the towns is is all not also famous of over geography to only sunshine, making VF . just live . America’s who attracts Corp, located a Rocky and few have it a DaVita, has work a hours walkable a Mountains, within confidence convenient enlarged been diversity in away Kaiser the a a downtown, two key U from their of Denver . S - in Permanente, and driver hour . The talent Denver some footprint highly flight affordable of consistently a thriving of nationwide, its Metro’s from the immense desirable Charles in country’s the more mix arts ability ranks Denver of Schwab, and economic evidenced resort than urban best amongst to culinary two market attract destination ski and social success thirds resorts by scene more the . a life Charter various highly of . most This and and and U are for . S entertainment considered Previously Situated restaurants, than more to 19th ranks office LOWER DOWNTOWN (“LODO”) while rates appealing the LoDo one various . century 150 also have is high environments of the in bars Denver’s remaining an features the found as nationally modes perfect coffee juxtaposed industrial a and heart neighborhoods hotspot their numerous of restaurants has shops, neighborhood for current, of public as home hub, Downtown, led companies for with one breweries, real to LoDo transport appealing outdoor in of more . record in estate . LoDo Its the walking has for LoDo both restoration contemporary most breaking parks boutiques, allows been investment It’s those to large boasts both vicinity no desirable revived conveniently seeking residents surprise and older rental has a . hotels, in In surplus developments . small into all sparked places recent and an that rates, to sectors one active and Its younger sports escape of this to years, original prices convenient of national quickly . live Denver and Denver’s venues, the give generations a and per social wide . brick hustle The it neighborhood interest SF one amenities a liveliest museums, array mixture lifestyle buildings unique sales and of . the of making bustle and retail, . sense of including award Easy most from theatres all low consistently office, of of access of it - coveted vacancy winning the the LoDo’s widely charm more and and late city to 11 Location Overview - Market 12 . a in in in by for and jazz new Cole, Stock into paved exactly up RiNo spot revolved however, industries Downtown warehouses Downtown , 2000 Points, now architecture, district area investments Western mirrors in hippest those years, opportunities restaurants, commitments and popular investment, Five Lower 5 this brick vacant . : a central empty RiNo of public new is the When to viaduct past LoDo in National . of Denver’s once Mexican historic Bridges link the influx investment of primarily Rail, district the Notable In Historically, . an . Station, . region prompting Broadway one foundries was direct occurring neighborhoods Light public to City district’s is authentic the Pedestrian and Blvd, Union the Rockies the four past of more due revitalized Blake in bars, northern a by transformed of warehouses remained shops Center this Ballpark, and for the feature appreciation Brighton and that made th on following rooftop and annually demolition Now, 38 . pattern the Western value along completely comprised allowed gentrification The to of LoDo . Blvd, buildings corridor located factories has land was and of pizzerias, is area increased the home home National corridor most the RiNo announcements neighborhoods development decade significant North Brighton the steady the shops, district of core, prices district featuring Field, . up last and just and The Swansea line - . Land city’s the . adjacent include history Coors antique rail Ballpark walkable in in investment the . Historically, Elyria by developments, . opened rich . experienced situated RiNo it Denver well infrastructure businesses and the more more as historic of has areas a toward recent Denver’s brewpubs, Redevelopment neighborhood following North, transpired and anchored failing around for City area with Redevelopment Show years moved coming Globeville River and the what lively RIVER NORTH ("RINO") RIVER NORTH trendy way preserving Additionally, that clubs Despite residences, around Ballpark area, Denver’s BALLPARK Location Overview - Attractions 2020 building The commonly MISSION BALLROOM MISSION ARTRINO DISTRICT The STATIONUNION Colorado Located industrial for Source, RiNo The meeting Denver year features neighborhood, and the In Crawford delivered 700 what , its main 000 the Property 60, Mission sporting alone, features colorful 000 ( which central LoDo has 16 one was square rooms transportation buildings Hotel Rockies, in known local over SF, historically delivered block Ballroom ) is venue contemporary . take January and murals, The . “great - which within state foot artists 100 The . as Coors from a will park Popular upgrade -of artists contemporary development “RiNo,” recently is hall” walking in of which include is hub 2021. -the been above includes 1415 August various a field which painted restaurants/food - concert for art art have initiative has known Park redeveloped the a The distance is all galleries, concert combination 2019 63 mediums acts a transformed of more been 40 Avenue and located 50 luxury mixed venue Denver’s as as murals , as and + 000 of eclectic an than the restaurants, venue painted part -use suites to nearly home located industrial West Union in heart hall seat of create 22 in light of into the has , the office, approach development 000 concepts and a in of and 9 of baseball larger rail , Station 000 RiNo one former in partnership a Colorado’s square breweries Lower 4 capacity neighborhood, connection completed and , multifamily, the 526 hotel of neighborhood mixed include to bus is RiNo club Downtown stadium Denver’s West feet food home rooms of and circulation aims -use major seats with of Art between in nearly Denver Lot, and retail retail concert development 1995 located to most . and the the District to . McGregor league which drink Union . the and 4 shops, . River Crush Central enhance 250 as , visual 000 desirable venues . boutique, a in part neighborhood RiNo baseball Station is conference hotel North patrons lower restaurants, Walls and expected Square Market of with in is . the submarkets Denver’s sonic repurposed also also Art . Festival downtown team, -room 110 Westfield and is and Ballpark District and/or acts known a art to . bars, new, also The The The . six be as In . . 13 Location

LARIMER SQUARE Overview Larimer Square is Denver’s oldest and most historic block located Lower Downtown. Built in the late 1800s, the block was at risk of demolition before Denverite Dana Crawford developed the Larimer Associates in 1965, whose mission was to refurbish the Square to its original glory. Historical buildings line both sides of the street with bustling shops and restaurants, making it a desirable destination for visitors and locals alike. - Attractions

COLORADO CONVENTION CENTER/ DENVER CENTER FOR PERFORMING ARTS Host to the 2012 ULI (Urban Land Institute) conference and the 2008 Democratic National Convention, the Colorado Convention Center (CCC) is a 2.2 million square foot multi-purpose convention center located in Denver’s central business district. The CCC includes several meeting rooms, two ball rooms, and an indoor amphitheater. Host to more than 400 events per year, the CCC is adjacent to the Denver Center for Performing Arts

The Denver Center for Performing Arts (the DPCA) is the second largest performing arts complex in the country. The DCPA is a four-block, 12-acre site containing ten performance spaces with over 10,000 seats connected by an eighty-foot-tall glass enclosed walkway.

PEPSI CENTER Also known as “The Can,” the Pepsi Center is a multi-purpose arena located adjacent to the Auraria Campus in Denver’s Lower Downtown. Completed in 1999 as part of a Denver’s six-year sporting venue upgrade initiative, the building is home to the National Basketball Association’s Denver Nuggets, the National Hockey League’s Colorado Avalanche, and the National Lacrosse League’s Colorado Mammoth. When not being used as a sports venue, the building frequently serves as a concert venue with a capacity of 20,000.

16TH STREET MALL Designed by Pei Cobb Freed & Partners, and opened in 1982, the 16th Street Mall is a 1.25 mile pedestrian and transit mall that runs along 16th Street in Denver’s central business district. The mall begins at the intersection of Civic Center Station (16th and Broadway), and ends at Denver’s Union Station. It is home to over 300 locally owned & chain stores, 50 restaurants, and the Denver Pavilions. The MallRide is a free shuttle bus service, which uses hybrid-electric busses and is operated by the Regional Transportation District (RTD). The buses stop at every intersection between the Civic Center Station and Denver’s Union Station.

14 Location Overview - Transportation TRANSPORTATION scenic downtown. downtown. scenic the and enjoy to gather a but place transportation, for a mode only not Station Union making years, 5 last the over made been have upgrades Significant system. transportation progressive Denver’s via Denver metro of all reaching to connector central the and is downtown of lower heart the at sits Union Station. Union to distance biking or walking a convenient within is Street Blake 2495 & 2501 the The by Denver’s depending Running , local, . area Denver LIGHT RAIL MALLRIDE The SERVICE BUS REGIONAL operates the metro RTD new Whether regional, Regional Circulator, every Union rail bus 365 area on system facility your days you're . and five Station, The Transportation minutes, airport and ride RTD a operates commuting is year, . making 2 22 system for bus bays, the offering commercial 365 routes, District it MallRide is below to easy days divided work, service you to (RTD) a grade navigate is carriers year school, can into a . at free The . get with four There more (Greyhound running buses shuttle where Denver’s fare light are than stop zones you're and bus 16 errands, Lower 9 at bays service, commuter , regional) : 000 A, every going B, Downtown or for bus C, which just intersection fast RTD and and/or stops rail meeting and Airport regional uses lines and across hassle future hybrid to Central between . friends, Fares more service, -free 8 RTD -electric counties which Business on . service than we've the 4 RTD Civic for range 50 busses got in . The District the stations Center the you from RTD new and Denver covered . $ Station Station throughout bus is Downtown 3 . operated 00 system - metro . 10 With and . 50 15 LocationOverviewOverview– Amenity Map 16 RINO BALLPARK

NORTH UNION STATION STATION UNION LODO COMPARABLES

17 Sale Sale Comparables SALE COMPARABLES – LAND VALUE

2980 HURON ST Sale Date: Sept 2019

Size (SF) Bldg | Land: 31,75 | 38,925 – Land ValueLand Sale Price: $12M

Price PSF Bldg | Land: $376.47 | $308.29

Zoning: C-MX-12 | Condos

3712 - 3780 DOWNING ST Sale Date: Sept 2020

Size (SF) Bldg | Land: - | 34,940

Sale Price: $9.72M

Price PSF Bldg | Land: $ - | $278.05

Zoning: C-MX-8 | Multifamily

3930 BLAKE ST Sale Date: Dec 2019

Size (SF) Bldg | Land: 11,173 | 27,878

Sale Price: $7.19M

Price PSF Bldg | Land: $643.52 | $257.91

Zoning: C-MX-12 | Multifamily

3950 WYNKOOP ST Sale Date: Jan 2020

Size (SF) Bldg | Land: 33,462 | 16,553 Parke Ave W Ave Parke Sale Price: $4.15M

Price PSF Bldg | Land: $124.02 | $250.71

Zoning: I-MX-5 with 16-Story Overlay

3100- 3120 BRIGHTON BLVD Sale Date: Nov 2019

Size (SF) Bldg | Land: 19,839 | 80,624

Sale Price: $18.7M N Broadway Price PSF Bldg | Land: $942.59 | $231.94

Zoning: C-MX-12 | Office

18 For additional information or to schedule a tour, please contact:

Andrew Cullen Ryan Arnold Partner / Managing Broker Partner 720-933-9411 303-359-7514 [email protected] [email protected]

19