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Offering Memorandum for More Information, Please Contact: Tom Crosby, Associate 303.390.0956 [email protected]

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Offering Memorandum for More Information, Please Contact: Tom Crosby, Associate 303.390.0956 Tom.Crosby@Avisonyoung.Com CHAMBERS OFFICE CENTRE 15290 E. 6th Avenue, Aurora, CO Offering Memorandum For more information, please contact: Tom Crosby, Associate 303.390.0956 [email protected] Joella Rodarte, Senior Associate 720.508.8109 [email protected] Rick Egitto, CCIM, Principal 303.390.0955 [email protected] CHAMBERS OFFICE CENTRE 15290 E. 6th Avenue, Aurora, CO Table of Contents 01 Executive Summary 5 02 Property Description 11 03 Location Overview 21 04 Financial Analysis 31 3 Executive Summary 1 CHAMBERS OFFICE CENTRE 15290 E. 6th Avenue, Aurora, CO The Offering Avison Young is pleased to offer to qualified investors the opportunity to acquire a 100% fee interest in the 19,340 square foot multi-tenant office/retail property located at 15290 E. 6th Avenue in Aurora, Colorado. Built in 1981 and situated on 1.87 acres of land, Chambers Office Centre is 47% leased, which offers upside to the Buyer. Chamber Office Centre offers in-place income, an attractive price per square foot and convenient and immediate access to and from Interstate 225 via 6th Avenue, the primary east-west traffic arterial servicing the north part of the Aurora market. Interstate 225 is the busiest north / south artery in Aurora with over 150,000 vehicles per day travelling along this road. The subject property benefits from a solid infill location which at some point can be converted to a hard corner retail redevelopment play. The demographic densities in the immediate area are excellent with over 140,000 residents and a projected growth rate of 1.2%. Chambers Office Centre is located on a signalized hard corner and is oriented as an outparcel to the 100,000 sf Chambers Centre retail center that features a You Fit Health Club and a Sav-a-Lot Grocer. X Low maintenance ownership X New roof and interior refresh recently completed X Ideal 1031 exchange property X Value-add office opportunity X Small tenants offer protection from large tenant improvement and leasing commission expenses over time X Seller has spent the dollars to create spec suites available for occupancy 5 CHAMBERS OFFICE CENTRE 15290 E. 6th Avenue, Aurora, CO LOCATION AERIAL Downtown Denver FITZSIMONS GOLF COURSE AURORA HILLS Aurora E COLFAX AVENUE GOLF COURSE E ALAMEDA AVENUE 2nd Ave 225 E 6TH AVENUE & Abilene TOWN CENTER Station 225 AT AURORA 13 Avenue SABLE BOULEVARD SUBJECT Station PROPERTY CHAMBERS ROAD E 6TH AVENUE RTD Light Rail | R Line 6 CHAMBERS OFFICE CENTRE 15290 E. 6th Avenue, Aurora, CO Investment Summary Property Name: Chambers Office Centre E 96TH AVENUE 15920 E. 6th Avenue Address: DENVER Aurora, CO INTERNATIONAL AIRPORT (DIA) Year Built: 1981 GAYLORD Total Acres: 1.871 ROCKIES RESORT & CONVENTION CENTER Total sf: 19,340 Sale Price: $1,799,000 Sale Price psf: $93.00 Net Operating Year 1 Actual: $51.247 Income: Year 2 Pro Forma: $188,071 Actual: 2.8% CAP Rate: Pro Forma: 10.5% PENA BOULEVARD PENA 70 SUBJECT PROPERTY E COLFAX AVENUE 225 E 6TH AVENUE 7 CHAMBERS OFFICE CENTRE 15290 E. 6th Avenue, Aurora, CO Investment Highlights X Pride of Ownership Asset: Located at solid retail location in Aurora. Chambers Office Centre offers the savvy investor solid upside in that the office asset is only 47% leased. X Market Financing Available: Chambers Office Centre is offered free and clear of any debt encumbrance allowing the incoming investors to take advantage of low interest rates. X Solid Location gets better over time: The intersection of Chambers and E. 6th Avenue serves the local neighborhood today; however, funding is currently being put into place to extend E. 6th Avenue to the east and have it connect to and cross E-470, the superhighway that encircles Denver. This will create much more traffic along E. 6th Avenue as residents to the east of E-470, in neighborhoods such as Murphy Creek, Adonia and Cross Creek, use 6th Avenue to drive west. X New roof installed in 2013. Comes with a 20 year warranty, definitively taking away one of the largest go-forward expenses an owner might encounter. The rest of the mechanical components are in good physical condition. X Seller finished the major interior hallway updates in 2017 – cost was approximately $100,000. Seller also took vacant suites back to vanilla shell. X Seller has created move-in ready spec suites, reducing capital that needs to be spent by new Owner. 8 CHAMBERS OFFICE CENTRE 15290 E. 6th Avenue, Aurora, CO 9 Property Description 2 CHAMBERS OFFICE CENTRE 15290 E. 6th Avenue, Aurora, CO Property Description Property Name: Chambers Office Centre 15920 E. 6th Avenue Address: Aurora, CO County: Arapahoe Parcel ID: 1975-07-1-03-008 Legal Description: Lot 2, Block 1, Chambers Village East, filing 1, County of Araphoe, State of Colorado Year Built: 1981 Land Area: 1.871 acres Gross Leasable Area: 19,340 sf Zoning: B -1, City of Aurora Parking: 4.1/1000 sf Chambers Road: Over 30,000 vehicles per day Traffic Counts: E. 6th Avenue: Over 24,407 vehicles per day 11 CHAMBERS OFFICE CENTRE 15290 E. 6th Avenue, Aurora, CO Spec Suites Available for Occupancy 12 CHAMBERS OFFICE CENTRE 15290 E. 6th Avenue, Aurora, CO Spec Suites Available for Occupancy (Continued) 13 CHAMBERS OFFICE CENTRE 15290 E. 6th Avenue, Aurora, CO Site Plan E 6TH AVENUE Monument Sign CHAMBERS ROAD CHAMBERS 14 CHAMBERS OFFICE CENTRE 15290 E. 6th Avenue, Aurora, CO Floorplan | 1st Floor Floorplan | 2nd Floor 15 CHAMBERS OFFICE CENTRE 15290 E. 6th Avenue, Aurora, CO AMENITIES AERIAL SUBJECT PROPERTY 225 E 6TH AVENUE N AIRPORT BOULEVARD AIRPORT N STREET ASPEN SABLE BOULEVARD SABLE ROAD CHAMBERS TOWN CENTER AT AURORA E ALAMEDA PARKWAY BUCKLEY AIR FORCE BASE E MISSISSIPPI AVENUE 16 CHAMBERS OFFICE CENTRE 15290 E. 6th Avenue, Aurora, CO SITE AERIAL SUBJECT PROPERTY E 6TH AVENUE Sweet Leaf Tsai Shen Garden Superior Laundries CHAMBERS ROAD CHAMBERS Imagination Plus Child Care 17 CHAMBERS OFFICE CENTRE 15290 E. 6th Avenue, Aurora, CO Survey 18 CHAMBERS OFFICE CENTRE 15290 E. 6th Avenue, Aurora, CO Site Survey 19 Location Overview 3 CHAMBERS OFFICE CENTRE 15290 E. 6th Avenue, Aurora, CO Arapahoe County grew Location Overview 15290 E. 6th Avenue is located in northern Arapahoe County, on the east side of the Denver region, in central Aurora, Colorado. With 20-minute access to Denver 17.2% International Airport, the Denver Tech Center and Downtown Denver, businesses in since 2010 Aurora are well positioned to interface with the metro area and the world. Interstate 225, Interstate 70 and major rail lines run through Aurora, and the city is a national logistics hub. Expressway 470 and eight rail stations further link Aurora with the greater Denver Arapahoe County Metropolitan Statistical Area (MSA). The Rocky Mountains are a natural boundary to gained over the west, and the availability of developed land to the east ensures that future growth will flow through Aurora, Colorado’s third largest city. Advanced industries in Arapahoe County taking advantage of the location, business friendly policies and skilled workforce 50,000 include aerospace and defense, bioscience and renewable energy. jobs and over ARAPAHOE COUNTY/AURORA FACTS 24,000 in Aurora • Arapahoe County grew 24.6% between 1990 and 2000, then 17.2% since 2010. • The county is the third most populous in Colorado, and the State Demographer Median household estimates there are 637,254 residents. Aurora is the third largest city in Colorado, income increased with 368,200 people. • Since December 2007, Arapahoe County gained over 50,000 jobs and over 24,000 1.9% in Aurora. • The Arapahoe County median household income increased 1.9% annually since annually since 2010 2010, and is now $66,689. • Aurora is consistently rated as one of the safest large cities in the country by the FBI. Aurora is the THIRD largest city in Colorado with 368,200 people 21 CHAMBERS OFFICE CENTRE 15290 E. 6th Avenue, Aurora, CO Denver Overview Denver’s economic growth outlook remains bright, with substantial in-migration of new residents, strong employment gains, and an enviably-low unemployment rate. These positive economic indicators point towards continued expansion in Denver’s office market throughout 2018. The Denver office market continued to expand through the fourth quarter of 2017. Absorption remains slightly dampened by tenants vacating space in the Southeast and Suburban regions, but direct absorption gains more than made up for these losses. After falling to historic lows, the vacancy rate began trending upward in mid-2016. The vacancy rate declined slightly from the previous quarter, to 11.8%. The rise in vacancy from second quarter 2016 to second quarter 2017 is due to new buildings delivering additional space to the market. With over 3.9 million square feet (msf) currently under construction, the building boom has begun to subside. Declining vacancy and preleasing of under-construction square footage indicate that the tenant favorable swing of the past year might be ending. The sustained demand continues to push asking rates to new highs. Absorption totaled 355,593 square feet (sf) in the fourth quarter. Absorption was strong in direct space, totaling 441,763 sf. Tenants vacated 86,170 sf of sublease space in the fourth quarter, up from from over 38,000 sf vacated last quarter. Leasing was active throughout 2017, totaling over 10.9 msf. Denver’s vacancy rate declined slightly from the previous quarter, due to strong absorption, to 11.8% in the fourth quarter. The vacancy rate is still low by historic standards, despite increasing 100 basis points in the previous four quarters. Average asking rates in the Denver market increased in the fourth quarter, rising 1.6% per square foot (psf) to $27.09 psf gross.
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