1. real estate
2. apartments

5010 Centennial Boulevard
Piñon Valley Industrial Park
Office Flex Portfolio for Sale
Two separate buildings on Centennial Boulevard
Colorado Springs, Colorado
5030 Centennial Boulevard
I. Execu ve Summary
The Offering
Bid Due Date: October 18, 2012
As exclusive sales agents, Jones Lang LaSalle and Quantum Commercial Group in Colorado Springs are pleased to offer for sale two (2) buildings collec vely known as the Piñon Valley Industrial Park Por olio, “the Proper es,” in Colorado Springs, Colorado. Ideally situated in Colorado Springs’,
Garden of the Gods Submarket, the Proper es’ excellent loca on fron ng Centennial Boulevard provides highly flexible space to meet a mul tude of
tenant requirements. Neighboring buildings are home to such businesses as; Hewle -Packard, Verizon, Intel, Kaman Sciences, Agilent
Technologies, ITT Technologies, LSI Logic, Wells Fargo, Entegris, Safetrain, Xircom, Aeroflex, Tuscarora, Velcon Filters, Eagle Electronics, The
Navigators World Headquarters, etc.
Piñon Valley Industrial Park Por olio — Property Highlights
5010 Centennial Boulevard
5030 Centennial Boulevard
2,930,000 ($85.67/ s.f.)
1,243,200 ($35.00 / s.f.)
$ 205,200
N/A
7.00%
N/A
10 years
N/A
1983
1987
34,200 s.f.
35,520 s.f.
Stories
1
1
Leased
100%
0%
Lot Size
2.16 acres
2.415 acres
Ceiling Height
14’0” - 16’0”
14’0” - 16’0”
Parking Ra o
2.34 : 1,000 s.f.
2.39 : 1,000 s.f.
Price
In Place NOI
Capitaliza on Rate
Lease Term
Year Built
Rentable Square Feet
Sale Specifics
Each building offers unique characteris cs which set it apart from the compe on; above standard power, abundant parking, flexible floorplates,
Centennial Boulevard frontage and access, etc. The buildings can be purchased individually or as a package and offer excellent opportuni es for
individual building sales to users or as an investment sale with a long term credit tenant in place and a value add component.
Demographics
Piñon Valley Industrial Park — Demographics
1 Mile
3 Miles
5 Miles
Popula on
7,086
47,869
131,363
Total Households
2,794
19,643
54,867
Number of Employees (Full Time)
4,804
32,454
82,054
Number of Establishments
270
1,917
5,748
Average Age
39
40
39
$91,922
$84,368
$74,117
Average Household Income
Piñon Valley Industrial Park — Traffic Counts
Street
Cross Street
Traffic Count
Distance
Centennial Boulevard
List Drive
20,612
0.29 miles
North 30 Street
Boardwalk Street
8,042
0.36 miles
Centennial Boulevard
West Garden of the Gods Road
21,000
0.50 miles
West Garden of the Gods Road
I-25
50,587
1.47 miles
th
II. Tenancy / Lease Overview
5010 Centennial Boulevard - Rent Roll
Suite
Tenant
Rentable SF
Lease
Commencement
Lease Expiration
Current
Annualized Rent
Current
Annualized
Rent PSF
Rent Step Dates
Rent PSF / Year
Annual Rent
100
Federal
Express
34,200 s.f.
11/1/12
10/31/22
$205,200
$6.00
5/1/15
11/1/17
8/1/20
$6.15
$6.30
$6.45
$210,330
$215,460
$220,590
* Initial date of occupancy was 10/1/1984
Currently under a LOI which will extend the FedEx lease for a full ten (10) year lease term.
*Federal Express has renewed for a ten (10) year lease term.
5030 Centennial Boulevard - Rent Roll
Suite
Tenant
Rentable SF
Lease
Commencement
Lease Expiration
Current
Annualized Rent
Current
Annualized
Rent PSF
Rent Step Dates
Rent PSF / Year
Annual Rent
100
Vacant
35,520
-
-
-
-
-
-
-
III. Market Overview
Colorado Springs
Colorado Springs is located 61 miles south of Denver at the base of Pikes Peak. The city is 186 square miles making it Colorado’s largest.
And, with a popula on of 380,307, Colorado Springs is Colorado’s second most populous city.
The Colorado Spring Metropolitan Area (CSMA) encompasses El Paso County and Teller County—
an area comprised of 2,689 square miles with a popula on of 617,714. During the past seven
decades, the area has sustained a steady and impressive rate of growth. The largest increase of 93
percent occurred between 1950 and 1960 coincidental with the establishment of the North American
Air Defense Command (NORAD) and the United States Air Force Academy. Since 2000, The CSMA has
realized an average annualized popula on growth rate of 1.7 percent.
The economy in the area is driven by the military, high-tech industries, aerospace, and tourism. There
are five military installa ons: Fort Carson, Peterson Air Force Base, Schriever Air Force Base, NORAD
and Cheyenne Mountain Air Sta on, and the United States Air Force Academy. The military employs
one fi h of the work force while infusing almost $2.6 billion into the local economy every year.
Airforce Academy
Addi onally, Colorado Springs has five school districts with over 145 elementary, middle, and high
schools. And, there are more than 20 colleges and universi es and 30 voca onal two-year schools in
the area.
The city was named America’s Best city by Outside Magazine in 2009. Colorado Springs was originally
founded in 1871 as a high quality resort city. It has since maintained a large tourism industry
due to the world-class accommoda ons, scenery, and lifestyle. Some of the more popular sightseeing
des na ons are the Garden of the Gods, Pikes Peak (America’s Mountain), Pikes Peak Cog Railway,
Cheyenne Mountain Zoo the United States Olympic Headquarters, and Cheyenne Mountain Zoo.
Colorado Springs is also home to the world-renowned Broadmoor Hotel. Founded as a casino, it
has become one of the finest resorts along the Rocky Mountains with a mobile five-star and AAA
five-diamond resort ra ng. It employs nearly 2,000 people from all over the world and draws thousands
of visitors every year. Addi onally, the Broadmoor’s tennis facili es are ranked #3 by Tennis Magazine.
Broadmoor Hotel
Colorado Springs Submarket Map
IV. Pricing Guidelines - Asking Price
TOTAL PORTFOLIO
$4,173,200
5010 Centennial Boulevard - $2,930,000 ($85.67 PSF)
5030 Centennial Boulevard - $1,243,200 ($35.00 PSF)
CAPITALIZATION RATE
7.00% for 5010 Centennial Boulevard only on the 10 year Federal Express lease term.
V. Property Descrip on
5010 Centennial Boulevard • FedEx Building
Size:
Land Area:
Construc on:
Roof:
HVAC:
Electrical:
Loading:
Fiber Op cs:
Fire Protec on:
Ceiling Height:
Zoning:
Parking:
Year Built:
Property Descrip on:
Lease Term Expira on:
Use:
Roof:
Insurance:
Current NOI:
Sales Price:
34,200 SF
2.16 Acres
Masonry
Twin-tee concrete structure – Insulated Goodyear SPM rubber roof with rock ballast. Year built - original
En re building is 100% air-condi oned. Roof top combina on unit in office area and por on of the produc on
area. Ceiling hung unit heater in produc on and shipping area. Air-condi oned in produc on area provided by
roof mounted swamp coolers.
Primary service is 800 Amps, 3 Phase, 277/480 Volts.
Typical ligh ng in general office and sort-area.
4 – 12’ x 12’ drive-in doors
1 – 14’ x 14’ drive-in door
1 – 10’ x 10’ dock-high overhead door
Located at property line
Sprinklers
14’ – 16’ clear
PIP-2
80 spaces – 2.34 per 1,000 SF
1983
Lot 2 Pinion Valley Industrial Park fil No 3
10 years / 10-31-2017
Transporta on of high priority packages, documents and electronic transporta on
Landlord’s responsibility to maintain ($1,950 for 2011)
Tenant’s responsibility to maintain fire insurance for structural shell ($2,100 for 2011)
$205,200
$2,930,000
Property Descrip on
5030 Centennial Boulevard
Size:
Fiber Op cs:
9,600 SF Office
24,600 SF Produc on / Process, 1,320 SF Chemical Storage
35,520 SF Total Building Size
2.415 Acres with 34% lot coverage
All exterior walls are 8” insulated precast concrete
Precast concrete twin-tee structural roof system
Roof protec on is insulated Carlisle SPM system with rock ballast system. Year built - original.
En re building is heated and air-condi oned with a redundant boiler/chiller system with Robert Shaw DMS – 350 A
digital monitoring and control system. Air-handling and special treatment equipment for manufacturing advanced
printed circuit boards. One class 100 clean room. One class 1000 clean room.
2,500 Amp, 3 Phase, 277/480 Voltage, 40 kw backup diesel-powered generator
One (1) 10’ x 10’ dock-high overhead door with dock leveler
One (1) 12’ x 12’ drive-in overhead door
Located at property line
Fire Protec on:
Automa c sprinkling system, type #11 ra ng
Ceiling Height:
14’ – 16’ clear
Zoning:
PIP-2
Parking:
85 spaces – 2.39 per 1,000 SF
Year Built:
1987
Property Descrip on:
Lot 1 Pinion Valley Industrial Park Fil No 3
Phase I & II:
Available
Lease Price:
$5.50 PSF NNN
Sales Price:
$1,243,200 ($35.00 PSF)
Land Area:
Construc on:
Roof:
HVAC:
Electrical:
Loading:
5030 CENTENNIAL BOULEVARD 35,520 RSF
VI. Opera ng Expenses
5010 CENTENNIAL BOULEVARD 34,200 RSF
Expenses
2012
Es mate
2012
Es mate / S.F.
CAM
$7,182.00
$0.21
Property Taxes
$40,212.00
$1.18
Insurance
$5,130.00
$0.15
Total
$52,524.00
$1.54
Expenses
2012
Es mate
2012
Es mate / S.F.
CAM
$7,455.00
$0.21
Property Taxes
$16,981.00
$0.48
Insurance
$5,325.00
$0.15
Total
$29,761.00
$0.84
5030 CENTENNIAL BOULEVARD 35,520 RSF
Contacts
Mitchell H. Zatz, SIOR
+1 303 217 7972
mitch.zatz@am.jll.com
Michael Palmer
+1 719 228 3626
mpalmer@quantumcommercial.com
VII. Disclaimer
This Brochure 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 5010 & 5030 (“the Property” or “Piñon Valley Industrial
Park Por olio”).
The poten al investor is urged to perform its own examina on and inspec on of the Property and informa on rela ng to same, and
shall rely solely on such examina on and inves ga on and not on this Brochure or any materials, statements or informa on contained
herein or otherwise provided.
Neither Jones Lang LaSalle Americas, Inc. nor the Receiver, nor any of their respec ve partners, directors, officers, employees, shareholders
and agents (collec vely, “Agents”), make any representa ons or warran es, whether express or implied, by opera on of law or
otherwise, with respect to this Brochure or the Property or any materials, statements (including financial statements and projec ons) or
informa on contained herein or rela ng thereto, or as to the accuracy or completeness of such materials, statements or informa on,
or as to the condi on, quality or fitness of the Property, or assumes any responsibility with respect thereto. Such materials, statements
and informa on have in many circumstances been obtained from outside sources, and have not been tested or verified. Projec ons, in
par cular, are based on various assump ons and subjec ve determina ons as to which no guaranty or assurance can be given.
Without limi ng the foregoing, in the event this Brochure contains informa on rela ng to asbestos or any other hazardous, toxic or
dangerous chemical, item, waste or substance (“Hazardous Materials”) in rela on to the Property, such informa on shall in no way be
construed as crea ng any warran es or representa ons, expressed or implied, by operation of law or otherwise, by Agents or
the Receiver, as to the existence or non-existence or nature of Hazardous Materials in, under, on or around the Property.
This Brochure is provided subject to errors, omissions, change of price or terms and other changes to the materials, statements and
informa on contained herein or rela ng to the Property, and is subject to withdrawal, all without no ce. The contents hereof are
confiden al and are not to be reproduced or distributed to any person or en ty without the prior wri en consent of Agents or used
for any purpose other than ini al evalua on as indicated above.
1225 Seventeenth Street Suite 1900 • Denver Colorado 80202
tel +1 303 260 6500 fax +1 303 260 6501
101 North Cascade Ave, Suite 200 • Colorado Springs, Colorado 80903
tel +1 719 590 1717 fax +1 719 634 0404