Available

Smoky Hill Town Center

20201 & 20153 E Smoky Hill Road | Centennial, CO 80015

Price

$15,794,000

Cap Rate: 6.72%

Lead Broker

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Vasa Fitness Anchored Neighborhood Center

Blue West Capital is pleased to exclusively offer for sale Smoky Hill Town Center, a Vasa Fitness anchored neighborhood center. The portfolio includes a 64,400 square foot three-tenant retail property and a 2,200 square foot single tenant Starbucks outparcel. The subject property has seen recent leasing momentum with national tenants Big Blue Swim School and Vasa Fitness signing long term leases in 2021. The Starbucks is brand-new construction with a 10-year lease in place.

The surrounding three-mile demographics boast household incomes of $154,269, a population of 120,750, and a median home value for zip code 80015 of $596,000. These combined demographics are some of the best in the State of Colorado. Smoky Hill Town Center sees over 39,100 vehicles per day along E Smoky Hill Road. The center can also be accessed from S Himalaya Street which sees 22,000 vehicles per day. The center includes the perfect mix of fitness, service, and restaurant-based tenants.

Investment Highlights

  • HIGH WALT AMONG NATIONAL TENANTS: The weighted average lease term of the Starbucks, Big Blue Swim School, and Vasa Fitness is 13.4 years.
  • NEW CONSTRUCTION STARBUCKS DRIVE-THRU: Drive-thru restaurants have increased in popularity and value since the COVID-19 pandemic. Brand new construction provides for no deferred maintenance.
  • SCHEDULED RENT INCREASES: Big Blue Swim School and VASA Fitness both have 10% rent increases every five years and in each option. Starbucks has 7.5% rent increases every five years and in each option.
  • NNN LEASES & EASE OF OWNERSHIP: The offering is structured with multi-tenant triple net leases that reimburse third party management costs. This allows for minimal landlord responsibility and passive ownership.
  • MULTIPLE PARCELS: Separately parceled properties allow for various disposition strategies by an investor.
  • LIMITED ANCHOR COMPETITION: There are very few big-box fitness centers in the Smoky Hill Town Center’s surrounding area.
  • PRICED BELOW REPLACEMENT COST: Listed at $237/SF for the improvements and $47/SF for the land, the center is offered well below the current replacement cost.
  • SERVICE & EXPERIENCE-BASED TENANTS: The center includes the perfect mix of fitness, service, and restaurant-based tenants.

Location Highlights

  • DENSE HIGH-INCOME DEMOGRAPHICS: The surrounding three-mile demographics boast household incomes of $154,269, a population of 120,750, and a median home value for zip code 80015 of $596,000. These combined demographics are some of the best in the State of Colorado.
  • HIGH TRAFFIC CORRIDOR: Smoky Hill Town Center sees over 39,100 vehicles per day along E Smoky Hill Road. The center can also be accessed from S Himalaya Street which sees 22,000 vehicles per day.
  • NEARBY NATIONAL RETAILERS: King Soopers, Sprouts Farmers Market, Walmart Supercenter, The Home Depot, Target, Walgreens, Best Buy, Ross Dress for Less, Sam’s Club, Chipotle, and more.

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Contact Information

400 S. Colorado Blvd | Suite 590
Denver, CO 80246

info@BlueWestCapital.com

720-989-1031