aspen meadow veterinary specialists...jab holding company is a privately held group focused on long...

ASPEN MEADOW VETERINARY SPECIALISTS

104 S MAIN STREETLONGMONT, COLORADO 80501

OFFERING MEMORANDUM

THE ISAAC/BOWLBY GROUP

C O N T A C T S

DREW ISAACSenior Vice President Investments

[email protected]

RYAN BOWLBYSenior Associate

[email protected]

KAITLIN O’MALLEYDirector of Operations

[email protected]

KENDALL KLINEMarketing Coordinator

[email protected]

NIKKI BRITAMarketing & Operations Associate

[email protected]

AUSTIN SNEDDENAssociate

[email protected]


BUILDING STEAM PROJECT

VILLAGE AT THE PEAKS

MAIN

STREET

MAIN STREET CORRIDOR PLAN

KEN PRATT BLVD

13 MILES TO BOULDER

6 MILES TO I-25

PROPERTY OVERVIEW

Price $4,225,000

Base Rent $340,446

Escalations (1) $6,809

Parking Lot Rent $4,200

NOI $351,455

Cap Rate 8.32%

LEED CERTIFIED VETERINARIAN CLINIC LOCATED IN DESIRABLE BOULDER COUNTY

APART OF MAIN STREET CORRIDOR PLAN & BUILDING STEAM PROJECT

COMMENCEMENTLEASE

EXP.ESCALATION TYPE GUARANTOR

7/15/2016 7/31/2021 3% Annual NN Corporate

K E Y L E A S E T E R M S

A S P E N M E A D O W V E T E R I N A R Y S P E C I A L I S T S

Address 104 S Main Street

City, State, Zip Longmont, CO 80501

Lot Size 0.93 AC

Building SF (AMVS) 9,303 SF

Building SF (Vacant Garage/Storage) 792 SF

Year Built/Renovated 2007/2017

PROPERTY HIGHLIGHTS

KEN PRATT BLVD (U.S. HIGHWAY 119) IS THE PRIMARY THOROUGHFARE CONNECTING I-25 TO LONGMONT

STRONG CORPORATE GUARANTEE (COMPASSION FIRST OPERATES 47 VETERINARIAN HOSPITALS ACROSS 14 STATES & GROWING)

ESTABLISHED LOCATION SINCE 2008

1.58 YEARS REMAINING ON PRIMARY LEASE TERM

(1) Assuming April 1st 2020 closing, AMVS’s rent increases 07/31/2020 to $340,446 annually, currently they are paying $350,659 annually.

(2) Vacant Garage/Storage provides 792 SF of additional rentable/storage space. This building is equipped with water & electrical.

MAIN STREET

30,202 VPDBOSTON AVE

1ST AVE

VACANT GARAGE/STORAGE BUILDING

MAIN STREET CORRIDOR PLAN & BUILDING STEAM PROJECT

Longmont Main Street Corridor Plan 10

Concurrent Plan: STEAM

To build off this vision and goals, City Council convened an Advisory Panel in early 2019 to provide some additional input. This work has focused on a geographic area between S. Pratt Parkway and Martin Street from the river and Boston Avenue to 1st Avenue. Over the course of several months, the Advisory Panel provided input on specific things that could be done to advance Council’s vision, particularly in the areas of transportation, land use and buildings, business development, education, arts and culture, and the natural environment. From this work, several development concepts were also created and refined. Broader community input was sought throughout the summer to test ideas and determine overall community preferences. This information will be presented to City Council as part of their overall work plan.

The City Council’s vision for Longmont’s places includes a “developed Main Street from Pike Road to Highway 66, and a river corridor, that stretches from the Sugar Mill to the Fairgrounds as a vibrant economic, residential, cultural and entertainment epicenter that is sustainable and respects the natural environment.” To support this vision, Council has developed several goals including: • Become a nationally recognized geographic center of science, technology,

engineering, education, arts, and entrepreneurialism (2018 Council Work Plan Goal B3)

• Bring together private industry, local government, non-profits, institutions of higher education as well as the St. Vrain Valley School district to ensure the highest quality, best prepared workforce in the western United States (2018 Council Work Plan Goal B4)

Longmont Main Street Corridor Plan 10

Concurrent Plan: STEAM


The City Council’s vision for Longmont’s places includes a “developed Main Street from Pike Road to Highway 66, and a river corridor, that stretches from the Sugar Mill to the Fairgrounds as a vibrant economic, residential, cultural and entertainment epicenter that is sustainable and respects the natural environment.” To support this vision, Council has developed several goals including: • Become a nationally recognized geographic center of science, technology,

engineering, education, arts, and entrepreneurialism (2018 Council Work Plan Goal B3)


Aspen Meadow Veterinary Clinic (AMVS) is located on Main Street & Boston Avenue and is apart of Longmont’s Main Street Corridor Plan & Building Stream Project. The City Council’s vision for Longmont’s places includes a “developed Main Street from Pike Road to Highway 66, and a river corridor, that stretches from the Sugar Mill to the Fairgrounds as a vibrant economic, residential, cultural and entertainment epicenter that is sustainable and respects the natural environment.” To support this vision, Council has developed several goals including:

• Become a nationally recognized geographic center of science, technology, engineering, education, arts, and entrepreneurialism (2018 Council Work Plan Goal B3)



L E A S E A B S T R A C T

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify and bears all risk for any inaccuracies. Any projection, opinions, assumptions, or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Incorporated © 2020 Marcus & Millichap.

START DATE END DATE OPTION SF MONTHLY AMOUNT ANNUALIZED AMOUNT

7/31/2019 7/31/2020 9,303 $28,370 $340,4467/31/2020 7/31/2021 9,303 $29,222 $350,6597/31/2021 7/31/2022 Option 1 9,303 $30,098 $361,1797/31/2022 7/31/2023 Option 1 9,303 $31,001 $372,0147/31/2023 7/31/2024 Option 1 9,303 $31,931 $383,1757/31/2024 7/31/2025 Option 1 9,303 $32,889 $394,6707/31/2025 7/31/2026 Option 1 9,303 $33,876 $406,5107/31/2026 7/31/2027 Option 2 9,303 $34,892 $418,7057/31/2027 7/31/2028 Option 2 9,303 $35,939 $431,2667/31/2028 7/31/2029 Option 2 9,303 $37,017 $444,2047/31/2029 7/31/2030 Option 2 9,303 $38,128 $457,5307/31/2030 7/31/2031 Option 2 9,303 $39,271 $471,2567/31/2031 7/31/2032 Option 3 9,303 $40,450 $485,3947/31/2032 7/31/2033 Option 3 9,303 $41,663 $499,9567/31/2033 7/31/2034 Option 3 9,303 $42,913 $514,9557/31/2034 7/31/2035 Option 3 9,303 $44,200 $530,4037/31/2035 7/31/2036 Option 3 9,303 $45,526 $546,3157/31/2036 7/31/2037 Option 4 9,303 $46,892 $562,7057/31/2037 7/31/2038 Option 4 9,303 $48,299 $579,5867/31/2038 7/31/2039 Option 4 9,303 $49,748 $596,9747/31/2039 7/31/2040 Option 4 9,303 $51,240 $614,8837/31/2040 7/31/2041 Option 4 9,303 $52,777 $633,329

PROPERTY NAME Aspen Meadow Veterinary Specialists

ADDRESS 104 S Main Street

CITY, STATE, ZIP Longmont, CO 80501

INITIAL LEASE TERM 5 Years

RENT COMMENCEMENT DATE 7/15/2016

EXPIRATION DATE 7/31/2021

LEASE TERM REMAINING 1.58 Years

YEAR BUILT/RENOVATED 2007/2017

LEASED SF 9,303 SF

LAND AREA AC 0.93 AC

LEASE TYPE NN

INCREASES 3% Annual Increases

OPTIONS 4 X 5-Year Options

GUARANTOR Corporate

Aspen Meadow Veterinary Clinic (AMVS) was founded in 2004 and provide specialty and emergency veterinarian services for dogs and cats. They currently operate locations in Longmont & Boulder.

Compassion-First Pet Hospitals operates a network of 47 hospitals and treatment facilities across 14 states, primarily in urban and suburban areas. Founded in 2014, Compassion-First provides specialty, emergency and general veterinary care supported by seamless multidisciplinary collaboration among its veterinarians. Through its partnership model of delivering care, Compassion-First is committed to redefining how veterinary practices interact and connect with one another. In 2019 Compassion-First was purchased by JAB Holding Company valued at $1.215 billion, or more than $29.6 million per hospital.

JAB Holding Company is a privately held group focused on long term investments in companies with premium brands, attractive growth and strong cash flow. The JAB investments are overseen by two managing partners: Peter Harf and Olivier Goudet, together with 8 other partners. JAB actively manages and controls most of its investments. JAB operates offices in Europe, the US and South America (Luxembourg, London, Washington DC, Amsterdam, Mannheim, Sao Paulo). JAB has a solid investment grade credit rating (Baa1 at Moody’s with negative outlook and A- at S&P with positive outlook). JAB Holdings B.V. (a 100% subsidiary of JAB) has issued public bonds listed on the Euro MTF Market of the Luxembourg Stock Exchange.

Longmont, Colorado, located within Boulder County, is a city with 22 square miles, more than 300 days of sunshine, and a spectacular vista of the Rocky Mountains. Longmont sits at an elevation of 4,979 feet above sea level. With more than 1,500 acres of parks and open space, Longmont is perfect for outdoor enthusiasts. Longmont is also home to several high-tech companies and a vibrant restaurant scene. It is conveniently located 40 miles from Denver International Airport, 16 miles from Boulder and 30 miles from Rocky Mountain National Park.

A S P E N M E A D O WVETERINARY SPECIALISTS

T E N A N T & L O C A T I O N O V E R V I E W


D E M O G R A P H I C S


88,894Average Household Income

(3-Mile Radius)

38Median Age

(3-Mile Radius)

80,427Daytime Population

(3-Mile Radius)

% WHITE POPULATION 79.16% 81.98% 82.57%

% BLACK POPULATION 1.06% 1.17% 1.11%

% ASIAN 1.17% 2.85% 3.62%

% AMERICAN INDIAN, ESKIMO, ALEUT 1.31% 1.11% 0.99%

% HAWAIIAN OR PACIFIC ISLANDER 0.01% 0.06% 0.06%

% MULTI-RACE 3.78% 3.16% 3.27%

% HISPANIC 34.79% 27.62% 23.91%

% OTHER POPULATION 13.51% 9.68% 8.38%

% MALE POPULATION 50.62% 49.41% 49.49%

% FEMALE POPULATION 49.38% 50.59% 50.51%

P O P U L A T I O N B Y R A C E 1 M I LE 3 M I LES 5 M I LES

$200,000 OR MORE 3.96% 6.12% 7.26%

$150,000 - $199,999 3.64% 7.43% 8.23%

$100,000 - $149,999 12.06% 17.29% 18.30%

$75,000 - $99,999 9.62% 13.22% 13.58%

$50,000 - $74,999 15.05% 15.40% 15.10%

$35,000 - $49,999 19.31% 13.21% 12.72%

$25,000 - $34,999 11.26% 9.00% 8.39%

$15,000 - $24,999 11.80% 9.06% 8.14%

$10,000 - $14,999 6.62% 4.65% 4.15%

UNDER $9,999 6.68% 4.62% 4.13%

H O U S E H O L D S B Y I N C O M E 1 M I LE 3 M I LES 5 M I LES

H O U S E H O L D S 1 M I LE 3 M I LES 5 M I LES

2023 PROJECTION 3,450 32,414 43,520

2018 ESTIMATE 3,381 30,124 40,006

GROWTH 2018 - 2023 2.04% 7.60% 8.78%

2000 CENSUS 3,088 23,581 28,999

2010 CENSUS 3,124 27,455 35,972

GROWTH 2000 - 2010 1.17% 16.43% 24.05%

P O P U L A T I O N

2023 PROJECTION 7,978 82,187 111,338

2018 ESTIMATE 7,996 77,814 104,043

GROWTH 2018 - 2023 0.23% 5.62% 7.01%

2000 CENSUS 7,838 62,746 77,868

2010 CENSUS 7,428 70,980 93,627

GROWTH 2000 - 2010 5.24% 13.12% 20.24%

1 M I LE 3 M I LES 5 M I LES

C O N F I D E N T I A L I T Y& D I S C L A I M E R N O T I C E


NON-DISCLOSURE NOTICEThe information contained in the following marketing package is proprietary and strictly confidential. It is intended to be reviewed by only the party receiving it from Marcus & Millichap Real Estate Investment Services and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This marketing package has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this marketing package has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein.

NON-ENDORSEMENT NOTICEMarcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.

DO NOT CONTACT TENANTAll property showings are by appointment with the listing broker or landlord only. Under no circumstances, should any prospective purchaser or related entity contact the tenant or any of the employees at these stores. Recipients of this marketing package acknowledge that such contact may damage the tenant’s operation which would impair the financial results. Landlord reserves the right to seek legal redress for any damage that may occur from such interference with landlord’s relationship with tenant.

NET LEASE DISCLAIMERMarcus & Millichap hereby advises all prospective purchasers of Net Leased property as follows:

The information contained in this marketing package has been obtained from sources we believe to be reliable. However, Marcus & Millichap has not and will not verify any of this information, nor has Marcus & Millichap conducted any investigation regarding these matters. Marcus & Millichap makes no guarantee, warranty, or representation whatsoever about the accuracy or completeness of any information provided.

As the Buyer of a net leased property, it is the Buyer’s responsibility to independently confirm the accuracy and completeness of all material information before completing any purchase. This marketing package is not a substitute for your thorough due diligence investigation of this investment opportunity. Marcus & Millichap expressly denies any obligation to conduct a due diligence examination of this Property for Buyer.

Any projections, opinions, assumptions, or estimates used in this marketing package are for example only and do not represent the current or future performance of this property. The value of a net leased property to you depends on factors that should be evaluated by you and your tax, financial, and legal advisors.

Buyer and Buyer’s tax, financial, legal, and construction advisors should conduct a careful, independent investigation of any net leased property to determine to your satisfaction with the suitability of the property for your needs.

Like all real estate investments, this investment carries significant risks. Buyer and Buyer’s legal and financial advisors must request and carefully review all legal and financial documents related to the property and tenant. While the tenant’s past performance at this or other locations is an important consideration, it is not a guarantee for future success. Similarly, the lease rate for some properties, including newly-constructed facilities or newly-acquired locations, may be set based on a tenant’s projected sales with little or no record of actual performance, or comparable rents for the area. Returns are not guaranteed; the tenant and any guarantors may fail to pay the lease rent or property taxes, or may fail to comply with other material terms of the lease; cash flow may be interrupted in part or in whole due to market, economic, environmental, or other conditions. Regardless of tenant history and lease guarantees, Buyer is responsible for conducting his/her own investigation of all matters affecting the intrinsic value of the property and the value of any long-term lease, including the likelihood of locating a replacement tenant if the current tenant should default or abandon the property, and the lease terms that Buyer may be able to negotiate with a potential replacement tenant considering the location of the property, and Buyer’s legal ability to make alternate use of the property.

By accepting this marketing package, you agree to release Marcus & Millichap Real Estate Investment Services

and hold it harmless from any kind of claim, cost, expense, or liability arising out of your investigation and/or

purchase of this net leased property.

ASPEN MEADOW VETERINARY SPECIALISTS

104 S MAIN STREETLONGMONT, COLORADO 80501


aspen meadow veterinary specialists...jab holding company is a privately held group focused on long...

Documents