MIDTOWN CENTER

1000 W 6th St, Pueblo, CO 81003

$9,500,000

Price Per SF

$45

Year Built

1986

Occupancy

97.5%

Leasable Area

208,893 SF

Property Type

Shopping Centers

Offered at an attractive 9.85% return on in-place net income
Attractive financing could achieve a cash on cash return of over 15%.
Low Vacancy – Center is over 97% occupied
ABC Bank and the DMV are separately parceled allowing for the opportunity to sell these individually
4 Acres of Raw Land Included – Restaurant and Storage companies have expressed interest in ground leases or build to suit development

National Investment Grade Credit Anchor – Express Scripts holds a BBB credit as rated by S&P and currently is paying a significantly below market rent of only $3.50/SF
Express Scripts occupies 35% of the GLA and invested in a large Tenant Improvement package of close to $3 Million in exchange for a lower rent from the landlord. Additionally, the City of Pueblo provided an incentives package valued at an estimated $7 Million
Express Scripts is one of the largest employers with over 600 employees at this location which results in an estimated payroll of $12 Million. – City of Pueblo is heavily invested in retaining this employer
Apria Home Health Care was acquired for $1.6 Billion in 2008 by Blackstone Partners LP which is the largest private equity company in the world
Long Term Tenants – Over 70% of the tenants have been operating at this location for over 10 Years
Diversified Income Stream from ±30 different tenants including restaurants, a post office, DMV, auto service operator, bank, health care, fitness center, bowling alley, and local strip tenants
Low Rents – A majority of, the tenants are currently paying rents are within or below market rent

Stabilized +200,000 SF Community Center Priced Below Replacement Cost
6 Buildings on 11 Parcels for a total of +/- 35 Acres of land
Located in the center of town on highly trafficked 4th Street which sees over 30,000 ADT
Almost $2 Million in renovations and tenant improvements in past 10 years including new roofing, new HVAC units, new parking lot lighting, parking lot resurfacing and restriping