SOLD - PAVILION COURT
1400 W 122ND AVE
This unique asset has been sold. Contact us to learn more about our other properties!
Pavilion Court is 100% leased to eight tenants providing an investor stable cash flow with upside through lease up of a single owner space, soon rolling below market rent. Alternatively Pavilion Court offers a unique opportunity for an Owner User to relocate their business into this “owner space” of 13,940 SF. Occupying most of the top floor, with fabulous mountain views, this the premier space in the building.
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Pavilion Court
1400 W. 122nd Avenue, Westminster, CO
This unique asset is currently under contract! Pavilion Court caters to the extensive nearby executive and employee housing base. The Property further benefits from having truly walkable amenities in a suburban setting including restaurant, retail and hotel options.
Investment Highlights
THE OFFERING
- Stabilized Rent Roll
Pavilion Court is 100% leased to a diverse tenant base providing an investor stable cash flow combined with upside through rolling below market rents to market. The average in-place lease rate is currently $14.15 NNN per square foot, whereas the current market lease rate for the building is in excess of $15.00 NNN per square foot. The Property has, 13% and 20% rollover in years, two and three, with average lease rates in the expiring years of, $12.45 and $12.90 NNN per square foot respectively.
- Excellent Submarket Fundamentals
Denver’s Northwest submarket offers below market vacancy rates of 8.8% compared to the Denver Metro vacancy rate of 12.4%. Its market lease rate is higher than the Denver metro total as well. Pavilion Court competes almost exclusively with the 120th Avenue corridor where the immediate competitive set boasts a vacancy rate of 6% and is continuing to experience significant rental rate growth.
- Strong Historical Tenancy
Four tenants have been in the building going on ten years, with an average term of seven years at this location.
- Building Upgrades
The property has recently undergone various building upgrades and improvements. Upgrades include a remodel of the common-area bathrooms, interior tenant finish remodels, and installation of a new roof in 2015 with a 20-year labor and material warranty.
- Limited Management Required
Pavilion Court benefits from recent upgrades and is currently home to only 8 tenants providing a passive management opportunity to an investor.
- Offered Free & Clear of Debt
With the stability of the current rent roll and strong submarket fundamentals, lenders will provide aggressive market terms for Pavilion Court.
- Discount to Replacement Cost
Pavilion Court is being offered at a significant discount to replacement cost.
- Location & Access
Located near the intersection of Interstate 25 and 120th avenue, Pavilion Court benefits from easy vehicular and public transportation access. The city of Westminster is strategically located between Denver and Boulder, offering direct access to Interstate 25, US 36, and Interstate 76. Approximately 2 blocks away, at 120th & Huron, is RTD’s Park-N-Ride lot which is the 3rd largest in Denver. The Park-N-Ride provides an easy public transportation option for Pavilion Court.
- Walkable Amenities
The property is located near a large shopping center providing access to numerous restaurant options within close proximity. Pavilion Court provides a rare opportunity to have truly walkable amenities in a suburban office location providing a competitive advantage over other buildings in the submarket.
