Midland Center GSA (SSA, DEA, ICE) 2 Office Properties Offered at $5,322,579 CAD in Glenwood Springs, CO

Northmarq is pleased to offer for sale to qualified investors the opportunity to acquire the condominium interest in the land and building of three separate suites of government office located in Glenwood Springs, Colorado (the "Property" or the "Offering").
The condominium association is comprised of 3.89 acres and two separate buildings, one with 35,446 square feet and one with 34,423 square feet. There is a third building in the planning stage for expansion of this association. There are 26 total units included in the association and the first building was originally constructed in 2005, the second in 2011. The Property consists of three of these units totaling 13,510 square feet in size or 19.33% of the total space in the condominium association. Situated with frontage along Midland Avenue (12k VPD) near the intersection of Interstate 70 (33k VPD), the location is ideal for the Tenants given its access to the region's population including nearly 23,000 residents in a ten-mile radius earning an average household income in excess of $133,000 annually. Glenwood Springs is the heart of the Roaring Fork Valley, one of the most populous and economically vital areas of Colorado, an area that includes Vail, Aspen, Grand Junction, Snowmass Village, Carbondale, and many more travel destinations.
The primary Tenant is the General Services Administration of the United States of America (the “GSA”) and the Operators are the Social Security Administration (the “SSA”), the U.S. Immigration and Customs Enforcement (the "ICE"), and the Drug Enforcement Agency (the "DEA"). All three Tenants have their own unique lease and each has been leasing at its location since 2004, or just prior to completion of the construction. All three Tenants renewed their own unique lease for ten (10) year terms in 2016, 2017 and 2018, and ICE just extended their lease an additional five (5) years. The Offering has a weighted average lease term remaining of 3.7 years. Annual rent is $362,224 and the expense structure under the lease is Modified Gross with 100% reimbursement of taxes over the Base Year Tax and CPI-based increase reimbursements over the Base Year Operating Expenses.
Toby Scrivner - Senior Vice President - CO Lic. #ER.100049939