Confidential
EXECUTIVE INVESTMENT SUMMARY
10180 EAST COLFAX AVENUE
AURORA, COLORADO
PREPARED BY:
Brian Watson
Founder and President
Version 7.03
1225 Seventeenth Street • Suite 1860 • Denver, Colorado 80202
303.893.9500 Telephone • 303-893.9505 Facsimile • www.northstarcp.com
THE OPPORTUNITY
Northstar Commercial Partners (“Northstar”) is seeking equity partners for a ±56,281 SF showroom/retail
building that it owns on ±1.03 acres at 10180 E. Colfax Avenue, Aurora, Colorado 80010 (the “Property”). It
has already found a lending partner to finance new debt on the investment, and provide the necessary capital to
refinance the asset and secure a construction line of credit to build out the space for the tenant. Northstar secured
a long-term tenant for the entire premises under a 15-year Master Lease, which immediately added significant
value to the investment. Additionally, due to the nature of the tenant’s use, the lease-up adds intangible value to
its surrounding community and its members. The ownership entity for this investment is: 10180 E. Colfax, LLC,
a Colorado limited liability company (the “LLC” or “Company”).
THE PROPERTY
10180 E. Colfax totals ±56,281 SF in three stories, consisting of a main ground floor showroom with ±26,504
SF, a 2nd story retail/mezzanine space with ±14,994 SF, and an unfinished 3rd floor that totals ±14,783 SF with
an upper mechanical penthouse. The Property sits on ±1.03 acres, which is comprised of two separate lots with
±0.64 acres in Lot 1 (improved) and ±0.39 acres in Lot 2 (parking). It offers 119 feet on Colfax Avenue, the
main street that runs west-east through the Denver-Aurora metropolitan area, and the longest commercial street
in the USA running 26 miles total. The frontage on Colfax Avenue offers high traffic counts with ±31,899
cars/day at Colfax west of Havana, and ±4,870 cars/day at Del Mar Parkway just south of Colfax. Its proximity
to downtown Denver (6.3 miles) creates numerous options for public transit, and RTD bus stops for Line 15 are
within a one minute walk. The Property is situated in a City of Aurora urban renewal area (Fletcher Plaza),
which is considered a historic center of original Aurora.
Its flexible commercial zoning of B-2 (downtown business) in Arapahoe County allows for many permitted uses
including, but not limited to: retail, office, indoor, recreational facilities, meeting, banquet and conference
facilities, medical clinics, pawn brokers and art spaces. The Property was built in 1952 and fully renovated in
2005, and has been consistently leased through the years. It was formerly occupied by the American based
national department store chain JC Penney through the late 1970’s, Aaron’s Office Products in the 1980’s,
Sonshine Furniture in the 1990’s, and the Broyhill Home Collection furniture store until it became vacant in
2012.
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Pre-Acquisition Photo of Property
Architect’s Rendering of New Façade with Tenant
THE TENANT
Northstar has executed a 15-year Master Lease with one tenant for 100% of the Property. This tenant is a
Colorado based company inspired by the leadership of the Denver-based African community. It will provide a
multipurpose building with spaces that can be rented to community members to gather, and start or run their
own businesses. AfrikMall, Inc. (the “Tenant”) will oversee the operations of the building, with its main revenue
generation coming from rental income for reconfigurable event rental spaces, conference rooms, offices, shops
and restaurants. To date, they have finalized lease agreements with 23 tenants, who will lease space from
AfrikMall, Inc.
The mission of AfrikMall, Inc. is unique. In addition to providing
affordable rental, office and event spaces to community members, it
will also add to the diversity of cultural programs in Central Aurora
and East Denver. By offering a wide range of events, it can unite the
community with African cultural entertainment that will bring
Africans, as well as admirers and students of African culture, together.
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The Aurora, Colorado market has a large African and African American community of over 100,000 people,
with an increasing need for conference facilities. According to the 2010 census, the number of African
immigrants in the Denver metro area rose from approximately 9,763 in 2000 to over 40,000 in 2010. This
significant rise of ±150% in African population over 10 years is directly related to the increase in the number of
African businesses and activities. There is a need for a facility large enough to provide adequate space for
African events, and Northstar is confident that the location and size of the Property is ideal for this use. The
positive response from media contacts has been overwhelmingly supportive and interested in the development of
the AfrikMall concept.
RENT ROLL
The Tenant, AfrikMall, is 100% reliable for covering the Master Lease obligations for the entire Property as the
Master Tenant on a 15-year lease. The Master Lease has personal guaranties from five (5) of the founders, with
a $52,806.82 security deposit. The Master Tenant will be fully responsible for managing and collecting rents for
100% of the Property. The following is an overview of the types of tenants that the Master Tenant has secured.
TOTAL BUILDING SPACE
56,281
MASTER LEASE
Tenant Name
Suite
AfrikMall, Inc.
Full Building Lease
AT&T Space
304
Total Leased Space
RSF
% Share
Monthly Rent
34,894.38 $
Annual Rent Term
55,831
99.20% $
450
0.80% $
2,216.18 $
26,594.19
56,281 100.00% $
37,110.56 $
445,326.69
Tenant/ Business Description
418,732.50 15 Years Master Lease; Pays 100% of Operating Expenses
SUBTENANTS
Subtenant Annual Lease Rate Per Sq/Ft
Tenant Name
Suite
Afrikmall, Inc.
112,113,114,123, 206, 207,208,209
% Share
Monthly Rental
Income
14,230
25.28%
$17,787.50
RSF
$15
Annual Rental
Income Term
Tenant/ Business Description
$213,450.00 15 Years Grocery, Event center, Hair Salon, Cultural Center and Offices
Abyssinian Family
105
430
0.76%
$537.50
$6,450.00 3 years
Ethiopian Clothing and Accessories
Niamkey, LLC
109
475
0.84%
$593.75
$7,125.00 3 Years
Sale of African fabrics, shoes, etc.
Afraccino
101
200
0.36%
$250.00
$3,000.00 3 Years
Coffee brewing and sales
Ama Beauty Supply
110
600
1.07%
$750.00
$9,000.00 3 Years
Beauty Supply Store
Oumar Ndiaye Restaurant
122
445
0.79%
$556.25
$6,675.00 3 Years
Oumar Ndiaye Arts and Craft
102
1,115
1.98%
$1,393.75
$16,725.00 3 Years
Mary's Fabric
107
465
0.83%
$581.25
$6,975.00 3 Years
Fabric
African Fashion and Arts
108
465
0.83%
$581.25
$6,975.00 3 Years
Fashion
Akapoko Restaurant
120
445
0.79%
$556.25
$6,675.00 3 Years
Ethnic restaurant - Ghananian
Konjo Catering
119
445
0.79%
$556.25
$6,675.00 3 Years
Sankofo Lounge & Bar
111
1,675
2.98%
$2,093.75
$25,125.00 3 Years
Lounge and bar
BG Ice Cream, LLC.
116
420
0.75%
$525.00
$6,300.00 3 Years
Ice Cream Shop
Ama Beauty Supply
103
450
0.80%
$562.50
$6,750.00 3 Years
Beauty Supply Store
La Cuisine Parfaite
121
445
0.79%
$556.25
$6,675.00 3 Years
Restaurant - Ivorian cuisine
201, 202
495
0.88%
$618.75
$7,425.00 3 Years
Fashion and Tailoring
Congolese Restaurant
118
445
0.79%
$556.25
$6,675.00 3 Years
Ethnic restaurant - Congolese
Congolese Retail
203
340
0.60%
$425.00
$5,100.00 3 Years
Retail - Shoes, Clothes etc
Senaki Designs
204
270
0.48%
$337.50
$4,050.00 3 Years
GWP Wireless
104
875
1.55%
$1,093.75
$13,125.00 3 Years
Malian Customs
131
38
0.07%
$46.88
$562.50 3 Years
Trend of Africa
115
420
0.75%
$525.00
$6,300.00 3 Years
African and European Clothing and Music CDs
Girmai B. Gebrehiwet Restaurant
117
445
0.79%
$556.25
$6,675.00 3 Years
Restaurant with Sudan, Somalia, Morocco, Eritrea cuisines
$32,165.63
Monique Fashion
Total Subtenant Lease (To Date)
25,733
45.72%
Total Rentable Space Vacant (Subtenancy)
30,549
54.28%
Grand Total
56,281 100.00%
Restaurant - West African food
African art and design
Ethnic restaurant - Ethiopian
IT Shop
Wireless Sales & Services and Barbar Shop
Malian clothing
$385,987.50
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INVESTMENT HIGHLIGHTS
•
Tenant Now In Place: The 15-year Master Tenant lease is for 100% of the Property, providing
Northstar the option to hold for a long-term, cash flow investment property. Immediate value was added
by securing this lease prior to closing. Additionally, there is a long-term cell tower lease with AT&T.
•
Easy Access: Located approximately 6 miles to the east of downtown Denver, the Property offers direct
access to the Central Business District via Colfax Avenue. It is located 2.5 miles from Interstate 225
(the north-south connector from Aurora to the Denver Tech Center), and under 3 miles from the state’s
main west-east Interstate 70. The location is approximately 18 miles southwest from Denver
International Airport, and 11 miles northeast from Denver Tech Center.
Central Business, Denver, Colorado
MARKET DESCRIPTION
The Property is located in the City of Aurora, and is
ideally situated approximately six miles to the east of
downtown Denver and the Central Business District. As of
1st Quarter 2014, the vacancy rate for Retail in the Aurora
submarket was 5.4%, which was slightly lower the Metro
Denver overall vacancy rate for Retail of 6.0% (source:
Cassidy Turley Metro Denver Retail Market Snapshot
1Q2014). The Aurora and Metro Denver vacancy has been
consistently decreasing as the economy continues to
improve. The City of Aurora is one of the most expansive
cities in the state, and spans over the three counties of
Arapahoe, Adams and Douglas. Aurora covers ±154
square miles and this vast area of the city covers many
types of demographics and submarkets within its boundaries.
Original Aurora on Colfax Avenue
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ENVIRONMENTAL INVESTIGATION
A Phase I Environmental Site Assessment was conducted during Northstar’s inspection period, and no
environmentally hazardous conditions were identified at the Property. Copies of this report can be made
available upon request.
TENANT IMPROVEMENTS
An amount of $1,116,620 ($20.00/SF) has been allocated for Tenant Improvements for the Master Lease at the
Property.
VALUATION
The 15-year Master Lease for ±56,281 SF creates an income of $418,733 (at the base rental rate of
$7.50/SF/Year NNN), covers 100% of operating expenses, and has personal guaranties from five (5) of the
founders. The AT&T cell tower lease for 450 SF adds an annual income of $26,594, for a total annual income of
$445,327. Northstar estimates an exit value of $5,239,141 based on an 8.5% Capitalization Rate.
EQUITY REQUIREMENT
Based on this valuation of $5,239,141, Northstar has already secured financing and seeks a capital partner for
the remaining equity amount of $1,500,000.
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PROPERTY DETAILS
Property Location:
10180 E. Colfax Avenue, Aurora, CO 80010
Building Size:
1st Floor
2nd Floor
3rd & 4th Floor
Total Area
Site Size:
Property Information:
Property Information:
Lot 1
Lot 2
Total
±26,504 SF
±14,994 SF
±14,783 SF
±56,281 SF
± 0.64 Acres (±27,747 SF)
± 0.39 Acres (±17,236 SF)
±1.03 Acres (±44,983 SF)
Showroom
Retail/Mezzanine
Unfinished
Improved
Parking
County: Arapahoe
Zoning: B2 (downtown business)
Flood Plain: Zone X (no flood insurance required)
Year of Construction: 1952, renovated in 2005
Property Type: Retail
On-Site Parking Spaces: 30
On-Site Handicap-Designated Spaces: 2
Parking Garage/Carports: None
Number of Floors/Stories: 3-story, plus mechanical penthouse
Building Construction: Masonry
Superstructure: CMU, brick pilasters and concrete (assumed)
Foundation Type: Spread footing and slab-on-grade (assumed)
Exterior Facade(s): Painted CMU and EIFS
Roof(s): Modified bitumen with smooth cap sheet and gravel surfaced builtup
Heating: Steam boiler that provides heat to a loop for a large air handler,
baseboard and unit heaters
Air-conditioning: Two Trane chillers/cooling tower and air handler
Hot Water: Central domestic water heater
Electrical Wiring: Copper
Plumbing: Copper and Cast Iron
Elevators: One hydraulic freight
Fire Sprinkler: None
Property Status:
100% leased with Tenant in-place on a 15-year Master Lease. Additionally,
there was a long-term cell tower lease with AT&T already in place.
Replacement Cost Value:
Northstar estimates the Replacement Cost Value to be $150/SF to $175/SF
($8,442,150 to $9,849,175).
Investment Strategy:
AfrikMall, Inc. leases 100% of the Property under a Master Lease with
personal guaranties from five (5) of the founders. The build out for this
Master Tenant will soon be underway and when finished, AfrikMall will lease
spaces to other tenants, which will create jobs, opportunity and African
cultural awareness in the area. Currently, 23 tenant leases are in place.
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Income:
The Master Lease for ±56,281 SF creates an annual income of $418,733 (at
the base rental rate of $7.50/SF), and has a $52,806.82 security deposit.
Rate/SF/Year
(NNN)
Estimated Exit Value:
Equity Request:
Annual
Rent
Monthly
Rent
Term Dates
$
7.50
$ 418,732.50
$ 34,894.38
6/1/14 - 5/31/15
$
7.73
$ 431,573.63
$ 35,964.47
6/1/15 - 5/31/16
$
7.96
$ 444,414.76
$ 37,034.56
6/1/16 - 5/31/17
$
8.20
$ 457,814.20
$ 38,151.18
6/1/17 - 5/31/18
$
8.45
$ 471,771.95
$ 39,314.33
6/1/18 - 5/31/19
$
8.70
$ 485,729.70
$ 40,477.48
6/1/19 - 5/31/20
$
8.96
$ 500,245.76
$ 41,687.15
6/1/20 - 5/31/21
$
9.23
$ 515,320.13
$ 42,943.34
6/1/21 - 5/31/22
$
9.51
$ 530,952.81
$ 44,246.07
6/1/22 - 5/31/23
$
9.80
$ 547,143.80
$ 45,595.32
6/1/23 - 5/31/24
$
10.09
$ 563,334.79
$ 46,944.57
6/1/24 - 5/31/25
$
10.39
$ 580,084.09
$ 48,340.34
6/1/25 - 5/31/26
$
10.70
$ 597,391.70
$ 49,782.64
6/1/26 - 5/31/27
$
11.02
$ 615,257.62
$ 51,271.47
6/1/27 - 5/31/28
$
11.35
$ 633,681.85
$ 52,806.82
6/1/28 - 5/31/29
Northstar estimates an exit value of $5,239,141 based on an 8.5%
Capitalization Rate.
$1,500,000
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FLOOR PLANS
The following preliminary floor plans depict the Tenant’s future use to provide rental office, shops/restaurant,
and event/cultural space.
1st Floor Retail Shops and Restaurant Space
2nd Floor Event and Cultural Space
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3rd Floor Office (Not pictured: Upper Mechanical Penthouse)
Meeting and Event Space
Meeting spaces refer to rental spaces for parties, weddings, christening, conferences, etc. This also includes a
catering service operated by private outfit(s), with direct oversight by Tenant, which will be required to meet all
city, state and federal regulations.
Retail Shops and Restaurant Space
The Tenant will rent out spaces that can be used by vendors and other activities such as office, food service, etc.
All vendors will adopt a building-wide set of standards that ensure good customer service, cleanliness and
attractive surroundings. In addition, vendors will be required to meet all city, state and federal regulations.
Entertainment and Cultural Space
The Tenant will work to maintain a resident (cultural and contemporary) entertainment group. This group will
provide seasonal and/or regular entertainment to audiences. Operations involving entertainment will be
maintained directly by the AfrikMall, Inc. management.
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PROPERTY PHOTOS
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PROPERTY LOCATION
CBD
SITE
Highland’s
Ranch
Regional Map View of Property
SITE
Regional Map View of Property
Neighborhood Map View of Property
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LLoott 11 ((IIm
mpprroovveedd))
±±00..6644 A
Accrreess
LLoott 22 ((P
Paarrkkiinngg))
±±00..3399 A
Accrreess
Aerial View of Property
S
SIITTE
E
RTD Bus Stops within 0.2 Miles of Property
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SITE
Regional Transportation District (RTD) Expansion Plan
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SITE PLAN
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BIOGRAPHY
R. Brian Watson, Founder and CEO
Mr. R. Brian Watson is the Founder and CEO of Northstar Commercial Partners. Northstar Commercial Partners
is a privately held commercial real estate investment company that was founded in 2000. Northstar acquires and
operates attractive commercial real estate opportunities throughout the United States. The company authors
specific investment strategies for each acquisition, and orchestrates all aspects of the investment from initial
concept through completion. The investor base consists of individuals and institutions with a combined buying
power of several billion dollars. Northstar has purchased assets from many national companies including
Allstate, Prudential, John Hancock, Shell Oil Co., Columbia House, Ball Corporation, Loomis, Cargill, and a
national portfolio of real estate from The Benjamin Moore Paint Co.
After graduating from Olathe High School on the Western Slope of Colorado, Mr. Watson received a Bachelor
of Science degree in Real Estate from the University of Colorado at Boulder. Mr. Watson then joined Cushman
& Wakefield of Colorado, Inc. (C&W), an international commercial real estate firm. During his seven-year
tenure at this firm, Mr. Watson had the distinction of being the youngest broker in company history to qualify
for a Directorship title, which was a direct result of his consistent high production and comprehensive
understanding of commercial real estate. Though Mr. Watson performed tenant representation, he primarily
focused on landlord representation for the majority of his career at C&W. He represented clients such as Lend
Lease Real Estate, CarrAmerica Realty LP, P&O Investments/Denver Technological Center, Mission Viejo
Companies, Shea Properties, Terrabrook, ERE/Yarmouth and acted as agent for two major Colorado office
parks, Highlands Ranch and Stonegate. Mr. Watson also received C&W's prestigious Service Excellence Award
for his superior ability to handle complex, high value transactions. Mr. Watson's extensive education and
experience in the real estate industry has been instrumental to the success of Northstar Commercial Partners.
Mr. Watson currently serves as a Board Member of the Colorado Commission on Family Medicine for the 6th
Congressional District of Colorado appointed by the Governor of Colorado; a Leadership Council Member for
the Colorado NFIB (National Federation of Independent Business); an A-List Member of CXO (a private
collaborative executive organization of influence that connects C-level executives and owners of companies
throughout the world); and is Founder and CEO of the Opportunity Coalition, which promotes collaboration
among the people of Colorado and new business startups to create quality jobs throughout Colorado. Mr.
Watson has also served as a Board Member and active supporter of TAPS (the Tragedy Assistance Program for
Survivors) for those who have lost loved ones in U.S. Military Service; the Chairman of the Finance Committee
for the Colorado Republican Party; a Member of the Board of Governors and President's Council for
Opportunity International (one of the world's largest microfinance lenders providing loans to individual
entrepreneurs in the developing world); an Executive Committee Member of the International Board of
Directors for Mercy Ships (the world's largest non-profit medical hospital on a traveling ship, which performs
over 60,000 annual life changing surgeries for free in Africa); a Republican delegate for his County,
Congressional, and State political assemblies; a Board Member and President of Brokers Benefiting Kids (a
Denver based non-profit that raises financial support for multiple children's charities in Colorado); a Member of
the Metro Denver Executive Club; a Member of the Legacy Political organization; a Member of the Citywide
Banks Advisory Board; a Member of the Republican Business Advisory Council; Chairman of the Advisory
Board for the Alliance for Choice in Education (ACE Scholarships - a Denver based non-profit that provides
educational scholarships and school choice programs for low-income kids grades K-12); Chairman of The Board
of Directors and a mentor for Save Our Youth (a Denver-based inner city youth mentoring program); and a
Member and President of the Downtowner's Toastmasters Club.
Mr. Watson is a supporter of his local Christian church, resides in Greenwood Village, Colorado with his wife
and two children, and has another child in college. He is passionate about creating opportunity for all citizens of
Colorado and the United States, and works to enhance the business, political, and educational environments in
each.
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DEAL STRUCTURE
Distributions of Cash Flows from Operations
Each member of the LLC shall receive their proportional share of distributions from cash flows from operations
until such time as they have received an 8% per annum cumulative non-compounded rate of return on their
outstanding Adjusted Capital Contributions. Thereafter, each member shall receive 70% of their proportional
interest of cash flows from operations, sales or refinancing proceeds, until such time as they receive a 25%
cumulative non-compounded return on their adjusted capital. Thereafter, each member shall receive 50% of
their proportional interest for the remainder of the investment.
Distributions of Cash Flows from Sales or Refinancing
Each member of the LLC shall receive their proportional share of distributions from cash flows from sales
and/or refinancing until such time as they have received an 8% per annum cumulative non-compounded rate of
return on their outstanding Adjusted Capital Contributions. Thereafter each member shall receive their
proportional share of cash available equal to 100% of their original capital investment. Thereafter, each member
shall receive 70% of their proportional interest of cash flows from operations, sales or refinancing proceeds,
until such time as they receive a 25% cumulative non-compounded return on their adjusted capital. Thereafter,
each member shall receive 50% of their proportional interest for the remainder of the investment.
NOTICES
NOTICE REGARDING FORWARD-LOOKING STATEMENTS
This Request for Financing contains forward-looking statements and forecasts concerning the Company’s or
management’s plans, intentions, strategies, expectations, predictions and financial forecasts concerning the
Company’s future activities and results of operations and other future events or conditions. For this purpose,
any statements contained herein that are not statements of historical fact may be deemed to be forward-looking
statements. Without limiting the generality of the foregoing, words such as “may,” “will,” “could,” “estimate,”
“might,” or “continue” or the negative or other variations thereof or comparable terminology are intended to
identify forward-looking statements. Sections of this Request for Financing containing such statements include,
but are not limited to the Business Plan and the Financial Statements.
The Company’s actual results or activities or actual events or conditions could differ materially from those
forecasted by the Company, due to a variety of factors, some of which are beyond the control of the Company.
Forecasts concerning the Company’s future results of operations and expansion plans are based on a number of
assumptions and estimates made by management of the Company. These estimates and assumptions are
believed by management to be reasonable, but are uncertain and unpredictable. To the extent that actual events
differ materially from management’s assumptions and estimates, actual results will differ from those forecasted.
The investment returns outlined on the previous pages of this Request for Financing are in no way guaranteed by
Northstar Commercial Partners, 10180 E. Colfax, LLC, or any affiliate or representative thereof.
NOTICE TO INVESTORS
AN INVESTMENT IN THE OFFERED SECURITIES INVOLVES A HIGH DEGREE OF RISK. THE
OFFERED SECURITIES HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES
ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAW. NOR HAS THE
SECURITIES AND EXCHANGE COMMISSION OR ANY STATE REGULATORY AUTHORITY PASSED
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UPON THE ACCURACY OR ADEQUACY OF THIS EXECUTIVE SUMMARY MEMORANDUM OR
ENDORSED THE MERITS OF THE OFFERING. ANY REPRESENTATION TO THE CONTRARY IS
UNLAWFUL. SECURITIES PURCHASED IN THIS OFFERING WILL BE SUBJECT TO CERTAIN
RESTRICTIONS ON TRANSFER, AS SET FORTH IN THE OPERATING AGREEMENT OF THE
COMPANY.
NOTICE TO COLORADO INVESTORS
THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE COLORADO SECURITIES ACT
AND MAY NOT BE SOLD WITHOUT REGISTRATION UNDER THAT ACT OR EXEMPTION
THEREFROM.
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