Alpen Glow Retail Offering Memorandum

ALPEN GLOWRETAILINVESTMENT OFFERING

601 Lincoln AvenueSteamboat Springs, CO 80487

www.ThePaoliGroup .com

Brokerage Disclaimer

This is a confidential Memorandum intended solely for your limited use and benefit in determining whether you desire to express further interest in the acquisition of the Property. This Memorandum contains selected information pertaining to the Property and does not purport to be a representation of the state of affairs of the Property or the owners of the Property (the “Owner”), to be all-inclusive or to contain all or part of the information which prospective investors may require to evaluate a purchase of real property. All financial projections and information are provided for general reference purposes only and are based on assumptions relating to the general economy, market conditions, competition and other factors beyond the control of the Colorado Group Realty, LLC. Therefore, all projections, assumptions and other information provided and made herein are subject to material variation. All references to acreages, square footages, and other measurements are approximations. Additional information and an opportunity to inspect the Property will be made available to interested and qualified prospective purchasers. In this memorandum, certain documents, including Leases and other materials, are described in summary form. These summaries do not purport to be complete nor necessarily accurate descriptions of the full agreements referenced. Interested parties are expected to review all such summaries and other documents of whatever nature independently and not rely on the contents of this Memorandum in any manner. Neither the Owner or Colorado Group Realty, LLC, nor any of their respective directors, officers, Affiliates or representatives make any representation or warranty, expressed or implied, as to the accuracy or completeness of this Memorandum or any of its contents, and no legal commitment or obligation shall arise by reason of your receipt of this Memorandum or use of its contents; and you are to rely solely on your investigations and inspections of the Property in evaluating a possible purchase of the real property. The Owner expressly reserves the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the Property, and/or to terminate discussions with any entity at any time with or without notice which may arise as a result of review of this Memorandum. The Owner shall have no legal commitment or obligation to any entity reviewing this Memorandum or making an offer to purchase the Property unless and until written agreement(s) for the purchase of the Property have been fully executed, delivered and approved by the Owner and any conditions to the Owner’s obligations therein have been satisfied or waived. By receipt of this Memorandum, you agree that this Memorandum and its contents are of a confident nature, that you will hold and treat it in the strictest confidence and that you will not disclose this Memorandum or any of its contents to any other entity without the prior written authorization of the Owner or Colorado Group Realty, LLC. You also agree that you will not use this Memorandum or any of its contents in any manner detrimental to the interest of the Owner or Colorado Group Realty, LLC.


Introduction

PROPERTY TOURS

Please schedule all property tours through listing broker and refrain from all tenant dialogue.

EXCLUSIVE MARKET CONTACT:

CHRIS PAOLIColorado Group RealtyOwner/[email protected]

TABLE OF CONTENTS

EXECUTIVE SUMMARYOffering TermsInvestment HighlightsLocationOffering Financial Summary

THE PROPERTYProperty SummaryFloor Plan / TenantsGarage Parking and Storage Layout

FINANCIAL ANALYSISRent RollIncome & Expenses

TENANT DETAILSRocket FizzTwisted TrailsAll That Jazz, Inc.Spa NailsEdward Jones

THE MARKETSteamboat SpringsSteamboat Springs - Market InformationSteamboat Springs - Recent News


Executive SummaryExecutive Summary


Offering Terms

Alpen Glow Retail is comprised of five commercial condominiums located in the heart of downtown Steamboat Springs. The subject property is 100% leased to a diverse mix of local and national credit tenants including Rocket Fizz and Edward Jones. Four of the five leases, covering 87% of the leased premises are triple net (NNN) leases whereby tenants are responsible for all expenses. The offering consists of 6,612 leasable square feet on the southwest corner of Lincoln Avenue & 6th Street. Completed in 2008, Alpen Glow is one of the premier developments located in downtown Steamboat Springs, featuring 10 unique residential flats above the street-level retail.

The majority of the tenants located at Alpen Glow have lengthy remaining lease terms. Only one of the five tenants has an expiration in the next three years, with 54% of the leasable square footage not expiring until the end of 2019 or later. Spa Nails lease has a termination clause. The potential new owner will have the option to terminate the lease by giving 60 days written notice and replacing them with a new tenant. The offering also includes an option to purchase three deeded parking spaces, which are located underground at Alpen Glow in a heated and secure garage. The market value of the underground parking is currently $55,000 per space. Additionally, there are three commercial storage areas (two closets shown on the site plan and an additional, larger, storage area located in the garage) designated for the exclusive use of the retail tenants.

Steamboat Springs, known as Ski Town USA, is an internationally recognized ski resort destination. Howelsen Hill, which sits directly across the Yampa River to the south of Alpen Glow, opened in 1915 and is the oldest continuously operated ski area in Colorado. Howelsen Hill is also the epicenter of the Steamboat Springs mountain bike experience. The city recently committed a $5,000,000 investment in trails over the next

OFFERING TERMSOFFERING PRICE: 2,550,000PERIOD OF ANALYSIS: 7/1/2015 - 6/30/2016CURRENT NOI $198,538CURRENT CAP RATE: 7.79%PRO FORMA NOI: $185,805PRO FORMA CAP RATE: 7.29%RENTABLE SQUARE FEET: 6,612 RSFPERCENTAGE LEASED: 100%COST PER PARKING SPACE: $55,000

10 years, confirming Steamboat’s commitment to remaining a winter and summer destination and Steamboat’s second title as Bike Town USA

Steamboat Springs is located approximately 150 miles northwest of Denver, and can be accessed via Highway 40 or the Yampa Valley Regional Airport, which has inbound flights from 11 major domestic airports. This offering presents an investor with a unique opportunity to acquire a premier asset in an internationally recognized location.


Investment Highlights

• 100% leased storefront retail in downtown Steamboat Springs, CO

• 87% of square footage on NNN lease structures

• Located on hard corner of 6th Street & Lincoln Avenue

• All tenants have annual rent increases throughout remaining term

• Minimal near term lease expiration

• Three deeded parking spaces available

• Internationally recognized location - Top 10 ski resort (Ranked by multiple ski industry magazines)

• Minimal management requirements with HOA structure

• 2008 year of completion; very well maintained

• New Edward Jones lease with seven year lease term & annualrent increases

• City of Steamboat Springs has committed to a large capital investment downtown, including a city park on 6th Street


Location

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LINCOLN AVENUE

YAMPA STREET

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6TH

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ALPEN GLOW RETAIL

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Located on the hard corner of 6th and Lincoln Avenue, Alpen Glow Retail is a key corner for foot traffic in Steamboat Springs. With the City of Steamboat Springs committed to a new park on 6th and Yampa, the natural traffic pattern for pedestrians will be up 6th onto Lincoln. The City of Steamboat Springs has also committed to a major capital investment on Yampa Street, which will ultimately create the pedestrian flow shown below in yellow. Centally located and surrounded by ample public parking, the retail stores at Alpen Glow are ideally positioned to benefit from the planned investments in downtown Steamboat Springs.


Offering Financial Summary

Offering Price $2,550,000

Square FootageTotal GLA (Gross Leasable Area) 6,612Commercial Common Area 460GLA ‐ Excluding Commercial Common Area 6,152

Proposed FinancingLTV 70%Interest Rate 4%Year Amortization 25Term Years 7

Down Payment $765,000

Net Operating IncomeCurrent Annualized $198,538Pro Forma $185,805

Capitalization RateCurrent Annualized 7.79%Pro Forma 7.29%

Cash Flow After Debt ServiceCurrent Annualized $85,475Pro Forma $72,742

Total Return (Including Principal Reduction)Current Annualized $127,910Pro Forma $115,177

Total Cash on Cash Return (%)Current Annualized 16.72%Pro Forma 15.06%


Property Summary

PROPERTY SUMMARY

PROPERTY NAME: Alpen Glow Retai l

PROPERTY TYPE: Storefront Retai l

ADDRESS: 601 L incoln Avenue Steamboat Spr ings, CO 80487

LOCATION: Corner of L incoln Avenue & 6th Street, Steamboat Spr ings

RENTABLE SQUARE FEET: 6,612 SF

OCCUPANCY: 100% Leased

YEAR COMPLETED: 2008

NUMBER OF UNITS: 5

PARKING SPACES: 3 Underground Avai lable

STORAGE UNITS: 3 (2 Closets, 1 Underground Unit)


Floor Plan/Tenants


Garage Parking and Storage LayoutTHE

PROPERTY

10OHNSON

CAPITAL MARKETS TEAM | INVESTMENT SALES & ACQUISITIONS

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OHNSONCAPITAL MARKETS TEAM | INVESTMENT SALES & ACQUISITIONS

ENDRICKSON

BASEMENT PLAT/PARKING AREA

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Rent Roll

Suite No. Tenant Name

Rentable SF Lease Term Rent Annual

Rent Monthly

Rent / SF Escalations CAM Annual

CAM / SF Tax Annual Tax / SF

Insurance Annual

Insurance / SF Options

Leased 6,612 $211,045.00 $17,587.08 $31.92 $30,008.63 $4.54 $20,962.37 $3.17 $1,078.38 $0.16 Vacant 0 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 Total 6,612 $211,045.00 $17,587.08 $31.92 $30,008.63 $4.54 $20,962.37 $3.17 $1,078.38 $0.16

$0.19 (1) 5‐Year Option @ Market

$5.20 $2,836.38 $3.63 $145.91 $30.00 $4,060.42

06/01/2016 ‐ $31.20 06/01/2017 ‐ $32.45 06/01/2018 ‐ $33.75 06/01/2019 ‐ $35.10 06/01/2020 ‐ $36.50 06/01/2021 ‐ $37.96

C5 Edward Jones 781 06/01/2015 05/31/2022

$23,430.00 $1,952.50

$0.00 $0.00 $0.00 $0.00 05/01/2016 ‐ $35 $0.00

$0.19 (2) 5‐Year Options @ Market

$5.20 $8,058.82 $3.63 $414.58

C4 Spa Nails 840 02/01/2014 04/30/2017

$27,600.00 $2,300.00 $32.86 $0.00

$36.63 $11,536.58 C3 All That Jazz, Inc. 2,219 06/25/2008 08/24/2018

$81,282.00 $6,773.50

$5.20 $4,056.65 $3.63 $208.69 $0.19

03/01/2016 ‐ $30.16 03/01/2017 ‐ $31.37 03/01/2018 ‐ $32.62 03/01/2019 ‐ $33.93

07/01/2016 ‐ $38.10 07/01/2017 ‐ $39.62

(2) 3‐Year Options @ Market

$0.19 (1) 5‐Year Option @ Market

$5.20 $6,010.52 $3.63 $309.20

C2Twisted Trails

Running Company1,117

03/01/2015 05/31/2020

$32,393.00 $2,699.42 $29.00 $5,807.28

$28.00 $8,604.35 C1 Rocket Fizz 1,655 6/1/2014 11/30/2019

$46,340.00 $3,861.67

12/01/2015 ‐ $29.26 12/01/2016 ‐ $30.14 12/01/2017 ‐ $31.04 12/01/2018 ‐ $31.97


Income & Expenses

Current Annualized Pro Forma

Scheduled Lease Income $211,045 $211,045Escalations $2,026 $2,026Parking Revenue $0 $0Vacancy (1) $0 ($10,552)Net Leased Income $213,071 $202,519

CAM Reimbursements $30,009 $30,009CAM Vacancy $0 ($1,500)Tax Reimbursements $20,962 $20,962Tax Vacancy $0 ($1,048)Insurance Reimbursements $1,078 $1,078Insurance Vacancy $0 ($54)Total Reimbursments $52,049 $49,447Total Income $265,120 $251,966

Expenses Repairs and Maintenance $1,500 $1,500Management Fees (2) $0 $0HOA Fees $30,748 $30,748Real Estate Taxes $24,485 $24,485Insurance $1,327 $1,327Total Expenses $58,060 $58,060

Net Operating Income $207,060 $193,906

(1) 5% Vacancy(2) 4% Management Fee


Tenant Profiles - Rocket F izzLease Date/Executed March 6, 2014Name of Lessee (Legal) PNUT, Inc.Guaranty Signature Patrick Evans (Individual)Size of Space (SF) 1,655Current Terms 06/01/2014-11/30/2019

Name of Lessor GCP Alpenglow, LLCName of Lessee (DBA) Rocket FizzType of Ownership Colorado CorporationAddress (Unit #) 601 Lincoln Ave., Suite C-1Security Deposit $5,000

BASE RENT

DATE ANNUAL RENT MONTHLY RENT SF RENT 06/01/2014 $46,340 $3,862 $28.00 12/01/2015 $48,425 $4,035 $29.26 12/01/2016 $49,882 $4,157 $30.14 12/01/2017 $51,371 $4,281 $31.04 12/01/2018 $52,910 $4,409 $31.97

OPTIONS/TERMS (1) 5-Year Option @ Market: Notice to be given at least 12 months, but no more than 15 months prior to the expiration of the Initial Lease Term.

REIMBURSEMENT METHOD

NNN - Tenant’s Proportionate Share(25.03%)

PERMITTED USE Retail sale of candy and soda pop and other gift items

1. TAXES NNN - Tenant’s Proportionate Share(25.03%)

REPORT SALESVOLUMES AND/ORPERCENTAGE RENT

Tenant must provide Landlord quarterly Gross Sales during the preceding three months and an itemization of all permissible deductions therefrom. Annual balance sheets, net worth statements, financial statements and reports, and other financial data regarding the Tenant as Landlord may reasonably request.

2. CAM/OPERATING COSTS


3. FIRE/HAZARD INSURANCE


REIMBURSEMENT CAP None. HVAC Tenant responsible for maintenance, repair, and replacement of HVAC units exclusively serving the Premises.

TENANT RELOCATIONPROVISION

Landlord shall have right to relocate tenant with reasonable notice provided there is a Substitute Premise available approximately the same size as the Premises. Landlord shall reimburse Tenant for all reasonable out of pocket expenses incurred by Tenant in installing leasehold improvements in the Substitute Premises.

EARLY TERMINATION/SALES "KICK-OUTS"

N/A

SUBLETTING/ASSIGNMENT

Must receive written consent from Landlord and pay a fee of $750 + reasonable attorney fees for the assignment/subletting process.


Tenant Profiles - Twisted Trails RunningLease Date/Executed October 24, 2014Name of Lessee (Legal) Joshua & Susan BolesGuaranty Signature Joshua & Susan BolesSize of Space (SF) 1,117Current Terms 03/01/2015-05/31/2020

Name of Lessor GCP Alpenglow, LLCName of Lessee (DBA) Twisted Trails Running Co.Type of Ownership IndividualsAddress (Unit #) 601 Lincoln Ave., Suite C-2Security Deposit $5,000

BASE RENT

DATE ANNUAL RENT MONTHLY RENT SF RENT 03/01/2015 $32,393 $2,699 $29.00 03/01/2016 $33,689 $2,807 $30.16 03/01/2017 $35,040 $2,920 $31.37 03/01/2018 $36,437 $3,036 $32.62 03/01/2019 $37,900 $3,158 $33.93

OPTIONS/TERMS (2) 3-Year Options @ Market REIMBURSEMENT METHOD


PERMITTED USE Retail sale of clothing and accessories 1. TAXES NNN - Tenant’s Proportionate Share(16.89%)


Tenant must provide Landlord quarterly Gross Sales during the preceding three months and an itemization of all permissible deductions therefrom. Annual balance sheets, net worth statements, financial statements and reports, and other financial data regarding the Tenant as Landlord may reasonably request.






TENANT RELOCATIONPROVISION

Landlord shall have right to relocate tenant with reasonable notice provided there is a Substitute Premise available approximately the same size as the Premises. Landlord shall reimburse Tenant for all reasonable out of pocket expenses incurred by Tenant in installing leasehold improvements in the Substitute Premises.


N/A


Must receive written consent from Landlord and pay a fee of $750 and reasonable attorney fees for the assignment/subletting process.


Tenant Profiles - All That Jazz , Inc .Lease Date/Executed September 6, 2007Name of Lessee (Legal) All That Jazz, Inc.; Assigned to KWH Music, Inc.Guaranty Signature Joseph Kboudi; Assigned to Kimberly HaggartySize of Space (SF) 2,219Current Terms 06/25/2008-08/24/2018

Name of Lessor GCP Alpenglow, LLCName of Lessee (DBA) All That JazzType of Ownership IndividualAddress (Unit #) 601 Lincoln Ave., Suite C-3Security Deposit $0

BASE RENT

DATE ANNUAL RENT MONTHLY RENT SF RENT 07/01/2014 $78,153 $6,513 $35.22 07/01/2015 $81,282 $6,773 $36.63 07/01/2016 $84,544 $7,045 $38.10 07/01/2017 $87,917 $7,326 $39.62

OPTIONS/TERMS (2) 5-Year Options @ Market: Notice to be given at least 15 months, but no more than 24 months prior to the expiration of the original term.



PERMITTED USE Retail sale of music, greeting cards, gifts, apparel, and other goods as may be approved by Landlord, such approval shall not e unreasonably withheld. Business to be conducted under thetrade name All That Jazz.



Tenant must provide Landlord quarterly Gross Sales during the preceding three months and an itemization of all permissible deductions therefrom.









N/A


Tenant Profiles - Spa NailsLease Date/Executed February 1, 2014Name of Lessee (Legal) My Nguyen; Assigned to Qingqing WenGuaranty Signature Qingqing WenSize of Space (SF) 840Current Terms 02/01/2014-04/30/2017

Name of Lessor GCP Alpenglow, LLCName of Lessee (DBA) Angel's Nails; Assigned to Spa NailsType of Ownership IndividualAddress (Unit #) 601 Lincoln Ave., Suite C-4Security Deposit $2,000

BASE RENT

DATE ANNUAL RENT MONTHLY RENT SF RENT 02/01/2014 $25,800 $2,150 $30.71 05/01/2015 $27,600 $2,300 $32.86 12/01/2016 $29,400 $2,450 $35.00

OPTIONS/TERMS None. REIMBURSEMENT METHOD

Gross Lease

PERMITTED USE Operation of a nail salon 1. TAXES N/A - Gross Lease


Tenant must provide Landlord copies of any and all sales and use tax returns and any other monthly or quarterly reporting form or forms for the preceding calendar quarter required tobe submitted by Tenant for state and local sales tax purposes.


N/A - Gross Lease


N/A - Gross Lease

REIMBURSEMENT CAP N/A - Gross Lease HVAC Tenant responsible for maintenance, repair, and replacement of HVAC units exclusively serving the Premises.


Must obtain Landlord consent, which can be granted or withheld at Landlord’s sole discretion.

LANDLORD RIGHT TO TERMINATE

Landlord has an ongoing termination right throughout term of the lease.


Tenant Profiles - Edward JonesLease Date/Executed January 15, 2015Name of Lessee (Legal) Edward D. Jones & Co., L.P.Guaranty Signature NoneSize of Space (SF) 781Current Terms TBD - 05/31/2022

Name of Lessor GCP Alpenglow, LLCName of Lessee (DBA) Edward JonesType of Ownership Limited PartnershipAddress (Unit #) 601 Lincoln Ave., Suite C-5Security Deposit $0

BASE RENT

DATE ANNUAL RENT MONTHLY RENT SF RENT TBD $23,430 $1,953 $30.00 06/01/2016 $24,367 $2,031 $31.20 06/01/2017 $25,342 $2,112 $32.45 06/01/2018 $26,355 $2,196 $33.75 06/01/2019 $27,410 $2,284 $35.10 06/01/2020 $28,506 $2,376 $36.50 06/01/2021 $29,646 $2,471 $37.96

OPTIONS/TERMS (1) 5-Year Option @ Market: Notice to be given at least 6 months, but no more than 9 months prior to the expiration of the Initial Lease Term.



PERMITTED USE General office space in connection with investment brokerage, insurance sales and related financial services.



N/A 2. CAM/OPERATING COSTS




REIMBURSEMENT CAP N/A HVAC Tenant responsible for maintenance, repair, and replacement of HVAC units exclusively serving the Premises.




Lessee shall, from and after the date that is 48 months following the Commencement Date, have an ongoing right to cancel this Lease by giving at least 6 months prior written notice of the effective date of such cancellaton; Early Termination Fee equaling the total amount of monthly Base Rent and Additional Rent that would have otherwise been due during the 6 months next occuring in the Lease Term after the Early Termination Date, plus the unaccrued rent abatement received by Lessee, the unaccrued construction allowance, and the portion of Broker’s commissions determined by multiplying the number of calendar days between the Early Termination Date and the first scheduled Expiration Date of the Lease and the denominator of which is the number of days in the initial Lease Term.


Steamboat Springs

Overview

Also called Ski Town, USA® and known for its World Class skiing facilities, Steamboat Springs was originally a summer resort. Travelers in the early 1900's visited Steamboat Springs in the summer months for the natural hot springs and vast hunting and fishing opportunities. Today, summer activities span the spectrum, with three championship golf courses, an indoor-outdoor tennis center, biking, hiking, kayaking, fly fishing, and horseback riding right in town.

Howelsen Hill, which sits directly across the Yampa River to the South of Alpen Glow, opned in 1915 and is the oldest continuously operated ski area in Colorado. The complex has the largest and most complete natural ski-jumping complex in North America. Howelsen Hill is also the home of the Steamboat Springs Winter Sports Club, the oldest ski club west of the Mississippi. The club provides training in alpine, Nordic, freestyle, and snowboarding for athletes of all skill levels.

Location

Steamboat Springs is located approximately 150 miles northwest of Denver, and can be accessed via Highway 40 or the Yampa Valley Regional Airport, which has inbound flights from 11 major airports.

Population (2013 Census)City of Steamboat Springs: 12,100Routt County: 23,513


Steamboat Springs - Market Information

LABOR FORCE STATIST ICS - ROUTT COUNTY 2014LABOR FORCE: 15,523EMPLOYED: 15,059UNEMPLOYED: 464UNEMPLOYMENT RATE: 3.0%

ACCOMMODATIONS- STEAMBOAT SPRINGS 2014NUMBER OF PILLOWS: 20,542NUMBER OF BEDS: 11,411NUMBER OF UNITS: 3,390

Steamboat Signature Events:

• Winter Carnival• Pro Rodeo Series• Weekly Farmers Market• July 4th Celebration and Parade• First Friday Art Walk• Free Concert Series• Mustang Rally• Balloon Rodeo• Art In The Park• Triathlon and Running Series• Town Challenge Bike Race Series


Steamboat Springs - Recent News

http://www.boulderweekly.com/art icle-13984-sk i -town-usa-grows-up.html#_blank

http://www.forbes.com/pictures/ehkj45egihd/steamboat-spr ings-co-2/

http://nypost.com/2015/03/02/steamboat-spr ings-colorados-best-stop-for-sk i -seasons- last-cal l/

http://www.nyt imes.com/2015/02/15/travel/off-the-s lopes- in-steamboat-spr ings.html?_r=0#_blank

http://www.nyt imes.com/interactive/2015/01/11/travel/52-places-to-go-in-2015.html?_r=0

http://www.boulderweekly.com/article-13984-ski-town-usa-grows-up.html

http://www.boulderweekly.com/article-13984-ski-town-usa-grows-up.html

http://www.forbes.com/pictures/ehkj45egihd/steamboat

http://www.forbes.com/pictures/ehkj45egihd/steamboat

http://nypost.com/2015/03/02/steamboat

http://www.nytimes.com/2015/02/15/travel/off-the-slopes-in-steamboat-springs.html?_r=0#_blank

http://www.nytimes.com/2015/02/15/travel/off-the-slopes-in-steamboat-springs.html?_r=0#_blank

http://www.nytimes.com/interactive/2015/01/11/travel/52-places-to-go-in-2015.html?_r=0

http://www.nytimes.com/interactive/2015/01/11/travel/52-places-to-go-in-2015.html?_r=0


Chris PaoliColorado Group Realty

Owner/Broker970.819.1432

[email protected]

Randi FoxColorado Group Realty

Broker Associate970.819.5916

[email protected]

Amy BrownColorado Group Realty

Broker Associate970.846.2116

[email protected]

Exclus ive Market Contacts

mailto:[email protected]

Documents

Alpen Glow Retail Offering Memorandum