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Alamo Drafthouse Cinema Sale-Leaseback

$ 17,142,857
Denver, Colorado
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Address: 4255 West Colfax Avenue , Denver, Colorado, United States 80204

Type: Net Leased Movie Theater

Cap Rate: 7.00%

Lease Type: Absolute Triple Net (NNN)

Annual Rent: $1,200,000

Net Operating Income: $1,200,000

Lease Term Remaining: 15 Years

Rental Increases: 10% Every Five Years

Options: Three (3), Five (5)-Year Options

Year Built: 2018

Rentable Sq/Ft: 35,512 SF

Rent Sq/Ft: $33.79

Price Sq/Ft: $483

Lot Size: +/-1.14 Acres

Marcus & Millichap is pleased to exclusively market for sale the subject single-tenant brand new construction Alamo Drafthouse Cinema sale-leaseback located at 4255 West Colfax Avenue in Denver, Colorado. The property is made up of a 35,512 square feet building and is situated on approximately 1.14 acres of land. The investment opportunity will feature a brand new 15-year triple-net (NNN) lease. The current rent will be $1,200,000 and is subject to 10% rental increases every five years, including through the three, five-year tenant renewal options. The lease is guaranteed by corporate.

Additionally, Alamo has 145 exclusive parking spaces in the adjacent garage per a perpetual exclusive easement.

Alamo Drafthouse Sloans Lake features eight screens for new release movies, family and independent films, as well as the Alamo’s unique signature repertory programming. Auditoriums will be equipped with the highest quality Sony 4K digital projection and equipped for RealD 3D presentations. State-of-the-art bi-amplified QSC digital audio systems provide full range multi-channel fidelity for faithful reproduction of audio soundtracks. In addition to the superior AV equipment, the layout of each auditorium has eliminated the traditional front row, ensuring there is no bad seat in the house. Furthermore, the Alamo offers online reserved seating in all auditoriums so you can avoid lines at the theater and always choose your favorite seat.

This brand new construction Alamo Drafthouse Cinema is located at 4255 West Colfax Avenue in Denver, Colorado. Denver is the capital and most populous municipality of Colorado. It is the 19th most-populous city in the United States and has been one of the fastest-growing major cities in the US, with a 17.41% increase since the 2010 census. In 2016, Denver was the best place to live in the United States by the U.S. News & World Report.

The subject property is well-positioned in the rapidly developing neighborhood of Sloan’s Lake & West Colfax. The area has undergone rapid gentrification in recent years, with a corresponding appreciation in real estate values. The construction boom in the area has brought in a flurry of new residents to the new construction single-family homes and apartment units. The location is in close proximity to many various Denver points of interest. The Mile High Stadium is approximately one and a half miles away, with Downtown Denver less than ten minutes by car or light rail. Additionally, the University of Denver is less than eight miles away.

There are approximately 197,032 people within a three-mile radius of this property and 469,465 within a five-mile radius. The property is situated off West Colfax Avenue, which has an average daily traffic count of 37,200 vehicles. The subject property also benefits from its close proximity to Sheridan Boulevard, which has an average daily traffic count of 42,500 vehicles. U.S. Interstate 25 is located 1 ½ miles east of the property.

Denver, located at the junction of the South Platte River and Cherry Creek, is the state capital and largest city in Colorado. Situated 5672 feet above sea level in the shadows of the Rocky Mountains, Denver is known as the “Mile High City. Today, Denver is an important commercial, industrial and transportation hub. Its economy is buoyed by the telecommunications and biomedical technology industries, as well as mining, construction, real estate and tourism. Denver is home to a US Mint and numerous federal agencies, including the Environmental Protection Agency and the National Oceanic and Atmospheric Administration. Denver International Airport, opened in 1995, is the largest airport in North America, spread over 53 square miles.

 

 

Broker of Record: Bob Kaplan – License # ER100052334

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Glen Kunofsky

President, Founder
(212) 430-5115

Russell Wachtler

Senior Managing Director, Investments
(212) 430-5132

Adam Friedlander

Vice President, Investments
(212) 430-6123