State of Colorado

Tenant

State of Colorado

Location

Longmont, Colorado

Price

Unstated

CAP Rate

Unstated

Lease Term

8 Years Remaining

Occupancy

100%

Building Size

117,106 SQ FT

Property Type

Unstated

Year Built

1988

Lot Size

Unstated

Status

Sold

Property Contacts:

Travis Trautvetter

Vice Chairman - Capital Markets

858 367 5105 | Email

Jake Trautvetter

Senior Director – Capital Markets

858 558 5624 | Email

Kari Fiske

Senior Brokerage Specialist

858 334 4032 | Email

STATE OF COLORADO CREDIT – AA1 MOODY’S RATING 
100% leased to the State of Colorado, featuring a credit rating of Aa1 by Moody’s Investors Service, identified as “high-grade” credit within the broader investment-grade rating description

LONG-TERM LEASE RENEWAL BY STATE OF CO 
State of Colorado, acting for Front Range Community College (FRCC), structured a new 10-year lease for the Boulder County Campus, replacing FRCC’s previously existing lease for the property

NNN LEASE WITH ANNUAL 2.5% RENT INCREASES
Lease features an attractive NNN structure, with annual base rent increases of approximately 2.5%

LARGEST COMMUNITY COLLEGE SYSTEM IN COLORADO
FRCC is the largest community college in the state of Colorado with a population of 28,089 students, and is the most popular transfer institution for the University of Colorado, Boulder, Metropolitan State University of Denver, and CSU Global

SIGNIFICANT RECENT CAPITAL IMPROVEMENTS
Landlord and tenant completed a significant renovation and improvement project as part of the new lease, totaling $4.842 million, with $2.5 million of these costs funded by tenant.

SUBURBAN DENVER LOCATION
Longmont is situated 30 miles from downtown Denver, and is one of the fastest-growing cities in the state, with a current population exceeding 97,000

FRONT RANGE COMMUNITY COLLEGE – BOULDER COUNTY CAMPUS is a single-tenant, two-building property totaling 117,106 rentable square feet. The property is 100% leased to the State of Colorado, acting on behalf of Front Range Community College (FRCC). The State of Colorado features a credit rating of Aa1 by Moody’s Investors Serviceidentified as “high-grade” credit within the broader investment-grade rating description. 

Front Range Community College is the largest community college system in the state of Colorado, with a student population of 28,089 and three campus locations. FRCC Boulder County Campus has a student enrollment of 4,900, with the neighboring University of Colorado Boulder being the top transfer destination. University of Colorado Boulder is the largest college in the state of Colorado, with student enrollment of 36,548. FRCC is the most popular transfer institution to University of Colorado, Boulder, Metropolitan State University of Denver, and CSU Global. 

In 2018, a new 10-year lease term was structured with the State of Colorado, replacing FRCC’s previously existing lease for the subject property. The lease features an attractive NNN structure, with annual base rent increases of approximately 2.5%, providing strong income growth throughout the term. As part of the lease renewal, the landlord and tenant completed a significant renovation and improvement project, totaling $4.842 million, with $2.5 million of these costs funded by the tenant. Upgrades include replacement of HVAC systems, parking lot, and major interior upgrades primarily focused on student experience, including lobbies, classrooms, bathrooms, lab spaces, a new library, and improved IT and security systems.  

Longmont benefits from an optimal location in suburban Denversituated 30 miles from downtown Denver. One of the fastest-growing cities in the state of Colorado, Longmont has a current population exceeding 97,000 Longmont is located in Boulder County and is part of the Boulder, Colorado MSA, which has a population exceeding 326,000 and is the second-largest MSA in Colorado. FRCC Boulder County Campus is located just off Highway 119, and is surrounded by major tenants including Kohl’s, Sprouts Farmers Market, Buffalo Wild Wings, Red Robin, Texas Roadhouse, Oskar Blues Brewery Headquarters, and more.