Fremont Plaza
Long-Term Tenants | 3.9 Years Remaining | Value Add Upside On Highway 50
Marketing description
Northmarq is pleased to offer for sale to qualified investors the opportunity to acquire the fee simple interest in the land and building of a multi-tenant property located in Cañon City, Colorado. The property consists of 1.57 acres improved with a one-story, 13,721 square foot building that was built in 2003. Located directly off US Highway 50, the property benefits from visibility to nearly 22,000 vehicles per day and is surrounded by a mix of national and local tenants.
The tenant roster includes Centura Health, China Garden Restaurant, and American Medical Response. In addition to the in-place tenancy, the property includes 1,931 square feet of vacant space, offering lease-up potential. All three current tenants have occupied the property for more than 10 years and have indicated no plans to relocate. The weighted average lease term remaining is 3.9 years, and two of the leases contain 2% and 3% annual increases. Recent updates include a brand-new roof installed in October 2023, over $80,000 in tenant improvements, and a recent 5-year lease extension with Centura/CommonSpirit.
Investment highlights
New Roof – Installed in October 2023 with over $80k in tenant improvements
Recent Lease Extension – Centura/CommonSpirit signed a new 5-year extension
Value-Add Opportunity – 1,931 SF vacant space with lease-up upside
Long-Term Tenants – All three tenants have operated here for 10+ years
Rent Growth – 2% and 3% annual increases in two leases
Strong Location – Directly off Highway 50 with nearly 22,000 vehicles per day
Growing Area – Population up 3.83% since 2020 and growing 1.26% annually
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