Holliday Fenoglio Fowler, L.P. (HFF), on behalf of the owner, is marketing Evans Chaffee Commerce Center for sale. The property is a 15,297-square-foot multi-tenant office building in Avon, Colorado. This partial sale-leaseback investment opportunity is a 96.7-percent-leased property and is located in the Vail Valley micro market, which is experiencing growth through the addition of numerous resorts, housing communities, employment hubs and improved accessibility throughout Eagle County.
Located at 77 Metcalf Road along Interstate 70 at the gateway to the country’s most popular ski and summer recreational resorts, the three-story office property is currently leased to six tenants. The largest tenant accounts for 37 percent of the property and is affiliated with current ownership, who plans to continue business operations at the property on a long-term lease, providing immediate stability to an investor.
The strategic location of the building along with its service-oriented rent roll allows Evans Chaffee Commerce Center to benefit from a growing suburban area near the Beaver Creek Resort coupled with large regional employment centers. The property’s location also offers tenants a lifestyle-oriented work environment. Evans Chaffee Commerce Center offers pride of ownership and a rare opportunity to own an important local office asset with stable cash flows in extremely close proximity to the internationally renowned ski resort areas Beaver Creek and Vail.
Due to a scarcity of trades in the Vail Valley market where many owners hold assets for long-term investment, the property presents a rare opportunity to purchase a stabilized asset in the most renowned ski resort area in the country. Further, the office property for sale is located among the most expensive land in all of Colorado – the median price of single-family residences sold in the past year within Vail Valley was $815,000 – and surrounded by some of the most affluent residential communities in Colorado. Eagle County was rated the second-most affluent “small town” in the U.S. by Bloomberg Business, which includes “micropolitan” areas of 10,000 to 60,000 people. Median housing value within a three-mile radius of the property is $550,938, and average household income is $122,689, 75 percent higher than the Denver-Boulder MSA average and 133 percent higher than the national average. Although constrained to new developments, the trade area experienced 11.7 percent growth in new household formation within three miles of the property since 2010.
Evans Chaffee Commerce Center is a multi-tenant office building in the development-constrained Vail Valley micro market in Avon. For more information on this commercial property for sale or other retail properties for sale in Colorado, please contact Jules Sherwood in HFF’s Denver office. For information on financing this acquisition, please contact Kristian Lichtenfels. To view HFF’s current real estate investment listings, please click here to be directed to HFF’s property search page.