Current Projects
Arapahoe Commons, Aurora CO:
Arapahoe Commons appeals to convenience and service related retail users, leveraging the direct visibility and access along Arapahoe Rd. Currently, negotiations are underway for the sale of two of the six retail pads, one pad is under construction, and leases have been signed for over 60% of the two inline retail buildings.
The project broke ground in early 2008. Estimated value at full build-out is $12.2 million.
Arapahoe Commons will appeal to convenience and service related retail users, leveraging the direct visibility and access along Arapahoe Rd. Currently, negotiations are underway for the sale of three of the six retail pads, and leases have been signed for over 30% of the two inline retail buildings. The leasing and pad sales to date have occurred with very little effort.
Car Wash Portfolio, Denver CO:
MWCP plans to acquire approximately 10 retail pad sites for the development of tunnel carwashes across the Denver Metroplex. Each site will include at least one 60’ self-serve tunnel car wash, depending on the demand of the area. Ideal pad sites will include high traffic counts, a high residential population within a five-mile radius, and easy access and visibility from the street, among other important factors. Some sites may include additional users, such as quick lubes, convenience stores, or auto mechanics.
Once a site is selected, it will take an estimated 6 months for the design, approval, and construction process to be complete. In this six-month period, an extensive marketing campaign will begin to draw traffic during the grand opening and thereafter. The first location has been approved for the southeast corner of Iliff Avenue and Chambers Road in Aurora, CO. Construction began earlier in 2009, and the grand opening will be in the first quarter of 2010.
Country Square, Aurora CO:
Acquired in September 2007 for $4.5 million, Country Square Shopping Center is located in a highly populated section of Aurora, CO, on the SEC of Iliff Ave. and Chambers Rd. Purchased for its significant upside potential gained through updating, renovating, and reconfiguring the center, significant cosmetic upgrades to store fronts, roof, HVAC system, signage, parking areas, and landscaping are in process with a projected completion in 2010.
In addition, portions of the site were redesigned, improving traffic flow, and maximizing the value of underutilized portions of the site plan, allowing for sale of up to four additional retail pad sites including a bank, a car wash, and other potential pad users. Part of the reconfiguration was the demolition of one of the pre-existing buildings, leaving 36,134 SF of inline space, which is approximately 50% occupied. Two of the four pad sites have sold, and construction is nearly complete.
Estimated value at stabilization is $10.8 million.
Comstock Mobile Home Park, Las Vegas NV:
Along North Las Vegas Blvd., a street that offers convenient and direct access to the Strip and downtown Las Vegas, MWCP has purchased a 8.4 acre in-fill site for redevelopment of a 93-space mobile home park into approximately 70,000-80,000 SF of warehouse distribution space and two retail pad sites. The site was purchased in April 2006 for $3.3 million and has increased in value to $5.6 million presently.
The development will consist of two flex warehouse buildings, along with the retail pads. The retail pads will be offered as a leasehold interest to be developed by individual quick service restaurant or convenience-related retail tenants. Site plans are currently being developed. Estimated value after redevelopment is $12 million.
Del Taco Build to Suit, Colorado Springs, CO:
Mordini Watters Capital Partners (MWCP) has acquired two retail pad sites and three Del Taco franchises in Colorado Springs. One of the franchises has been open for some time, whereas the other two have been developed from the ground up. These sites were chosen based upon their high visibility to traffic and their ideal demographic profiles.
Market Place at Austin Bluffs
Acquired in early 2008, Mordini Watters owns both the real estate and the franchise, which opened for business in 2009. This infill site is located at 4310 North Academy Blvd. in Colorado Springs, CO and is part of a newly renovated 300,000 SF shopping center. The store is located on the north side of the shopping center with right-in right-out access to North Academy Blvd, adjacent to the property. Estimated daily traffic counts along this section of the Boulevard are 66,000 cars per day.
Powers Point
Located in the Powers Point Shopping Center, Mordini Watters purchased the site and the franchise in 2009. Construction is almost complete and the grand opening is scheduled for the beginning of 2010. The center includes anchors such as a Wal-Mart Superstore and a Home Depot, and offers inline space for smaller tenants. Vehicle counts on Woodmen Rd. and Powers Blvd. are 29,200 and 28,700 vehicles per day, respectively. The center is located in the Northeast submarket of Colorado Springs, which has exhibited the fastest growing population. Many new home developments surround the area.
Space Center
This franchise was acquired by Mordini Watters in 2009 and has been open for quite some time. The store is located on an infill site and shares its intersection at N. Powers Blvd. and Palmer Park Blvd. with three other corners filled with retail. Several restaurants exist in the area, drawing crowds from nearby residential and office/industrial. The store has convenient access to and from Palmer Park Blvd. and Space Center Drive. Latest traffic counts indicate approximately 60,000 passing along N. Powers Blvd. per day, with an additional 20,000 traveling on Palmer Park Blvd. The major anchor of this shopping center is a Wal-Mart Superstore, drawing a large amount of traffic into the center.
5275 DTC Pkwy, Greenwood Village CO:
This 15,140 SF building is located on a prime 2.2 acre site in the heart of the Denver Tech Center, and represents a significant redevelopment opportunity. Purchased in October 2005 for $2 million with a current market value of more than $4 million, MWCP intends to develop a site plan for the redevelopment of the site with up to a 109,000 SF mixed-use tower that will include a bank, retail and office space, with a finished estimated value of near $40 million.
The building is 100% occupied, acting as the headquarters for MWCP. Recent renovations have been made, increasing the value of the building.
Momentum Funding, LLC:
The real estate market is in crisis nationwide, prices are down, sales are weak, and there is excess inventory in all asset classes. Couple that with tight and even frozen credit markets, and it has created significant dislocations in the entire market. This situation can provide an excellent opportunity for the investor with the right vision and proper resources.
In 2008, Mordini Watters created a sub-entity called Momentum Funding, LLC to assist qualified investors in purchasing these foreclosed homes for investment purposes. Momentum Funding will finance the acquisition of the home and fund the fix-up expenses, up to 70% of the after-repair value. Each property must be purchased for the sole purpose of renovating it and either selling or refinancing within 6 months. In 2009, Momentum Funding did 35 loans with no losses, with a total origination of $4,520,000. A profit, after all expenses, was made of $350,000.
Kurt Wiedt, an associate of Mordini Watters, is the President of Momentum Funding, LLC. A licensed Colorado Real Estate Broker and a registered Colorado Mortgage Broker, Kurt's background includes underwriting, client service, marketing, and company development. Prior to joining MWCP, he co-founded Capital Mortgage Group, Inc, a mortgage brokerage firm, where he oversaw a production team that completed over $600 million in residential and commercial transactions.
For more information, please visit our website at www.momentum-funding.com.
Terra Playa Pacific Coast Land Project:
Mordini Watters Capital Partners (MWCP) recently acquired a 1,000 acre parcel of land, known as Terra Playa, on the Pacific Coast of the Baja Peninsula, approximately 35 km (almost 22 miles) north of Cabo San Lucas. The property encompasses 1.1 miles of beachfront with direct access to the main highway, that travels along the Pacific Coast. Terra Playa was acquired for $35 million ($0.82 per square foot) with comparable property values in excess of $3.00 per square foot or over $100 million.
With approximately 1,000 acres and 1.1 miles of beachfront, the development opportunities for the property are abundant. The property has the potential to accommodate multiple resorts, retail, commercial, single family beachfront lots and ocean view ranchettes. Through the entitlement process, MWCP will seek to maximize values while incorporating as much flexibility as possible, allowing MWCP and its partners the ability to meet the demands of the market over time.
This section of the Pacific Coastline has been undeveloped, until recently. New interest is cropping up from investors, hotels and resorts, and community developers looking for beach front property that is relatively less expensive than in the Los Cabos areas. Beach towns, once populated by locals only, are now becoming targets for large-scale developments.
Real estate sales in the Los Cabos area total over $200 million per year, including timeshares and fractionals, new properties, and resales. The popularity of Baja California Sur as a resort destination has resulted in more than 250,000 developable acres purchased in the last 12 months. The projects in their planning stages and that are underway have the potential to bring 4,000 to 6,000 more hotel rooms to the Baja California Sur area over the next few years.