Transactions Report for Week of 06/12/17
CBRE CAPITAL MARKETS COMPLETES SALE OF THE CITADEL OFFICE BUILDING IN CHERRY CREEK
CBRE Group, Inc. announced this week that it has completed the sale of the 130,652-square-foot Citadel office building located at 3200 Cherry Creek South Drive in Cherry Creek, Colorado. Tim Richey, Mike Winn and Chad Flynn with CBRE Capital Markets, Institutional Properties, in Denver represented the seller, TR Citadel LLC. The buyer, Amstar of Denver, purchased the property in a sale that closed June 15, 2017. Brady O’Donnell, Jeff Halsey and Jill Haug of CBRE Capital Markets, Debt & Structured Finance, arranged the financing.
“With its distinguished granite façade, private set back and roster of strong-credit tenants, The Citadel has a lot going for it, but what truly sets the building apart is its location.
Positioned in the heart of Cherry Creek, notable for substantial barriers to entry, tenants enjoy walkable access to the region’s premier shopping, dining and service amenities. The strong bid support seen for this property is a testament to the desirability of the Cherry Creek micro market,” said Mr. Richey, vice chairman, CBRE.
Built in 1987, The Citadel totals 130,652 square feet across seven stories with an average floor plate of 18,665 square feet. Twenty-four companies operate from within its walls, including New York Life Insurance Company and financial services firm W.G. Nielsen & Co. The building features covered parking with a 2.8 per 1,000 parking ratio plus showers and locker rooms. Located just south of the Cherry Creek Mall near the intersection of Cherry Creek South Drive and Alameda Avenue, the site overlooks the Cherry Creek River and adjacent bike/pedestrian path. The Citadel was 85 percent occupied at the time of sale.
RARE, MULTI-TENANT INDUSTRIAL BUILDING SELLS FOR $1.25M IN LONGMONT
Unique Properties, Inc. / TCN Worldwide, Colorado’s most experienced, privately held, full-service commercial real estate brokerage firm, is proud to announce the sale of a rare, multi-tenant, industrial building located at 855 Weaver Park Road in Longmont, Colorado.
The Property has 11,200-square-feet of rentable space, and is currently 100 percent occupied by five tenants. Current tenants do not hold long-term leases; the longest lease is secured through January 2018, which provides the new owner with the opportunity to occupy a portion of the building or renew the leases at a higher rate. The one story, BL1 zoned property is situated on just over one acre of land, under three miles away from downtown Longmont’s Main Street.
The Property was acquired for $1,250,000 ($111.61 PSF) on June 13, 2017. The undisclosed Seller was represented by Marc Lippitt, Principal, Scott Shwayder, Principal, Brett MacDougall, Broker Associate, and Justin Herman, Broker Associate of Unique Properties, Inc. / TCN Worldwide.
PINNACLE ANNOUNCES THE SALE OF THE WESTLAKE SHOPPING CENTER IN BROOMFIELD
Pinnacle Real Estate Advisors, LLC, is pleased to announce the sale of the Westlake Center, a 11,288 SF net leased multi-tenant retail center on a 1.57 acre lot located at 12920 Lowell Boulevard in Broomfield, Colorado. The property sold for $2,000,000 on May 31, 2017. The property was 100 percent occupied by seven tenants at closing. Justin Krieger, Principal, represented the local seller and local buyer in the transaction.
“Due to the property’s high cap rate and continued strong demand for retail properties in the Denver/Boulder metro area, we received substantial buyer interest and went from contract to closing in under a month at full price.” said Krieger.