Transactions Report for Week of 07.03.17
Colorado Springs Apartment Complex Sells for Fourth Time Since 2014
Colliers International Multifamily Advisory Group is pleased to announce the sale of Midtown Flats Apartments (FKA Gallery Apartments) a 58-Unit Community, built in 1970. The property sold for $4,030,000 or $69,483/unit. At $138/sf, this sale represents the second highest $/sf for a multifamily property built prior 1980 to sell in Colorado Springs in the last several years, according to research on Costar.
The seller, Mercury Real Estate Partners, was represented by Craig Stack and Bill Morkes of Colliers Multifamily Advisory Group. The buyer, Midtown Flats, LLC, was self-represented. The property was marketed to target investment groups and received multiple competing offers.
The property located at 3950-3960 Galley Road in central Colorado Springs; featured two buildings, a barbeque area and leasing office. The property was rebranded by Mercury Real Estate Partners and received common area updates over their ownership term. The property has traded hands four times since 2014, demonstrating the strength and growth of the Colorado Springs apartment market.
SHELDON-GOLD REALTY INC. ANNOUNCES THE FOLLOWING SALES AND LEASES:
SALES: MILESTONE PEDIATRIC THERAPY SERVICES purchased a 2,904-square-foot office condominium at 6970 S. Holly Units 200 & 201, Centennial for $392,587. The Seller was Centennial Corporate Services LLC. The Seller was represented by Eric Gold of Sheldon-Gold Realty Inc. The Buyer was represented by Thomas Powell of Equity Colorado Real Estate.
LEASES: FINAL HARVEST CHRISTIAN CENTER leased 11,633 square feet of flex space at 14100 E. Jewell Ave., Units 28-32, Aurora CO. The landlord was represented by Robert Hudgins of Cushman & Wakefield. The tenant was represented by George Moseley of Sheldon-Gold Realty Inc.
IMPERIAL GAS COMPANY leased 5,875-square-feet of industrial space at 34501 E. Quincy, Building 28, Watkins CO. The landlord was represented by George Moseley of Sheldon-Gold Realty Inc. The tenant was unrepresented.
TOMAZAN HILLYARD & CLOR LLP leased 4,120-square-feet of office space at 5445 DTC Parkway, Suite 1035, Greenwood Village CO. The landlord was represented by Sergio Castenada of CBRE. The tenant was represented by Eric Gold of Sheldon-Gold Realty Inc.
MARCUS & MILLICHAP SELLS LAKEPOINT CENTER FOR $6.2M
Marcus & Millichap, a leading commercial real estate investment services firm with offices throughout the United States and Canada, recently announced the sale of Lakepoint Center, a 32,944-square-foot office property located in Evergreen, Colorado, according to Bob Kaplan, regional manager of the firm’s Denver office. The asset sold for $6,250,000.
Brian C. Smith, CCIM, and Lee Blackburn, investment specialists in Marcus & Millichap’s Denver office, had the exclusive listing to market the property on behalf of the seller, a private investor. “This property exemplified pride of ownership by a seller, who was pleased by the overall transaction process and record setting price retained by the listing team,” said Smith.
The buyer, a limited liability company, was procured by Cory Gross, an investment specialist in the Denver office and Associate Director of the National Retail Group. According to Gross, “the local 1031 exchange buyer was attracted to the property because of its great mix of long-term tenants and its premier location on Evergreen Lake with proximity to downtown Evergreen.” Gross added that “the property is highly unique because it is located in a supply-constrained market where all of the surrounding land encompassing the lake is publicly owned, making it impossible to try to replicate the property.”
Lakepoint Center is a multi-tenant office/retail building located at 29001-29029 Upper Bear Creek Road, directly adjacent to Evergreen Lake and Evergreen Golf Course.
MARCUS & MILLICHAP ARRANGES THE SALE OF A 42-ROOM MOTEL 6 IN FORT LUPTON
Marcus & Millichap, also recently announced the sale of Motel 6, a 42-room hospitality property located in Fort Lupton, Colorado, according to Robert Kaplan, regional manager of the firm’s Denver office.
Neville Rustomjee, a senior associate in the firm’s Denver office, had the exclusive listing to market the property on behalf of the seller, a private investor. Marcus & Millichap’s national platform facilitated the procurement of an out-of-state buyer, a private investor from Charlotte, North Carolina.
This Motel 6 property is located at 65 S Grand Avenue in Fort Lupton, close to Adams County Fairground and the Colorado National Speedway.
Mr. Rustomjee was recently promoted to Director – National Hospitality Group (NHG) due to his continued success in selling hotels. This Motel 6 sale was the fourth hotel he has closed in the first half of 2017.
PINNACLE ANNOUNCES THE SALE OF 1815 FEDERAL BOULEVARD IN DENVER
Pinnacle Real Estate Advisors, LLC is pleased to announce the sale of 1815 Federal Boulevard located in Denver, Colorado. The 3,121-square-foot retail building sold on for $800,000 or $256.33 per square foot. Justin Brockman, Principal, and Chris Student, Associate Advisor, represented the seller and Pete Foster, Senior Advisor, represented the buyer in the transaction.
“This purchase is part of an assemblage to be leased and potentially developed,” stated Foster. “We feel this area is improving and the traffic count and proximity to Mile High Stadium presents outstanding opportunity.”