Transactions Report Week Ending 07.06.18
Transwestern Brokers Sale of 70,887 SF Property in Colorado Springs
Transwestern announced it brokered the sale of a 79,887-square-foot flex/research and development property at 4725 – 4755 Centennial Boulevard in Colorado Springs. The property was purchased for $3.95 million by Amerco Real Estate Co., an affiliate of U-Haul, which intends to occupy the building’s 32,226-square-foot vacancy. Transwestern Managing Directors Brad Cohen and Larry Thiel provided disposition services for DMARC 2007 – CD5 Centennial Boulevard LLC.
Built in 1998, the property is currently 59.7 percent occupied by two tenants, Thin Metal Parts and Peak Analysis Automation. The property is at the intersection of Garden of the Gods Boulevard and Centennial Boulevard, less than 3 miles from Garden of the Gods Park.
“The property offers the unique synergy of proximity to surrounding amenities and outdoor recreation opportunities, access to major Colorado Springs arterials, and incredible views of Pikes Peak and Cheyenne Mountain,” said Cohen. “The auction process resulted in a sales price that exceeded expectations and attracted over 12 initial bidders.”
Pinnacle Announces the Sale of Value-Add 5-Plex in Broomfield
Pinnacle Real Estate Advisors, LLC announced the sale of 101 Laurel Street in Broomfield for $625,000 ($125,000 per unit; $243 per square foot). Associate Advisor Luke Salazar and principals Robert Lawson and Jim Knowlton represented both the buyer and seller in the transaction.
The property featured a mix of one bedroom, two bedroom and studio units all individually metered for gas and electric.
“The seller maintained the property impeccably for 20+ years and the buyer hit a home run with an investment in their ideal location,” said Salazar.
Transwestern Brokers Sale of 75,831 SF Retail Center for $10.85M
Transwestern announced it provided disposition services for Transmark Co. in the sale of Broadridge Shopping Center at 6905 South Broadway in Littleton. The 75,831-square-foot shopping center was acquired by Fort Lauderdale-based SunCap Opportunity Fund LLC for $10.85 million. Managing Directors Brad Cohen and Larry Thiel of Transwestern’s Denver Capital Markets Group brokered the transaction on behalf of the seller.
Broadridge Shopping Center is 89 percent leased to 18 tenants and anchored by YouFit Health Club and Mountain High Appliance. The center features a newly built Andy’s Frozen Custard at the intersection of South Broadway and Ridge Road.
“Broadridge Shopping Center appealed to several investors seeking the stability of long-term leases, excellent demographics and the opportunity to develop on the site,” said Thiel. “After testing the market on two previous occasions, Transmark perfected the tenant mix, completed its capital plan and entrusted the Transwestern team to find the right buyer.”
- Pinnacle Real Estate Advisors, LLC announced the sale of 2035 South Josephine Street in Denver. The 21,674-square-foot, 40 unit multifamily building sold for $6.85 million ($316 per square foot; $171,250 per unit). Principal Kevin Calame represented seller, Old Faithful Properties, LLC. The buyer was Michael Blackman.
- ARA Newmark announced the land sale of 4000 Upham Street in Wheat Ridge. The 1.84 acres sold for $1.35 million. ARA represented the seller, Nodef Colorado, Inc.
- Unique Properties, Inc. announced the sale of 201 Ten Mile Drive in Granby. The multi-family, investment property sold for $2.5 million ($113.64 per square foot). Executive Vice Presidents Sam Leger and Tim Finholm, and Associate Broker Michael DeSantis represented the seller, Vailco Group, LLC.
- Unique Properties also announced the sale of 3090 Downing Street and 3057 Marion Street in Denver. The property sold for $2.95 million ($196.67 per square foot). Executive Vice Presidents Sam Leger and Tim Finholm represented the seller, Joel Chip, LLC.
- Unique Properties also announced the sale of 245 Century Circle, Units 201, 202, 203 and 204 in Louisville. The plug-and-play 4-unit office/condo sold for $850,000 ($249.85 per square foot). Executive Vice Presidents Sam Leger and Tim Finholm, and Associate Broker Michael DeSantis represented the seller, Elwin Land Company, LLC.
- Greystone Unique Apartment Group announced the sale of Southmoore Townhomes – 40 Townhome style units located at 1745 W 30th Street in Greeley. The townhomes sold for $5.3 million ($132,500 per unit). Philip Dankner represented the buyer in the transaction.
- Greystone Unique Apartment Group also announced the sale of 2459 W 11th St. – A 12 unit apartment building located in Greeley. The building sold for $1.175 million ($97,916 per unit). Philip Dankner represented the buyer in the transaction.
- Trevey Land and Commercial brokered the sale of the Bridgeside Professional Building at 11031 Pikes Peak Drive in Parker. The Class A property sold for $2.1 million. The seller, Pikes Peak Properties, LLC, was represented by Nick Nickerson and Mitch Trevey of Trevey Land and Commercial. The buyer was represented by Tom Ethington of Pinnacle Real Estate Advisors.