Transactions Report Week Ending 07.13.18
Pinnacle Announces Sale of Bridgeside Professional Building in Parker
Pinnacle Real Estate Advisors, LLC announced the sale of 11031 South Pikes Peak Drive located in Parker. The 12,324 square foot office building sold for $2.1 million ($170.40 per square foot). Tom Ethington and Rob Edwards of The Edwards | Ethington Team represented the buyer, while Nick Nickerson and Mitch Trevey of Trevey Land and Commercial represented the seller.
“The local Colorado buyer will enjoy stable cash flow with potential rent upside in the future. The property shows well, and the newer roof adds to the presence of the building,” stated Ethington.
Built in 1985, Bridgeside Professional Building is fully occupied. Located at the southern end of Downtown Parker, Bridgeside Professional Building has northern access from Mainstreet and southern access from Twenty Mile Road and Hilltop Road. The building is adjacent to Parker Flats at Old Town Apartments and Parker Center Shopping Center, and is minutes from O’Brien Park in addition to other shops and restaurants.
HFF Announces Sale of Cherry Creek Place I and II in Aurora
Holliday Fenoglio Fowler, L.P. (HFF) announced the sale of Cherry Creek Place I and II, a two-building, 400,000-square-foot office building in the Denver-area community of Aurora. The HFF investment advisory team representing the seller, Northstar Commercial Partners, consisted of Senior Managing Director Mark Katz, Managing Director Jules Sherwood and Senior Director Peter Merrion.
Cherry Creek Place I and II is located at 3131 and 3190 south Vaughn Way at the interchange of Interstate 225 and Parker Road in the Aurora submarket. The two six-story, Energy Star-rated buildings have average floorplates of approximately 33,000 square feet and offer tenants a host of amenities such as full-service fitness facilities with locker rooms and showers, full-service cafes and a conference facility with video equipment.
Cherry Creek Place I and II is 94.7 percent leased overall to tenants, including Verizon Wireless, ADT, Regus and the State of Colorado.
“Northstar carried out high-quality building renovations at Cherry Creek Place I and II and the property featured great tenancy, including ADT and Verizon,” said Merrion. “The quality of the property and tenancy, combined with the strong market fundamentals and the proximity to the R-Line helped generate significant investor interest in Cherry Creek Place I and II.”
Pinnacle Announces Sale of 12-unit Apartment Building in Wheat Ridge
Pinnacle announced the sale of 5995 W 29th Avenue located in Wheat Ridge for for $1.911 million ($159,250 per unit; $254.63 per square foot). Scott Fetter and Joe Hornstein represented the buyer and seller.
“This deal was a classic example of how the 1031 can be used to improve cash flow, or location, or condition, etc. In this case, the buyers achieved all three objectives,” Fetter said. “The property is well suited to provide cash flow if the market slows and the buyers got a great loan through Freddie Mac to further improve cash flow from their downleg asset in Aurora.”
- Pinnacle announced the sale of 6130 West 40th Avenue in Wheat Ridge. The turn-key 14-unit property, built in 1956, is located near West 38th Avenue retail. The property sold for $2.575 million ($183,929 per unit; $243 per square foot).
- Pinnacle announced the sale of 1695 Clinton Street located in Aurora for $1.25 million ($104,167 per unit; $161.50 per square foot). Joe Hornstein and Scott Fetter, of the Hornstein Fetter Apartment Group, represented the seller. Thomas Graeve, of the Front Range Team, represented the buyer.
- Newmark Knight Frank announced the office sale of 370 Interlocken Blvd. in Broomfield for $29 million ($150,656 per square foot). John Jugl Jr. and Paul Donahue from Newmark represented the seller.
- Newmark Knight Frank announced the industrial sale of 1415 Park Avenue in West Denver for $8.582 million (23,950 per square foot). Riki Hashimoto and Daniel Grooters from Newmark represented the seller.