Transactions Report Week Ending 08.03.18
NavPoint Completes Sale of Brighton Mixed-Use Portfolio
NavPoint Real Estate Group announced it has completed the sale of a mixed-use portfolio of four buildings on Main Street in Downtown Brighton, totaling 37,392 square feet. The first property closed in July 2017 while the last closed in July 2018. The portfolio consisted of:
- 50 N Main – 9,192-square-foot, two-tenant retail building occupied by a local restaurant and gym. The transaction closed on 7/24/17 at a sales price of $905,000. The property was purchased by a local investor.
- 130 S Main – 8,500-square-foot, two-tenant income producing flex/retail building occupied by two daycare providers. The transaction closed on 1/23/18 at a sales price of $840,000. The property was purchased by a local investor.
- 29 N Main – 7,200-square-foot, multi-tenant office/retail building. The transaction closed on 6/20/18 at a sales price of $530,000. The property was purchased by an owner/user.
- 33 N Main – 12,500-square-foot, single tenant industrial/retail building. The transaction closed on 7/9/18 at a sales price of $772,500. The property was purchased by an owner user.
All four properties are conveniently located in the Historic District of Downtown Brighton. Matt Call and Jason Mayer of NavPoint Real Estate Group represented the seller in all four transactions.
Broad Street Realty Acquires 42,886 SF Neighborhood Shopping Center in Lakewood
Broad Street Realty LLC announced that an investment partnership controlled by the principals of Broad Street has acquired 42,886 square feet of retail space at what will be known as Lamar Station East Shopping Center, located at 6451 West Colfax Avenue in Lakewood.
Broad Street purchased the adjacent 200,858-square-foot property, Lamar Station Plaza, in May 2014 and has since remodeled and modernized the center with tenants such as Casa Bonita, WestFax Brewing Company, Dutch Brothers Coffee, Ross and Planet Fitness. Ownership of both centers will allow for a number of synergies including consistent branding and image, economies of scale for operating expenses and a cleaner center.
The newly acquired Lamar Station Plaza East property has been in distress for a number of years. Planned capital and aesthetic improvements will allow Broad Street to increase occupancy and improve overall tenant quality.
“We have enjoyed being a part of Lakewood’s vibrant West Colfax community during the past four years with Lamar Station Plaza, and look forward to continuing to build our strong relationships with the community and our tenants,” said Broad Street President Tom Yockey.
HFF Arranges $7M in Financing in Colorado Springs
Holliday Fenoglio Fowler, L.P. (HFF) has arranged $7.7 million in financing for two apartment properties — Alvarado Place and Solar Vista, both located in Colorado Springs. The borrower is Radford Investment Properties.
Brock Yaffe of HFF arranged two separate fixed-rate loans through the Freddie Mac Small Balance Loan program for the borrower. Proceeds from the loan for Alvarado Place refinanced a floating-rate loan the HFF team sourced for the borrower in 2016, while proceeds from the loan for Solar Vista were used to acquire the property.
Located at 1465 Alvarado Drive, Alvarado Place features 99 units in a mix of studio, one- and two-bedroom apartments averaging 519 square feet. Solar Vista, located at 1535 S. Eighth St., features 28 apartments in a mix of one- and two-bedroom layouts averaging 563 square feet.
Pinnacle Announces Sale of a 16-Unit Apartment Building in Littleton
Pinnacle Real Estate Advisors, LLC announced the sale of 502 & 582 West Prentice Avenue located in Littleton. The building sold for $2.045 million ($127,813 per unit; $186.86 per square foot). Eric Veith, Joe Hornstein and Scott Fetter of the Hornstein Fetter Apartment Group represented the buyer.
“The buyer was looking for a mid-sized apartment asset that he could reposition and add value to,” according to Veith. “The sellers were long-term owners that had kept good care of the property, but left plenty of room for the seller to improve rents. In the end, it was a perfect fit for the buyer, as he will be well-positioned to step in and start improving the performance very quickly.”
This multifamily property has 16 units and was built in 1971.
Denver Diner sells for $3.6M
Denver-based real estate firm Brue Baukol Capital Partners bought the iconic Denver Diner, a 3,646-square-foot building located at 740 W. Colfax Avenue. George Skordos sold the 0.37-acre lot for $3.6 million ($959.96 per square foot). MidFirst Bank provided financing for the deal.
- ARA Newmark announced the sale of Broadway Ridge in Colorado Springs for $5.3 million ($203,846 per unit; $143.53 per square foot).
- Pinnacle also announced the sale of 1930 Vinewood Lane located in Pueblo. The 12 unit multifamily building sold for $800,000 ($66,667 per unit). Senior Advisor Thomas Graeve and Associate Advisor Dallas Sherman represented the buyer.
- Pinnacle also announced the sale of 415 & 435 South 2nd Street located in Carbondale. The property sold for $1.629 million ($271,500 per unit; $260.51 per square foot). Joe Hornstein and Scott Fetter of the Hornstein Fetter Apartment Group represented the buyer.