Transactions Report Week of 02.19.18
CBRE Completes $2.79M Sale of Rustic Hills Marketplace
CBRE announced the $2.79 million sale of Rustic Hills Marketplace, a multi-tenant retail center located at 1330-1360 North Academy Boulevard in Colorado Springs. Brad Lyons, Matthew Henrichs and Parker Brown with CBRE Capital Markets, National Retail Partners in Denver, represented the seller, Madison Realty Investors of Denver. The buyer, a private capital investor out of Colorado Springs, purchased the property as part of a 1031 exchange.
“We continue to see strong demand for small format retail centers in growing markets like Colorado Springs, where investors understand they can achieve a greater return than they otherwise might,” said Brown. “While Rustic Hills Marketplace provided reliable in-place cash flows from the existing tenants, the investor was also interested in this property because of the opportunity to generate additional rental revenue and ancillary revenue, thus increasing its NOI and cash flow.”
Rustic Hills Marketplace was approximately 89 percent leased at the time of sale. Built in 1985, the retail center consists of two adjoining buildings that together total 38,275 rentable square feet on a 2.9-acre parcel of land. Current tenants represent a mix of national and local retailers, including Aaron’s, Inc., The Camp Transformation Center, Gracie Barra Brazilian Jiu Jitsu, Flavor Monster Vape Shop, Capri Fitness Studio and Muse Comics & Games. The property is located along Academy Boulevard, one of Colorado Springs’ most heavily trafficked north-south arterials with an average daily traffic volume in excess of 60,000 vehicles.
Andrew Evans of Madison Realty Investors stated, “After several years renovating, repositioning, and re-tenanting the entire asset, we successfully transformed a struggling property and created a stable, durable and performing asset. We are pleased and impressed by the results and execution provided by CBRE and their entire team.”
HFF Announces Sale of Koko Plaza in Louisville
Holliday Fenoglio Fowler, L.P. (HFF) announced the sale of Koko Plaza, a 34,174-square-foot, mixed-use office and retail center in Louisville. The HFF team marketed the property on behalf of the seller, EverWest Real Estate Partners, LLC, and procured the buyer, Star Mesa Properties.
Koko Plaza is 98 percent leased to 19 tenants with spaces ranging from 130 square feet to 4,659 square feet per tenant. Completed in 2002 and renovated in 2014, the property is strategically located at 901 and 917 Front Street at the confluence of downtown Louisville, a future commuter rail stop and the DeLo residential and retail development.
The HFF investment advisory team representing the seller included managing director Jules Sherwood.
- Newmark Knight Frank announced the sale of a 6,384-square-foot mixed-use space at 650 Kennedy Drive in Northglenn for $450,000. Frank Griffin of Newmark represented the seller, Good Shepard Presbyterian Church. The buyer, Purple Moon Family Childcare, LLC, was presented by Keller Williams Preferred Realty.
Newmark Knight Frank announced the sale of a 2,366-square-foot industrial space, located at 9892 Titan Circle in Littleton, for $270,000. Steven Fletcher of Newmark represented the seller, Robert C. Nice, and the buyer, Red Point Distributing, LLC.
- Marcus & Millichap announced the sale of 4600 E 48th Avenue, a 82,380-square foot industrial property located in Denver for $6.95 million. Brandon Kramer, an investment specialist in Marcus & Millichap’s Denver office, represented the buyer, a limited liability company, while the seller represented himself through a brokerage entity known as Novel Commercial.
- Pinnacle Real Estate Advisors, LLC announced the sale of 4331 Ericson Drive in Colorado Springs for $370,000 ($92,500 per unit). Corey Sandberg and Jeff Johnson, with the Johnson Ritter Team, represented the buyer.
Pinnacle Real Estate Advisors, LLC announced the sale of 1675 Gilpin Street for a contract price of $3.275 million ($192,647 per unit; $326 per square foot). Principal Robert Lawson represented the buyer in the transaction.