Transactions Report Week of 03.19.18
NavPoint Real Estate Group’s Sells Office Building in Greenwood Village for $3.35M
NavPoint Real Estate Group announced the sale of a 33,221-square-foot office building at 5420 S. Quebec Street in Greenwood Village. Charlie Davis and Matt Call of NavPoint Real Estate Group represented the buyer, Timberline Professional Center LLC. Joseph Cantalamessa of Cantalamessa Partners represented the seller, Quebecview LLC.
The property is located in the desirable Landmark area with easy access to I-25 from S. Quebec Street and Belleview Avenue. The buyer has begun a complete renovation of the property and plans to create a “Class A” professional building. Timberline Professional Center will be an office condo project and has received strong interest from medical users in particular.
Pinnacle Announces Sale of Two Apartment Assets in Aurora
Pinnacle Real Estate Advisors, LLC announced the sale of 1631 Clinton Street and 1633 Alton Street. The Clinton Street property sold for $565,000 ($94,167 per unit), and the Alton Street property sold for $410,000 ($82,000 per unit). Andrew Monette and Jeff Johnson, with the Johnson Ritter Team, represented the seller in the transaction and Josh Newell and Barton Thompson, of the Newell Team, represented the buyers.
“Because the seller owned the properties outright, his return on equity was nowhere near what it should have been. We were able to help the seller dispose of these assets at a 6.28% CAP rate and traded him into a property operating at a 10.45% CAP rate,” stated Monette. “This ultimately resulted in an increase in his annual cash flow of over $86,000.”
The multifamily properties have a combined 11 units. The buildings are located south of the Stanley Marketplace in Aurora. The capital improvements for each asset include a new roof, new exterior paint, and updated vinyl windows.
“These properties fit well into the buyers’ value-add acquisition model,” added Newell.
- Nexus Commercial Real Estate brokered the sale of Park Plaza Apartments, located at 2250 Josephine St. in Denver. Anchor Josephine LLC acquired the apartment building from Park Plaza Josephine LLC for $3.2 million. The 22-unit building features 20 one-bedroom units, one studio apartment and one two-bedroom unit. Adam Riddle of Nexus represented the seller, while Riddle and Austin Smith, also of Nexus, represented the buyer in the deal.
Lincoln Property Company announced the expansion and relocation of Covercraft to a 43,855-square-foot space at 13450 E. Smith Road in the I225 Business Center. Covercraft was represented by Paul Kluck of CBRE and Lincoln Property Company was represented by Mark Dwyer.
Pinnacle Real Estate Advisors, LLC announced the sale of 1189 South Perry Street in Castle Rock. This office building, built in 2005, sold for $3.45 million ($269.51 per square foot). Corey Sandberg and Jeff Johnson, with the Johnson Ritter Team, represented the seller.
- Pinnacle also announced the sale of 556 Village Square Lane located in Castle Rock. The 6,000-square-foot building sold for $1.915 million ($319 per square foot). Principals Rob Edwards and Tom Ethington represented the seller, GEC Real Estate of Denver, LLC. Principals Kevin Calame and Matt Lewallen represented the buyer, 556 Village Square, LLC.
- Pinnacle also announced the sale of 4400 Rawhide Road located in Pueblo. The 31-unit-multifamily building sold for $2.57 million ($82,903 per unit). Principal Jamie Mitchell and Senior Advisor Michael Krebsbach represented the seller in the transaction.