Transactions Report Week of 04.02.18
Chapel Hills Mall Sells for $33.5 Million
NKF Capital Markets announced the sale of Chapel Hills Mall located at 1710 Briargate Boulevard in Colorado Springs. Measuring over 1.1 million square feet of gross leasable area, 562,733 square feet is included in the sale. The mall was purchased by Mason Asset Management and Namdar Realty for $33.5 million ($59.53 per square foot). NKF Capital Markets Executive Managing Directors Thomas Dobrowski and Riki Hashimoto, Director Katharine French and Associate Ed Leinss handled the transaction.
Chapel Hills Mall is the second mall purchase in Colorado Springs for Mason Asset Management and Namdar Realty. Active throughout the United States, Mason Asset Management and Namdar Realty are considered the most active mall buyer in the country.
“With two malls owned in the Colorado Springs market (the first purchase was Citadel Mall), Mason Asset Management and Namdar Realty will be able to further capitalize on the region’s continued growth,” concluded Dobrowski.
Built in 1982 and renovated in both 1998 and 2013, Chapel Hills Mall is one of two enclosed malls servicing the Colorado Springs metropolitan area.
CBRE Completes $41M Sale of Willows at Printers Park Multifamily Community
CBRE announced the $41 million sale of the 220-unit multifamily community Willows at Printers Park, located at 2205 Willow Tree Grove in Colorado Springs. CBRE’s David Potarf, Dan Woodward, Matthew Barnett and Jake Young represented the seller, Griffis Blessing of Colorado Springs. The buyer was Security Properties Inc. of Seattle, Wash.
Built in 1999, Willows at Printers Park is a garden-style community consisting of mostly traditional apartment homes while also offering some unique, walk-up and townhome-style units. It is located two miles east of downtown Colorado Springs and has maintained a better than 95-percent occupancy over the past 12 months.
According to a press release issued by Security Properties, the company plans to continue the unit renovations initiated by prior ownership, add aesthetic upgrades to the clubhouse and expand amenities offerings.
$15.5 Million Shopping Center Sale Brokered by Marcus & Millichap
Marcus & Millichap announced the sale of Arbor Plaza, a 69,683-square-foot neighborhood retail center located in Fort Collins, for $15.5 million.
“Located on one of the best corners in Fort Collins, Arbor Plaza benefits from being shadow-anchored by a Walmart Supercenter,” says Drew Isaac, senior director of Marcus & Millichap’s National Retail Group (NRG) and first vice president investments in the firm’s Denver office.
Isaac had the exclusive listing to market the property on behalf of the seller, a local limited liability company. Ryan Bowlby, an NRG associate director and senior associate in the firm’s Denver office, secured the buyer, an out-of-state private investor.
“At a time when many are worried about how the internet is going to impact retail, particularly shopping centers, Arbor Plaza’s service-based retail tenant mix, and the synergies they create, position the property for long-term success,” adds Bowlby.
Constructed in 1986 and renovated in 2013, Arbor Plaza is located on the corner of S. College Avenue and W. Harmony Road in Fort Collins. The property is shadow-anchored by a Walmart Supercenter, not included in the sale. The transaction includes three ground-leased pad sites and inline shop space. Tenants include Panda Express, Fazoli’s, Firestone, Great Clips, Sola Salon Studios and H&R Block. At the time the sale, Arbor Plaza was 97 percent occupied.
- Stroh Ranch Development sold Hess Ranch, the City of Parker’s first major, fully integrated master planned community and one of the largest projects in Northern Douglas County, to JEN Colorado for $41 million. Stew Mosko of Cushman & Wakefield represented Stroh Ranch Development in selling the 1,133-acre parcel.
Pinnacle Real Estate Advisors, LLC announced the sale of 2217 Welton Street. The 4,645 square foot commercial property, built in 1921, sold for $1,335,000 ($287 per square foot). Principal Robert Lawson represented the buyer.
- Pinnacle also announced the sale of 1729 Pennsylvania Street in Denver. Originally developed as a service residence for the iconic Brown Palace, the 6,267 square foot Uptown apartment building sold at list price for $1.8 million ($287.22 per square foot). Erik Toll & JB Hochman represented the seller and Josh Newell and Connor Knutson represented the buyer.
Pinnacle also announced the sale of 730-740 Moore Street in Lakewood. Constructed in 1961, the 10-unit building sold for $1.75 million ($175,000 per unit; $192.31 per square foot). Principal Josh Newell represented the local buyer and seller.
NavPoint Real Estate Group announced the sale of the 1.41 acres of land at S. Perry Street & Plum Creek Parkway in Castle Rock. Matt Call, John Witt and Anthony Damico of NavPoint Real Estate Group represented the seller, South Perry Street, LLC. Doug James of RE/MAX Masters Millennium represented the buyer, Berkenkotter Motors, LLC.
NavPoint Real Estate Group also announced the sale of a 17,954-square-foot retail building at 3760 Dacoro Lane in Castle Rock. Matt Call of NavPoint Real Estate Group represented the buyer, Double JG, LLC. Tanner Johnson of Cushman & Wakefield represented the seller, Kelpaul Rock, LLC
Sheldon-Gold Realty Inc announced the sale of a 2,560-square-foot office condominium at 12385 E. Cornell Avenue in Aurora for $287,000. The seller, 12385 E. Cornell Ave., LLC, was represented by Eric Gold of Sheldon-Gold Realty Inc. The buyer was HARVEY C. WATERS LLC.
Trevey Land and Commercial announced the $3.85 million sale of a 100% leased 4.46-acre investment property with 17,005 square feet of retail space, located at 12840 & 12870 Stroh Ranch court. Mitch Trevey and Nick Nickerson of Trevey Land and Commercial represented the seller, Stroh Ranch LLLP. Seshu Velpuri of Homes of Rockies Realty represented the buyer, Donepudi Holdings LLC.
Trevey Land and Commercial also announced the lease for 5,353 square feet of retail space in the Twenty Mile Commerce Center at 18403 Longs Way. Elevation Cycles will occupy spring 2018. Nick Nickerson and Mitch Trevey of Trevey Land and Commercial represented the landlord and tenant in this transaction.