Transactions Report Week of 10.30.17
Pinnacle Announces the Sale of 2626 E. Colfax Avenue
Pinnacle Real Estate Advisors, LLC announced the sale of 2626 East Colfax Avenue in Denver. The 2,329 square foot vacant building sold for $745,000 or $320 per square foot. Principals Robert Edwards and Tom Ethington represented the seller in the transaction.
“This is the second time we helped The Wag Shop with their real estate needs. We were quick to help when we got the call about how their business plan had changed from brick and mortar retail to high-end mobile grooming vans,” stated Edwards. “The deal was a win-win for both buyer and seller. Everyone loved the hard corner location across from East High School, large monument sign, and off-street parking spaces.”
Former Wurstküche Restaurant Sold
Unique Properties, Inc. announced the sale of 2036 Broadway in Denver. The retail/restaurant building is 8,257 SF and sold for $2,400,000, or approximately $291 per square foot.
DASCO LLLP purchased the property from Brick and Mortar, LLC. Tim Finholm and Sam Leger, both Executive Vice Presidents at Unique Properties, Inc. / TCN Worldwide, represented the seller in the transaction.
The turn-key restaurant was renovated in 2014 with top-of- the-line finishes, large patio, a complete beer cooler system with 24 lines, and office/live-work space. Its prominent location on Broadway offers easy access to Downtown Denver and Union Station.
NavPoint Real Estate Group Sells 7,840 SF Retail Building in Pueblo for $2,620,000
NavPoint Real Estate Group announced the sale of 7,840 SF Retail Building at 4410 N. Freeway Road in Pueblo. The seller was Doldrews LLC. The buyer was W.S.A Fraternal Life.
John Witt and Matt Call of NavPoint Real Estate Group represented the seller. Kevin Cordova of The Kase Group represented the buyer.
Located off 1-25 and Eagleridge Blvd., the building was built in 1997 was renovated in 2010. The building is a Two-Tenant, Net Leased Retail Asset in Pueblo with 100% Leased Corporate Verizon Plus Corporate EyeMart Express.
Inland Real Estate Acquisitions, Inc. Facilitates the Purchase of Village Gardens Apartments
Inland Real Estate Acquisitions, Inc. announced that it negotiated and helped close the purchase of Village Gardens Apartments, a 141-unit multifamily property located in Fort Collins.
Senior Vice President Matthew Tice facilitated the transaction, with assistance from David Neboyskey, assistant vice president and associate counsel of The Inland Real Estate Group, LLC, Law Department, on behalf of an Inland affiliate.
Located at 1025 Oxford Lane, Village Gardens Apartments consists of 12 buildings with 39 one-bedroom, 66 two-bedroom and 36 three-bedroom units. Unit features include upgraded countertops, wood-style flooring, new cabinets and updated light fixtures. Community amenities include a fitness center, dog park, fire pit with gas grills, sand volleyball court, life-size chess set and an all-season indoor pool.
“Village Gardens Apartments marks the fourth multifamily property that Inland Real Estate Acquisitions, Inc. has helped purchase in Fort Collins,” said Tice. “Our familiarity with this market and the property’s close proximity to Colorado State University, various retailers and major employers made this an attractive purchase and a prime example of the multifamily acquisitions we continue to seek out.”
As of October 26, the property was 97 percent occupied.
ARA Newmark Sells Green Leaf Quail Ridge
ARA Newmark sold Green Leaf Quail Ridge at 501 East 102nd Avenue in Thorton for an undisclosed amount.
Vice Chairman Shane Ozment stated, “Green Leaf Quail Ridge is located in a very desirable area, just across the street from Thornton Town Center. The seller completed partial renovations to the units and the buyer will continue the proven value-add strategy. This property garnered interest from a diverse pool of investors due to the smaller size (140 units) and 1985 vintage.”
The two-story, tile-roofed buildings are unique and offer residents a one-to-one carport-to-unit ratio as well as ample uncovered parking. The Thornton Crossroads/104th Avenue Rail Station is five minutes from the property on the future North Metro Commuter Rail Line, which is set to open in 2019.