Industrial Portfolio Sells for $21.2M Off-Market
Malman Commercial Real Estate announced the off-market portfolio sale of 4999 Oakland Street in Denver and 18245 East 40th Avenue in Aurora, totaling 205,966 square feet for $21,250,000.
Malman Commercial Real Estate’s Jake Malman represented the Seller in this transaction. The buyer was unrepresented.
“These were great assets but were underperforming. They were sold to an institutional buyer who could stomach lower returns until the value could be extracted,” says Malman.
4999 Oakland Street is a 50,050-square-foot industrial warehouse building well-located off Havana/Peoria & I-70 in the Montbello neighborhood. The Seller entity of this property was 4999 LTD, a Colorado limited partnership. The Buyer entity was 4999 Oakland Owner LLC, a Delaware limited liability company.
18245 E. 40th Avenue is a 155,916-square-foot industrial distribution building in a prime northeast location within Gateway Business Park and has easy access to I-70, I-225, and Peña Boulevard. It is 100% leased to a strong publicly traded tenant. The seller entity of this property was 40th Street Partners, LLC, a Colorado limited liability company. The buyer entity was 18245 40th Owner, LLC, a Delaware limited liability company.
CBRE Announces Sale of Orchard Park Medical Center in Westminster
CBRE announced the sale of Orchard Park Medical Center, a two-story, 75,605-square-foot medical office building in Westminster, a suburb of Denver. An institutional fund based in Chicago purchased the building for an undisclosed amount.
Chris Bodnar, Brannan Knott, Cole Reethof, and Trent Jemmett of CBRE’s U.S. Healthcare Capital Markets team, along with Dann Burke and Stephani Gaskins of CBRE Denver’s Healthcare Leasing team, represented the seller, North Denver MOB LLC, an entity led by a group of physicians and Development Solutions Group.
“We were able to execute a complex sale which required physician re-investment on a tax-deferred basis while navigating the volatility of interest rates,” said Mr. Bodnar, vice chairman and head of U.S. Healthcare Capital Markets at CBRE. “This is a great outcome for both seller and buyer. Denver has long been a coveted healthcare real estate market, proven once again by the competitive bidding process we experienced with this transaction.”
Located at 14190 Orchard Pkwy. in Westminster, on the campus of CommonSpirit Health’s St. Anthony North Hospital, Orchard Park Medical Center was built in 2022 and was 93% leased at the time of sale. The medical facility is anchored by a state-of-the-art ambulatory surgery center leased to one of the most dominant orthopedic groups in Colorado, Panorama Orthopedics and Spine Center in partnership with CommonSpirit Health and United Surgical Partners International. It includes four operating rooms, two procedure rooms, and four 72-hour recovery beds. In addition to surgery, other specialties at the property include imaging, spine, orthopedics, cardiovascular, sleep, and prosthetics.
Senior Affordable Housing Community Sells for $9.5M
Colliers Multifamily Advisory Group announced the sale of The Pinewood Lodge Apartments for $9,500,000. The 103-unit community was originally built in 2004 under the Low-Income Housing Tax Credit (LIHTC) program. The community serves senior residents with rent restrictions based on 40% to 60% of the Area Median Income. Located at 200 South Ironton, Aurora, the property sits adjacent to bus transportation and near retail and entertainment.
Affordable housing remains a key issue in the Denver MSA, resulting in a significant amount of investors seeking investment opportunities in this space. Investors seek to acquire these attractive communities, preserve the affordability long-term, and benefit from durable cash flow resulting in strong interest from residents seeking affordable housing options.
Even with the volatile interest rate environment the buyer, Ulysses Development Group, was able to close the sale without disruption. The property will remain affordable for the foreseeable future under a long-term deed restriction.
Apartment Property in Denver’s Ruby Hill Neighborhood Sells for $1.9M
Capstone has closed the sale of 1400 W Louisiana Ave, a 10,528-square-foot multifamily property for the sale price of $1,915,000. Jason Koch & Christian Burgdorf of Capstone brokered the transaction.
This property consists of ten units, one 2-bedroom/1 bathroom, and nine 3-bedroom/1.5-bathroom units. Each unit features its own furnace and water heater, plus ample off-street parking available for tenants. A great low-income housing opportunity in Denver for the buyer.
1400 West Louisiana is conveniently located in the Ruby Hill neighborhood, within walking distance of several parks within the area. The property is also easily accessible to I-25 & Santa Fe Drive.
The buyer is excited to operate the property and bring value to the asset through updating kitchens, bathrooms, and flooring throughout the units. This property acquisition adds to the already strong single-family portfolio that the investor owns in the Athmar Park & Ruby Hill Neighborhoods.
Pinnacle Announces Sale of 54-Unit Multifamily Property in Craig
Pinnacle Real Estate Advisors, LLC announced the sale of Timberglen Apartments, a 54-unit multifamily property for $4,950,000 located at 3465 Douglas St in Craig, Colorado. Michael Krebsbach, vice president, and Kenny Clarke, associate advisor, worked with both sides in the transaction.
“We are excited for both parties in this transaction and are pleased with the results. Through its listing process, we were able to generate multiple competing offers, creating a competitive environment. This resulted in a combination of strong pricing and terms from all bidders. The seller is looking forward to moving on and focusing on other projects. The buyer successfully satisfied their 1031 Exchange and is picking up where the Seller left off in capturing further upside on this desirable asset in a Colorado mountain market,” said Krebsbach and Clarke.