Marcus & Millichap Announces Sale of Oakbrook Shopping Center
Marcus & Millichap has announced the sale of Oakbrook Shopping Center, a 78,571-square-foot shopping center located at 309-311 E County Line Rd in Littleton.
Ryan Bowlby and Drew Isaac, retail investment sales agents in the firm’s Denver office, had the exclusive listing to market the property on behalf of the seller, Sidford Capital, a Denver based real estate investment company.
The property consists of a 30,466-square-foot neighborhood strip center 100% leased to fifteen tenants and a 48,215-square-foot O’Reilly Auto Parts Super Hub anchor space. The assets sold in separate transactions to different buyers for a combined price of $13,503,000.
The exit was the culmination of a repositioning and lease-up strategy executed by Sidford Capital which acquired the property for $8,200,000 in 2022. At the time of purchase, the property was 30% leased.
“Our firm was able to reposition an asset that had struggled for decades. Through an aggressive leasing campaign and capital investment, we transformed this property from 30% leased to 100% in under 12 months. Since we had reached our investment objectives ahead of schedule, we decided to take advantage of the strong retail investment sales market to create a very positive outcome for our company and investors. Our firm continues to be on the hunt for additional value-add opportunities in the Colorado market,” Dan Grooters, principal of Sidford Capital, commented.
“This disposition is a great example of when the sum of the parts of a shopping center are worth more than the whole. Disposition via a break-up sale continues to be a highly effective strategy for creating value, especially when an investment-grade tenant accounts for a significant portion of the income stream,” said Isaac.
“Neighborhood retail shopping centers are among the most sought-after product types in the post-pandemic commercial real estate investment cycle. We had significant interest in the multi-tenant portion, as new capital sources (national & local) continue to chase these centers,” added Bowlby.
Class A Fuzzy’s Taco Shop Asset Sells for $3.5M in Colroado Springs
Cushman & Wakefield announced the firm recently advised the sale of a modern Class A retail investment property located at 1375 Interquest Pkwy in Colorado Springs. The 5,160-square-foot property is fully leased on a triple net (NNN) basis to Fuzzy’s Taco Shop, a fast-casual restaurant serving Baja-style Mexican food, with 150 locations in the US. The property was acquired by Patterson Living Trust for $3.5 million or $678 per square foot.
Cushman & Wakefield’s Jared Goodman, Anne Spry, Aki Palmer, and Cole VanMeveren represented the seller, RBR Interquest R E LLC, in the transaction.
“This is a strong investment asset that is fully leased to a robust tenant that is an established high volume, multi-unit franchisee with over 35 years of experience in the restaurant industry,” said Jared Goodman.
Aki Palmer added, “This seller-leaseback transaction provided a win-win scenario for both buyer and seller due to the tenant’s exceptional and streamlined operations. This Fuzzy’s performs very well and will provide steady cash flow for the buyer which executed a 1031 exchange.”
1375 Interquest Pkwy is a freestanding retail building on ±1.51 acres featuring a large patio, 60 parking spaces and is well located at the bustling intersection of Interquest and Voyager parkways. Located within minutes of Interstate 25, the property is situated in a popular retail trade area and is near an attractive mix of hospitality, residential, and business.
Quiver Investments, a leading commercial real estate brokerage firm in Denver, is pleased to announce the successful sale of an office building together with an adjacent development pad in Westminster, Colorado. Quiver Investments represented the seller in the transaction.
Quiver Investments Announces Sale of Westminster Office Building and Vacant Land Parcel
Quiver Investments, a leading commercial real estate brokerage firm in Denver, sold a 54,721-square-foot office building with an adjacent development pad for $5,995,000 in Westminster.
The office building has been very well maintained by the seller throughout their ownership, making it one of the more attractive office options along the 120th Avenue corridor. Quiver Investments had been marketing the adjacent 2.5-acre development pad for sale on behalf of a long-time repeat client when the buyer, a nearby owner-user represented by Paul Cattin of Platinum CRE, inquired about the site. Those conversations ultimately expanded into an off-market purchase of both the development pad and the adjacent office building.
“We are having a lot more conversations with investors in recent weeks about office opportunities across the front range” said Ben Swanson of Quiver Investments. “This sale demonstrates the enduring need for office space from which we anticipate increasing investor appetite for quality assets such as this going into 2025.”
Pinnacle Announces Sale of Sage Creek Townhomes in Thornton
Josh Newell, owner/principal at Pinnacle Real Estate Advisors, LLC, announced the successful sale of the Sage Creek Townhomes in Thornton. The transaction involves 37 individually deeded townhome units, part of a larger 176-unit townhome complex built between 2005 and 2010.
“Broken condo deals can present challenges due to various factors such as homeowner associations and debt requirements, but My Team and I successfully executed a targeted and strategic sales process that generated significant interest, resulting in ten competing offers. The property was ultimately sold to an all-cash, out-of-state Buyer,” stated Newell.
Sage Creek Townhomes closed on November 19, 2024, with a sale price of $12,025,000, equating to $325,000 per unit and $225 per square foot. Josh Newell represented both the seller and the buyer in this transaction.
Madison Commercial Properties Brokers Sale of 2,140 SF Freestanding Retail/Office Property in Aurora
Madison Commercial Properties announced the sale of 10400 E Evans Avenue & 2155 S Havana Street in Aurora. The 2,140 SF freestanding retail/office property and 2,665 SF auxiliary storage building on 1.16 acres of land sold to an owner-user on November 14 for $1,200,000 or $250/SF.
Brandon Gouker and Brian Costello, managing partners with Madison Commercial Properties represented the seller in the transaction.
“Our aggressive marketing efforts created a bidding environment, leading to multiple offers and allowing us to achieve 100% of list price within 30 days of going to the market,” stated Brandon Gouker, managing partner with Madison Commercial Properties.
