Shopping Center in Southeast Denver Sells for $7.7M
Cushman & Wakefield has advised the sale of Southgate Shopping Center, a 30,024-square-foot unanchored neighborhood shopping center located at 6802-6882 S Yosemite St in Centennial. The property is 83% leased to 13 tenants including food and beverage, financial services, fitness, and personal care services.
Arapahoe RHSW, LLC acquired the property for approximately $7.73 million. Cushman & Wakefield’s Jon Hendrickson, Aaron Johnson and Mitch Veremeychik represented the seller, Copper2, LLC, in the transaction.
“Southgate Shopping Center was an offering that southeast metro Denver residents knew. The local businesses are very successful and generate customer visits from a wide radius. The acquisition was attractive to a wide range of buyer profiles, from both in and out of state. The prevailing purchaser stood out as being passionate about owning the asset, while also being well capitalized, organized and experienced with the property profile,” said Executive Director Jon Hendrickson.
Comprising two multi-tenant, single-story retail buildings, Southgate Shopping Center provides excellent visibility from S Yosemite St and is located within southeast suburban Denver, just south of Arapahoe Rd — one of the area’s busiest commercial thoroughfares. Originally built in 1980, the center does not feature a large format space, with the largest tenant space being approximately 4,300 square feet. The property is also surrounded by tens of thousands of daytime employees and commercial business parks.
4,880 SF Office Building Sells for $1.9M in Denver
Unique Properties, Inc. / TCN Worldwide announced the sale of 1025 N Zuni Street, Denver. The buyer, 1025 Zuni Street, LLC was represented by Michael DeSantis and Brett MacDougall, and Hudson Cramer with Unique Properties, Inc. / TCN Worldwide. The property sold for $1,900,000 or $389.34/SF.
The property is a 4,880-square-foot flex building situated on a 7,700-square-foot lot at 8th & I-25, with some of the best visibility possible via I-25. The property consists of a mix of warehouse, office, and showroom space with top-of-the-line finishes. The building is perfect for a user needing a central location and high-end retail space with frontage on I-25.
Upon hearing the news that the previous Tenant, Trout’s Fly Fishing, was vacating the building the Brokers saw an opportunity to transact an off-market deal with one of their owner-user clients. Upon contacting the Seller directly and bringing the eventual Buyer through for a tour, the property was under contract within 5 days. The MacDougall/DeSantis Group was able to successfully close this off-market deal in less than 60 days.
The property was sold to 5280 Floors, a local flooring contractor who was previously leasing space nearby. The new owner plans to use the building for their showroom and offices. “We are very excited for our client, 5280 Floors, in this purchase that will ultimately allow the Buyer to grow their business and serve the community as they have been since their inception in 2011. This property offers a tremendous amount of visibility from I-25, and we just don’t see opportunities like this very often – it’s a great piece of real estate” stated Hudson Cramer with the MacDougall/DeSantis Group.
Pinnacle Announces Sale of 8 Units in Longmont
Adam Rakoczy, associate advisor, Luke Salazar, vice president, and Robert Lawson, principal at Pinnacle Real Estate Advisors, LLC announced the sale of 202 & 208 E Longs Peak Avenue, in Longmont. The 8-unit property sold on April 1 for a contract price of $2,180,000 ($272,500/Unit). The property, built in 1979, consisted of two side-by-side 4-plexes with spacious, townhome style 2Br/1.5Ba units featuring updated kitchens, flooring, baths and in-unit washers and dryers. Each unit also has a private fenced-in patio and the community recently got all new roofs and gutters.
“This transaction represents the patience of a 1031 Buyer who was willing to wait and see what the market would bear. After closing of his downleg property, we were able to find an off-market property that perfectly complemented the buyer’s current portfolio. The buyer was able to close quickly with an all-cash offer making this a win for both buyer and seller,” said Rakoczy.
NorthPeak Commercial Advisors Brokers 18-Unit Multifamily Property in Denver, CO for $3,950,000
NorthPeak Commercial Advisors announced the sale of 1120 N Logan St., an 18-unit, 9,456-square-foot apartment property in Denver.
Jack Sherman and Hunter Schaefer of NorthPeak Commercial Advisors worked with the buyer and seller in this transaction.
“This transaction presented its unique set of challenges from the start, notably navigating a 45% vacancy rate amidst a challenging lending landscape,” stated Sherman. “However, it was balanced by the property’s exceptional renovations and prime A+ location. Working closely with both the buyer and seller, we orchestrated a deal that was mutually beneficial. Utilizing short-term seller financing, we provided the buyer with the necessary runway to stabilize the property, while simultaneously enabling the seller to secure top-of-market pricing.”
Retail/Office Property Sells on Santa Fe Drive
Malman Commercial Real Estate announces the sale of 864 Santa Fe Drive, Denver, consisting of 3,774 square feet for $1,800,000.
Malman Commercial Real Estate’s Jake Malman and Dan Prevedel represented the seller, AMAC Holdings Ltd, a Colorado limited liability company. The buyer, Long Live Reality LLC, a Colorado limited liability company, was unrepresented in the transaction.
Malman Commercial Real Estate is a commercial real estate brokerage providing premier brokerage services to buyers, sellers, landlords, and tenants. The firm is located in Denver, CO and has experience on all asset types and classes, providing clients unrivaled precision.
Colliers Denver Announces Industrial Lease in Arvada
Colliers Denver has completed a lease transaction for 112,000 square feet at 14401 W. 65th Way, Arvada.
Steve Serenyi of Colliers Denver represented Kratos Industries, with Patrick McGettigan and Carmon Hicks of JLL who represented the landlord, in this transaction.
Mr. Serenyi had recently represented Kratos Industries in purchasing a 90,872-square-foot manufacturing facility near 6255 Joyce Drive. Impressively, Kratos Industries continues its expansion with a lease of 112,000 square feet at 14401 W 65th Way to satisfy its growing order for control equipment. Kratos Industries is a rapidly growing manufacturer of power switching, control equipment, and precision sheet metal fabrication.
