Retail Complex in Parker Sells in 1031-Exchange
Country Meadows Square, a multi-tenant retail complex located at 19539 Hess Rd in Parker that what was built in 2018, has sold for $7,700,000 ($319.70/SF)
Jeff Johnson and Corey Sandberg, at Pinnacle Real Estate Advisors, LLC, represented the buyer in the transaction.
“The completion of this transaction fulfills our client’s 1031-exchange from the disposition of a local apartment complex that had built up a large amount of equity for the owner. In spite of the strong cash flow, the seller was receiving a relatively low return on their equity. Additionally, with an older property, there was a lot of management responsibility and frequent maintenance issues. We were able to identify these issues and promoted a 1031-Exchange for the owner to trade into a newly built multi-tenant retail asset with far fewer management and maintenance issues,” stated Jeff Johnson, co-founder and principal of Pinnacle Real Estate Advisors.
“Country Meadows is located in a high net worth and rapidly expanding area. With one vacancy remaining to be leased up, combined with below market in-place lease rates, our client inherits the ability to continue to add value. The core of the tenants are on long, NNN leases, which will equate to stable cash flow from this trophy retail asset,” stated Corey Sandberg, associate advisor at Pinnacle Real Estate Advisors.