Transactions Report for Week 05/29/17
Etkin Johnson Completes Sale of Clear Creek Business Center
Etkin Johnson Real Estate Partners, a full-service, privately owned commercial real estate investment and development company based in Colorado, just announced the sale of Clear Creek Business Center at 6800-6880 N. Broadway in Denver to Watumull Properties Corp. for $18.1 million.
“Clear Creek Business Center has been part of the Etkin Johnson portfolio for 12 years, and we are working closely with Watumull Properties to create a smooth transition for all of our tenants there,” said Derek Conn, executive vice president and partner at Etkin Johnson. “This sale will allow us to better focus on existing properties in the area as well as new developments and potential acquisitions.”
Originally constructed between 1984 and 1987, this 8-building business park includes 187,865-square-feet of office/flex space. The property currently has 47 tenants occupying suites ranging from 526 to 19,415-square-feet and was 95 percent leased at the time of sale.
Clear Creek Business Center is highly visible and accessible at the confluence of I-25, US-36 and I-76, with proximity to multiple amenities. Its single-story design offers flexibility for a wide range of small to large users with fully sprinklered buildings, 10-foot windows, individual HVAC units, 10- by 10-foot drive-in doors and 14- to 16-foot clear ceiling heights.
“Thanks to our best-in-class leasing and property management teams, we were able to achieve dramatic rent growth over the last several years while maintaining near full occupancy,” added Conn. “This made for an exceptional investment opportunity for a qualified buyer.”
Etkin Johnson and Watumull Properties were both represented by brokers Brad Calbert and TJ Smith of Colliers International in the transaction.
Etkin Johnson currently owns nearly 5 million square feet of industrial, commercial, hospitality and multifamily properties in Colorado, including 1.2 million-square-feet (and growing) in the Colorado Technology Center.
Sheldon-Gold Realty INC. Announced the Following Sales and Leases
- 10800 E. BETHANY DRIVE LLC purchased a 38,64-square-foot office building at 10800 E. Bethany Dr., Aurora CO for $2,217,000. The Seller was Enable Properties LLC. The Seller was represented by Eric Gold of Sheldon-Gold Realty Inc. The Buyer was unrepresented. SSS LLC purchased a 8,205 square foot office building at 10630 E. Bethany Dr., Aurora CO for $650,000. The Seller was Lawsco Properties LLC Eric Gold of Sheldon-Gold Realty Inc. was the transaction broker.
- COLORADO MANAGEMENT AND ASSOCIATES leased 6,193-square-feet of office space at 7430 E. Caley Ave., Suite 120E, Centennial CO. The landlord was represented by Natasha Felten of Colorado Commercial Companies. The tenant was represented by Eric Gold of Sheldon-Gold Realty Inc.
- CASCADE TECHNICAL SERVICES LLC leased 5,056 square feet of industrial space at 34501 E. Quincy, Watkins CO. The landlord was represented by George Moseley of Sheldon-Gold Realty Inc. The tenant was unrepresented.
- A MAN WITH A VAN subleased 5,000-square-feet of industrial space at 6125 E. 56th Ave., Unit b, Commerce City CO. The landlord was represented by Dan Arizumi of Sheldon-Gold Realty Inc. The tenant was represented by Greg Knott and Zach Smith of Unique Properties.
- SUMMIT LIGHTING INC. subleased 5,000 square feet of industrial space at 6125 E. 56th Ave., Unit G, Commerce City CO. The landlord was represented by Dan Arizumi of Sheldon-Gold Realty Inc. The tenant was represented by Steve Serenyi of Colliers International
HFF Closes $12.175 Million Sale of Tiffany Square in Colorado Springs, Colorado
Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $12.175 million sale of Tiffany Square, a 184,219-square-foot office building in Colorado Springs, Colorado.
HFF marketed the property on behalf of the seller, a real estate investment trust, and procured the buyer, U-Haul Amerco Real Estate Company.
Tiffany Square is located at 6805 Corporate Drive just off Interstate 25 in the Northwest submarket of Colorado Springs. The property has a large amenity base, including close proximity to Downtown Colorado Springs, the University of Colorado at Colorado Springs, Denver Tech Center and University Village Colorado, which is an 80-acre master-planned retail center. The two-story property is 74.6 percent leased to five tenants and also includes a 6.26-acre surface parking lot that is zoned for industrial development.
The HFF investment sales team representing the seller was led by managing director Jules Sherwood.
ARA Newmark Sells The Perry Apartments for $4,800,000
Sale Price: $4,800,000
Price Per Unit: $228,571
Price Per Sq. Ft.: $455.41
“The sale of The Perry Apartments represents a record sale price per square foot in the Sloan’s Lake neighborhood for a renovated building. The quality of the top-to-bottom renovations at the property is superior to that of any other comparable property in the Central Denver market. Carports, off-street parking and storage lockers will provide the buyer with additional sources of income. The proximity to both Sloan’s Lake and Alamo Drafthouse, in addition to other amenities at the St. Anthony Hospital campus redevelopment, makes this property a great investment for the future,” said Director Robert Bradley.
LA NILLA APARTMENTS SOLD FOR $1,300,000
Pinnacle Real Estate Advisors, LLC is pleased to announce the sale of 2561 Jellison Street in Lakewood, Colorado. The 8-unit property sold on May 30th with a contract price of $1,300,000; $162,500 per unit and $196.02 per square foot. The property was constructed in 1959. Josh Newell, Principal, represented the local seller in the transaction.