Transactions for Week of 05/22/17
LEGEND INVESTMENT GROUP ANNOUNCE SALE OF GREENBRIAR PLAZA
Denver, CO – Legend Investment Group is pleased to announce the successful disposition of Greenbriar Plaza, a 99,729-square-feet shopping center located in Denver, CO. Built in 1957 and renovated in 1992, the property is located within the northwest corridor of the city and county of Denver, on the corner of 72nd Avenue and Pecos Street. Greenbriar Plaza sold to a local Colorado investor who purchased the property as the down leg to a 1031 exchange. The property sold above list price at $12,000,000 and retired the existing assumable debt. The investors purchased the property for its ideal location in an expanding market and the nearby home development at Midtown.
TREVEY LAND AND COMMERCIAL COMPLETES SALE OF INVESTMENT PROPERTY IN KIOWA
Kiowa, CO – Trevey Land and Commercial has completed the $825,000 sale of a 100% leased Investment Property located at 7989 Cherrywood Loop, fully leased by national tenant Hayward Baker. Built in 2009 and situated on 4.46 acres, the property features 1,596-square-feet of office space and 6,600- square-feet heated warehouse space with an additional 1.5 acres rear storage lot. Mitch Trevey of Trevey Land and Commercial represented the seller in the transaction.
TREVEY LAND AND COMMERCIAL COMPLETES LEASE FOR BURN BOOTCAMP
Parker, CO – Trevey Land and Commercial has also completed the lease for 4,891-square-feet of retail space in the Stroh Ranch Retail Center on Parker Road. Burn Bootcamp occupied the space January 2017. Nick Nickerson and Mitch Trevey of Trevey Land and Commercial represented the landlord.
HREC ARRANGES SALE OF COMFORT SUITES LAKEWOOD, CO
Denver, CO – HREC Investment Advisors, a real estate brokerage and investment banking firm exclusively focused on the hospitality industry, is pleased to announce it has arranged the sale of the 71-room Comfort Suites located in the thriving Southwest Denver Metropolitan suburb of Lakewood, Colorado. Spirit Hospitality, a Hotel Development and Management Firm based in Fort Collins, Colorado, acquired the property. HREC Investment Advisors exclusively represented Sellers WA IV during the transaction. The sale was negotiated by Mike Dubé, Vice President, Jeffrey Duni, Senior Vice President, and Mike Cahill, CEO & Founder, all in the Denver office.
PINNACLE ANNOUNCES THE SALE OF A NET LEASED O’REILLY AUTO PARTS PROPERTY IN WHEAT RIDGE, CO
Denver, CO – Pinnacle Real Estate Advisors, LLC is pleased to announce the sale of the net leased O’Reilly Auto Parts property located at 4490 Wadsworth Boulevard in Wheat Ridge, Colorado. The property, an approximately 7,224-square-foot retail building on an approximately 0.82 acre site, sold for $1,560,000 on May 17, 2017. The property sold for 98 percent of the list price and is located on the corner of 45 th Avenue and Wadsworth Boulevard. O’Reilly, who has occupied the property for about ten years, recently exercised a five year option to extend their lease. Justin Krieger, principal, represented the seller and procured the buyer. “My client purchased this property for $960,300 about a year and a half ago when the tenant’s lease had much less time on it and their likelihood of staying was up in the air. Once O’Reilly exercised their five year option, buyers saw the property as a stable deal with low in-place rents instead of a potentially vacant building, and the value almost doubled,” said Krieger.