Transactions Report Week Ending 02.22.19
Club Pilates is Coming to Lowry Town Center
Weingarten Realty announced Club Pilates leased 1,525 square feet at Lowry Town Center in Denver.
Lowry Town Center is located on Quebec Street just north of Lowry Boulevard in a rapidly-growing neighborhood east of downtown Denver. Anchored by Safeway, Lowry Town Center provides an open-air shopping environment with an exciting mix of both local and national tenants.
Club Pilates was established in San Diego, California in 2007 and has 475 active studios and over 600 scheduled to open soon. Club Pilates is part of the Xponential Fitness family of brands, which includes sister brands Yoga Six, CycleBar, StretchLab, AKT, Row House, Pure Barre, and Stride. Club Pilates currently has locations throughout 39 states and in Canada. Club Pilates Lowry will be the brand’s 20th Colorado location. The Lowry studio is scheduled to open for business in Q2, 2019.
Leasing Executive, Heather Wiseman of Weingarten Realty represented the landlord. Jason Howe and Kyle Framson of The Zall Company represented the tenant.
6-unit Multifamily Property in Denver Sells
Nexus Commercial Realty, LLC, has closed on the sale of 3114 N. Hancock Ave, a 6-unit multifamily property consisting of 3,784 square feet for the sale price of $550,000. Robert Gray of Nexus represented the Seller, Parker Property Development, LLC, Pat Knowlton represented the buyer, 3114 N. Hancock Ave, LLC.
The property consists of six one-bedroom units, which are a great size and floorplan. The sellers kept the property well maintained throughout their ownership which made this a very smooth transaction.
3114 N Hancock Ave is conveniently located off Fillmore Ave and Hancock Ave on the east side of I-25, minutes away from downtown and Palmer Park.
The buyer was in a reverse exchange and plans to update a few units, but this property fits their portfolio well and they look forward enjoying the steady cashflow.
Pinnacle Announces the Sale of 24 Units in Lakewood
Pinnacle Real Estate Advisors, LLC announced the sale of 10623-10709 W 8th Avenue in Lakewood. The 24-unit property, built in 1961, is located on a massive 1.25 acre lot and is within walking distance to the Oak Street Light Rail Station. The property sold on February 14 th for a contract price of $3,050,000; $127,083 per unit and $219 per square foot. The property featured 3 separately deeded 8-unit buildings with updated 1Br/1Ba units, off-street parking, and updated electrical.
Robert Lawson and Jim Knowlton, Principals, represented the Seller in the transaction.
Marcus & Millichap Arranges Sale of $2.5M Apartment Building Portfolio in Aurora
Marcus & Millichap announced the sale of a two-building apartment portfolio in Aurora. The portfolio sold for $2.476 million.
The buyer and seller, both private investors in this transaction, were represented by Marcus & Millichap’s Denver office. Clayton Primm, first vice president investments, represented the buyer and Boomer Beatty and Peter Standley, senior associates, represented the seller. Phillip Gause, first vice president capital markets in Marcus Millichap Capital Corporation, completed the financing for this deal.
“By utilizing the firm’s brokerage platform, we were able to bring the buyer as well as assist with the financing. We were also able to help the seller build equity since their purchase in 2015 and position the property for sale,” Standley stated. He went on to further explain that this transaction signifies that investors are bullish in Aurora, and supports the long-term growth in the overall submarket.
The two properties, 1643 Clinton Street and 1680 Akron Street contain 24 units with a total of 12,300 square feet. Each building has one studio unit and 11 one-bedroom/one-bathroom units. The portfolio included amenities such as off-street parking, on-site laundry, hard-surface flooring in the units, and other various upgrades. The asset has easy access to downtown Denver, several nearby parks, and plenty of restaurants, shops, gyms, and more just a few minutes away.
NAI Shames Makovsky Announces Two Sales Transactions
NAI Shames Makovsky announced the sale of 2903 Larimer Street, Denver, a 12,528-square-foot parcel of land with two structures on site for $3 million. NAI Shames Makovsky’s Evan Makovsky and Todd Snyder represented the Seller, Michio Iwahashi. The Buyer was 2903 Larimer, LLC.
NAI Shames Makovsky also announced the sale of 1100 W. Littleton Blvd., Ste 101, Littleton, consisting of 734 square feet for $55,000. NAI Shames Makovsky’s Ana Sandomire and Kiley Crews represented the Buyer, Sees Enterprises, LLC. The Seller was ML Family Partners, Ltd.