Transactions Report Week Ending 03.01.19
Marcus & Millichap Announces Sale of Almost 69,000-SF Office Building in Lakewood
Marcus & Millichap, a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Academy Center, a 68,717-rentable-square-foot, four-story office building located at 7175 West Jefferson Avenue in Lakewood.
The seller, a private investor in this transaction, was represented by Barry Higgins, senior vice president investments located in Marcus & Millichap’s Denver office. The sale price was not disclosed.
“By listing the property using the firm’s brokerage platform, we were able to market the property on a national level and generate several competing offers on the property,” Higgins stated. The buyer was a local private capital limited liability company specializing in the ownership of like-kind real estate.
Academy Center was constructed in 1985 and was approximately 50 percent occupied at the time of sale. It is located in Academy Office Park, southwest Denver’s premier office park consisting of 250 acres, numerous restaurants, 10 hotels, and 24 office buildings totaling in excess of 1.5 million square feet.
CBRE Completes $2 Million Sale of Office/Medical Laboratory in Golden
CBRE recently completed the $2 million sale of an office/medical laboratory building located in Coors Technology Center at 4670 Table Mountain Drive in Golden.
CBRE’s Monica Wiley and Jeff Wood represented the seller, CB/Colorado Technology Venture. The buyer, Beliveau Holdings also of Colorado, purchased the 10,681-square-foot property in a sale that closed Feb. 7, 2019.
“4670 Table Mountain Drive is in excellent condition and strategically located near highly skilled labor. The proximity to the Colorado School of Mines, University of Colorado at Boulder and the University of Colorado Anschutz Medical Campus gave the buyer confidence in the property’s ability to retain or attract new tenants over the long term,” said Monica Wiley, senior associate with CBRE Capital Markets in Denver.
Built in 2007, the single-tenant building is located in the Coors Technology Center, 10 minutes from downtown Golden and within walking distance of hiking and biking trails. The property includes office space plus a clean room for the development and manufacturing of medical devices. It is currently fully leased to Mermaid Medical, an international medical device company headquartered in Copenhagen, Denmark.
4670 Table Mountain Drive is located just north of the intersection of Highway 58 and McIntyre Street in Denver’s West submarket, which is also home to large corporations like Lockheed Martin, CoorsTek and Terumo BTC.
“Most consider the West Denver office market, and Golden in particular, to be a rare combination of excellent access to transit with nationally renowned outdoor amenities and a coveted labor base,” added Jeff Wood, Associate with CBRE Capital Markets in Denver.
Pinnacle Announces Sale of a 6-Unit Apartment Building in Cheesman Park
Joe Hornstein and Scott Fetter of the Hornstein Fetter Apartment Group at Pinnacle Real Estate Advisors, LLC announced the sale of 1318-1322 Marion Street located in Denver’s Cheesman Park neighborhood.
This multifamily property has 6 units and was built in 1896. The building is located on Marion Street, just blocks from Cheesman Park. The property sold on February 20, 2019 for $1,525,000; $254,167/unit and $301/square foot. Joe Hornstein and Scott Fetter of the Hornstein Fetter Apartment Group represented the buyer in the transaction.
“The buyer was able to complete successful 1031 exchange out of suburban apartment building that required work into a turn-key Central Denver asset that met his desired investment criteria,” Hornstein said.
Unique Properties Negotiate Sale of 900 Santa Fe Dr.
Unique Properties, Inc. / TCN Worldwide, Colorado’s most experienced, privately held, full-service commercial real estate brokerage firm, announced that Greg Knott recently sold 900 Santa Fe Dr., Denver. This 6,230-square-foot property sits on the hard corner of Santa Fe & 9th in the heart of the Santa Fe Arts district. This was the studio for famous Denver artist Lawrence Argent who tragically died in late 2017. Argent was a world renown visual artist known for large sculptures in public areas across the globe.
Along with Argent’s studio, the property has also been the longtime home for both Core and Spark Art Gallery’s. The property sold for $1.85 million ($277/SF) to Katherine (Kat) Payge who plans on continuing to utilize the property for art gallery and studio use. Greg Knott and Peter Foster of Unique Properties Inc represented the seller the Estate Of Lawrence Argent, and Kristina Davis of Remax of Cherry Creek represented the buyer.
Apartment Complex in Northern Colorado Springs Sells for $2.85M
Nexus Commercial Realty, LLC, closed on the sale of 1802-1806 E. La Salle St for the sale price of $2.85 million. Jason Koch of Nexus represented the Seller, La Salle St LLC, as well as the buyer, La Salle 2007, LLC.
This asset has a great unit mix of 30 one- and two-bedroom units. Many of the units have updated flooring, kitchens and baths, while the building itself has updated exterior paint, newer windows and 40 off-street parking spaces.
The building has an attractive location in Northern Colorado Springs near the intersection of Constitution Avenue and N. Union Blvd.
The Buyer plans on making upgrades to the landscaping as well as continuing unit renovations as the area and Colorado Springs as a whole continues to improve.
NAI Shames Makovsky Announces Two Office Leases in Glendale
NAI Shames Makovsky announced two office leases at 4500 Cherry Creek Drive South, Ste 625, Glendale, CO. NAI Shames Makovsky’s Ana Sandomire and Kiley Crews represented the Tenants, Goddard & Hawkins, P.C. and Claire E. Deneen, Inc. The Landlord was G&I IX MJW Cherry Creek, LLC.