Transactions Report Week Ending 03.08.19
CBRE Completes $8.6M Sale of The Shops at Green Valley Ranch in Northeast Denver
CBRE recently completed the $8.6 million sale of The Shops at Green Valley Ranch, a new construction, multi-tenant retail center located at 4906-4998 North Tower Road in Denver. CBRE’s Matthew Henrichs and Brad Lyons represented the seller, Lone Star Partners of Houston, Texas. Seshu Velpuri of The AMR Group represented the buyer, a California-based investment partnership that purchased the property in a sale that closed Feb. 1, 2019.
Built in 2017, The Shops at Green Valley Ranch includes two Class A free-standing retail buildings that total 19,840 square feet on 2.81 acres. The property is fully leased to a mix of 11 national and local retailers including Burger King, Sport Clips, Pizza Hut, Jimmy John’s, Cold Stone Creamery, David Nails & Spa and GVR Dental and Orthodontics. It is also adjacent to a high-performing King Soopers grocery store. The property sits along Tower Road with storefront and signage exposure to more than 18,700 vehicles per day, while being a five-minute drive from the new Gaylord hotel and convention center.
“There continues to be a trend toward investment in high-quality, street-front retail assets, especially those tenanted by service and food-based retailers perceived to be less impacted by the e-commerce effect,” said Matthew Henrichs, senior vice president with CBRE Capital Markets, National Retail Partners, in Denver. “In Colorado in particular we are seeing strong interest from out-of-market investors due to our region’s strong population and job growth and relative proximity to core coastal markets.”
Hunt Real Estate Capital Refinances a Multifamily Property in Dillon, Colorado
Hunt Real Estate Capital, a leader in financing commercial real estate throughout the United States, announced it provided a conventional Freddie Mac multifamily loan in the amount of $5,237,000 to refinance a multifamily property located in Dillon, Colorado.
Dillon Ridge Apartments is 36-unit apartment complex that offers tenants two-bedroom units contained within three buildings. There are 30 AMI controlled units on-site and the property features 73 parking spots.
The borrower, Dillon Ridge Apartments, LLC, developed the property in 2018. The loan has a 10-year term that will amortize over 30 years.
“In addition to Dillion Ridge Apartments, the borrower currently owns and operates one other multifamily property – 725 Straight Creek Drive – a six-unit multifamily complex also located in Dillon,” commented Kevin Chadwick, managing director at Hunt Real Estate Capital. “In addition, the sponsor previously owned and managed two multifamily properties in Colorado. The borrower is a highly qualified local investor.”
“The property was built in 2018 and is in excellent physical condition,” added Chadwick. “We were pleased to partner with this qualified sponsor on such a nice property to offer residents of Dillion solid opportunities for multifamily housing.”
Marcus & Millichap Sells $1.3 Million Triple-Net-Leased Medical Office in Colorado Springs
Marcus & Millichap (NYSE: MMI) announced the sale of 245 South Academy Boulevard, a triple-net-leased property with a corporate guarantee from Behavioral Health Care Specialists in Colorado Springs. The asset sold for $1.3 million at an 8.7 percent cap rate.
Multiple members of the Denver office of Marcus & Millichap worked collaboratively to complete in this transaction. Cory Gross, vice president investments and Jake Shirek, associate both represented the seller, Better Space. Brian C. Smith, CCIM, SIOR, first vice president investments represented the buyer, and Phillip Gause, first vice president capital markets completed the financing. The buyer and seller were both private investors in this transaction.
Better Space had purchased the fully vacant property about six months prior to the transaction. They were able to renovate the property and secure a strong national credit tenant, which substantially increased the value. The property went under contract in just under a week after Gross and Shirek began marketing the property. Gross explained, “Due to a short supply of quality medical net-leased assets, there is an increase in local and out-of-market investors pursuing these types of assets.” This desirable asset was quickly picked up by Smith’s buyer, who was just coming out of a 1031 exchange in California. The buyer was attracted to the property due to the long-term net lease and the excellent visibility and exposure along Academy Boulevard.
18 Units Sold in Fort Collins for $3.55M
The Greystone Unique Apartment Group announced the sale of 812 City Park Avenue in Fort Collins. The property consisted of 18 units, each of which had been previously condo-ed. The Seller sold the entire property as one multifamily project for $3.55 million or $197,222 per unit. The Buyer wanted to add additional units to their College Town portfolio, with the option to sell individual units in the future.
The property had gone through extensive exterior improvement prior to hitting the market. Phil Dankner of the Greystone Unique Apartment Group represented the Seller in this Transaction.
- Phillip A. Yeddis, executive vice president of Unique Properties, Inc., announced the sale of 78337 US Highway 40, Winter Park, CO 80482 for $2,903,500. The single tenant property has a long-term tenant, Fireside Market Eatery. The 19,000 SF freestanding building was completed in 2018 and has a shared parking structure owned by the Town of Winter Park.
- RCH PROPERTIES LLC purchased a 22,424-square-foot office building at 7208 S. Tucson Way, Centennial for $2.43 million. The Seller was Concorde Place Complex LLC. The Seller was represented by Jay Soneff of Jamis Companies Inc. The Buyer was represented by Eric Gold of Sheldon-Gold Realty Inc.
- Josh Newell, principal and Connor Knutson, advisor with the Newell Team at Pinnacle Real Estate Advisors, LLC, announced the sale of 2490 W Main Street in Littleton. The mixed-use building was consisted of Ground Floor Retail & six Offices/Studios and sold on March 1st with a contract price of $1.3 million, $185,714 per unit and $292.33 per square foot. The property was constructed in 1901.
- Nexus Commercial Realty closed on the sale of 1201 4th St, a 4-unit multifamily property totaling 2,156 square feet for the sale price of $420,000. Robert Gray and Patrick Knowlton of Nexus represented the Seller, Rental Investments 3390 LLC. The property consists of four, spacious one-bedroom units.