Transactions Report Week Ending 06.01.18
Pinnacle Announces Retail Sale in Arvada
Pinnacle Real Estate Advisors, LLC announced the sale of 9000-9180 West 88th Avenue in Arvada for $6.515 million ($159.77 per square foot). The building contains 21 retail tenants. Advisor Peter Sengelmann represented the seller and Associate Advisor Eric Veith represented the buyer.
“The sellers had recently achieved 100 percent occupancy across the entire asset, including an additional, previously untapped income stream. We were excited to help them achieve a strong value on their exit of the asset,” stated Sengelmann.
According to Veith, “the buyer was completing a 1031 exchange after the sale of an apartment building elsewhere in Colorado. He saw this as an opportunity to profit from an unprecedented run in multifamily values and take advantage of the superior cash flow and returns offered by retail.”
Greystone Unique Apartment Group Represents Buyer of 38 Units in Denver
Greystone Unique Apartment Group, multifamily division of Unique Properties, Inc., recently brokered the sale of a 38-unit multifamily asset located at 809 Dexter Street in Denver. The property sold for $7.4 million ($194,736 per unit). Brandon Kaufman and Nik MacCarter represented the buyer.
Constructed in 1968, this 38-unit apartment complex has a unit mix of thirty-four 1-bedroom units and four 2-bedroom units. Prior to the sale, there were numerous property improvements including a new roof, stairs, landings, walkways, courtyard and common areas. The sale also included a separately deeded lot which consists of 24 parking spaces.
Located in the Hale Neighborhood, Hanford House is within walking distance to the 9th and Colorado redevelopment a two million square foot urban infill project designed to include residential, office, retail and hospitality uses.
“The buyer was drawn to the area because of its proximity to the Cherry Creek Neighborhood, Rose Hospital and the impressive development at 9th and Colorado. Hanford House sold at a 5 percent cap rate with room to raise rents,” stated Kaufman.
HFF announces refinancing of Stanford Place II in Denver
Holliday Fenoglio Fowler, L.P. (HFF) announced the refinancing of Stanford Place II, an 18-story, 366,184-square-foot Class A office building in the north end of the Denver Technological Center (DTC). The HFF debt placement team representing the borrower consisted of Senior Managing Director Eric Tupler.
The HFF team worked on behalf of the borrower, an affiliate of Lowe Enterprises Investors, to secure the two-year, floating-rate loan with extension options through a national bridge lender.
Stanford Place II is located at 7979 East Tufts Avenue. Completed in 1982, the building has been institutionally maintained and is leased to 22 tenants with Western Union as a major anchor tenant at the property.
HFF Announces Capitalization for $102.25M Acquisition, Renovation of 7-Property, Colorado Springs Apartment Portfolio
HFF announced the debt and equity capitalization for the $102.25 million acquisition and renovation of a seven-property, 1,178-unit multi-housing portfolio in Colorado Springs. The HFF team representing the borrower included Director Kristian Lichtenfels and managing director Josh Simon.
The HFF team worked exclusively on behalf of the sponsor, Slipstream Properties (Slipstream), to secure the interest-only loan with a national lender at a floating interest rate of 3.50 percent over 30-day LIBOR. The total loan commitment is equal to 79 percent of the anticipated total project costs, including future funding to renovate the entire portfolio. Additionally, the team arranged Slipstream’s joint venture equity partner for the investment. Colorado Springs Property Management will operate and manage the properties on behalf of Slipstream.
The properties included in this transaction are: Pine Creek Village at 720 Chapman Drive (312 units); Shannon Glen at 260 N. Murray Boulevard (192 units); Cedar Creek at 1030 S. Chelton Boulevard (175 units); El Vecino Apartments at 1806 Monterey Road (174 units); South Pointe Apartments at 3815 Lakehurst Drive (162 units); Timbers Apartments at 2818 Airport Road (84 units); and New Horizon Apartments at 4975 El Camino Drive (79 units). The communities feature a mix of studio, one- and two-bedroom units.
Pinnacle also announced the sale of 500-515 King Court located in Evans. The seven duplexes sold for $1.825 million ($130,357 per unit). Principal JB Hochman and Associate Advisor Erik Toll represented the buyer and seller.
Pinnacle also announced the sale of The Hanford House located at 809 Dexter Street in Denver. The 22,431-square-foot multifamily building sold for $7.4 million ($330 per square foot). Principal Kevin Calame represented the seller, RGD Properties, LLC.
Pinnacle also announced the sale of 3355-3373 Sheridan Boulevard located in Wheat Ridge. The 13,188-square-foot multifamily building sold for $1.9 million ($144 per square foot). Principal Kevin Calame represented the buyer, 3355-77 Sheridan Blvd, LLC, and seller, 5340, LLC.
Unique Properties announced the sale of 1350 & 1360-1390 Cherokee Street in Denver for $5.3 million.
This 36,000-square-foot multi-tenant, office warehouse project has two buildings situated on over 3 acres in The
Central Denver Industrial Market.
Sheldon-Gold Realty, Inc. announced the sale of an 8,528-square-foot office/flex building at 3860 S. Jason
St. in Englewood for $650,000. The seller, TD&J LLC, was represented by Eric Gold of Sheldon-Gold Realty Inc. The buyer, Broadway Properties LLC, was unrepresented.
ARA Newmark announced the sale of 3.61 acres of land at lot 8 Crossroads Commerce Park in Denver for $691,486.40. Newmark agents Mike Wafer, Timothy D’Angelo and Mike Wafer Jr. represented the seller, Globeville I, LLC. The buyer was TC Crossroads #8, LLC.
ARA Newmark also announced the sale of The Triangle Building, located at 3344 Mariposa Street in Denver, for $7 million ($350,000 per unit; $470.68 per square foot).