Transactions Report Week Ending 08.17.18
Cushman & Wakefield Arranges Sale of Multi-Tenant Office Building in Colorado Springs
Cushman & Wakefield announced the sale of Chapel Hills Atrium, a recently renovated 79,295-square-foot, three-story office building located at 1125 Kelly Johnson Boulevard in Colorado Springs. According to Steve Schwab, managing principal of the firm’s Denver office, the property sold for $11.075 million ($140 per square foot) to a private company. Aaron D. Johnson and Jon D. Hendrickson, managing directors of Cushman & Wakefield Denver’s Capital Markets Group, represented the seller.
“Colorado Springs continues to attract national investor interest due to its significant growth dynamic, increasingly diverse economy and low-cost alternative when compared to Denver,” said Johnson. “The access to Colorado’s front range, low cost of housing and highly educated workforce are all contributing factors to this high growth market.”
Chapel Hills Atrium features immediate access to Interstate 25 at Academy Boulevard providing prominent highway identity and walkable access to numerous nearby restaurant, retail and hotel amenities. Chapel Hills Atrium was 92 percent leased to a diverse tenant group at the time of the transaction.
NavPoint Real Estate Group Sells Multi-Tenant Retail/Medical Project in Boulder for $6,540,000
NavPoint Real Estate Group announced the sale of a multi-tenant retail/medical project located at 3280-3300 28th Street in Boulder, totaling 39,368 square feet. John Witt and Matt Call of NavPoint Real Estate Group represented the seller, REM Investment, LLC. The buyer was Peterman Properties, LLC.
“We had significant activity for this asset from the inception of our marketing process, retail assets on the 28th Street corridor in Boulder rarely come to market and we had multiple offers from both in and out of state investors right out of the gate,” stated Call.
Brinkman, Woodbury Sell Steamboat Springs Apartment Complex
SkiView Place, a Steamboat Springs apartment project, recently sold for a Routt County record of $9.05 million ($215,476 per unit). The project was purchased from developer Brinkman and ownership partner Woodbury Strategic Partners, by Tralee Capital Partners. Greg Breslau of Colorado Group Realty brokered both sides of the deal.
SkyView Place is a 34,000-square-foot, two-building complex with 42 units on a 1.1-acre site at 1500 SkyView Lane.
“We are focused on finding niche projects in areas with high barriers to entry,” said Brinkman Co-Founder and Chief Executive Officer Kevin Brinkman. “This approach has led to a geographically diverse portfolio that fulfills market demands within each area. These projects aren’t always the easiest, but through creative deal structuring, they have proven to provide strong returns to our investors.”
Pinnacle Announces Sale of 49-Unit Denver Apartment Building
Pinnacle Real Estate Advisors, LLC announced the sale of 1969, 1975 and 1995 S Decatur Street located in Denver. The property sold for $6.3 million ($128,571 per unit; $163 per square foot). Joe Hornstein and Scott Fetter of the Hornstein Fetter Apartment Group represented the buyer.
“We discovered this property off-market and knew it was a good fit for an investor with experience repositioning buildings,” Hornstein said. “The current financials didn’t look very good and it was difficult to finance, which would deter many investors, but the buyers realized there was a significant opportunity to add value and were able to use 1031 funds to complete the purchase.”
- Bonnie Brae landlords Bob Simon and Ken Pailet reported Old Glory Antiques leased 1,500 square feet at 763 S. University Boulevard in Denver. Andrew Dodgen with Fuller Real Estate represented the tenant.
- NavPoint Real Estate Group completed the sale of three parcels of land for $1,900,000, totaling 6.672 acres from Loveland, Thornton, to Aurora all purchased by Trembath Land Company, LLC. The properties closed in August 2018. The portfolio consisted of: 4255 Taft Avenue – 2.84 acres, Lot 6 at Colorado Boulevard & 104 th Avenue – 2.79 acres, and Saddle Rock Village Lot 5 at E470 & Gartrell Road – 1.042 acres. All three properties are conveniently located across Denver. Heather Taylor of NavPoint Real Estate Group represented the buyer in all three transactions.
- Newmark Knight Frank announced the sale of 1907 S. Havana Street in Aurora. The 105,944 square feet retail space sold for $8.45 million. Riki Hashimoto and Daniel Grooters from Newmark Knight Frank represented the seller, William Penn Realty Inv., LLC.
- Marcus & Millichap announced the sale of Athens, a 17-unit apartment property located in Denver for $3.1 million. The buyer, a private investor, was secured and represented by Jason Hornik and Greg Price, multi-housing specialists in Marcus & Millichap’s Denver office.
- Pinnacle Real Estate Advisors, LLC also announced the sale of 6050-6054 West 38th Avenue in Wheat Ridge. The 19-unit multifamily building and 27-garages/storage units sold for $2.795 million ($147,105 per unit; $149.55 per square foot). Principal Josh Newell represented the local buyer and seller.
- Cushman & Wakefield also announced the long-term lease of a portion of an Airport Industrial Center consisting of approximately 102,000-square-feet of building area plus fenced yard area, at 4250 Oneida St. in Denver, according to Steve Schwab, managing principal of the firm’s Denver office. Senior Associate Joe Krahn and Managing Director of Cushman & Wakefield’s Denver office Dan Bess represented the landlord, St. Paul Fire and Marine Insurance, a division of Travelers Insurance. Paul Kahn of NAI Shames Makovsky, represented the tenant, Sturgeon Electric.
- David, Hicks and Lampert Brokerage reported Pizza Hut leased 1,700 square feet at Skylake Ranch at the southwest corner of 120th Avenue and Holly Street in Thornton. Allen Lampert, Steve Markey and Zander Rodriguez represented the landlord. Jim Hoffman of SRS Real Estate Partners represented the tenant.