Transactions Report Week Ending 09.07.18
Iconic Denver Apartment Building has Sold
Colliers International Multifamily Advisory Group announced this week the sale of the AT Lewis and Rio Grande Lofts in downtown Denver. The mixed-use, 120-unit building boasts more than 43,000 square feet and spans three structures along Stout Street from the corner of the 16th Street Mall encompassing three buildings.
The property was sold by a local private partnership and acquired by FPA Multifamily out of California.
“This property was one of the most highly sought-after assets that we’ve marketed due to its attractive infill location; across the street from light rail and on the 16th Street Mall” stated Craig Stack whom along with fellow broker Bill Morkes with Colliers International Multifamily Advisory Group, marketed the property for sale. “We spoke with investors locally, nationally and internationally that were seeking to enter the Denver Market” added Morkes.
JLL secures $17,950,000 in Bridge Financing for The Croft Apartments
JLL’s Capital Markets team announced the firm secured $17.95 million in bridge financing for The Croft Apartments. The loan was secured through NXT Capital. The 80 percent leveraged loan featured full-term, interest-only, flexible prepayment options and the ability to advance future loan proceeds at a future date that will be used to complete renovations throughout the property.
Senior Vice President Jeff Ogden, along with Christina Grimme, led the JLL team on the financing.
“The Croft Apartment’s outstanding location and arranged renovations, combined with interest rates holding and great sponsorship made this a highly sought-after opportunity,” said Ogden. “Several lenders were very competitive which shows that there is still great interest in this area.”
Located at Evans Avenue and Quebec Street, the 138-unit apartment complex benefits from excellent visibility and easy access to both I-25 and I-225 as well as multiple light rail and bus stations. The surrounding area is flush with multiple recreation, entertainment, shopping and dining amenities and is only a short commute to larger installments like Cherry Creek Mall, Fiddlers Green and Havana retail corridor. Along with local amenities, recent renovations have reinvigorated The Croft Apartments. The asset now features a remodeled clubhouse with a leasing office, pool and fence improvements, a fitness center with state of the art equipment and multiple upgrades to every unit.
Retail Office Sells for $895,000 in Denver
Unique Properties, Inc. / TCN Worldwide announced the sale of 2575 South Broadway in Denver. This retail investment was acquired for $895,000. Executive Vice Presidents, Sam Leger and Tim Finholm and Broker Associate, Kyle VanCamp, all with Unique Properties, Inc. / TCN Worldwide, represented both the Buyer, 495 W Cedar LLC and the Seller, Wallis Property Broadway Building LLC.
The 4,975 square foot building was built in 1981 and recently renovated with newer plumbing, electrical and flooring in 2011. The property is situated in a great location near a high-energy and vibrant neighborhood with great restaurants and nightlife. There is easy access to Santa Fe Drive and excellent access to multiple RTD stations including the Englewood and Evans Stations. It is a great potential for a redevelopment site.
CBRE Completes $4 Million Sale of Dry Creek Ambulatory Surgery Center in Englewood
CBRE announced today that it recently completed the $4 million sale of the Dry Creek Ambulatory Surgery Center located at 135 Inverness Drive East in Englewood. CBRE’s Dann Burke and Naum Nasif represented the seller, an institutional owner. The buyer, a confidential investor, purchased the 20,046-square-foot medical office building in a sale that closed Aug. 8, 2018, and will continue to operate the property as a neighborhood surgery center.
“While sometimes buildings designed for very specific uses can sit on the market, in this case the property was well-positioned for the buyer’s intended use and allowed for the new physician’s practice to open for business quickly with few modifications,” said Naum Nasif, senior associate with CBRE’s Healthcare Services in Denver.
Ambulatory Surgery Centers (ASCs) are healthcare facilities that provide surgery services outside of a hospital setting. They are frequently physician-owned or jointly owned with a local hospital.
“The emergence of ambulatory surgery centers is another example of how healthcare is evolving to meet the needs of consumers. For some patients, the convenience of operating close to home and having flexibility in scheduling is very attractive. As the baby boomer generation continues to age, we anticipate demand for healthcare services and thus healthcare-related real estate, to continue to rise,” said Dann Burke, first vice president with CBRE’s Healthcare Services in Denver.
Built in 2000, the Dry Creek Ambulatory Surgery Center features six operating rooms, two procedure rooms, four convalescent care rooms as well as pre-op and post-op areas. The building is located adjacent to a separate 57,000-square-foot Class A medical office building and a contiguous 3.87-acre parcel is also approved for medical zoning.
Located at the corner of South Havana Street and East Dry Creek Road in south metro Denver, the Dry Creek Ambulatory Surgery Center is within walking distance to hotels, restaurants, shops and the Dry Creek Light Rail Station. Cushman & Wakefield’s Stuart Thomas represented the buyer.
- Unique Properties, Inc / TCN Worldwide announced the sale of 136 Yuma St. in Denver. The 9,323 square foot industrial building was sold for $1.05 million. Executive Vice Presidents, Sam Leger and Tim Finholm and Broker Associate, Kyle VanCamp all from Unique Properties, Inc. / TCN Worldwide, represented the buyer, Delganey Shop, LLC and the seller, 134136 Yuma Holdings, LLC.
- NavPoint Real Estate Group announced it has completed the sale of office condos at 5420 S Quebec St Units 203 & 205 in Greenwood Village. Unit 203, a 3,142 square foot space, sold for $628,400 to purchaser Macri Dental Realty, LLC. Dan Gleissner of Carr Healthcare Realty represented the buyer. Unit 205, a 1,304 square foot space, sold for $260,800 to purchaser Vagher Investments, LLC. Eric Gold of Sheldon-Gold Realty Inc. represented the buyer. The seller was Timberline Professional Center, LLC and Charlie Davis of NavPoint Real Estate Group represented the seller.