Transactions Report Week Ending 09.21.18
JLL Sells 1550 W Evans for $7 Million
JLL’s Industrial Capital Markets has completed the $7 million sale of 1550 West Evans Avenue on behalf of the seller, Colony Northstar. The buyer, Calhoun Street Industrial and Matrix Group, will assume the leasing and management of the property.
“Strong fundamentals and limited opportunities for buyers in the Denver market allowed Colony to achieve strong pricing for the asset and is a great indicator Denver’s positive momentum in the investment market,” said Jason White, vice president – JLL Denver.
Located within the West Evans Industrial Park, the 78,787-square-foot office warehouse was built in 1975 and was sold 93 percent leased. The asset features sturdy twin-t construction, 18-foot clear height, and a combination of drive-in loading and dock-high doors. The property is conveniently located off Santa Fe Highway on West Evans Avenue with easy access to I-25.
“We saw significant interest from local and national buyers,” said Ryan Sitov, vice president – JLL Capital Markets. “Ultimately, Matrix Group was the best buyer for the property due to their local presence and familiarity with the market.”
“1031 buyers are aggressively pursuing the limited opportunities available in the market, and this transaction reflects the strong pricing and aggressive buyers for Denver industrial product,” said Carmon Hicks, vice president – JLL Denver.
Elizabeth Commons Sold for $2.35 Million
Pinnacle Real Estate Advisors, LLC anounced the sale of 1306 Elizabeth Street in Denver. The 12-unit building sold on September 14, 2018 with a contract price of $2.35 million ($195,833 per unit and $318.26 per square foot).
The property was constructed in 1906. Josh Newell, principal, represented the local seller.
Equity Residential Purchases Multifamily High-Rise in Denver
David Martin, Pamela Koster and Mike Grippi of JLL represented the sellers in the deal.
Completed in 2017, the property features 354 residential units, 6,650 square feet of street-level retail space and parking for 485 vehicles. On-site amenities include a rooftop pool, open-air lounge, fireplaces, outdoor grilling stations, fitness and business centers, a clubhouse/game room, storage units, bike, ski and snowboard storage and a 24/7 concierge.
AT&T Site to be Redeveloped Following $19 Million Sale
AT&T’s 234,250-square-foot office/industrial building has sold for $19 million by Tom and Brooke Gordon through Iselo 40th Avenue, LLC. The building sits on 14.6 acres at 2535 E. 40th Ave. in Denver.
The couple leased the property back to AT&T for six months, giving the telecommunications firm time to relocate as they formulate development plans.
Large Multifamily Property Sold in Littleton
Greystone Unique Apartment Group announced the sale of 5787 S Bannock Dr, an approximately 4,278 SF, 6-unit multi-family property located in Littleton. The 6-unit property was built in 1961 and consisted of (4) two-bedroom / one-bath units and (2) one-bedroom / one-bath units. 5787 S Bannock St has recently been extensively renovated and offered the buyer a turn-key product.
The seller and buyer of the property were represented by Phil Dankner, Austin Berg and Earl Duffy and closed September 14, 2018, for $1 million ($166,667 per unit or $234 per square foot).
Chinese Restaurant Site in Denver Sells for $1.5 Million
The site of a Chinese restaurant along East Colfax in Denver has sold for $1.5 million to St. Charles Town Co. According to county records, 2200 E. Colfax Ave. is a 2,304-square-foot building on a 0.32-acre lot and is at the southeast corner of the intersection of Colfax and Gaylord Avenue.
The property was sold by JKT LLC and John Livaditis of AXIO Commercial Real Estate represented the seller. A Neighborhood Market is planned for the area.