Transactions Report Week Ending 09.28.18
55,945-square-foot Net-Leased Property in Woodland Park Sells for $7.65M
Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Safeway, a 55,945-square foot net-leased property located in Woodland Park, CO, according to Ryan Sarbinoff, regional manager of the firm’s Phoenix office. The asset sold for $7,650,000.
Jamie Medress and Mark Ruble, investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a limited liability company, was secured and represented by Jamie Medress and Mark Ruble. Bob Kaplan, Broker, assisted in closing this transaction.
Safeway is located at 1101 E US Hwy 24 in Woodland Park, CO.
4960 Locust Street in Commerce City Sells for $2.4M
The Denver office of Lee & Associates, the largest broker-owned commercial real estate firm in North America, announced the sale of 4960 Locust Street in Commerce City.
4960 Locust Street is a 12,672-square-foot industrial building situated on 1.43 Acres of industrially zoned land. The site was a former bus maintenance facility, operated by Colorado Charter Services. A Chicago investor, Gullo Companies, sold the asset and Eric Stern, a local buyer, purchased the property for $2.4 million.
“At nearly $190 per square foot, this sale shows again how strong the demand is for buildings with yard space,” said Brendan Cagney, with Lee & Associates Denver. Cagney along with Ron Webert listed the property for sale and received significant interest and activity. TJ Smith and Tim Shay with Colliers International represented the buyer.
Pinnacle Announces the Sale of Le Grues Building at 476 S Broadway
Pinnacle Real Estate Advisors, LLC announced the sale of 476 South Broadway located in Denver. The 23,513-square-foot retail building sold for $2,700,000 or $114.83 per square foot. The property is located on South Broadway in the Washington Park West Neighborhood directly across Broadway from the popular Blue Bonnet Restaurant. Cody Stambaugh, of the Stambaugh | Sengelmann Team, assisted the buyer and the seller in the transaction.
“The South Broadway corridor continues to thrive and improve with new restaurants, bars, businesses and shops to the Baker, South Broadway and Washington Park West Neighborhoods. The area will continue to improve with many new developments planned and developments currently under construction,” stated Stambaugh. “The buyers are looking forward to owning this property in a prime location and the seller will continue to operate their business, Le Grues Flower and Gifts, at the location.”
One Belleview Station Developer Spends $7M on Nearby Land
The developer of One Belleview Station in the Denver Tech Center, has purchased land nearby after submitting development plans for a new office building..
According to county records, 2.32 acres at the southeast corner of Layton Avenue and Newport Street was sold for $7.26 million ($72 per square foot) to Denver-based Prime West, acting as 6900 Layton Subsidiary LLC. The site is undeveloped.