Transactions Report Week Ending 10.05.18
HFF Announces $8.6M Acquisition Financing for New Retail Center in Fort Collins
Holliday Fenoglio Fowler, L.P. (HFF) announced $8.6 million in acquisition financing for Harmony Commons, a 25,701-square-foot, fully leased, newly constructed retail strip center in Fort Collins.
The HFF team worked on behalf of the borrower, Urban Villages, LLC and Larimer Associates, LLC, to place the 10-year, fixed-rate, non-recourse loan with Guaranty Bank and Trust, a local Colorado institution.
Completed in 2017, Harmony Commons consists of two buildings that are home to nine tenants, Tokyo Joe’s, Famous Toastery, Potbelly Sandwich Shop, DC Oakes Brewhouse and Eatery, Harbinger Coffee, Rush Bowls, Peak Dental Services and Taste and Savor Wine Bar. The property is situated on 2.9 acres at 3541 and 3581 East Harmony Road in Fort Collins, the fourth largest city in Colorado, and will be the main retail destination for the future Harmony Technology Park development, which will feature a mix of office, retail, hospitality and healthcare properties. The retail property is less than a mile east of Interstate 25 and the first retail destination someone sees when traveling into the city. Harmony Commons is also conveniently located near employment centers, multiple residential neighborhoods and the Colorado State University campus.
The HFF debt placement team representing the borrower consisted of Senior Managing Director Eric Tupler and Director Brock Yaffe.
“The HFF team again demonstrated their value by creating a competitive financing environment for this unique shopping center and, ultimately, placing attractive long-term debt,” said Nick Murray, chief operating officer for Urban Villages. “We look forward to working with HFF on future financings in Colorado and beyond.”
1560 Downing Street in Denver Sells for $5.75M
ARA Newmark announced the sale of Kenilworth Court at 1560 Downing St. in Denver. The 30 unit multifamily complex was built in 1908 and was sold for $5.75 million ($191,667 per unit/$336.43 per square foot).
“The hundred-year-old property provided buyers with a value-add opportunity throughout the community while still maintaining many of the historic elements such as clawfoot bathtubs and original hardwood floors,” said Justin Hunt from ARA Newmark. “Capital improvements – including new windows and refurbished steel exterior walkups and stairwells – were completed prior to the sale. Additionally, the nearby $937 Million Colfax Avenue redevelopment will greatly benefit the property.”
Pinnacle Announced Sale of a 4-Unity Apartment Building in Capitol Hill Neighborhood
Pinnacle Real Estate Advisors, LLC announced the sale of 1230 Pearl Street in Denver. This multifamily property has 4 units and was built in 1906. The building is located on Pearl Street, just east of downtown Denver. The property sold on September 28 for $1 million ($250,000 per unit and $307.69 per square foot). Joe Hornstein and Scott Fetter of the Hornstein Fetter Apartment Group represented the buyer.
“The property was very aggressively priced based on existing financials, but the buyers recognized the opportunity to make improvements, raise rents and add significant value long-term,” Hornstein said.
Four Separate Denver Industrial Buildings Fetch $7.96M
Four industrial buildings in Denver were sold, accumulating $7.96 million.
A 16,932-square-foot manufacturing building at 4230 Elati St. was listed and sold by Russell Gruber of Gruber Real Estate to Herrick Durango Land Co. for $3.05M ($180.13 per square foot).
781-785 Vallejo St., a 10,800-square-foot warehouse was sold for $1.12M ($103.24 per square foot). The grantor was Steven H. Davis & Janise B. Davis and the grantee was 781-785 Vallejo LLC.
5095 Peoria St. was sold for $2.53M ($112.43 per square foot). The 22,459-square-foot warehouse was sold by The Orville Group LLC. and purchased by JT4 Properties LLC.
2080 W. Barberry Place, an 8,000-square-foot warehouse building, was sold for $1.27M ($158.13 per square foot) by Broad Street Realty to Lucky Fortune Cookies RE LLC.
Vacant land at Thornton’s Parterre site at E-470 & Quebec was sold for $20.78 million ($27,150 per acre) to Hines by Plateau 470 LLC and Fremont Realty Capital. The property was listed by Stew Mosko, Jim Capecelatro & Mike Kboudi of Cushman & Wakefield. Platted 766.36 acres of land at the boundary of Holly St. on the west, Quebec Street on the east, East 152ndAvenue on the north, East 140th Ave. on the south and E-470 traversing the middle of the site.
- The Gus Group LLC purchased a 1,919-square-foot office condominium at 68 Inverness Lane East, Units 203 & 205 in Englewood for $255,000. The seller was Ten Key LLC and was represented by Eric Gold of Sheldon-Gold Realty Inc. The buyer was represented by Mark Dwyer of Lincoln Property Company.
- TCM Sales & Marketing leased 3,529 square feet of office space at 12424 E. Weaver Place #C in Centennial. The landlord was represented by Dave Buck of CBRE and the tenant was represented by Eric Gold of Sheldon-Gold Realty Inc.
- ADx LLC leased 1,475 square feet of office space at 1776 S. Jackson St., Suite 711 in Denver. The landlord was unrepresented and the tenant was represented by Eric Gold of Sheldon-Gold Realty Inc.
- Front Range Clinic, Inc. leased 1,345 square feet of office space at 1490 Lafayette St., Suite 407 in Denver. The landlord was unrepresented. The tenant was represented by Mary Jo Cummings of Sheldon-Gold Realty Inc
- Park Burger bought a second location at 1066 S. Gaylord St. in Washinton Park. The 5,250-square-foot restaurant/tavern was sold for $2.38M ($452.38 per square foot) by 1066 South Gaylord LLC to Ten 66 South Gaylord LLC.