Transactions Report Week Ending 11.02.18
Cushman & Wakefield Facilitates $14.6 Million Sale of Class A Industrial Building in Colorado
Cushman & Wakefield announced the sale of 2570 Zeppelin Road, a 131,040-square-foot Class A Industrial Building according to Steve Schwab, managing principal of the firm’s Denver office. The property was purchased for $14.6 million ($111 per square foot) by a private investor.
RC Myles, managing director, of Cushman & Wakefield Denver’s Capital Markets group in conjunction with Jud Clements, executive managing director, of the firm’s Dallas office represented the seller, Scannell Properties.
“2570 Zeppelin Road is one of the nicest Class A Industrial buildings in Colorado Springs. The sale of this two-tenant building attracted very strong interest from both institutional and private equity buyers,” said Myles. “The sale demonstrates the strength and potential of the Colorado Springs industrial market going forward.”
Marcus & Millichap Announces Sale of 14,884 SF Office Building in Boulder for $3M
Marcus & Millichap (NYSE: MMI) announced the sale of a 14,884-square-foot, two-tenant office building located at the southwest corner of North 75th Street and Clubhouse Road in Boulder. The asset sold on October 9 for $3.073 million with a 6.67 percent cap rate.
The buyer, a private investor in this transaction, was represented by Brian C. Smith, CCIM, SIOR, first vice president investments located in Marcus & Millichap’s Denver office. “The buyer is a legacy owner of investment property in Boulder and this long-term sale lease back transaction will be a wonderful addition to the portfolio,” Smith stated.
This 100 percent leased office building went through a major remodel and renovation in 2014. Capstone Restaurant Group, the anchor tenant, is the second largest franchisee of the Carl’s Jr./Hardee’s brand, proudly serving guests in over 300 restaurant locations. The second tenant, Judith A. Timchula DDS, practices general dentistry. The building has enjoyed a steady leasing history over the years due to the very versatile and classy workspace suitable for a variety of office uses, including medical.
Pinnacle Announces the Sale of Value-Add 35 Units in Pueblo
Pinnacle Real Estate Advisors, LLC announced the sale of 1024-1026 Oxford Street and 28 Amherst Avenue in Pueblo. The value-add, 35-unit property, built in 1971, is located walking distance to Safeway and King Soopers and is a short drive to the Elmwood Golf Course, the Pueblo Zoo and Pueblo Community College. The property sold on October 17th for a contract price of $2.3 million ($65,714 per unit). The property was very well maintained and offered immediate rental upside in as-is condition. Chris Knowlton, associate advisor, represented both the buyer and the seller.
Unique Properties Sells Two Industrial Condominiums
Phillip A. Yeddis, executive vice president and Alex Segalas, broker associate of Unique Properties, Inc. announced the following sales transactions:
Global Images Enterprises, LLC sold a 1,500-square-foot industrial condo at 7140 Ivy Street in Commerce City for $233,500 ($156 per square foot). Yeddis and Segalas represented the seller.
Additionally, Yeddis and Segalas also represented the sellers, GA Rental, LLC, in a 2,500-square-foot industrial condo sale. The condo is located at 9670 Dallas Street in Commerce City and sold for $425,000 ($170.00 per square foot).
Cushman & Wakefield Facilitates $975,000 Sale of Free-Standing Veterinary Clinic in Cheyenne, Wyoming
Cushman & Wakefield announced the sale of a 3,080-square-foot leased investment, free-standing veterinary clinic located at 5520 Yellowstone Road in Cheyenne, Wyoming. The property closed on November 1 and was purchased for $975,000.
Jared Goodman, director, CCIM, and Jason Ells, director, CCIM, of Cushman & Wakefield Fort Collins represented the seller, Avenues Veterinary Hospital II LLC. Jim Weaver of #1 Properties represented the buyer, B. William Browning.
“The strong location of the property coupled with predictable, stable cash flow created a quality investment in this real estate market,” said Goodman. “There is a high demand for single-tenant triple net investment properties nationwide and the sale of this property aligned with that demand.”
5520 Yellowstone Road is a single-tenant office situated near Interstate 25 in Cheyenne. The property is currently 100 percent leased by Avenues Pet Clinic, a highly rated full-service animal hospital and in-house pharmacy lab with five full-time seasoned veterinarians providing quality routine and 24-hour emergency services for patients in Cheyenne and the surrounding areas.
5520 Yellowstone Road is in a Community Business (CB) zoning area and was built in 1981, with a recent remodeling in 2016. The lease type is triple net (NNN) with a lease term of 7 years and a cap rate of 7 percent.
The Grove at City Center Sale – Facilitated by Colliers International Multifamily
Colliers International Multifamily Advisory Group announced the sale of the Grove at City Center Apartments located at 14304 E Tennessee Ave. in Aurora. This 420-Unit Community was built in 1982 and was sold for an undisclosed price. The buyer was Security Properties Inc. out of Seattle, WA. The seller Wood Partners out of Atlanta, GA was represented by brokers Pat Stucker, Craig Stack and Bill Morkes.
The property is perfectly positioned in Aurora, one of the Fastest Growing Cities in the Nation and Colorado’s third largest city with more than 361,000 residents. The property fulfills two of the most important criteria for investors and its residents, which is convenient access to great transportation options and some of Denver’s largest employers. The location is situated near I-225 offering easy access to the Denver Tech Center, the Fitzsimmons Innovation District, Buckley Air Force Base and Denver International Airport. Being located within 0.5 miles of two light rail stations, the residents at The Grove can easily use the public transportation system to get around Metro Denver without a car.
Over the past few years, the previous owner had executed a successful renovation program that included exterior improvements, a newly renovated clubhouse with a state-of-the-art fitness center, resurfaced swimming pool and BBQ area. All 420-units have been renovated with upgraded cabinets, countertops, stainless steel appliances, brand-new flooring as well as significant improvements to roofs and HVAC systems.
- Phillip A. Yeddis, executive vice president of Unique Properties, Inc. announced the leasing of two industrial spaces to Motion and Flow Control Products, Inc. They leased 50,050 square feet at Upland Distribution Center, located at 14402 East 33rd Place in Aurora. Additionally, Motion and Flow Control Products, Inc. leased 7,523 square feet at Prairie Business Center, 1772 Prairie Way in Louisville. Both were long-term leases.
- Sheldon-Gold Realty Inc. announced the sale of a 19,340-square-foot office building at 15290 E 6th Ave. in Aurora for $1.425 million. The seller was Chambers Center LLC and was represented by Rick Egitto of Avison Young. The buyer was represented by Eric Gold of Sheldon-Gold Realty Inc.
- Sheldon-Gold Realty Inc. also announced the sale of a 4,957-square-foot office condominium at 5420 S. Quebec St., Unit 204 in Greenwood Village for $966,615. The seller was Timberline Professional Center LLC and was represented by Charlie Davis of NavPoint Real Estate Group. The buyer was represented by Eric Gold of Sheldon-Gold Realty Inc.
- Sheldon-Gold Realty Inc. announced the lease of a 1,583 square feet of office space at 3960 Quebec St., Suite 110 in. The landlord was represented by George Moseley of Sheldon-Gold Realty Inc. The tenant was unrepresented.