Transactions Report Week of 04.16.18
Pinnacle Announces $5M Castle Rock Sale
Pinnacle Real Estate Advisors, LLC announced the sale of a five-tenant net leased property located at 1341 New Beale Street in Castle Rock for $5 million ($601 per square foot). Tom Ethington and Rob Edwards of The Edwards Ethington Team represented the seller, a local Colorado developer. The purchaser was an all cash private California-based investor in a 1031 exchange.
The new construction 8,318-square-foot retail property is located in the Promenade at Castle Rock, a landmark destination and local gathering spot in Castle Rock. The property is 100 percent leased to Potbelly’s, Smoothie King, European Wax Center, Fine Nails and Beau Thai. It is also strategically positioned as an outparcel to Ross Dress for Less and Hobby Lobby, both of which are currently under construction.
The Promenade at Castle Rock is one of the largest community center developments in the United States with retail, restaurants, services, multifamily residential and thoughtfully planned outdoor spaces covering 166 acres. The project will include over 900,000 square feet of retail space and over 320 multifamily units.
“New construction retail properties in the Denver MSA continue to be highly sought after amongst 1031 exchange investors,” explained Ethington. “We successfully sourced an all-cash offer from a California-based 1031 exchange investor with a quick close.”
HFF Announces $33.8M Denver Apartment Community Financing
Holliday Fenoglio Fowler, L.P. (HFF) announced $33.8 million in financing for Palisade Park, a 216-unit, Class A garden-style apartment community in Broomfield. The HFF debt placement team representing the borrower included managing director Josh Simon and director Kristian Lichtenfels.
Working exclusively on behalf of Jeffrey Sanders of Boulder, Colorado-based Mountain View Capital, LLC, the HFF team secured the seven-year, floating-rate loan through Freddie Mac’s CME Program. The securitized loan will be serviced by HFF, a Freddie Mac Multifamily Approved Seller/Servicer for Conventional Loans. Loan proceeds were used to refinance expiring construction financing.
Completed in 2017, Palisade Park is 95 percent occupied and comprises one-, two- and three-bedroom units ranging from 731 to 1,247 square feet. Located at 16815 Huron Street, the property encompasses 14,500 square feet of indoor and outdoor amenity space, including a beach-style pool with sundeck and spa; pergola with gas grills and fire pit; 24-hour fitness center; clubhouse with billiards, Wi-Fi lounge, media center and business room; dog wash and dog park; playground; and detached garages.
- ARA Newmark announced a 22,894-square-foot office sale, located at 2930 Umatilla Street in Denver, for $12,218,084. ARA Newmark agents Riki Hashimoto and Daniel Grooters represented the seller, Gravitas – 2930 Umatilla, LLC.
Pinnacle also announced the sale of 1363 Pierce Street in Lakewood. The turn-key 17-unit property, built in 1961, is located just four blocks from both the Lamar and the Wadsworth Light Rail Stations. The property sold for $3.19 million ($187,647 per unit; $210 per square foot). The property featured new windows, a new roof, new exterior lighting and landscaping, as well as renovated common areas and units. Principal Jim Knowlton represented both the buyer and the seller.
Pinnacle also announced the sale of 3176 South Peoria Court in Aurora. Built in 1983, this office property sold for $1.88 million ($84.52 per square foot). Jeff Johnson with the Johnson Ritter Team represented the buyer, Bridge House.
- Pinnacle also announced the lease of 2,055 square feet of retail space at 3483 South Broadway in Englewood. Associate Advisor Amanda Dorotik and Principal Jamie Mitchell represented both parties.