Transactions Report Week of 07/17/17
2,200 SF Leased at 7824 Park Meadows Drive
Pinnacle Real Estate Advisors, LLC is pleased to announce the lease of 2,200-square-foot of retail space at 7824 Park Meadows Drive in Lone Tree, Colorado. The 14,408-square-foot building, located in the highly desirable Park Meadows retail/restaurant corridor, features a fully outfitted second generation restaurant with patio. The lease agreement was executed in early July 2017.
Jamie Mitchell, principal, represented the landlord in the transaction.“The Tenant had been searching in this submarket for over a year,” said Mitchell. “The Tenant is excited to open the first Pastries and Chaat Indian Delicacies franchise location in the Denver area.”
HFF Arranges $6.5M Refinancing for 81-unit Apartment Community in Denver
Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged a $6.5 million refinancing for Amherst Apartments, an 81-unit apartment community in Denver, Colorado. HFF worked on behalf of Vukota Amherst Apartments, LP, an affiliate of Vukota Capital Management, to place the 20-year, 3.70 percent, fixed-to-floating-rate loan with Freddie Mac’s Small Balance Loan program.
Amherst Apartments comprises a mix of one- and two-bedroom floor plans ranging from 560 to 1,100-square-feet within a three-story building. Community amenities include an outdoor courtyard, picnic and grilling area, playground and clubhouse. The property is situated across from Colorado Heights University at 2775 S. Federal Boulevard approximately six miles south of downtown Denver. Amherst Apartments is also near major thoroughfares such as U.S. Highways 85 and 285 and Interstate 25, which allows for convenient access to the entire Denver metropolitan area. The property is 98 percent leased.
The HFF debt placement team representing the borrower was led by Director Brock Yaffe and Managing Director Josh Simon.
Unique Properties Announces Sale of Three Properties:
Denver Industrial Building Sold
Phillip A. Yeddis, executive vice president of Unique Properties, Inc., Colorado’s most experienced, privately held, full-service commercial real estate brokerage firm, announces the sale of 6740 Lowell Boulevard in Denver, CO. The transaction closed on June 26, 2017. The single tenant industrial property is 4,380-square-feet and sits on 0.61 acres or 26,571-square-feet of fenced yard. The block and brick property was built in 1975 and is zoned C-4. The building has 3 drive-in doors, 3-phase power, and high warehouse ceilings. The property sold for $705,000. Yeddis represented the buyer, Hainey Family Limited Partnership. The seller, Smith-Aden Properties, LLC, was represented by Joshua Cohen at John Propp Commercial Group.
Retail Investment Property Sell for $1,726,646 in Denver, Colorado
Unique Properties, Inc. / TCN Worldwide, is proud to announce the sale of 4395 South Broadway located in Denver, Colorado. This retail investment property was acquired for $1,726,646 with a 6.5% cap rate on June 22, 2017. Brad Gilpin, Senior Broker Associate, represented the Seller in this transaction. The 11,400-square-foot retail building was built in 1960 and was renovated in 2014. The renovations included a completely new exterior and new roof. The asset features a great tenant mix with current sizes ranging from 1,500 – 3,000 square feet. The five-tenant building has long term leases with annual increases in place. Ideally located on South Broadway and West Quincy Avenue, the Property receives daily traffic counts of 37,787 at South Broadway and West Quincy Avenue.
The Property was purchased by Working Capital Investment, LLC from an undisclosed seller. The buyer was represented by Curtis Allan of Re/Max Momentum. The Property was 100 percent occupied at the time of sale.
Office Building in Littleton, Colorado Sells to San Engineering for $650,000
Unique Properties, Inc. / TCN Worldwide, is proud to announce the sale of 1550 West Littleton Boulevard located in Littleton, Colorado. The Property was sold for $650,000 on June 30, 2017. Brad Gilpin, Senior Broker Associate, represented both sides of this transaction. The 5,846-square-foot Class C building was built in 1974 and has been well maintained. The Property features monument signage and ideal curb appeal. The Property is located only minutes from downtown Littleton and the Littleton Downtown Light Rail station, and features ample off-street parking for its tenants.
The Property was purchased by San Engineering, LLC, a small business that offers a wide variety of Civil and Structural Engineering Services to clients both small and large. San Engineering, LLC purchased the asset from the Seller, Boulevard 1150, LLP. The new owner intends to occupy most of the office building as their headquarters and use a small portion of the building to generate a leasing income. The Property was 100 percent occupied at the time of sale.
NavPoint Real Estate Group Sells 1.63 Acres of Land in Parker for $1,311,553
NavPoint Real Estate Group is pleased to announce the sale of 1.63 acres of land at Crown Point 18700 Cottonwood Drive Lot 4C in Parker. The seller was Stratus Crown Point, LLC. The buyer was ENT Credit Union. Ian Elfner and Matt Call of NavPoint Real Estate Group represented the seller. This deal successfully closed in June 2017. The property is conveniently located off Parker Road and E-470 in a mixed-use master planned development with residential, retail, office, medical and hospitality.
Cushman &Wakefield Lease 8,806-square-feet of industrial/showroom space
DKV Investments, LLC leased 8,806-square-feet of industrial/showroom space located at 901 South Jason Street, Denver, Colorado, to Santa Fe Distributing, Inc. Tyler Smith, Aaron Valdez and Alec Rhodes of Cushman & Wakefield represented the landlord. Kirk Vanino of Cushman & Wakefield represented the tenant.
ARA Newmark Closes Class A+ Multihousing Community with Adjacent Retail in Aurora
ARA, A Newmark Company (ARA Newmark) announces the sale of Viridian at the Gardens on Havana, a Class A+, 227-unit community, in Aurora, Colorado. Vice Chairmen Terrance Hunt, Shane Ozment, Jeff Hawks, Doug Andrews and Executive Managing Director Chris Cowan represented New York-based AIG Global Real Estate, a fully integrated real estate and investment company and Post Investment Group, partners in the transaction, in the sale to global investment management firm, CBRE Global Investors based in Los Angeles.
The property is directly adjacent to the Class A 500,000-square-foot retail redevelopment Gardens on Havana Shopping Center, anchored by Target, Sprouts Farmers Market, Dick’s Sporting Goods, Petco, Starbucks and Kohl’s, an aspect of the Havana Business Improvement District (“On Havana Street”) which opened in 2013. “On Havana Street” is a 4.3-mile stretch of shops, restaurants and retail along Havana Street that runs from 6th Avenue to Dartmouth Avenue.
“Viridian at the Gardens on Havana is located on the old Buckingham Square Mall site, recently transformed into the Gardens on Havana redevelopment,” Hunt explained. “The property brought much-needed new product to the area and is walkable to over 500,000 square feet of retail and close to Lowry, Stapleton and Fitzsimons Medical Campus, making it especially desirable for tenants and investors.”
Built in 2014, Viridian at the Gardens on Havana features a resort-style pool and clubhouse, state-of-the-art fitness center, gourmet kitchen and coffee bar, raised fire pit, barbecue grilling stations, electric-car-charging station and a dog wash area. The interior amenities include granite countertops, stainless steel appliances, 42” cabinets, track lighting, private balconies and patios, faux-wood blinds, oversized soaking tubs and large closets.