Transactions Report Week of 07/24/17
Rare 1970’s-Built Apartment Community in Lowry has Sold
CBRE announced this week that the Fairways at Lowry, constructed in 1973, sold for $47.5 million, including the assumption of existing debt in the amount of $26,100,000.The 450-unit community is located at 9913 East 1st Avenue in Aurora, Colorado, adjacent to the Common Ground Golf Course. Dave Potarf, Dan Woodward and Matt Barnett of CBRE Capital Markets, Denver Multifamily Investment Properties, represented the seller. In its entirety, the complex includes more than 250,000-square-feet. The previous owner completed extensive renovations to the property prior to its sale. Community amenities include a 24-hour fitness center, business center, clubhouse, dog park, playground and pool.
CBRE Facilitates $1.2M Sale and Repurposing of Former Restaurant into Plumbing Supply Showroom
CBRE also announced this week that it has completed the $1.2 million sale of the former Hideout restaurant located at 1903 East Lincoln Avenue in Fort Collins, Colorado. Purchased by developer Thomas Lefever, the site will be repurposed into a new showroom, warehouse and office location for Hughes Plumbing Supply — a division of the Hajoca Corporation, one of the largest distributors of plumbing materials in the country — which operates more than 75 locations across 12 states.
Mike Eyer, Julius Tabert, Jon Rue and Kit Brown of CBRE’s Fort Collins office represented Mr. Lefever in the purchase, which closed July 20, 2017. Wolcott 8 Properties LLC of Fort Collins was the seller.
“This purchase is an excellent example of the creativity that goes into real estate development,” said Julius Tabert, vice president with CBRE in Fort Collins. “Mr. Lefever was able to see the potential for this site, taking into account its existing water lines and undeveloped space. Its location, surrounded by a combination of restaurants, breweries and industrial companies, also provided a strategic demographic for the future tenant.”
The 1.65-acre site currently includes a 3,872-square-foot restaurant plus a large patio space, parking lot and adjacent vacant lot. The restaurant portion of the site will be repurposed into Hughes Supply’s showroom. Mr. Lefever plans to add another building for warehouse and office facilities, also to be leased to the plumbing supply company.
HFF Closes $11M Sale of Value-Add Denver-Area Retail Center
Holliday Fenoglio Fowler, L.P. (HFF) announced that it has closed the $11 million sale of Willow Creek Shopping Center, a 163,412-square-foot, value-add retail center in the Denver suburb of Centennial, Colorado.
HFF marketed the property on behalf of the seller, and procured the buyer, an entity controlled by Miami-based Jewell Capital, LLC.
Willow Creek Shopping Center comprises three buildings and four freestanding pad sites, two of which were not included in the sale. Originally completed in 1984 as a grocery-anchored center, the property was most recently renovated in 2005 and is home to a variety of tenants, including Vasa Fitness, Willow Creek Wine & Spirit, The UPS Store, Level 4 Yoga, Arc Thrift and Busy Little Hands. Willow Creek Shopping Center is situated on 21.4 acres at 8100, 8150, 8220, 8210, 8220 and 8260 South Quebec Street at the northeast corner of Quebec Street and County Line Road, which has a traffic count of more than 75,000 vehicles per day. More than 105,900 residents earning an average annual household income of approximately $127,084 live within three miles of the center.
“The buyer saw great long-term potential in this cash-flowing value-add asset,” Sherwood said. “Its irreplaceable location at County Line and Quebec is a great fit for the investor’s long-term strategy.”
Rare Property Sells Next to Cheesman Park
Colliers International Multifamily Advisory Group is pleased to announce the sale of 1295 Race Street, Denver, CO. This 66-Unit Community built in 1969 sold for $6,750,000 ($102,273/unit and $254/sf). The property is income and age restricted to residents over the age of 55.
The property has its first true new owner in 48 years. The community was originally developed in 1969 and has been held by entities affiliated to the original developers since that time. The buyer, Botnick Realty, is a familiar face in the neighborhood, as the owner of the Metropolitan Apartments across the street. Botnick Properties plans to continue to operate the property as a home for low income seniors.
The seller, Central Rocky Mountain Region Christian Church – Disciples of Christ, will go on supporting affordable housing and other missions in the region with the proceeds from the sale.
The seller was represented by Craig Stack and Bill Morkes of Colliers Multifamily Advisory Group. The buyer was self-represented.
The Pines Apartments Sold for $1,900,000
Pinnacle Real Estate Advisors, LLC, is pleased to announce the sale of 10635 West 7th Avenue in Lakewood, Colorado. The 10-unit multifamily building sold on July 27th with a contract price of $1,900,000; $190,000 per unit and $176.22 per square foot.
The property was constructed in 1977. Josh Newell, principal, represented the local seller in the transaction.
Denver Industrial Property Sells for $850,000
Unique Properties, Inc. / TCN Worldwide, Colorado’s most experienced, privately held, full-service commercial real estate brokerage firm, is proud to announce the sale of 1801 W. Evans Avenue located in Denver, Colorado.
The industrial property sold for $850,000. The seller was represented by Brad Gilpin, Senior Broker at Unique Properties, Inc.
The property consists of one building totaling 7,946-square-feet on a 16,117-square-foot lot. The building was mostly vacant at the time of purchase and is currently being offered for lease by Brad Gilpin. The property is located at the corner of West Evans and Raritan Street. It was formerly a Volvo parts and service shop.
Tributary Real Estate Acquires 4100 E. Arkansas
Tributary Real Estate, a fully integrated Denver-based investment, development, brokerage and property management firm, has purchased 4100 E. Arkansas, a 63,335-square-foot two-story class B office building centrally located in Denver at I-25 and Colorado Boulevard for $7.34 million.
The owner-occupied building is currently the corporate headquarters for AAA Colorado, which is relocating and expanding to the Denver Tech Center. Tributary acted as the buyer broker and will be part of the ownership entity for the property. The firm will also manage the building renovation for The Green Solution’s (TGS) corporate office, operating as TGS Management, on behalf of the new ownership.
“At Tributary, we pride ourselves on achieving a high level of involvement in creating lasting partnerships with our clients, working closely with them to determine how our investment, development and brokerage services can be combined to support their business objectives,” said Ryan Arnold, principal of Tributary Real Estate. “We’ve developed a strong working relationship with TGS Management through several successful transactions over the past four years, and we look forward to continuing the relationship as TGS Management grows as an organization.”
AAA Colorado will initially lease back the property for five months following the sale to allow the company time to relocate to their new facility. During this time, Tributary and TGS will finalize construction documents and acquire building permits. Construction is slated to begin January 2018 with full occupancy expected by April 2018.
TGS Management is a vertically integrated cannabis operations company employing more than 660 employees in cultivation, manufacturing, R&D facilities and retail. Approximately 125 corporate employees will move into the 4100 E. Arkansas space.
“We’ve worked with Tributary for several years on our real estate,” said Kyle Speidell, Co-CEO and Co-Founder of TGS Management. “Their commitment to understanding our short- and long-term goals, and their ability to deliver solutions tailored to our unique needs, has helped to propel our growth and expand our real estate holdings.”
The Green Solution, through Speidell Real Estate Group, currently owns 12 retail locations across Colorado and 300,000-square-feet of cultivation facilities.