Transactions Report Week of 09.04.17
NavPoint Real Estate Group Sells Prime Development Land in Booming Castle Rock for $5M
NavPoint Real Estate Group is pleased to announce the sale of 48.166 acres of land at Citadel Station in Castle Rock. The seller was Fenway Partners, LLC and the buyer was Citadel Development, LLC. Matt Call and John Witt of NavPoint Real Estate Group handled the transaction which successfully closed in August 2017. The property is conveniently located off the Northwest Corner of I-25 and Plum Creek Parkway. P3 Advisors, experts in land development, plan to transform the vacant 65-acre property (with the adjacent 17 acres) into a resort anchored employment, retail, and entertainment district. The property will bring much needed hospitality/conference center and office park/campus primary employment opportunities to Castle Rock. The property enjoys frontage on Interstate 25 at a recently constructed full interchange with car counts approaching 100,000 vehicles per day and growing by more than 4,000 cars per year since 2013.
The Denver Office of Lee & Associates Announces the Following Transactions:
– The 33,896 SF lease by McClinton Energy Group with Mountain Molding, LTD at 14444 East I-25 Frontage Road in Longmont, Colorado. Ron Webert, Nic Carter and Max Gompertz of Lee & Associates represented McClinton in the transaction. McClinton, a Midland TX based company, specializes in providing equipment and services to the oil and gas industry. This move signals a large expansion for McClinton, who is relocating from a 15,000 SF building in Johnstown.
– The 6,313 SF lease renewal by Motili, Inc. with Blake and Wazee, LLC at 1900 Wazee Street in Denver, Colorado. JR Bitzer of Lee & Associates represented the tenant.
– The 2,217 SF lease by Denver Development Partners, LLC with FSP 600 17th Street, LLC at Dominion Plaza in Denver, Colorado. Jeff Hallberg of Lee & Associates represented the tenant.
– The 2,923 SF lease renewal by Payless Shoesource, Inc. with Arvada Ridge Vertical Retail, LLC at Arvada Ridge Market Place in Wheat Ridge, Colorado. Jeff Hallberg of Lee & Associates represented the landlord.
– The sale of 3734 Osage Street in Denver, Colorado a 6,420 SF office building. Nine dot Arts purchased the property for $1,750,000 from Vertex. JR Bitzer of Lee & Associates represented the seller.
Pinnacle Announces the Sale of Two Multifamily Properties
Pinnacle Real Estate Advisors, LLC is pleased to announce the sale of 1800 Fenton Street located in Lakewood, CO. The 11,920-square-foot multifamily building sold for $2,100,000 or $176.17 per square foot. Kevin Calame, principal, represented the seller, JMDR Fenton, LLC in the transaction. Matt Lewallen, principal, represented the buyer, DHS, LLC in the transaction.
“The Fenwood was a perfect fit for the buyer group as they were able to exchange out of an office asset and into this multifamily property, which is in close proximity to other multifamily properties they have in the neighborhood,” stated Lewallen. “They will continue to clean up the operations and blend it into their existing portfolio.”
Pinnacle also announced the sale of Redwood Terrace Apartments at 1466-1480 Hathaway Drive located in Colorado Springs, Colorado. The 10,848-square-foot multifamily building sold for $1,120,000 or $103.24 per square foot. Michael Krebsbach, Associate Advisor, and Jamie Mitchell, Principal, represented the seller in the transaction.
“The seller owned Redwood Terrace for the past 13 years. The family decided it was time to take advantage of today’s historically high prices by selling. They are ready to retire and simplify their life. The buyer whom was represented by an outside broker was looking to grow his Colorado Springs apartment portfolio by acquiring Redwood Terrace,” stated Krebsbach.
REC Reports New Leases in Lakewood and Denver
REC Broker, Adam S. Zard, provided tenant representation on behalf of BSN Live with details of the lease reported as follows:
Landlord: Chuck Arnold DBA Arnoldworld, LLC
Tenant: Brandon Spano DBA BSN Live, LLC
Address: 7596 W. Jewell Avenue, Suite 204, Lakewood
Description: 1,291-square-foot office
REC Vice President, Alexander F. Becker, managed property searches and successful negotiations for the following leases:
Landlord: Catalyst RiNo, LLC
Tenant: CirrusMD, Inc.
Address: 3513 Brighton Blvd., 2nd Floor, Denver
Description: 6,580-square-foot office
Landlord: 3330 Larimer, LLC
Tenant: CirrusMD, Inc.
Address: 3330 Larimer Street, Suite 1B, Denver
Description: 745-square-foot office
The leases negotiated on behalf of CirrusMD reflect an expansion into the first floor of its current building, 3330 Larimer Street, and an upcoming move to Catalyst on Brighton Blvd.