Transactions Report Week of 09.11.17
REC Senior Consultant, Elizabeth M. Leder, worked on behalf of the tenant while providing a full range of buyer representation services with details of this new lease reported as follows:
Landlord: RiNo TOD, LLC (aka Zeppelin Development)
Tenant: Tokken, Inc.
Address: 3501 Wazee Street, Suite 303, Denver, CO 80216
Tokken was founded in 2016 focused on granting online banking privileges to cash-intensive industries in order to provide safe payment methods to consumers and a robust compliance platform that partners with effectively with financial institutions. CEO, Lamine Zarrad, was inspired to create Tokken after identifying inefficiencies during his work as a Colorado bank regulator.
Pinnacle Announces the Sale of Highlands Retail Center
Pinnacle Real Estate Advisors, LLC is pleased to announce the sale of the Highlands Retail Center at 1200-1230 West 38th Avenue located in Denver, CO. This 10,844-square-foot two-building retail neighborhood center sold for $5,216,000 or $481 per square foot. The property’s five service and restaurant tenants cater to the growing neighborhood’s demands. The tenants include Denver Deep Dish, Lash Boulevard, Fierce45, Abundant Smiles Dentistry, and CycleBar. Rob Edwards and Tom Ethington, principals, represented the local seller, LCP Development in the transaction. Jules Hochman and Justin Brockman, principals, represented the local 1031 exchange multifamily buyer, Ingalls RE 2, LLC in the transaction.
“Last year LCP Development was one of the first developers to jump into this highly trafficked section of 38th Avenue in the booming Highlands Neighborhood. It didn’t take long for many other developers to follow suit. Within just one block of Lipan Street, Chubby’s razed and re-built their popular Mexican restaurant and five new homes were under construction,” stated Edwards.
Founded in 2004, LCP Development is a privately-held, Denver-based development and property management company specializing in mixed-use, infill development and redevelopment and property management. LCP has experience in nearly every real estate asset type, with projects in metro Denver and surrounding areas.
Unique Properties Sells Retail Investment Center for $5,300,000 and Acquires 36 Units in Longmont for $4,100,000
Greystone Unique Apartment Group, multifamily division of Unique Properties, Inc., recently brokered the sale of a 36-unit multifamily asset located at 321 14th Avenue in Longmont, Colorado. Greystone Unique Apartment Group represented the buyer and the property sold for $4,100,000 or $113,888 per unit and closed on September 11.
321 14th Avenue consists of two buildings constructed in the early 1970’s. The Property consists of twenty-two (22) one-bedroom units and fourteen (14) two-bedroom units. 321 14th Avenue is located just two blocks from Main Street, an area that has seen significant revitalization and redevelopment during recent years.
Greystone Unique Apartment Group also brokered the sale of Lincoln Center, a 17 tenant retail center asset, located at 2727 North Cascade Avenue in Colorado Springs. The Property sold above listing price at $5,300,000 or $139.96 per square foot. Lincoln Center closed on September 12, 2017 and Greystone Unique Apartment Group represented the buyer.
The 37,86- square-foot retail center was built in 1948 and extensively renovated in 2016. Once an elementary school, Lincoln Center was re-purposed into a retail center. Currently a blend of tenants occupy the space including restaurants, coffee shops, gym, brewery and more. Ideally located just north of downtown Colorado Springs, the property is only a few blocks from Centura Penrose-St. Francis Hospital and situated between the two major colleges in Colorado Springs. The buyer sold their multifamily property to exchange into a multi-tenant retail center in the growing Colorado Springs submarket.
NavPoint Real Estate Group Sells 4.16 Acres of Land in Brighton for $2,719,000
NavPoint Real Estate Group is pleased to announce the sale of 4.16 acres of land at 22 S 50 th Avenue in Brighton. The seller was USNAT Development, LLC. The buyer was LSP Brighton Commons, LLC.
Matt Call and Ian Elfner of NavPoint Real Estate Group represented the seller. Scott Nannemann and Kari Robertson of WalderaScott Real Estate
Partners represented the buyer. This deal successfully closed in August 2017. The property is conveniently located off E Bridge St and S 50 th Ave located 1 mile from I-76.