Winslow Report 1-2-17

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The Winslow Report, authored by John V. Winslow, is a compilation of transactions recently completed in Adams, Arapahoe, Boulder, Broomfield, Denver, Douglas and Jefferson counties. The information was gathered from county records and deemed to be reliable. Other sources of research include brochures and information verified by owners or listing/selling brokers. Winslow is president of Winslow Property Consultants and has more than 40 years’ experience in commercial real estate. He can be reached at 720-612-7878 or Colprop2012@gmail.com.

Adams County

Property Location: 10500 Irma Drive, Northglenn, “Regatta Apartments”

Property Description: 352-unit apartment complex w/22 two-story buildings plus clubhouse, 322,648 sf rentable; YOC 2000; 571 open spaces & 142 detached garage spaces – total of 713 parking spaces; brick on frame

Land Size: 22.79 acres

Sales Price: $81.8M, or $232,386/unit, or $253.53/sf

Reception No.: 20160000108775

Closing Date: 12/13

Grantor: Regatta Apartment Investors c/o Bascom Group, Jerome A. Fink, manager

Grantee: SRGMF II IRMA Northglenn c/o Sares-Regis Group, 18802 Bardeen Ave., Irvine, CA 92612, www.sares-regis.com, 949-756-5959, attn: Robert. W. Wagner 

Comments: This property was negotiated by the CBRE Inc. Denver Multifamily team including David Potarf, Daniel Woodward & Matt Barnett. The unit mix includes: 14 673-sf one-bedroom/one-bath units rented for $1.68/sf; 58 renovated, 673-sf one-bedroom/one-bath units that rent for $1.92/sf; 16 741-sf one-bedroom/one-baths that rent for $1.62/sf; 56 renovated 741-sf, one-bedrooms, rented for $1.83/sf; eight 903-sf, two-bedroom/one-baths that rent for $1.50/sf; 24 903-sf, renovated two-bedroom/one-baths that rent for $1.65/sf; 12 1,028-sf two-bedroom/two-baths @ $1.44/sf;  68 1,028-sf two-bedroom/two-baths @ $1.61/sf;  11 1,117-sf two-bedroom/two-baths @ $1.32/sf; 61 renovated 1,117-sf, two-bedroom/two-baths @ $1.44/sf; two 1,220-sf, three-bedroom/two-baths @ $1.49/sf; 22 1,220-sf, three-bedroom/two-baths @ $1.65/sf; with a total average of 917 sf, with and average rental rate of $1,493/month, or $1.63/sf. The in-place rent average is $1,334/month @ $1.45/sf. The last sales price was $42.25M, or $120,028/door, and occurred in December 2011. The annual growth rate of appreciation is 14.126%. The total gain in the five-year period is 93.61%. It would take 67 years to achieve such a growth with CD deposits at your local bank at 1% per annum growth. Expenses for this property are estimated to be $4,975/door, with an in-place cap rate of slightly over 6%.

 

Property Location: 11450 Melody Drive, Northglenn, “Regatta Apartments”

Property Description: 168-unit apartment complex with seven three-story buildings plus clubhouse, 150,150-sf rentable; YOC 1999, 244 open parking spaces

Land Size: 7.84 acres

Sales Price: $30.8M, or $183,333/unit, or $205.13/sf

Reception No.: 20160000108775

Closing Date: 12/13

Grantor: Bascom Melody Drive Apartments LLC, c/o Bascom Group, Jerome A. Fink, manager

Grantee: GB Village at North Hills SPE LLC by: Griffis/Blessing Inc., Gary Winegar, president of Investment Services, 719-520-1234 

Financing: Payable to CBRE Capital Markets Inc.

Comments: This property was negotiated by the CBRE Inc. Denver Multifamily team including David Potarf, 303-628-7414, Daniel Woodward, 303-628-7417, & Matt Barnett, 303-628-7422. The unit mix includes: 56 787-sf one-bedroom/one-bath units, rented for $1.41/sf; 13 renovated, 787-sf one-bedroom/one-bath units that rent for $1.49/sf; 71 947-sf, two-bedroom units that rent for $1.33/sf; 28 renovated 947-sf, two-bedroom unit that for $1.43/sf. The 42 units that have been renovated at an estimated cost of $4,250/door have experienced a rental increase of $138 to $199/month. The average size unit is 894 sf with an in-place rental rate of $1.36/sf.

 

Property Location: 20101 E. 36th Drive, Aurora   

Property Description: 277,236-sf warehouse, YOC 1982, masonry

Land Size: 18.88 acres

Sales Price: $14.5M, or $52.34/sf

Reception No.: 20160000098554

Closing Date: 11/15

Grantor: S&Z Realty LLLP by: Buehler Cos., Stuart Smith, manager, 303-388-4000

Grantee: Strongs Neck LLC, Eli A. Feldman, president of Conscience Bay Co. LLC

Financing: $7.25M, payable to First National Bank of Santa Fe, NA

Comments: See APN: 1825-10-1-01-019. Ben Woolf is director of commercial investments and can be reached at 303-225-7905 in Boulder. The property was listed by Alec Rhodes, SIOR, Tyler Smith, CCIM, SIOR, Aaron Valdez & R.C. Myles, CCIM, SIOR, ULI, of Cushman & Wakefield, 303-292-3700. The building is divided into two equal spaces of 138,618 sf with the U.S. Postal Service on the west side. There are 24 dock-high doors with levelers, one drive-in door and three rail doors, Union Pacific. The clear height ranges from 23’ to 26’. Buehler will relocate in May 2017 to the building that it just purchased at 16456 E. Airport Circle, in Aurora. See following sale.

 

Property Location: 16456 E. Airport Circle, Aurora

Property Description: 326,844-sf industrial building, YOC 1999, concrete panel

Land Size: 17.27 acres

Sales Price: $20.1M, or $61.50/sf

Reception No.: 20160000106271

Closing Date: 12/6

Grantor: Graebel Warehouse LLC, William H. Graebel, manager, 303-329-3217

Grantee: S&Z Realty LLLP c/o Buehler Moving & Storage, Stuart Smith, president, 3899 Jackson St., Denver

Financing: $20.43M, payable to ZB, NA, Vectra Bank Colorado, due 11-29-2026

Comments: See APN:  01821-29-4-02-002. Cushman & Wakefield brokers Alex Rhodes, Tyler Smith & Aaron Valdez, 303-819-7333, represented Buehler Moving.  Brad Pech of Re/Max Commercial Alliance represented the seller. Buehler is also acquiring Graebel Van Lines’ business in Denver.

 

Property Location: 1400 W. 122nd Ave., Westminster, “Casey Building”

Property Description: 30,044-sf, two-story office building, YOC 1985, brick

Land Size: 1.85 acres

Sales Price: $4.42M, or $146.95/sf

Reception No.: 20160000106299

Closing Date: 11/3

Grantor: MDK Westminster LLC, Adam Fierman, manager

Grantee: Colorado Blvd. Holdings LLC, Nick Studen Jr., manager, 303-466-6794

Financing: $2.25M, payable to Bank West due 1-5-2043, SBA Loan

Comments: The property was listed by Mark Dwyer, 303-226-8212, of Lincoln Property Company. The property last sold in October 2016 for $3.83M.

 

Property Location: 8215 Steele St., Denver

Property Description: 4,619-sf, two-story office/showroom, YOC 2006

Land Size: 87,120 sf

Sales Price: $1.25M, or $270.62/sf

Reception No.: 20160000107810

Closing Date: 12/12

Grantor: DAP Montoya Holdings LLC, Darby Montoya, manager

Grantee: ATR Holdings LLC, c/o AAA Barricade Company, 303-289-6880, Jennifer & Steven Scott, managers, 8215 Steele St., Denver 80229

Financing: $1.17M, payable to Compass Bank, due 25 years

Comments: There is a large, fully paved yard area. The warehouse/shop area includes a 5-ton crane, compressed air lines, radiant heat; mezzanine level includes six private offices, open bullpen/reception area, kitchen and two bathrooms with showers. See APN: 1719-25-3-04-006. The property last sold for $525,000 in March 2014.

Arapahoe County

Property Location: 8000 Southpark Way, Littleton  

Property Description: 145,517-sf ministorage space, YOC 1984,

Land Size: 8.52 acres

Sales Price: $16.78M, or $115.29/sf

Reception No.: D6143651

Closing Date: 12/15

Grantor: 8000 Southpark LLC, Bruce H. Etkin, manager

Grantee: Familia Eubank LLC, Dale Eubank, 1676 CR 100, Carbondale 81623

Financing: $16.73M, payable to Bank of Colorado, due 12-16-2026

Comments: Ryan Good is the executive vice president & partner for Etkin Johnson on this listing, 303-223-0496 or rgood@etkinjohnson.com. See APN: 2077-33-4-03-005 & 2077-33-4-03-049. The two properties at 8000 Southpark Way & 8000 Southpark Lane were conveyed in two separate deeds totaling $18.23M.

 

Property Location: 8000 Southpark Lane, Littleton 

Property Description: 12,222-sf, single-story office building, YOC 2001, masonry

Land Size: 1.25 acres

Sales Price: $1.45M, or $118.53/sf

Reception No.: D61436528

Closing Date: 12/15

Grantor: 8000 Southpark LLC, Bruce H. Etkin, manager

Grantee: San Miguel LLC, Dale Eubank, 1676 CR 100, Carbondale 81623

Comments: Ryan Good is the executive vice president & partner for Etkin Johnson on this listing, 303-223-0496 or rgood@etkinjohnson.com. See APN: 2077-33-4-03-049. The two properties at 8000 Southpark Way & 8000 Southpark Lane were conveyed in two separate deeds totaling $18.23M.

 

Property Location: 13760 E. Arapahoe Road, Centennial

Property Description: 52,226-sf, single-story warehouse, YOC 1969, twin-tee concrete

Land Size: 3.02 acres

Sales Price: $4.55M, or $87.12/sf

Reception No.: D6143651

Closing Date: 12/6

Grantor: MGDB LLC, Michael R. Gorman, member

Grantee: Regel Enterprises LLC c/o Merger Property Management, Alfred S. Leger & M. Jean Leger, manager, 303 S. Broadway, Suite 200-350, Denver 80209

Financing: $3.26M, payable to Blue Federal Credit Union, due 12-1-2030

Comments: Lot 1, Block 1, Baxa Subdivision, Arapahoe County. This property sold to the seller in December 2010 for $1.8M. The seller is Digital Wave Corp., 303-790-7559, or www.digitalwavecorp.com

 

Property Location: 2305 E. Arapahoe Road, Centennial, “Southglenn Plaza Offices”

Property Description: 43,690-sf, two-story office building, YOC 1978, front façade updated recently and site contains 164 parking spaces

Land Size: 3.18 acres

Sales Price: $2.8M, or $64.09/sf

Reception No.: D6145421

Closing Date: 12/12

Grantor: Southglenn Plaza Offices LLC, Don V. Bailey, CEO, or Patrick J. Bailey, president, 303-830-7848, 6021 S. Syracuse Way, Suite 100, Greenwood Village

Grantee: 2305 Arapahoe Partners LLC, Trong B. Lam, member, & ELNA LLC, Thomas M. Duffy, manager, 303-758-3105, 7500 E. Arapahoe Road, Suite 345, Centennial

Financing: $2M, payable to First State Bank, PO Box 1267, 2002 Broadway, Scottsbluff, NE 69363-1267, due 12-1-2030

Comments: Lot 1, Block 1, Southglenn Tenth Filing, Arapahoe County.  Property was listed by Zachary T. Williams, 303-813-6474, Nathan J. Bradley, 303-813-6444, & W. Ryan Stout, 303-813-6448, of Cushman & Wakefield. The site value reflects $20.20/sf if the purchaser acquired the property for future land/development value. The property lies directly south of Dekoevend Park in Littleton and access to the property is limited via an easement from S. Vine St. There is an assisted-living development located near the South Suburban Recreation Center.

 

Property Location: NEC S. Picadilly Road & E. Alameda, Aurora

Property Description: Vacant land

Land Size: 77.29 acres in three tracts of land

Sales Price: $1.95M, or $25,269/acre

Reception No.: D6144943

Closing Date: 12/12

Grantor: Kevin M. Martin & Hugh T. Privette

Grantee: The Trust for Public Land, Brenda Schick, VP, 303-837-1414,

1410 Grant St., Denver 80203

Comments: See APN: 1975-12-3-00-010; 1975-12-3-00-011, 1975-12-3-00-012

 

Property Location: North side of E. Arapahoe Road, southwest corner E. Peakview Ave. & E. Euclid Drive, 12351 E. Arapahoe Road, Centennial

Property Description: Vacant land, proposed 12,600-sf Auto Finders Facility

Land Size: 4.5 acres

Sales Price: $1.08M, or $5.50/sf

Reception No.: D6144185

Closing Date: 12/9

Grantor: Concorde Place by: James Blair Properties Inc., 303-805-9839,

Ron Johnson, VP, & Glenn Carpenter, manager

Grantee: Awada Enterprises 2 LLC, Ali F. Awada, manager, 303-636-9000,

2200 S. Parker Rd., Suite A, Denver 80231

Financing: $2.25M, payable to Bank West due 1-5-2043, SBA loan

Comments: See Site Development Plan, D6132513 for Colorado Auto Finders Site Plan. See 2075-24-3-32-002. The 12,600-sf Auto Finders Facility will include 72 parking spaces & 210 spaces for vehicle storage.

Boulder County

Property Location: 1050 Walnut St., Boulder

Property Description: 109,732-sf, five-story office building, YOC 1984, brick

Land Size: 28,706 sf

Sales Price: $46.4M, or $422.85/sf

Reception No.: 03561012, leasehold estate

Closing Date: 12/1

Grantor: Alecta Real Estate USA LLC, Martin Van Ardenne, CRE, 415-321-6113

Grantee: BPP Walnut LLC, Anthony W. Beovich, manager, by Blackstone Real Estate Advisors LP

Financing: $308.78M, payable to Royal Bank of Canada

Comments: Lots 1-4 Block 44, Boulder. This portfolio included 109,742-sf office building located at 1050 Walnut St., which sold for $46.4M, or $422.85/sf; the 72,037-sf Canyon Center building located at 1881 Ninth St., selling for $32.9M, or $456.71/sf, & a 33,945-sf, three-story vacant office building located at 1900 15th St., selling for $13.27M, or $390.93/sf with an aggregate amount of 215,724 sf in the three buildings totaling $92.57M, or $429.11/sf. Patrick Devereaux, Jason Schmidt & Joe Heath of JLL represented the seller. 1050 Walnut St. was 94% occupied at the time of sale with Techstars, Foundary Group & Southwest Research Institute the anchor tenants in this building. 1881 Ninth St. was 95% occupied with tenants including TIAA-CREF and Finish Line.

 

Property Location: 1881 9th St., Boulder

Property Description: 72,037-sf, three-story office building, YOC 1984, brick, & parking garage w/43,644 sf, YOC 1984

Land Size: 1.66 acres

Sales Price: $32.9M, or $456.71/sf

Reception No.: 03561012

Closing Date: 12/1

Grantor: Alecta Real Estate USA LLC, Martin Van Ardenne, CRE, 415-321-6113

Grantee: BPP Canyon Center LLC, Anthony W. Beovich, manager, by Blackstone Real Estate Advisors LP

Financing: $308.78M, payable to Royal Bank of Canada

Comments: Lot 1, Canyon Center, Boulder

 

Property Location: 1900 15th St., Boulder

Property Description: 33,945-sf, three-story office building, YOC 1994, masonry

Land Size: 12,026 sf

Sales Price: $13.27M, or $390.93/sf

Reception No.: 03560954

Closing Date: 12/1

Grantor: Walnut and Fifteenth LLC c/o Alecta Real Estate USA LLC, Martin Van Ardenne, CRE, 415-321-6113

Grantee: BPP Walnut Fifteenth LLC, Anthony W. Beovich, manager, by Blackstone Real Estate Advisors LP

Financing: $308.78M, payable to Royal Bank of Canada

Comments:  Lot 1, Canyon Center, Boulder

 

Property Location: 16858 N. St. Vrain Dr., Lyons

Property Description: 8,000-sf lodging building, YOC 1956

Land Size: 18.5 acres

Sales Price: $1.44M, or $1.79/sf land value

Reception No.: 03562209

Closing Date: 12/8

Grantor: Inn at Rock N River Pal Inc., Guy Gibson, president, 3131 Concord Way

Grantee: County of Boulder

 

Property Location: 3800 Arapahoe Road, Boulder

Property Description: 15,187-sf office building, YOC 1984

Land Size: Sale of improvements only

Sales Price: $844,000, or $55.57/sf

Reception No.: 03562209, leasehold estate

Closing Date: 12/8

Grantor: TBW Inc., Timothy B. Walsh, president

Grantee: CC 3800 Arapahoe LLC, c/o Cress Capital LLC, Tom Parnell, manager, & Revesco UPVFI of Arapahoe LP, T. Rhys Duggan, president

Comments:  See ground sublease to Bank of the West, recorded 03057671, which was assigned to the grantee via Reception No. 03562210

 

Property Location: 24 9th Ave., Longmont 

Property Description: 7,258-sf garden level office/retail building, YOC 2000, brick

Land Size: 11,686 sf

Sales Price: $575,000, or $79.22/sf

Reception No.: 03560468

Closing Date: 11/30

Grantor: Alternatives for Youth Inc., Adam Ingersoll, board chair

Grantee: Miller/Perry LLC, George A. Miller, manager

Financing: $225,000, payable to seller, due 12-1-2021 @ 4.75%

Comments: This property was listed by Becky Lyall, 303-548-5471, of Legacy Real Estate Group. Property is available for lease at $9.75/sf, NNN.

Broomfield County

Property Location:  8500 Arista Place, Broomfield, ”Arista Uptown Apartments”

Property Description: 272-unit apartment complex with eight three-story buildings plus clubhouse, 225,073-sf rentable; YOC 2013

Land Size: 6.68 acres

Sales Price: $65M, or $238,971/unit, or $205.13/sf

Reception No.: 2016015111

Closing Date: 11/21

Grantor: Arista Uptown Colorado LLC by: Jed B. Milburn, manager, 801-961-1372

Grantee: Seagate Arista Associates LLC, Trent Isgrig, manager, 303-825-0660

Financing: Assumption of $39.75M note dated 9-19-2014, payable to Walker & Dunlop LLC, assigned to KeyBank, NA, Overland Park, KS 66211

Comments: The APN is: 1717-034-15-003. This property was negotiated by the ARA Newmark Inc. Denver Multifamily team including Jeff Hawks, Terrance Hunt, Shane Ozment, Doug Andrews, Anna Stevens & Amanda Meldrum. The unit mix includes: 18 studio units @ 526-560-573 sf that rent for $2.15-$2.08-$2.31/sf; 129 one-bedroom/one-bath units @ 653-710-743-747 sf that rent for $1.95-$1.81-$1.85-$1.81/sf; 75 two-bedroom/two-baths units @ 987-988-991 sf that rents for $1.70-$1.69-$1.65/sf; 36 two-bedroom/two-bath units @ 1,015-1,023 sf that rent for $1.69-$1.66/sf. The average size is 827 sf with an average rental rate of $1,459/ month, or $1.76/sf. There are 127 detached garages, 24 attached garages, 189 off-street spaces & 87 street spaces. The estimated expenses for this type of apartment complex are between $6,125 and $6,300/unit. The buyer is based in Denver and Brian Johnson is VP of acquisitions.  The seller is based out of Salt Lake City, UT.

 

Property Location: 453 Summit Blvd., Broomfield

Property Description: Vacant land, 198 units proposed

Land Size: 7.34 acres

Sales Price: $3.2M, or $10/sf, or $16,162/buildable unit

Reception No.: 2016016338

Closing Date: 12/13

Grantor: Summit Green Apartments LLC, Jonthan W. Bullen, manager, 801-961-1121

Grantee: DD Summit Blvd. LLC, c/o Davis Development, 770-474-4345,

403 Corporate Center Dr., Suite 201, Stockbridge, GA 30281

Financing: $2.25M, payable to Bank West, due 1-5-2043, SBA loan

Comments: Lot 1, Mid Cities Filing No. 23, see 2016016031. See buyer’s website, www.davisdevelopment.com

Denver County

Property Location: 600 17th St. & 1630 California St., “Dominion Towers,” Denver

Property Description: 613,527-sf, 19-story & connecting 28-story office building, YOC 1982, concrete panel construction & 6,262 sf parking lot, Energy Star labeled, LEED Gold

Land Size: 40,702 sf

Sales Price: $154.26M, or $251.43/sf

Reception No.: 2016169869

Closing Date: 11/28

Grantor: CCP BCSP Dominion Property LLC c/o Beacon Capital Partners LLC, 200 State St., 5th Floor, Boston, MA 02109

Grantee: FSP 600 17th Street LLC c/o Franklin Street Properties Corp., Jeffrey B. Carter, president, 401 Edgewater Pl., Suite 200, Wakefield, MA 01880, 800-950-6288

Comments: Lots 9-10 Block 161, see APN: 2345-28-005, containing 6,262-sf parking lot & Lots 22-32 Block 161, East Denver, see APN: 2345-28-022. The buyer plans to spend approximately $3M on renovation and leasing cost.  EOG Resources Inc., which occupies approximately 177,925 sf, is the largest tenant in the building.

 

Property Location:  700 Broadway, Denver, “Anthem Blue Cross-Blue Shield”

Property Description: 425,853-sf, 13-story office building, YOC 1973, renovated 2015-2016 with 2.8 per 1,000 parking ratio; 86% leased to Anthem through 12-2024

Land Size: 3.51 acres

Sales Price: $80.65M, or $189.38/sf

Reception No.: 2016175969

Closing Date: 12/15

Grantor: CSHV 700 Broadway LLC c/o California State Teachers Retirement System, 100 Waterfront Place, 16th Floor, West Sacramento, CA 95605-2807

Grantee: IHP HLIC 700 Broadway Asset LLC c/o Bradford Allen Management Services LLC, 200 S. Michigan Ave., 18th Floor, Chicago, IL

Financing:  $51M, payable to Goldman Sachs Mortgage Company, NYC, NY

Comments:  Roger H. Clark & Steven P. Higdon are principals for the grantee, see www.bradfordallen.com. Michelle Cunningham, CFA is the signer on the deed for the grantee. See APN:  05039-04-031. The property last sold in December 2014 for $70M, reflecting an annual growth rate of 7.34%. The property was listed by Tim Richey, 303-628-7445, Mike Winn, 303-628-7447, Chad Flynn, 303-628-7467, & Geoff Baukol, 303-628-1750, of CBRE Inc. The average in-place rents are approximately $12.90/sf, triple net, reflecting a 6.675% in-place cap rate.  Listing broker indicates an additional 142,000 sf potential development space on the site.

 

Property Location: 1900 Wazee St. & 1860 Blake St., Denver

Property Description: 61,672-sf, three-story office building, YOC 1885; “Wazee Exchange Building,” & 90,848-, 10-story office building, “Blake Street Terrace”

Land Size: 26,421 sf & 20,901 sf

Sales Price: $44.2M, or $289.80/sf

Reception No.: 2016176487

Closing Date: 12/13

Grantor: Blake Street Investments LLC c/o Vlasic Development LLC, Jeffrey Harshe, CCIM, 734-930-6700, 2723 S. State Street, Suite 250, Ann Arbor, MI

Grantee: Blake Wazee LLC, Stoltz Management, 725 Conshohocken State Rd., Bala Cynwyd, PA 19004

Financing: $30.46M, payable to ZB, NA, dba Vectra Bank, NA

Comments: See APN: 02279-13-020 & 02331-02-001. Property was listed and sold by Geoff Baukol of CBRE Inc., 303-628-1750. The two buildings total 152,520 sf and last sold for $31.7M, or $207.84/sf, Aug. 28, 2013. This reflects a total appreciation of 39.43%, or an annual growth rate of 10.75%. The Blake Street Terrace was renovated in 2008 while the Wazee Exchange Building was renovated in 2009.

 

Property Location: 1845 Sherman St., Denver, “Hampton Inn Downtown”

Property Description: 148-room, six-story hotel, YOC 1989

Land Size: 23,437 sf

Sales Price: $27.43M, or $185,338 per key

Reception No.: 2016176408

Closing Date: 12/15

Grantor: IA Urban Hotels Denver, c/o Xenia Hotels & Resorts, Phillip A. Wade, SVP, 407-246-8100, 200 S. Orange Ave., Suite 2700, Orlando, FL 32801

Grantee: MHF Denver Operating V LLC c/o Magna Hospitality Group, Leonard J. Grecco, VP, 401-886-4484, 300 Centerville Rd., Suite 300 E, Warwick, RI 02886

Financing: $68.88M, payable to Wells Fargo Bank, NA

Comments: See 02349-31-008.  Buyer’s website is www.magnahospitality.com

 

Property Location: Adjacent SWC Inca St. & W. 41st Ave.; NEC Jason St. & W. 40th Ave.; SEC Jason St. & W. 41st Ave., 4001 Inca St., Denver

Property Description: Land value

Land Size: 90,760 sf

Sales Price: $6.62M, or $72.98/sf

Reception No.: 2016175184 & 2016141995

Grantor: Hainey Family LP RLLLP, Margaret K. Hainey, manager, 8080 E. 50th Pl. Denver 80238

Grantee: CD-Inca LLC by: Confluence Cos., Tony DeSimone, manager, 303-643-5775

Closing Date: 12/8 & 10/13

Financing: $3M @ 3%, due 12-1-21 payable to city and county of Denver

Comments: Lots 1-30, Block 30, Viaduct Addition to Denver, 02214-31-007, 02214-31-008, 02214-31-002, 02214-31-003, 02214-31-004, 02214-31-005 & 02214-31-009. Buyer plans to develop 125-unit apartment complex with a portion of the property allocated for affordable housing.  The transaction is a combination of two separately recorded takedowns by the parties in this transaction.

 

Property Location: 2400-2420 High St., Denver, Denver

Property Description: 16-unit apartment complex, 8,320 sf, YOC 1953, brick

Land Size: 28,200 sf

Sales Price: $2.83M, or $176,563/door

Reception No.: 2016175780

Grantor: PRE-UPC LLC, Zvi Rudawsky, Ryan Lawless, Jason Koch & Neil Shah, managers

Grantee: Twenty-Fourth LLC, Manuel J. Martinez, manager

Closing Date: 12/14

Financing: $2.01M, payable to Capital One Multifamily Finance LLC, due 1-1-37

Comments: Seller purchased property for $1.09M, in September 2014. The 16 one-bedroom units contain 520 sf each.

 

Property Location: 1835-55 Logan St. & 1840 Grant St., Denver

Property Description: 45,020-sf, three-story high school, “Oscar Malo Jr. Memorial Center and Gymnasium,” YOC 1915 & 1938

Land Size: 45,992 sf

Sales Price: $3.17M

Reception No.: 2016173753

Closing Date: 12/12

Grantor: 1840 Grant Investors LLC, Grant V. Barnhill, manager, 383 Corona St., Suite 200, Denver 80218, www.shiftworkspaces.com, 303-355-5353

Grantee: Rafmo LLC c/o GFI Capital Resources Group Inc., Michael Weiser, manager, 212-668-1444, 140 Broadway, 41st Floor, NYC, NY 10005

Comments: This property was listed by Patrick Henry, 303-312-4284, of Cushman & Wakefield. See APN: 02349-08-023 & 02349-08-006 or Lots 1-8, Block 248, Clements Addition, & see APN: 02349-08-050, see Lots 1-6, North 10’ Lot 7, Block 71, H.C. Browns Addition. The Historic Preservation Tax Credit allocated $1M in tax credits to 1840 Grant St. The seller renovated the Cathedral High School into office space for Shift Workplaces.

 

Property Location: 2000-2018 S. Cherokee St., Denver

Property Description: 9,529-sf warehouse, YOC 1958, brick, & 3,158-sf warehouse, YOC 1978, brick, 12,687 sf

Land Size: 18,750 sf

Sales Price: $1.46M, or $115.39/sf

Reception No.: 2016175756

Closing Date: 12/14

Grantor: 2000 South Cherokee Street LLC, Kenneth B. Drost, manager

Grantee: Cherokee Street Partners LLC

Comments: This property was listed by Tyler Smith, SIOR, CCIM, Aaron Valdez & Alec Rhodes, SIOR of Cushman & Wakefield.

 

Property Location:  1445 S. Broadway, Denver

Property Description: 1,875-sf retail building, YOC 1896

Land Size: 6,344 sf

Sales Price: $555,000, or $293.33/sf

Reception No.: 2016170762

Closing Date: 11/10

Grantor: Good Spirits Development

Grantee: Liminal Development LLC

Comments: This property was listed by Russell Gruber of Newmark Grubb Knight Frank. Property formerly occupied by Bikes on Broadway. The buyer is a Colorado artist who may use this building for her art studio.

 

Property Location: 963 Federal Blvd., Denver

Property Description: 3,456-sf meeting hall building, YOC 1967, brick

Land Size: 6,250 sf

Sales Price: $375,000, or $108.51/sf

Reception No.: 2016176253

Grantor: Overseas Vets Inc.

Grantee: Bouncer Trust 86 Ridgeview Lane, Boulder 80302

Closing Date: 12/15

Comments: This property was listed by Western Investor Network, Matt Ritter, 720-344-1174 or 513-315-1267, matt.ritter@westinvestnet.com, and contains 3,600-sf single-story brick VFW Meeting Hall with 12 parking spaces. Roof was repaired in 2015.

 

Property Location: E/S Chambers Rd., 150’ north of Green Valley Ranch Blvd., 4836 Chambers Rd., Denver

Property Description: Vacant land

Land Size: 40,663 sf

Sales Price: $600,000, or $14.76/sf

Reception No.: 2016158074

Closing Date: 11/6

Grantor: Vons Companies Inc., Bradley R. Beckstrom, manager, 714-526-2560

Grantee: Evergreen Chambers Green Valley Ranch c/o Evergreen Devco, Tyler Carlson tcarlson@evgre.com, 303-757-0401

Comments: Part Lot 1, Block 1, Parkfield Filing No. 7, see APN: 0173-06-032. The buyer is based out of Phoenix, AZ, with offices in Glendale, California, and Denver. The seller is a supermarket chain owned by Albertsons; Albertsons & Safeway completed merger in 2015.

 

Property Location: NEC E. 50th Ave. & Central Park Blvd., Denver

Property Description: Vacant land, plan to build Goldfish Swim School

Land Size: 53,470 sf

Sales Price: $800,000, or $14.96/sf

Reception No.: 2016175928

Closing Date: 12/14

Grantor: FC Stapleton II LLC, Brian Fennelly, VP, 303-382-1800

Grantee: Turner Property Holdings LLC, Amy Turner & Patrick T. Turner, manager, 801-809-7250, or patrickturner30@gmail.com

2703 Galena St., Denver 80238

Financing: $400,000, payable to Wells Fargo Bank, NA, SBA loan

Comments: See Lot 1, Block 1, Stapleton Filing No. 44, 2014067794; See APN: 01153-04-001 or 9119 E. 50th Ave., Denver 80238. The building will contain 9,223-sf, single-story building that will allow 261 occupants.

 

Property Location: Vicinity NWC Tower Road & E. 51st Ave.

Property Description: Vacant land

Land Size: 38,438 sf

Sales Price: $72,700, or $1.89/sf

Reception No.: 2016176699

Closing Date: 12/16

Grantor: State Board of Land Commissioners, Gary Butterworth, president & William E. Ryan, director

Grantee: Oakwood Homes LLC, 4908 Tower Rd., Denver 80249

Comments: Dated 12-10-2015 pursuant to Board Order No. 2015-078, agreement to Non-Simultaneous Exchange of Real Property dated 6-6-2016. Pt Lots 2,3, Block 1, Tower 160 Subdivision No. 2, SE1/4 Section 16, T3S, R66W

Jefferson County

Location: 14455-14715 W. 64th Ave., Arvada

Property Description: 83,278-sf shopping center, YOC 2001-2004, masonry

Land Size: 14.65 acres

Sales Price: $15.9M, or $190.93/sf

Reception No.: 2016102743

Closing Date: 9/30

Grantor: Arvada West 04 LLC, Alan F. Fox, president, or Cathy Reynolds, VP, 12411 Ventura Blvd., Studio City, CA 91604

Grantee: Starboard Arvada LLC, 19600 Fairchild Rd., Suite 125, Irvine, CA 92612,

6310 Lamar Ave., Overland Park, KS 66202

Comments: Lots 1A, 1B, Lot 3, Arvada West Town Center; see APN: 39-063-06-011,012 & 009; Lots 6, 7, 8, 9 Arvada West Town Center, First Amendment, all sold for $13.20M, see APN: 39-063-06-021, 023,024,025 & Lot 10, Arvada Town Center First Filing sold for $650,000; see SEC W. 65th Way & Indiana St. or APN: 39-063-06-027 & RH Group Bonner LLC of 606 S. Olive St., Suite 600, Los Angeles, CA 90014 purchased Lots 4, 5 Arvada West Town Center, See APN:  39-063-06-019 or 14405 W. 64th Ave.,  2,964-sf retail building, YOC 2004, & 1,212-sf car wash, YOC 2004, sold to RH Group Bonner for $2.047M; 39-063-06018, or 14565 W. 64th Ave., Wendy’s, 3,284 sf, YOC 2001. Total price of center was $15.9M. Listed by Hanley Investment Group, Kevin Fryman, 949-585-7674. In-place cap rate was 6.8%.

 

Property Location:  9046 W. Bowles Ave., Littleton, “Bowles Ave. Marketplace”

Property Description: 8,068-sf retail building, YOC 1984, brick

Land Size: 43,192 sf

Sales Price: $2.99M, or $370.60/sf

Reception No.: 2016129975

Closing Date: 12/8

Grantor: BAM Investment Management LLC, Thomas C. Skaar, manager, 426 Mossy Rock Lane, Coeur D’Alene, ID, 83814

Grantee: 9046 LLC, Sean Guiry, manager, 303-972-9393, 620 N. Canosa Ct., Denver

Comments:  See APN: 59-221-06-001 – Lot 2, Bowles Avenue Marketplace. The property was listed by Riki Hashimoto, 303-260-4383, and Dan Grooters, 303-260-4384, of NGKF Capital Partners.

 

Property Location: 4415 McIntyre St., Golden “7-Eleven store”

Property Description: 3,062-sf convenience store, YOC 2016, masonry

Land Size: 1.79 acres

Sales Price: $2.88M, or $938.93/sf

Reception No.: 2016126499

Closing Date: 11/28

Grantor: Confluent Development LLC, Jonathan Rankin, SVP

Grantee: Charles McBride and Claire McBride Trustees of McBride Declaration Trust Dated April 27, 1994, 163 Lagunitas Rd., Ross, CA 94957

Comments: Lot 1, Block 1, Confluent Marketplace Filing No. 1, see APN: 30-242-01-036. Property was marketed by Zandy Smith, 415-274-2707, and sold for an in-place cap rate of 5.17%, based on a 15-year lease with NOI of $148,552 as per CREXi listing information on www.crexi.com.

 

Property Location: 831 Pine Ridge Rd., Golden

Property Description: 13,096-sf, two-story office warehouse, YOC 2008, concrete panel

Land Size: 1.55 acres

Sales Price: $2.13M, or $162.26/sf

Reception No.: 2016128427

Closing Date: 12/5

Grantor: Outlast Holdings LLC by: CoorsTek LLC, Michael L. Coors, manager

Grantee: Pine Ridge Road LLC, Dr. Hunter Moore, manager, 19782 W. 59th Ave., Golden 80403

Comments: The seller leased back the entire space from the buyer through July 2023. Outlast Technologies, 303-581-0801, was founded in 1990 and designed instrumentation for NASA to protect astronauts from temperature fluctuations in space. See APN: 30-212-09-002. The in-place cap rate is 7.07%, which computes to a lease rate of approximately $11.48/sf, triple net. The building was renovated in 2014. The property was listed by Cushman & Wakefield, Campbell Davis.

 

Property Location: 6011 W. 44th Ave., Wheat Ridge, “U.S. Bank”

Property Description: 14,630-sf bank, YOC 1958, brick construction, 58 spaces

Land Size: 1.15 acres

Sales Price: $1.98M, or $135.34/sf

Reception No.: 2016129648

Closing Date: 12/6

Grantor: MVT LLC, Michael S. Cessa, manager, 3492 W. Tiny Bird Ct., Tucson, AZ 85745

Grantee: USBK LLC, Rose & Nathan Chao, 210 Canal St., Suite 301, NYC NY 10013

Financing: $1.12M, payable to Wells Fargo Bank, NA due 12-15-21

Comments: The tenant is U.S Bank and the in-place cap rate is 6.9%. The lease rate is $9.40/sf, triple net. The listing brokers include: R.C. Myles, CCIM, SIOR, ULI, 303-312-4226, James Brady, 303-312-4292, Campbell Davis & Chris Ball, SIOR, CCIM, 303-312-4280, all with Cushman & Wakefield, 303-292-3700. See 39-242-00-017.

 

Property Location: 670 Miller Ct. & 688 Miller Ct., Lakewood

Property Description: Two eight-unit, two-story apartment building, YOC 1960, 5,056 sf each, total 11,112 sf. Sixteen units, brick

Land Size: 36,000 sf

Sales Price: $1.45M, or $90,625/door, or 130.49/sf

Reception No.: 2016129801

Closing Date: 12/7

Grantor: Seganti Properties Corporation, Anthony G. Seganti, manager

Grantee: Wheat Ridge Commons LLC, P.O. Box 36061, Denver 80236

Financing: $1.12M, payable to Wells Fargo Bank, NA, due 12-15-21

Comments: Lots 3-6, Block 6, Majestic Heights, Lakewood, see APN: 49-044-15-038 & 49-044-15-037

 

Property Location: 3955 Wadsworth Blvd., Wheat Ridge

Property Description: 2,714-sf fast-food restaurant, YOC 1978, masonry

Land Size: 30,971 sf

Sales Price: $1.08M, or $397.28/sf

Reception No.: 2016084255

Closing Date: 11/9

Grantor: Microproperties Indiana LLC c/o US Restaurant Properties, Robert J. Stetson, CEO, 8140 Walnut Hill Lane, Suite 400, Dallas, TX 75231-4336

Grantee:  FCPT Holdings LLC, Gerald Morgan, CFO, c/o Four Corners Property Trust Inc., 415-965-8032, Valley, CA 94941

Financing: $1.95M, payable to Bank of Colorado Lakewood

Comments: See APN: 39-233-00-020. The property last sold in April 2011 for $748,000. See Assignment and Assumption of Lease as of 11-9-16, original date was 9-28-77, ending March 29, 2017.

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