Winslow Report 11-2-2016

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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: Vic. SEC Washington St. & E. 62nd Ave.; also fronts SWC & SEC Downing St. & E. 62nd Ave., 6030 Washington St., 6150 Downing, Denver

Property Description: 72,985-sf manufacturing plant, YOC 1958, masonry, redevelopment plan by the grantor

Land Size: 40.05 acres

Sales Price: $14.4M, or $8.26 per sf

Reception No.: 20160000084211

Closing Date: 10/11

Grantor: Northwest Pipe Company, Scott Montross, president and CEO, 360-397-6257

Grantee: Prologis Inc.

Financing: Cash

Comments: 01825-11-2-03-014, 006, 007, 008, 009 001 & 002 & 01825-11-2-04-006. Northwest Pipe announced it are planning to close down this manufacturing plant. Property was listed by Steve Hager, Sam Slaton and Matt Trone of Cushman & Wakefield.

 

Property Location: 9775 E. 97th Ave., Commerce City

Property Description: 18,587-sf, two-story office/warehouse building, YOC 1999, concrete panel, eight loading doors, 22’ clear, three-ton crane

Land Size: 6.2 acres

Sales Price: $2.98M, or $160.60 per sf

Reception No.: 2016000082762

Closing Date: 9/30

Grantor: Celadon Realty LLC, Kenneth L. Core, manager, 317-972-7000

Grantee: RLF I-C SPE LLC, Aeroterm Inc., Eli Gregory, VP acquisitions,

410-280-1100 or egregory@aeroterm.com.

Comments: See APN: 01721-15-4-02-003. This property was listed for sale by Colliers International. The property last sold from Dairy Farmers of America to the seller July 3, 2014, for $2.75M.

Arapahoe County

Property Location: 490 S. Joplin St., Highline Village Apartments

Property Description: 467-unit apartment complex with 25 buildings, 358,010 rentable sf, YOC 1984, wood frame

Land Size: 23.23 acres

Sales Price: $71.3M, or $152,677 per unit, or $199.16 per sf

Reception No.: D6117745 & D6117746

Closing Date: 10/10

Grantor: Highline Village Associates, by: ConAm Cordova Inc., Rob Singh, VP, 858-614-7200, 3990 Ruffin Rd., Suite 100, San Diego CA 92123

Grantee: PRCP-Aurora, c/o Priderock Capital Partners, 561-653-9332, George W. Banks II, member, 525 Okeechobee Blvd., Suite 1650, West Palm Beach, FL 33407, Attn: Daniel C NG, VP finance and acquisitions

Financing: $55.3M payable to KeyBank NA, due 11-1-26

Comments: 1975-17-2-16-001, Lot 1, Block 1, Highline Village Sub., Filing No. 1,

This transaction was listed and negotiated by the ARA Newmark Denver multifamily team including Jeff Hawks, Terrance Hunt, Doug Andrews, Shane Ozment, Anna Stevens and Amanda Meldrum. There are 177 one-bedroom units, 99 renovated, with 630 sf that rent for $1.39 psf, $1.54 psf renovated; 290 two-bedroom/1.75-bath with 850 sf, 160 renovated, $1.25 psf, $1.41 psf renovated.

The average size unit is 767 sf with a rental rate of $1.38 per square foot average. The rates have increased 5.63% since March for the 630-sf, one-bedroom model, The Overlook, and 8% since March for the 850-sf, two-bedroom/two-bath model, The Streamside. 303-835-9408.

 

Property Location: 11135 E. Alameda, Aurora, “Glen at the Park”

Property Description: 90-unit, two-story apartment complex, YOC 2001, eight buildings, 98,520-sf, brick/frame

Land Size: 6.66 acres

Sales Price: $17M, or $188,889 per unit, or $172.55

Reception No.: D6118721

Closing Date: 10/14

Grantor: BRE Paragon MF Alvista Highline Co LLC, Olivia John, VP

Grantee: Advenir Del Arte, Stephen L. Vecchitto, manager, 305-948-3535

Financing: $13.6M, payable to Holliday Fenoglio Fowler LP, due 11-1-26

Comments: 1975-17-2-16-001, Lot 1, Block 1, Highline Village Sub., Filing No. 1.

This transaction was listed and negotiated by the ARA Newmark Denver multifamily team including Jeff Hawks, Terrance Hunt, Doug Andrews, Shane Ozment, Anna Stevens and Amanda Meldrum. There are 30 one-bedroom units, 12 renovated, with 906 sf, that rent for $1.28 psf, $1.44 psf renovated; 30 two-bedrooms/two-baths with 1,150 sf, nine renovated, $1.10 psf, $1.28 psf renovated; 30 two-bedroom/two-baths with 1,228 sf, $1.09 psf, $1.20 psf renovated. This is the 12th Colorado apartment complex the buyer, Advenir Real Estate, based out of Aventura, FL, has purchased. There are 90 attached garages and 107 open spaces. The property’s average rental rate at time of listing was $1.20 per sf per month, while the lease rate as of Oct. 18 averaged $1.37 per sf, an increase of 14.34%.

 

Property Location: 320 S. Colorado Blvd., Denver

Property Description: 5,280-sf retail center, YOC 1996, masonry

Land Size: 20,404 sf

Sales Price: $3.3M, or $625 per sf

Reception No.: D6116398

Closing Date: 10/11

Grantor: Kirchhof Family Enterprises LLC, Peter Kirchhof, manager, 303-507-9587

Grantee: 320 South Colorado Blvd. LLC, Ira Lang, manager

Financing: Cash

Comments: 1973-18-2-13-001, Lot 1, Harman Minor Sub.

Gary Glusman is employed with Lang Realty. Sam Zaitz of Legend Realty represented Lang and *Gary Glusman, 954-491-2281, Ext. 25, in the transaction. *Glusman handles property management on Lang’s Colorado properties.

 

Property Location: 20 Inverness Pl. E., Englewood

Property Description: 30,782-sf, two-story office building, YOC 1998, concrete panel with 65 parking spaces

Land Size: 4.11 acres

Sales Price: $3.25M, or $105.58 per sf

Reception No.: D6117902

Closing Date: 10/14

Grantor: Inter-Capital Group LLC c/o Consolidated Investment Group, Tim Bertoch, manager, 18 Inverness Place East, Englewood 80112

Grantee: The Conservative Baptist Foreign Mission Society, 1501 W. Mineral Ave., Littleton 80120

Financing: Cash

Comments: See APN: 2075-35-3-14-001. This property was listed for sale at $4M or for lease at $12.50 to $14.50 per sf triple net. David Lee, Jason Addlesperger and Billy Woodward of NGKF handled the transaction. The operating expenses for the building for 2015 were $5.18 per sf. This stand-alone building has frontage on the Inverness Gold Course and contains a unique penthouse conference room with potential rooftop patio area.

Boulder County

Property Location: 1) 4000 Nelson Rd. – NWC Nelson Rd. & S. Airport Rd.; 8001 Rd., Nelson Rd. – north side of Nelson Rd., approximately 600’ East of Disc Drive; 3) 4201 Rodgers Rd., north side Rodgers Rd., approximately 600’ West of S. Airport Rd., Longmont

Property Description: 692,000-sf, six-building campus

Land Size: 1) 1315-070-12-001 – 64.12 acres: 2) 1315-070-12-002 – 158.53 acres: 3) 1315-070-12-003 – Outlot A – 5.69 acres , total land area 228.34 acres

Sales Price: $64.5M, or $93.21 per sf *

Reception No.: 03549204

Closing Date: 10/7

Grantor: Amgen Inc., David W. Meline, EVP

Grantee: AstraZeneca Pharmaceuticals LP, Andrew D. Skibo, head of Global Biologics Operations, 1800 Concord Pike, Wilmington, DE 19803

Comments: See APN: Lots 1,2 and Outlot A, Amgen Center Longmont Subdivision, 1315-070-12-002 – 158.53 acres, 1315-070-12-001 –64.12 acres – 1315-070-12-003 –5.89 acres. Water rights were quitclaimed; see 03549205. The property is being leased back to Amgen Inc. for one year, with a six-month option subsequent, which will expire March 31, 2018. The lease only includes the 64.12 acres, which is described as 1315-070-12-001, known as 4000 Nelson Rd. Outlot A does not appear to be a buildable site and is mostly open space. The property was listed by Eric Dienstbach of Binswanger, 215-448-6000. Deed included the 64.12 acres in which the 692,000-sf, six-building campus is situated plus the adjoining 158.53 acres directly to the west and the 5.69-acre site directly north of the campus.

 

Property Location: 921 Main St., Louisville

Property Description: 996-sf office conversion, YOC 1925, frame const.

Land Size: 7,797 sf

Sales Price: $682,000, or $5.90 per sf

Reception No.: 03549533

Closing Date: 10/7

Grantor: Patricia H. Tussey and Eric R. Tussey

Grantee: 921 Main Street LLC

Financing: Cash

Comments: Property was leased for $27.27 per sf, full-service. Listing office is Staufer Team Real Estate.

Denver County

 Property Location: 9099 E. Mississippi Ave., Denver

Property Description: 1,523-unit apartment complex with 134 buildings and six clubhouses, a 26,000-sf recreation center, 1.55M sf rentable sf, YOC 1990-1996, wood frame

Land Size: 128.7 acres

Sales Price: $350M or $229,810 or $225.60 psf

Reception No.: 2016136310

Closing Date: 9/28

Grantor: Breakers Pride Crossing LLC c/o Bascom Group LLC, Jerome A. Fink, pres.

Grantee: Breakers Investors LLC and PW Prides Crossing LLC, 777 Brickell Ave., Suite 1200, Miami, FL 33131, Pensam Management Services Inc., Michael Stein, CEO-director, www.pensamcapital.com

Comments: This transaction was listed and negotiated by the ARA Newmark Denver multifamily team including Jeff Hawks, Terrance Hunt, Doug Andrews, Shane Ozment, Anna Stevens and Amanda Meldrum. The buyer’s director of acquisitions and finance is Hen Shoval, 786-539-4999. The management company for the Breakers is BH Management. This company is based out of Des Moines, IA, 515-244-2622. Teresa Anderson is general manager. The unit mix is as follows:

116 one-bed/one-bath @ 755 sf, rent for $1.63 psf; 334 one-bed/one-bath @ 758 sf, rent for $1.64 psf; seven one-bed/one-bath @ 712 sf, rent for $1.77 psf; 34 one-bed/one-bath/study @ 922 sf, rent for $1.46 psf; 36 one-bed/one-bath/loft @ 922 sf, rent for $1.52 psf; 114 one-bed/one-bath/study @ 953 sf, rent for $1.46 psf; two one-bed/one-bath/study @ 878 sf, rent for $1.47 psf; 10 one-bed/1.5-bath @ 1,071 sf, rent for $1.57 psf; 23 one-bed/one-bath/townhome @ 1,089 sf, rent for $1.38 psf; 28 one-bed/1.5-bath/loft @ 1,267 sf, rent for $1.39-$1.45psf; five two-bed/one-bath @ 1,035 sf, rent for $1.44 psf; 120 two-bed/one-bath @ 1,120 sf, rent for $1.37 psf; 416 two-bed/one-bath @ 1,127 sf, rent for $1.38 psf; 15 two-bed/two-bath @ 1,155 sf, rent for $1.45 psf; 23 two-bed/two-bath/townhome @ 1,259 sf, rent for $1.30 psf; 96 two-bed/2.5-bath @ 1,314-1,364 sf, rent for $1.47-$1.49 psf; 30 two-bed/2.5-bath/study @ 1,396 sf, rent for $1.52 psf; seven two-bed/2.5-bath/loft @ 1,613 sf, rent for $1.43 psf; 27 two-bed/2.5-bath/study @ 1,521 sf, rent for $1.47 psf. The average size unit rents for $1,491 per month, or $1.46 per sf, and contains an average of 1,019 sf. The land area is 128.7 acres plus a 60-acre lake. Since 2011, there have been 125 units renovated at an average cost of approximately $9,500 per door. One hundred-sixty units have been highly renovated including cherry cabinetry, new kitchen sinks and faucets, stainless steel appliances and wood-style plank flooring. This upgrade cost an estimated $11,000 per unit. Eleven of the units have had extensive renovation that cost an estimate of $18,000 per unit. There are 333 attached garages, 669 detached garages and 1,758 open spaces, for a total of 2,760 spaces.

 

Property Location: 8155 E. Fairmount Dr., Denver, “AMLI at Lowry Estates”

Property Description: 414-unit apartment complex, 392,058 rentable sf, YOC 2000, wood frame and brick

Land Size: 18.66 acres

Sales Price: $112.25M, or $268,120 per unit, or $285.71 psf

Reception No.: 2016144461

Closing Date: 10/13

Grantor: AMLI at Lowry Estates LP, 141 W. Jackson Blvd., Suite 300, Chicago, IL 60604 by: AMLI Residential Partners LLC, Fred Shapiro, SVP

Grantee: MFREV II Lowry LLC, 353 N. Clark St., Chicago, IL 60654 c/o Mesirow Financial Real Estate Value Fund II LP, Marc E. Sacks, CEO, 312-595-6000

Financing: $73.13M payable to AXA Equitable Life Insurance Company

Comments: Property was listed and sold by Jordan Robbins, 303-515-8010, of HFF, jrobbins@hffp.com. The property has an average size of 947 sf per unit.

 

Property Location: 2727 E. 2nd Ave., Denver, “The Detroit Building”

Property Description: 13,362-sf, two-story retail building, YOC 1977

Land Size: 12,500 zoned CCN

Sales Price: $7.35M, or $550.07 psf

Reception No.: 2016144333

Closing Date: 10/17

Grantor: The Kalamath Corporation, Timothy Sweeney, president, 1298 Westwood St., Redwood City, CA 94061-1925

Grantee: Second Avenue Development Partners LLC, c/o BMC Investment Company LLC, Matt Joblon, CEO, 303-996-2333, and BRAM Real Estate LLC, Blair E. Richardson, manager

Financing: $5.73M, payable to FirstBank, due 11-1-18

Comments: Leases between Duke’s Garden State LLC, dated 9-23-13, between Scented Studio LLC, dated 6-21-11, between Amazing LS Cherry Creek LLC, dated 9-21-15, R&R Spas Inc. dated 7-1-11, Kindness Yoga dated 10-1-97, Andysam Ltd., dated 2-23-96. According to the latest brochure from the internet, there is 5,374 sf available for a quoted price of $32 to $34 per sf. The space was available December 2015 and it is not known if the space was on the market subsequent to that date.

 

Property Location: 10515 & 10525 E. 40th Ave., Denver

Property Description: 65,628-sf, two industrial buildings, YOC 1978, tilt-up concrete, twin-tee, 18 drive-in bays and 12’ to 14’ ceilings

Land Size: 4.39 acres

Sales Price: $5.75M, or $87.62 psf

Reception No.: 2016139027

Closing Date: 10/6

Grantor: East 40th Business Center LLC, Bruce H. Etkin, manager

Grantee: Nectar Stapleton 2016 LLC, J. Herzog & Sons, F. Patrick Listermann, COO, 303-757-8811, Roseben SS LLC, 925-516-2185, 615 Garland Way, Brentwood, CA 94513 & PJ Wells LLC, 4500 Cherry Creek Dr. South, Suite 1060, Denver 80206, Paul DeCrescentis, manager, 303-333-9799.

Financing: Cash

Comments: Ryan Good, partner of Etkin Johnson, 303-223-0496, was the listing broker in the deal. The 2016 triple-net expenses are estimated to be $3.64 per square foot. Jarod Pate of DePaul Real Estate Advisors represented the buyer in the transaction.

 

Property Location: 5301 E. 39th Ave., Denver

Property Description: 51,410-sf industrial building, YOC 1958, includes 2,480-sf finished office area and 18,715-sf fenced storage yard, brick and concrete block, four dock-high and one drive-in door, sprinkled, 15’ to 18’ clear height

Land Size: 1.88 acres, zoned I-A

Sales Price: $3.9M, or $75.86 psf

Reception No.: 2016136758

Closing Date: 10/3

Grantor: Colorado Blvd. Holdings LLC, Nick Stuben, manager

Grantee: Jerry & Orit Kohen Living Trust, 2834 E. 48th St., Vernon, CA 90058

Financing: $2.9M payable to ZB, NA, dba California Bank & Trust

Comments: The listing broker was Brandon Basham of Basham & Associates, 303-550-5133. The property is on the northeast corner of Forest St. & E. 39th Ave. Space was formerly occupied by Safeway. See APN: 01194-00-042. The buyer was represented by Byron Johnson of NAI Shames Makovsky, 303-565-3020. The buyer will use the building for its clothing business. The buyer was leasing space in a building on Brighton Blvd. that was owned by Evan Makovsky and the buyer’s wanted to own their its building.

 

Property Location: 4429-4431-4433 Tennyson St., Denver

Property Description: 4,896-sf retail building, YOC 1961, brick/frame, & 726-sf house, YOC 1900, land value, plan for 18 townhomes priced in the $600,000 range.

Land Size: 18,750 sf

Sales Price: $2.39M, or $127.47 psf, or $132,778 per buildable townhome lot

Reception No.: 2016139651

Closing Date: 10/7

Grantor: Daniel L. Marquez

Grantee: Oasis Capital Partners LLC, Paul Zakovich, manager, 303-901-2120, cell

Financing: $1.9M, payable to Broadmark Real Estate Management II LLC

Comments: Lots 27-32, Edbrooke’s Resubdivison of Block 32, Berkeley. See APN: 02192-17-032 & 02192-17-019. 4437 Tennyson sold on a separate deed for $800,000 and the seller was Tennyson West LLC, David Heiliger, manager. The buyer was Oasis Capital Partners LLC, Paul Zakovich, manager. The transaction included a 726-sf home on 6,250 sf. The property is zoned U-MX-3.

 

Property Location: 221-264 Santa Fe Dr., Denver

Property Description: 22,578-sf warehouse, three buildings, YOC 1941, brick

Land Size: 39,356 sf

Sales Price: $1.9M, or $48.28 psf, land value, or $84.15 psf, including building

Reception No.: 2016137885

Closing Date: 10/4

Grantor: Steven A. Winter

Grantee: B&B Lawrence LLC, Behrooz Hadgi-Maleki, manager

Comments: Lots 3-17, Block 14, Sumner’s Second Addition.

See APN: 05091-22-028. The property was listed by Tim Shay, 303-283-4594, and Tyler Ryon, 720-383-2637, of Colliers International. The improvements may be an interim use until the property is right for redevelopment.

 

Property Location: 701 S. University Blvd., Denver, “Campus Lounge”

Property Description: 5,247-sf restaurant/lounge, YOC 1949, brick

Land Size: 6,552 sf

Sales Price: $1.9M, or $362.11 per sf

Reception No.: 2016140064

Closing Date: 9/28

Grantor: Bonnie Brae Retail LLC, Harry M. Sterling and James A. Wiste

Grantee: Exposition Avenue Properties LLC, Wayne Barrett, manager, and Dan Landes, manager, 9628 E. Powers Dr., Greenwood Village

Financing: $1.61M, payable to Rawlins National Bank, dba RNB Lending Group, $400,000 payable to Rawlins National Bank

Comments: Lots 47-48, Block 8, Bohm’s Sub, Filing No. 2.

See APN: 05144-01-024. Charles Woolley, founder of St. Charles Town Company, was also involved in the acquisition of the property.

 

Property Location: 2755 S. Locust St., Denver

Property Description: 36,888-sf, two-story office building, YOC 1972, stucco and concrete panel

Land Size: 59,241 sf

Sales Price: $1.76M, or $193.40 psf

Reception No.: 2016142218

Closing Date: 9/22

Grantor: Cache Bank & Trust, Mark Truitt, reg. president

Grantee: 2755 S. Locust LLC, Scott A. McCormack, manager of VVA FF LLC

Comments: See APN: 06322-02-099. There was new HVAC in 2013 and there are 70 parking spaces. The property was listed by NAI Shames Makovsky, Jim Cortney, 720-881-7532.

 

Property Location: 5105 E. 39th Ave., Denver

Property Description: 13,514-sf manufacturing building, YOC 1957

Land Size: 58,187 sf

Sales Price: $1.69M, or $125.06 psf

Reception No.: 2016143517

Closing Date: 10/11

Grantor: Peterman Investments LLC, Helen Peterman, manager

Grantee: TDJH Holding LLC, Dawn C. Abbott, member, 303-261-1821, Denver 80238

Financing: $1.56M, payable to Bank of the West, SBA loan, due 11-5-41

Comments: See APN: 01194-00-046. The property was listed by Dawn Murray, 303-931-9387, of KW Commercial Real Estate. The property contains two 6,000-sf spaces and a 1,500-sf office space, with two loading docks, new roof, HVAC & asphalt. Buyer to use the building for her business, Colorado Teambuilding Events Inc., www.coloradoteambuildingevents.com.

 

Property Location: 4330 Broadway, Denver

Property Description: 10,009-sf warehouse, YOC 1985, masonry, 30 parking spaces, renovated in 2012, 16’ clear, three drive-in doors

Land Size: 25,628 sf

Sales Price: $1.36M, or $136.13 psf

Reception No.: 2016141764

Closing Date: 10/12

Grantor: J&L Leasing Company Ltd., John L. Faulkner, manager

Grantee: D-Property LLC, 3700 Quebec St., Unit 100-216, Denver 80207

Comments: The property was listed by Peter Wycoff, 303-565-3026, of NAI-Shames Makovsky. See APN: 02224-03-026. There is a 12,000-sf storage yard and the 1,400-sf office space has been remodeled nicely, and there is a wet fire sprinkler system throughout.

 

Property Location: 8400 E. Colfax Ave., Denver, “Seven Star Motel”

Property Description: 16-unit, one- and two-story motel, 9,723 sf, YOC 1953, brick/frame

Land Size: 18,250 sf

Sales Price: $1.25M, or $128.60 psf

Reception No.: 2016142787

Closing Date: 10/10

Grantor: Myong Ju Lee

Grantee: Ha Rim Corporation Inc., Jonggyu Oh and Junggi Lee

Financing: $905,000, payable to Pacific City Bank, SBA loan

Comments: See APN: 06041-05-003.

 

Property Location: 4425 Race St., Denver

Property Description: 8,165-sf warehouse, YOC 1926, masonry

Land Size: 21,374 sf

Sales Price: $1.05M, or $128.60 psf

Reception No.: 2016142937

Closing Date: 10/14

Grantor: Race LLC, Ronald Fallis Rees, manager

Grantee: Race Street Partners LLC, James N. Michas and Patrick Amick, managers Financing: $522,500 and $365,750, payable to UMB Bank

Comments: See APN: 02231-24-005. Property listed and sold by Russell Gruber of Newmark Grubb Knight Frank, 303-260-4253. Property is located near I-70 with fenced storage yard.

 

Property Location: 1295-97 S. Lipan St., Denver

Property Description: 6,237-sf warehouse, YOC 1980, fluted block

Land Size: 12,479 sf

Sales Price: $830,000, or $133.08 psf

Reception No.: 2016141024

Closing Date: 10/7

Grantor: Orth LLC, Peggy Ann Orth, manager

Grantee: South Lipan Street Properties LLC, David L. Hanson, manager

Financing: $420,000, payable to Wells Fargo Bank, NA, SBA loan, due 10-7-26, $240,000, payable to Wells Fargo Bank, NA, SBA loan, due 10-7-17

Comments: Rocket Seals was the grantor’s company, 303-777-7024. According to the Secretary of State, David L. Hanson is the owner of the company.

 

Property Location: 4402 Umatilla St., Denver

Property Description: 4,158-sf warehouse, YOC 1914, masonry

Land Size: 12,187 sf

Sales Price: $825,000, or $198.42 psf

Reception No.: 2016142356

Closing Date: 10/13

Grantor: 4402 Corporation, Paul R. Clark, president

Grantee: 3360 W. 38th Ave. LLC, Benjamin Gearhart, manager, 303-309-0060

Financing: $346,000, payable to FirstBank, NA, due 10-13-17, $240,000, payable to Wells Fargo Bank, NA, SBA loan, due 10-7-17

Comments: See Memorandum of Master Prepaid Lease and Management Agreement recorded 9-13-13, 2013135650. Buyer plans to renovate and add 2,470 sf of space on the north boundary line of the building. The buyer’s company, Capital Works Mortgage, will occupy a portion of the building. A news story indicated the total space could be as high as 7,600 sf, with a total acquisition and renovation cost of $3 million. The building lies directly to the east of the Common Grounds Coffeehouse. Dorit Makovsky Fischer, 303-565-3025, Hayden Hirschfeld, 303-565-3048, and Joey Gargotto, 720-881-7540, of NAI Shames Makovsky negotiated the transaction. Chuck C. Moore is also a principal working with the buyer. This property was under contract for seven months, conditional upon change of zoning to UM-S-2. Underground storage tank was discovered and removed by the seller during the due diligence period.

 

Property Location: 1234 W. Cedar Ave., Denver

Property Description: 6,558-sf warehouse, YOC 1980, fractured block, includes 2,070-sf office finished area, two 8’x10’ drive-in doors.

Land Size: 12,875 sf

Sales Price: $795,000, or $121.23 psf

Reception No.: 2016143860

Closing Date: 10/17

Grantor: STH Properties LLC, Sharon T. Hilb & Gary Hilb, manager

Grantee: 1234 W. Cedar Ave. LLC, Eric Weins, manager, 303-561-1099,

6279 W. 38th Ave., Suite 9, Wheat Ridge 80033

Financing: $599,250, payable to STH Properties LLC

Comments: Buyer’s website is www.weinsdevelopment.com. Property was listed by Lev Cohen, 720-232-4118, and Sheldon Hayutin, 303-888-8597, of Westar Commercial

 

Property Location: 1800 Colorado Blvd., Denver, NEC E. 18th Ave. & Colorado Blvd.

Property Description: Vacant residential lot, zoned

Land Size: 15,475 sf

Sales Price: $380,000, or $24.56 psf

Reception No.: 2016141024

Closing Date: 10/7

Grantor: The Messiah English Lutheran Church, Richard Chuvarsky, president

Grantee: Omar Joudeh

Comments: The site has 123.8’ of frontage on Colorado Blvd. and 125’ of frontage on E. 18th Avenue and is on the northeast corner of East 18th Ave. & Colorado Boulevard. The U-SU-E zoned parcel was listed by Unique Properties-TCN Worldwide, Marc S. Lippitt, 303-321-5888. The site is located directly to the north of the church owned by the seller.

Douglas County

Property Location: 9135-9137-9139 Ridgeline Blvd., Highlands Ranch

Property Description: 1) 59,155-sf, two-story office building, YOC 2001: 2) 44,276-sf, one-story office building, YOC 2001: 3) 40,550 sf, two-story office building, YOC 2001, total 147,707-sf office space, 136,954 sf net rentable square feet

Land Size: 11.82 acres

Sales Price: $21.25M, or $155.16 psf

Reception No.: 2016070594

Closing Date: 10/6

Grantor: Ridgeline Technology LLC, by: Stoltz USA, Michael J. Connolly, VP

Grantee: Ridgeline Campus LLC, c/o Bancroft Capital LLC, Randy ten Doesschate and Douglas J. McDonald, 310-318-9120

Financing: $16.1M payable to Compass Bank, Birmingham, AL 35233

Comments: See APN: 2229-102-02-007, 2229-102-104, 2229-102-008.

 

Property Location: 9127 S. Jamaica St., Englewood

Property Description: 112,634-sf, four-story office building, YOC 2006

Land Size: 9.14 acres

Sales Price: $19.5M, or $173.13 psf

Reception No.: 2016073350

Closing Date: 10/12

Grantor: Wells REIT II – South Jamaica Street LLC c/o Columbia Property Trust, Kevin A. Hoover, SVP, Atlanta, GA 30328

Grantee: Toastmasters International, Daniel Rex, CEO, 23182 Arroyo Vista, Santa Margarita, CA 92688

Financing: Cash

Comments: See APN: 2231-112-19-004, Lot 2A-1, Block 27, 35th Amendment, see Reception No. 2016037658. The transaction was handled by Kevin Shannon, Ken White, Laura Stumm, Dave Tilton, Jamie Gard, 303-260-4341, and Jeff Castleton, 303-260-4391, of Newmark Grubb Knight Frank. Michelle Goudeaux of Columbia Property Trust was the property manager for the seller, 650-324-3805. Darik Afshani of Columbia Property Trust was the asset manager, 404-465-2141.

 

Property Location: 4175 E. Wildcat Reserve Pkwy., Highlands Ranch

Property Description: 14,748-sf retail building, YOC 2004, masonry

Land Size: 1.89 acres

Sales Price: $6.58M, or $180.82 psf

Reception No.: 2016071095

Closing Date: 10/6

Grantor: Mabury Highlands Ranch, James E. Rubnitz and Howard E. Mazur, managers

Grantee: Pennwood A LLC, Arnon I. Neiss, manager

Comments: See APN: 05081-03-030. Property was listed by David Cutler of Marcus & Millichap, 650-391-1753. The property has approximately 13 years remaining on the lease with an in-place cap rate of 5.64%.

 

Property Location: 11099 Dransfeldt Rd., Parker

Property Description: Vacant land, 294 units planned

Land Size: 18.54 acres, Lot 1 = 16.34 net acres

Sales Price: $4.25M, or $5.25 per sf, or $5.97 per sf, net, or $14,453/unit

Reception No.: 2016066866, 2016066822,

Closing Date: 9/23

Grantor: 1) Don Miller Greenhouse Company 2) Donald F. Miller and Viola R. Miller 3) International Sunprints III LLC – debtor-in-possession in bankruptcy case

Grantee: 20 Mile Road Parker LLC, by: Thompson Thrift Inc., Paul M. Thrift, manager, 812-235-5959, 901 Wabash Ave., Suite 300, Terre Haute, IN

Financing: $41.44M, payable to BMO Harris Bank, NA, due 9-23-19

Comments: See APN: 2233-223-00-032 and 2233-223-00-014 and 2233-223-00-052, three contiguous parcels of land. The total land area is bounded on the north by East Mainstreet, on the west by Twenty Mile Rd. and on the East by Dransfeldt Rd. Tract 1 is the net acres of the apartment development while tract A is to be dedicated to the city of Parker for the purpose of floodplain Ppreservation. See file plat 2016068796, Watermark on Twenty Mile Minor Development.

 

Property Location: NWC Castle Pines Pkwy. & Monarch Blvd., Castle Pines

Property Description: Vacant land, 66 independent living units, 74 assisted living units, 31 memory care units, total 177 total units including 194,218-sf building area, plus a 10,980-sf parking facility. The building will be stone veneer, stucco and frame.

Land Size: 6.74 acres

Sales Price: $2.1M, or $7.15 psf

Reception No.: 2016054762

Closing Date: 8/15

Grantor: Pinark LLC, Mary Osborn, manager

Grantee: Legacy Village of Castle Pines LLC, Cole Smith, manager, 801-889-5085

Comments: See legal description as defined: Lots 1-4, totals 276,105 sf net usable area, plus Tract B, totals 13,591 sf, Castle Pines North Filing No. 29; see 2007013198. Tract J, Castle Pines North Filing No. 29 First Amendment; see 2007081550.

 

Property Location: E/S Twenty Mile Rd., approx. 800’ south of Lincoln Meadows Pkwy.

Property Description: Vacant land

Land Size: 8.77 acres

Sales Price: $1.5M, or $4 psf

Reception No.: 2016060024

Closing Date: 8/31

Grantor: Monarch Lincoln Meadows LLC, Milan Hejduk, manager

Grantee: AA Building Corp II

Comments: See Lot 2B-1 Lincoln Meadows Filing No. 1, Third Amendment, file plat 2016059324

 

Property Location: North side Promenade Pkwy., approx.. 350’ east of U.S. Highway 85, Santa Fe Drive

Property Description: Vacant land

Land Size: 1.42 acres

Sales Price: $1.2M, or $19.43 per sf

Reception No.: 2016000061715

Closing Date: 8/14

Grantor: Littleleaf Mountain Mahogany LLC, by: Forum Management

Grantee: Erie Partners II LLC, David Bailey, manager

Comments: Lot 2 Block 5, Promenade at Castle Rock

 

Property Location: 12299 Mead Way, Littleton

Property Description: 6,479-sf warehouse/flex building, YOC 2000, block

Land Size: 29,403 sf

Sales Price: $1.15M, or $177.50 psf

Reception No.: 2016069694

Closing Date: 9/30

Grantor: CCCC LLLP, Sue Clemons, general partner, 303-346-7354

Grantee: Mead Way Properties LLC, Wayne Lee Walton, manager

Financing: $1.07M, payable to Wells Fargo Bank, NA, SBA loan, due 9-30-41

Comments: See APN: 2229-070-03-013. Property was listed by Dominic DiOirio, 303-260-6531, Tyler Reed, 303-217-260-6515, and Peter Beugg, SIOR, 303-217-7974 of JLL. Spaces of 4,077 sf, including 1,620 sf of office space, and 2,457 sf, of which 475 sf was private offices, was offered for lease at $10.50-$11per sf triple net with expenses of $2.76 per sf. There is one drive-in door. The buyer’s company, WDR Restoration & Construction, 303-933-0200, will occupy the entire building.

 

Property Location: NWC Cottonwood Drive & Lanceleaf St., Parker

Property Description: Vacant land, 56 detached homes proposed

Land Size:17.34 acres

Sales Price: $950,000, or $1.26 psf, or $16,964 per buildable lot

Reception No.: 2016054413

Closing Date: 8/12

Grantor: Parkwood East, et al., c/o Clay Carlson, Kent Carlson and Scott Carlson

Grantee: Lennar Colorado, 303-754-0600.

Comments: See legal description as defined: Tract A, Cottonwood Highlands Filing No. 1A, see file plat 2016052344 and memorandum of agreement, 2015037054. This site needs to be replatted into individual lots. This sale is of the raw land without any entitlements completed at time of sale. Stacy Nerger of town of Parker, 303-805-3199, verified the number of lots under review for this development, snerger@parkeronline.org.

 

Property Location: NWC E. Lincoln Ave. & Faulkner Lane, SWC Lynnfield Dr. & Faulkner Lane, Englewood

Property Description: Vacant land

Land Size: 1.46 acres

Sales Price: $890,000, or $14.00 psf

Reception No.: 2016064644

Closing Date: 9/30

Grantor: Walgreen Company

Grantee: Brewer Envoy Meridian LLC, David Brewer, manager, 214-521-7707

Comments: See APN: 2231-123-02-029. Property was listed by SullivanHayes Brokerage, Brian Slaughter, bslaughter@sullivanhayes.com. The buyer is a developer from Dallas and started his company in 1988.

 

Property Location: 10235 S. Progress Way, Parker

Property Description: 12,250-sf industrial/flex building, YOC 1984, brick, 16’ clear height, 15% office area, five drive-in doors, one dock-high door

Land Size: 1.02 acres

Sales Price: $1.09M, or $88.98 psf

Reception No.: 2016068942

Closing Date: 9/30

Grantor: Kenneth W. Petrie

Grantee: Meek Property Holdings and Km Denver Holdings LLC

Comments: See APN: 2231-123-02-029. Property currently has seven tenants and is 100% leased with an average of $8.47 psf monthly gross. The spaces are divided into 1,250 sf, 2,000 sf and 2,500 sf; four of the spaces are 2,000 sf and up, while three of the suites are 1,250 sf. The lease rates are $7.20 to $9 per sf monthly gross. The listing broker shows the expenses at $2.82 per sf, or $34,517 per annum. The in-place cap rate* is 6.35%. The property was listed by Marcus & Millichap’s Denver office, Bob Kaplan, Brandon Kramer and Sean Gelson, 303-328-2000. *does not include vacancy or reserves.

 

Property Location: NEC S. Perry St. & Manatt Court, vicinity of east side of Interstate 25 Frontage Rd., north of S. Perry St., Castle Rock

Property Description: Vacant land, 46,330 sf contained in four industrial buildings sold as personal storage units

Land Size: 151,967

Sales Price: $1.05M, or $5.90 psf

Reception No.: 2016059623

Closing Date: 8/11

Grantor: Plum Creek Investment Group LLC, by: Hier & Company, Nicholas E. Hier,

Grantee: CRPW LLC, Eric M. Greven, manager

Financing: $4M, construction loan, payable to Pueblo Bank & Trust

Comments: Property was listed by Nick Hier of Hier & Company. See new plat, Reception No. 2016040503, Lot 1, Burt at Castle Rock Plat, Amendment No. 1 & Improvement Agreement, 2015023071. The address is 2280 Manatt Court, Castle Rock, and will consist of four storage buildings with sizes ranging from 1,250 sf to 1,800 sf, marketed by Nick Hier and Matt Bernstein of Hier & Company, 303-688-3105.

 

Property Location: North side E. Lincoln Ave., approximately 425’ east of Zenith Meridian Dr., Englewood

Property Description: Vacant land, plan to build 5,840-sf auto repair facility

Land Size: 43,547 sf, as per survey

Sales Price: $650,000, or $14.93 psf

Reception No.: 2016060038

Closing Date: 9/30

Grantor: SP Lincoln Avenue Retail at Meridian LLC, by: Shea Properties Management Company Inc., Peter Culshaw

Grantee: CBH Properties Lincoln-Meridian LLC, 281-675-6105, Houston, TX 77094

Comments: See APN: 2231-114-09-027. The owner-operator will be Christian Brothers Automotive Corporation with a 5,850-sf building and 22 surface parking spaces.

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