Winslow Report 12-21-16

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Adams County

Property Location: 1287 S. Eighthth Ave., Brighton, “Solaire Apartments”

Property Description: 252-unit apartment complex, 11 buildings plus clubhouse,  YOC 2014, 284 covered parking spaces, 95 detached parking garages, 369 open spaces, total net rentable area of 253,116 sf

Land Size: 16.38 acres

Sales Price: $57.5M, or $228,175/unit, or $227.17/sf

Reception No.: 2016097834

Closing Date: 11/10

Grantor: Solaire Apartments LLC, c/o Commonwealth Group, 302-472-7200, Brock J. Vinton, manager, 300 Water St., Suite 300, Wilmington, DE 19801

Grantee: Brighton Multifamily DST c/o, Joseph E. Binder, SVP, The Inland Real Estate Group Inc., 2901 Butterfield Road, Oakbrook, IL 60523

Financing: $37.38M, payable to PNC Bank, NA

Comments: See APN: 01569-18-1-02-007. There is a master lease agreement between Brighton Multifamily DST & Brighton Multifamily LeaseCo LLC  for 10 years. The unit mix contains six floor plans, including 114 units, 1A – Geo, one-bedroom with 850 sf; 2A – 30 units, ECO, two-bedroom/one-baths with 1,015 sf; 12 units, 2B – Renew with two-bedroom/two-baths with 1,030 sf; 54 2C – Energy, with two-bedroom/two-baths with 1,189 sf; 12 units, 2D – Element, with two-bed/two-baths with 1,105 sf; 30 units, 3A – Sustain, with three-bedroom/two-baths with three-bedroom/two-baths with 1,350 sf. The average lease rate is $1.37/sf with an average size of 1,004 sf. This property was listed by David Potarf, Dan Woodward & Matt Barnett of the CBRE Inc. Multifamily team.

 

Property Location: NWC Tower Road & E. 104th Ave.; SWC E. 104th Ave. & Walden St., SWC  E. 104th Ave. & Reunion Blvd., Commerce City

Property Description: Vacant land

Land Size: 110.4 acres

Sales Price: $6.6M, or $1.37/sf

Reception No.: 20160000102024

Closing Date: 11/22

Grantor: DIBC Buffalo Hills Ranch LLC, Mark Throckmorton, VP, 303-295-3071

Grantee: Shea Homes LLC, Jeff Donelson, VP, & Chetter T. Latcham, VP

Comments: See APN: 01723-16-2-00-012 containing 27.78 acres; see APN: 01723-16-1-00-010 containing 27.55 acres; see APN: 01723-16-1-00-012 containing 33.345 acres. The tracts are in different locations and are commercial, residential and other uses.

 

Property Location: 20101 E. 36th Drive, Aurora   

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

Land Size: 18.88 acres

Sales Price: $14.51M, 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: $7.23M, 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 Services on the west side. There are 24 dock-high doors with levelers, one drive-in door and three rail doors, Union Pacific Railroad. The clear height ranges from 23’ to 26’. The quoted lease rate for the space that will be available in January is $4.75/sf triple net. Insurance is estimated to be $22,764, or 8 cents/sf while taxes reflect $1.31/sf. The building has new exterior paint and new paint in the warehouse. This property sold to the seller in September 2014 for $11.58M, or $41.75/sf. This reflects an increase of value of 25.36%, or slightly less than 1 percent per month growth rate.

 

Property Location: 13250 E. Smith Road, Aurora     

Property Description: 137,868-sf warehouse, YOC 2005; concrete panel, 24’ clear height, ESFR sprinkled

Land Size: 8.148 acres

Sales Price: $13.23M, or $95.95/sf

Reception No.: 20160000103899

Closing Date: 11/15

Grantor: LBA/CPT Industrial Company I LLC by: LBA Realty LLC, Steve R. Layton

Grantee: GBPP Pacific Industrial Co. Non-REIT Owner LLC

Comments: See APN: 01823-25-1-03-008. The property sold in August 2010 for $7.8M. The property was listed by Todd Witty, 720-528-6339, & Doug Viseur, 720-528-6378, of CBRE Inc. According to the latest leasing brochure, there is 29,455 sf available for lease, Units C-D

 

Property Location: 9410 Heinz Way, Commerce City  

Property Description: 142,188-sf warehouse, YOC 2005, masonry

Land Size: 18.292 acres

Sales Price: $12M, or $84.40/sf

Reception No.: 20160000103899

Closing Date: 11/30

Grantor: NIP Owner I LLC, Hackman Partners, Mike Hackman, manager, 310-473-8900

Grantee: GPT Commerce City Owner LLC by: Gramercy Property Trust, Allan B. Rothschild, managing director, 212-297-1000

Comments: See APN: 1721-22-1-02-004. The property sold in August 2007 for $11.5M

 

Property Location: NEC W. 116th Ave. & Pecos St., Westminster  

Property Description: Vacant land, proposed 320-unit Crescent at Park 12Hundred Apartments

Land Size: 17.586 acres

Sales Price: $5.9M, or $7.70/sf, or $18,438/buildable unit

Reception No.: 20160000102279

Closing Date: 11/22

Grantor: IBC Denver VIII LW IV LLC, Brian C. Mott, manager, 720-259-1435

Grantee: Park 12Hundred Venture LLC, Holland Partner Group Management Inc., Clyde P. Holland Jr., CEO, & Principal Real Estate Investors, Kevin Anderegg

Comments: Local contacts in Denver for Holland Partner Group are Reed Ruck, 720-250-0542, and Kevin Anderegg of Principal Real Estate Investors LLC. Listing brokers were Newmark Grubb Knight Frank, David Lee & Jason Addlesperger. There are 190 one-bedroom units & 130 two-bedroom units with 154 garage parking spaces & 354 surface parking spaces for a total of 508 spaces. The park development fees are required by the city to be paid before a certificate of occupancy may be issued. This amounts to $1,234/door, or $394,880; the school dedication fee is $35,840.

 

Property Location: 5601 E. 136th Ave., Thornton  

Property Description: 3,000-sf convenience store with six dual-dispensing pump islands, YOC 2016, masonry

Land Size: 1.287 acres

Sales Price: $3.25M, or $1,083.33/sf

Reception No.: 20160000102158

Closing Date: 11/22

Grantor: BTS Holly SE, Cadence Capital Investments, Greg Ham, manager

Grantee: Morsam Properties LLC, Douglas Moreland, manager

Comments: See APN: 1571-20-3-06-007. There is a 15-year lease with four, five-year options with lease bumps. Property was listed and sold by NavPoint Real Estate Group, Matt Call, 720-420-7529, or Brent Ham, 720-237-6804. The in-place cap rate is 5.2%. *Greg Ham, 720-4796-2581, is the chief operating officer of Cadence Capital Investments LLC and is represented by his son, Brent Ham of NavPoint Real Estate Group.

 

Property Location: 6245 Washington St., Denver  

Property Description: 33,750-sf warehouse, YOC 1999, metal

Land Size: 2.49 acres

Sales Price: $2.88M, or $85.33/sf

Reception No.: 20160000098643

Closing Date: 11/15

Grantor: Walker Property Group Inc., Ed Sullivan, 303-292-5537

Grantee: YAFA Realty Investments, Joseph Fried, manager

Financing: $2M, payable to Bank of the West

Comments: See APN: 1825-10-1-01-019. The property was leased back to the seller for a period of five years or longer.

 

Property Location: East side of Washington St. @ E. 152nd intersection

Property Description: Vacant land

Land Size: 18.5 acres

Sales Price: $2.74M, or $3.40/sf

Reception No.: 20160000098430

Closing Date: 11/15

Grantor: Lounsberry Living Trust, Sharon D. Lounsberry, trustee, 562-697-5439, & Cynthia Kay Javadezadeh, 818-676-0393, and Kryger Family Trust, Sheila D. Kryger, et al., trustees, 909-626-0182

Grantee: 136th & Yosemite LLC c/o Carlson Family, Clarke D. Carlson, manager, 303-324-8904, & Nathan R. Carlson, 303-457-2966

Comments: See APN: 1573-14-2-00-006.

 

Property Location: SEC Park Centre Drive & N. Tejon St., Westminster

Property Description: Vacant land

Land Size: 2.48 acres

Sales Price: $500,000, or $4.64/sf

Reception No.: 20160000100932

Closing Date: 11/21

Grantor: David C. Noel, 303-532-0101

Grantee: The Lands LLLP, Aaron Ojala, manager, 303-420-7242

Financing: Cash

Comments: Lot 9A, First Replat of Northridge at Park Centre, see file plat C0946799. See APN: 1573-33-3-02-009. Seller acquired the property in 2007 for $450,000, or an appreciation rate of 11.1% or an annual growth rate of 1.1%. The buyer plans to build a 23,000-sf multitenant “spec” industrial/flex building.

Arapahoe County

Property Location: 5599 S. Windermere St., Littleton, “The Ocelot Apartments”

Property Description: 35-unit three-story apartment complex, 19,938 sf, YOC 1971, brick

Land Size: 26,250 sf

Sales Price: $3.85M, or $110,000/door

Reception No.: D6132408

Closing Date: 11/16

Grantor: David J. Beattie, Allan L. Beattie Jr. & Jay W. Beattie c/o Jay Beattie, 503-226-7677

Grantee: Littleton Flats LLC c/o Peak Investment Co., Theodore S. Halaby Jr., manager

Financing: $3.08M, due 12-1-36 payable to CBRE Capital Markets Inc.

Comments: See APN: 1975-19-2-30-001. This property was listed by Ryan Floyd & Adam Riddle of Unique Properties LLC, 303-321-5888. There are 25 one-bedroom units @ 525 sf renting for $844/month average; nine one-bedroom units @ 595 sf renting for $830/month average; one two-bedroom/one-bath unit @ 725 sf renting for $1,200/month. The expenses on this building are $3,326/door and the EGI is $373,407, with a 5% vacancy loss. The listing broker shows a 6.68% cap rate. Approximately 26 units have been renovated within the last 1.5 years and the roof was less than 12 years old at time of closing. The property was on the market for less than 90 days. The property has new security fences, doors and electronic entry system and is close to light rail and downtown Littleton. See APN: 2077-16-3-01-019.

 

Property Location: 2500 S. Raritan St., Englewood  

Property Description: 9,800-sf warehouse, YOC 1976, metal

Land Size: 29,773 sf

Sales Price: $1.2M, or $122.45/sf

Reception No.: D6129528

Closing Date: 10/27

Grantor: GCJ2 Co., Galen Achten & Jon Hanson, general partners, 303-975-1772

Grantee: LLW LLC, c/o Lawrence Sign, Robb Walker, CEO, St. Paul, MN 55104

Financing: $960,000, due 10-31-21, payable to Drake Bank, St. Paul, MN

Comments: The seller is the owner of Advantage Sign Company, www.advantagesigncompany.com. The buyer is Walker Sign Company, based in St. Paul, MN,  www.lawrencesign.com, 651-488-6711. A press release on 11-2-16 indicated Walker Sign Holdings acquired the seller’s company and included the building. It is assumed the bank required a certified general appraiser to complete the appraisal for the bank and the loan is 80% of the sales price. Without confirmation, the sales price of $122.45/sf falls within the range of typical industrial buildings in the South Denver/Englewood area while the loan to value for this type of building ranges from 70-80%.

Property Location: 3470 S. Broadway, Englewood  

Property Description: 5,677-sf restaurant/bar, YOC 1958, masonry

Land Size: 6,146 sf

Sales Price: $900,000, or $158.53/sf

Reception No.: D6129528

Closing Date: 10/27

Grantor: Linda L. Condreay

Grantee: 3470 S. Broadway Investments LLC, Andrew C. McCabe, intermediary

Financing: $650,000, due 10-31-21, payable to Solera National Bank, Lakewood Comments: This property was listed and sold by Jamie Mitchell, 303-962-9571, & James Beebe, 303-962-9575, of Pinnacle Real Estate Advisors LLC. Englenook Lounge owner Linda Condreay closed its doors recently. The property will be offered for lease by the new owner.

Denver County

Property Location: 10700 E. Dartmouth Ave., Denver, “Pembrooke on the Green”

Property Description: 959-unit apartment complex, 37 buildings plus clubhouse, leasing center & second clubhouse, YOC 1974-1978-1980, 284 covered parking spaces, 916 open spaces, total of 1,200 parking spaces

Land Size: 29.4 acres

Sales Price: $128.4M, or $133,884/unit

Reception No.: 2016156912

Closing Date: 11/8

Grantor: ROC Redhill Kennedy Ridge Owner LLC, Redhill Capital Properties, Russell L. Dixon, manager, 858-350-1800

Grantee: Oak Coast Properties, Phillip Nahas & Matthew Heslin, 310-566-7751

Financing: $103.1M, due 12-1-26 payable to HFF, Houston TX

Comments: This property sold 12/31/12 for $50.2M, or $52,346/unit. The unit mix contains six floor plans: There are 108 studio apartments @ 368 sf that rent from $768 to $733/month; 108 one-bedroom units with 450 sf that rent for $813 to $917/month; 37 one-bedroom units @ 550 sf that rent for $880 to $954/month, 370 one-bedroom units @ 700 sf that rent for $941 to $1,019/month; 120 two-bedroom/one-bath units @ 850 sf that rent for $1,214 to $1,302/month; & 216 two-bedroom/two-bath units @ 900 sf that rent for $1,234 to $1,327/month. The high rental rate ranges are for units that have been fully renovated; conversely, the lowest rental rate range are units that have not been renovated. The property was listed by the CBRE Inc. Denver Multifamily team. There are 204 units fully renovated, 187 units partially renovated and 37 units slightly updated, leaving 557 units to be renovated. The rate of growth per month for this property since the last sales price was 2.06%, or a total of 155.77% appreciation since Dec. 31, 2012. If the same investor would have put $50.2 million in the bank at today’s rates, to achieve the equity growth, it would take 95 years to accomplish this.

 

Property Location: 9600 E. Girard Ave., Denver, “The Glen Apartments”

Property Description:156-unit, six-story apartment, 93,496 sf, YOC 1974, brick

Land Size: 6.19 acres

Sales Price: $16.6M, or $106,410/unit, or $177.55/sf

Reception No.: 2016168629

Closing Date: 12/2

Grantor: Denver Glen III LLC, Wilmer L. Asher Revocable Living Trust, Michael L. Asher & Randall S. Asher, trustees

Grantee: FPA5 The Glen LLC c/o FPA Multifamily LLC, Fowler Property Acquisitions LLC, Sayer Sweeney, trustee, & Michael B. Earl, VP, 949-399-2500

Financing: $1.88M, payable to CBRE Capital Markets Inc., due 1-1-2022; assume existing loan dated 12-10-2014 in the amount of $10.58M, payable to CBRE Capital Markets, assigned to “Freddie Mac”

Comments: The APN is: 06343-00-016. The studio units contain 440 sf and rent for $784/month; the one-bedroom units contains 660 sf and rent for 1,156/month; and two-bedroom units @ 873 sf.

 

Property Location: 1311 Cook St., Denver, “Captain Cook Apartments”

Property Description: 40-unit, six-story apartment, 33,300 sf, YOC 1969, brick

Land Size: 17,800 sf

Sales Price: $8.6M, or $215,000/unit, or $258.26/sf

Reception No.: 2016090387

Closing Date: 11/9

Grantor: The Captain Cook LLC, Virginia R. Wilson, manager,

Grantee: RedPeak Properties LLC, Bobby Hutchinson, manager

Comments: The Roland Wilson/Stan Johnson Cos. developed this building in the late ‘60s with its unique brand of ‘solid construction’ and balconies for most units. It is the third Roland Wilson building the buyer has bought from the family of Roland Wilson. Stan Johnson has managed all of the buildings that were constructed by Wilson. The rental rates reflect from $1.38/sf on the two-bedroom units to $1.53/sf on the one-bedroom units. Property listed and sold by ARA Newmark multifamily team consisting of Andy Hellman, 303-260-4474, Justin Hunt, 303-260-4475, & Terrance Hunt, 303-260-4477. There are 18 one-bedroom unit/one-bath units at 690 sf that rent for $1,055/month; 10 two-bedroom/one-bath units @ 900 sf renting for $1,355/month; 12 two-bedroom/two-bath units @ 970 sf renting for $1,335/ month. The property was developed by Roland Wilson and managed by Stan Johnson Co. The APN is: 05011-14-024.

 

Property Location: 3865 Cherry Creek North Drive, Denver

Property Description: 24,647-sf, three-story medical building, YOC 1970, to be razed in favor of multifamily development

Land Size: 34,850 sf

Sales Price: $7M, or $200.86/sf

Reception No.: 2016162423

Closing Date: 11/17

Grantor: Frost Family Partnership, Robert Frost, manager

Grantee: Post Apartment Homes LP, Atlanta, GA 30327, Trey McGowan, manager,

Comments: The listing broker was Buell & Company, John Maragon, 303-320-6929.

 

Property Location: 574 Santa Fe Drive, Denver

Property Description: 15,059-sf, rentable, two-story office building, YOC 1911, renovated in 2008, plus 2,520-sf basement area including private gym, showers, bathrooms, loading dock & private patio, with 31 parking spaces.

Land Size: 15,743 sf

Sales Price: $4.13M, or $273.92/sf

Reception No.: 2016156999

Closing Date: 11/30

Grantor: Lange Real Estate LLC, Nadine Lange, manager

Grantee: Zuni Capital Management LLC, Trevor R. Pettennude, manager,

Financing: $2.07M, SBA loan, payable to Wells Fargo Bank, NA, due 11-30-41;  $1.61M, payable to Wells Fargo Bank, NA, due 11-30-17

Comments: This property was listed by John Reynolds, 303-729-2334, & Kayla Hammers, 303-312-4243, of Cushman & Wakefield. The property was for sale or for lease at $21/sf triple net plus $5.38/sf operating expenses. This property is located on the southeast corner of Santa Fe Drive & W. 6th Ave. See APN: 05091-02-039. Buyer’s company is Banctek Solutions, 303-623-3290 or www.banctek.com. Buyer will occupy part or all of the building.

 

Property Location: 961 Clarkson St., Denver, “Chalet Manor Apartments”

Property Description: 17-unit, three-story building, 8,961 sf, YOC 1965, brick

Land Size: 6,250 sf

Sales Price: $2.93M, or $172,529/unit

Reception No.: 2016157399

Closing Date: 11/9

Grantor: Clarkson Legacy Partners LLC, Marc Lippitt, manager, 303-321-5888

Grantee: 840 Cherry Partners LLC, Daniel Wolf, manager, c/o Brownstone Realty, 303-832-8155, 789 Sherman St., Suite 320, Denver 80203

Financing: $1.78M, payable to JPMorgan Chase Bank, due 12-1-46

Comments: This property was listed by Darrin Revious, 303-565-3016, of NAI Shames Makovsky. Ross Etheridge of Sognare Partners represented the buyer, 662-832-7676, ross@sognarepartners.com. The selling group consisted of some of the senior brokers and principals of Unique Properties and the property was listed by Unique Properties LLC, Ryan Floyd, Jason Koch & Marc Lippitt. The one-bedroom units contain approximately 450 sf and the current rental rate is $995/month. See buyer’s website at rentsdenver.com.

Property Location: 2100 W. Mississippi Ave. & 1120 S. Zuni St., Denver

Property Description: 30,471-sf retail building, YOC 1959, & 2,023-sf auto service garage, YOC 1988, totaling 32,494 sf

Land Size: 113,134 sf

Sales Price: $2.4M, or $73.86/sf

Reception No.: 2016156999

Closing Date: 11/8

Grantor: 2100 W. Mississippi LLC, Tyrone Rocque, member

Grantee: Lam & Ho Investments LLC, Lion Lam & Margaret Ho, Castle Rock 80106

Financing: $1M @ 4.75%, due 11-1-20, payable to FirstBank

Comments: The seller purchased this property May 14, 2014, for $687,000. See APN Nos.: 050212-08-003 & 05212-08-005. The two properties are contiguous and located on the northeast corner of W. Mosier Place & S. Zuni St. & the south side of W. Mississippi Ave., approximately 350’ east of S. Zuni St. The 30,471-sf retail building is occupied by Lehrer’s Flowers and was a sale-leaseback. Justin Krieger, 303-962-9558, of Pinnacle Real Estate Advisors handled the transaction.

 

Property Location: 1520-1522 Blake St., Denver, “Aoba Sushi Restaurant”

Property Description: 6,325-sf, three-story office building, YOC 1880, masonry

Land Size: 2,844 sf

Sales Price: $2.23M, or $355.73 sf

Reception No.: 2016157224

Closing Date: 11/9

Grantor: Jet Investment IV LLC, Michael R. Greunke, manager

Grantee: Cayuga Ventures LLC, John Linzinmeierr, manager, 1550 Wewatta, 2nd floor

Financing: $1.27M, payable to Collegiate Peaks Bank River North, due 8-9-18

Comments: This property was listed by Darrin Revious, 303-565-3016, of NAI Shames Makovsky. Ross Etheridge of Sognare Partners represented the buyer, 662-832-7676 or ross@sognarepartners.com.

The following two sales are inserted together to reflect there was a 1031 exchange for the aforementioned transactions.

Property Location: E/S Santa Fe Dr., 100’ south of W. 3rd Ave., 212-264 Santa Fe Drive, Denver

Property Description: 22,578-sf industrial space, YOC 1941, brick, land value

Land Size: 39,356 sf

Sales Price: $1.9M, or $48.28/sf

Reception No.: 2016137885

Closing Date: 10/4

Grantor: Steven A. Winter

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

Comments: This property was listed by Tim Shay & Tyler Ryon of Colliers International. This property is zoned I-MX-5. The buyer exchanged this property from the sale at 838 Park Avenue West in the amount of $1.58M, or $125.20/sf, which closed 8-25-16. The buyer acquired 838 Park Aug. 21, 2015, for $875,000 and up-legged 212-264 Santa Fe Drive for site speculation.

 

Property Location: 838 Park Ave. West, south corner Champa St. & Park Ave.

Property Description: 1,300-sf auto service garage, YOC 1959, land value

Land Size: 12,791 sf

Sales Price: $1.58M, or $123.13/sf

Reception No.: 2016113865

Closing Date: 8/24

Grantor: B&R Lawrence LLC, Behrooz Hadgi Maleki, manager

Grantee: Oyster Holding II LLC, Barry Higgins, manager

Comments: This property is zoned D-AS-12. The seller exchanged this property from the sale at 212-264 Santa Fe Drive in the amount of $1.9M, or $48.28/sf, which closed 10-4-16. The seller acquired 838 Park Avenue West Aug. 21, 2015, for $875,000 and up-legged 212-264 Santa Fe Drive for site speculation. Tom Monks of Equity Commercial Real Estate, 825-5100, listed 838 Park Avenue West. A press release indicated the buyer was planning to build a 130-unit, 17-story residential condominium building, but no records in the Denver zoning office could verify such an aggressive development for this site. The building was used as an auto service garage and later, a car wash known as I Candi Carwash for many years until it closed in 2014.

 

Property Location: 3900 Blake St., Denver

Property Description: 6,000-sf warehouse, YOC 1987, metal

Land Size: 12,937 sf

Sales Price: $1.79M, or $298.01 sf, as improved, or $138.21/sf, as vacant

Reception No.: 2016168951

Closing Date: 12/2

Grantor: Gizmo Ventures LLC, Bruce G. Davine, manager, 303-892-1234

Grantee: 3900 Blake Street LLC, Michael Mathieson, Deviree Vallejo & Matt Dendorfer, managers

Financing: $593,851 payable to Collegiate Peaks Bank River North, due 8-9-18

Comments: This property is a 1031 exchange. The APN is: 2233-15-041. One of the buyers, Deviree Vallejo, is a licensed real estate broker with Kentwood City Properties. The seller was president of Valiant Products, the former occupant.

 

Property Location: 999 Tejon St., Denver

Property Description: 14,351-sf industrial building, including 2,300 sf+/- office or showroom area, YOC 1968, one dock-high door and three drive-in doors

Land Size: 22,651 sf

Sales Price: $1.55M, or $108/sf

Reception No.: 2016160535

Closing Date: 11/10

Grantor: Denver Barnes LLC, David Bruce Barnes & Robert Charles Barnes Jr.

Grantee: Livingston Real Estate Holdings LLC, Jillian Livingston, manager

Financing: $1.11M, payable to JPMorgan Bank, NA, & $888,888 payable to JPMorgan Chase Bank, NA, total deed of trust amount = $2M

Comments: Listed and sold by Russell Gruber, 303-260-425, of Newmark Group Knight Frank. There is 10,301 sf available to the buyer. There is a floor drain, 2-ton crane, swamp cooler & kitchen. See APN: 05043-39-010. Seller’s company, Foils & Dies, 303-623-4141 or www.vintagepressworks.com, has been a tenant in the building, occupying 4,050 sf. It is not known if it has relocated as of the date of closing.

The following two sales are inserted together to illustrate the 1031 exchange aspect of the deal.

Property Location: NEC W. 40th Ave. & Quivas, Denver, 1745-55 W. 40th Ave. & 4000 Quivas St.

Property Description: Land value

Land Size: 21,960 sf

Sales Price: $1.43M, or $367.63/sf

Reception No.: 2016156500

Closing Date: 11/8

Grantor: 4045 Pecos LLC, Ralph J. Nagel, manager

Grantee: 4045 Duplex LLC, 1512 Larimer St., Suite 210

Comments: See 1031 exchange with the grantor acquiring 4045 Pecos St., Denver, for $6.25M.

Property Location: 4045 Pecos St., Denver, “Catholic Charities Building”

Property Description: 44,181-sf, two-story office building, YOC 1965, brick

Land Size: 95,110 sf

Sales Price: $6.25M, or $65.71/sf, land value

Reception No.: 2016156490

Closing Date: 11/8

Grantor: Catholic Charities and Co., Larry Smith, CEO, 303-830-0215

Grantee: 4045 Pecos LLC, Ralph J. Nagel, manager

Comments: The seller purchased an industrial property to relocate and convert to a 150-bed Samaritan House for women at 6240 E. Smith Road.

 

Property Location: NWC E. 45th Ave. & Washington St., 601 E. 45th Ave., Denver

Property Description: 5,236-sf industrial building, YOC 1948, land value

Land Size: 39,306 sf

Sales Price: $1.43M, or $36.25/sf

Reception No.: 2016137092

Closing Date: 10/4

Grantor: Four-H Properties LLC, Duane & Debby Hartman, managers

Grantee: 4501 N. Washington SP LLC c/o William Warren Properties Inc., Tim Hobin, executive vice president-real estate, 310-451-2130

Comments: The property was listed by Paul Kluck, SIOR, 720-528-6405, & Daniel Close, 720-528-6342, of CBRE Inc. This property is zoned U-MX-3 and the buyer plans to construct self-storage.

 

Property Location: East side of Central Park Blvd., 350’ south of E. 50th Ave.; also fronts west side of Beeler St., Denver, 4970 Central Park Blvd.

Property Description: Vacant retail land, proposed 10,078-sf tire center

Land Size: 37,456 sf

Sales Price: $1.1M, or $29.37/sf

Reception No.: 2016157337

Closing Date: 11/9

Grantor: Drake Stapleton Partners Fours LLC, Jon Hauser, manager

Grantee: SFP-E LLC c/o Les Schwab Tire Center Inc., 541-382-3551

Comments: The buyer is building a six-bay 10,078-sf Les Schwab Tire Center with 26 parking lots.

                                                                                          

Property Location: East side of Central Park Blvd., 500’ north of Northfield Blvd., 4952 Central Park Blvd., “proposed Freddy’s Frozen Custard”

Property Description: Vacant land

Land Size: 41,037 sf

Sales Price: $1.1M, or $26.80/sf

Reception No.: 2016090387

Closing Date: 7/8

Grantor: Drake Stapleton Partners Four LLC, Jon Hauser, manager

Grantee: ERC 12 RE LLC, Bill Pyle & Kent J. Houghton, managers, 791 Southpark Unit 600, Littleton 80120

Financing: $2.15M, construction loan, payable to First National Bank-Hutchinson

Comments: Proposed 3,800-sf fast-food restaurant with 122 seats inside plus additional seating on the patio plus drive-thru. Brian Pyle is the franchisee.

 

Property Location: 7701 E. Colfax Ave., Denver 

Property Description: 5,636-sf retail building, YOC 1987, frame, & 30 parking spaces

Land Size: 21,960 sf

Sales Price: $875,000, or $155.25/sf

Reception No.: 2016158195

Closing Date: 11/9

Grantor: Sam Rho

Grantee: Hotty Watty LLC, Craig D. Conner, manager, 214 Sherman St., Denver 80203

Financing: $656,000, payable to AMG National Trust Bank

Comments: Listed and sold by Brian McKernan, 720-881-6337, of Unique Properties. This property was originally constructed to be a Checker’s Auto Parts store.

Property Location: SWC E. 31st Ave. & Havana St., Denver

Property Description: Vacant commercial land

Land Size: 34,045 sf

Sales Price: $578,750, or $17/sf

Reception No.: 2016159687

Closing Date: 11/11

Grantor: FC Stapleton II LLC, John S. Lehigh, VP

Grantee: Drake Cares #4 LLC, Jon Hauser, manager

Financing: $1.62M, payable to NorthStar Bank, DTC Branch, due 5-9-42

Douglas County

Property Location: 8530 Concord Center Drive, Englewood 

Property Description: 54,280-sf industrial building, YOC 2006, concrete panel

Land Size: 3.758 acres

Sales Price: $7.22M, or $133/sf

Reception No.: 2016084270

Closing Date: 11/17

Grantor: Concord CAS LLC, Ryan St. Onge, manager

Grantee: Concord Center Partners LLC c/o Porteous Enterprises Inc., Newport Beach, CA 92660, Barry Porteous, 949-259-6317 or barryporteousrealty.icloud.com

Comments: This property was listed by Peter Beugg, SIOR, 303-217-7974, Tyler Reed, 303-260-6515, & Dominic DiOrio, 303-260-6531. Unit 200, containing 11,840 sf, was for lease at the end of 2015 with an asking price of $8.25/sf triple net. Expenses were $4.25/sf, 2015. Buyer acquired 6691 Colorado Blvd. in Commerce City in July 2016 for $4.72M.

 

Property Location: 10851 S. Crossroads Drive, Parker

Property Description: 20,285-sf library, YOC 1896

Land Size: 1.54 acres

Sales Price: $2.9M, or $142.72/sf

Reception No.: 2016082402

Closing Date: 11/14, recorded, 9/7/16, closing date

Grantor: Douglas County Libraries, P. Janiece Murphy, VP

Grantee: Crossroads Drive LLC, Bryan R. Willis, manager, 303-752-6498, 3033 S. Parker Rd., Suite 110, Aurora 80014

Financing: $1.74M, payable to Colorado Business Bank

Comments: This property was listed by Frank Griffin. 303-260-4345, and Mike Quinlan, 303-260-4441, of NGKF. The Douglas County Library relocated from this building in fall. The buyer, Bryan Willis, is EVP of ET Investments. This company was former Townsquare Title Company of Wyoming and was acquired by ET Investments in 2013. See website www.etinv.com.

 

Property Location: 4250 Trail Boss Dr., Castle Rock, “Merryhill Preschool”

Property Description: 11,750-sf day care center, YOC 2005, masonry/stucco

Land Size: 1.21 acres

Sales Price: $3M, or $255.32/sf

Reception No.: 2016084255

Closing Date: 11/21

Grantor: Carlyle Holdings LLC, Paul M. Rivera, manager, 720-938-5626

Grantee: Advantage III Inc., Dr. Scott Kailash Dhupar, 970-353-5959, 50%, & SHRI Devi LLC, Shantl Dhupar, members, 3033 S. Parker Road, Suite 110, Aurora 80014

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

Comments: See APN: 2351-351-02-027. The property last sold in March 2014 for $2.2M.

Comp of the Day is provided by John V. Winslow, president of Winslow Property Consultants. Winslow has more than 40 years’ experience in commercial real estate. He can be reached at 720-612-7878 or Colprop2012@gmail.com.

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