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 WinComps LLC 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: 6980 Stuart St., Westminster “Edgewood Apts.”
Property Description: 112-unit, three-story apartment complex; 4 buildings w/66,432 sf, YOC 1974, brick & wood frame construction
Land Size: 3.6 acres
Sales Price: $8.4M, or $75,000 per door, or $126.45 per sf
Reception No: 2016000027876
Closing Date: 4/12
Grantor: 15135 Burbank Apts. LLC & Stuart Partners LLC, c/o Rio Company, Ubteen Mozaffari, dir. of acquisitions, 818-222-2816
Grantee: MIP Colo III LLC by: Moore Investment Partners,
Kevin J. Moore, manager, 720-525-8229
Financing: $6.3M payable to Grandbridge Real Estate Capital, due 5-1-23
Comments: Robert Tamkin is the president of Rio Company. There are two three-bedroom units, 12 two-bedroom units and 98 one-bedroom units.
Property Location: 14402-14492 E. 33rd Pl., Aurora
Property Description: 100,100-sf warehouse, YOC 1979, precast panel const.
Land Size: 4.75 acres
Sales Price: $6.1M, or $60.94 per sf
Reception No: 2016000032476
Closing Date: 4/2
Grantor: Realty Associates Fund VIII LP c/o TA Realty LLC, James Raisides, SVP
Grantee: IPT Upland DC LLC c/o Industrial Property Trust, 303-228-2200
Comments: Foam Fabricators occupies 50,050 sf & C.R. Goodman Craft Beer Distributor are two of the major tenants in the building.
Property Location: 10100 E. 102nd Ave., Commerce City
Property Description: 10,800-sf warehouse, YOC 2005
Land Size: 5.25 acres
Sales Price: $2.57M, or $237.96 per sf
Reception No: 2016000028712
Closing Date: 4/27
Grantor: Foosball Holding LLC, Dennis A. Ball
Grantee: 10100 Holdings LLC c/o Mountain Waste & Recycling Inc.
Financing: $2.7M payable to FirstBank, due 10 years
Comments: Sold in October 2008 for $1.5M. Buyer is based out of Carbondale, 970-963-3435, Scott Eden, president.
Property Location: 6535 York St., Denver
Property Description: 30,950-sf warehouse, YOC 1999, metal construction & 3,900 sf 22-unit ministorage warehouse, YOC 1999, metal, 34,850 sf
Land Size: 2.06 acres
Sales Price: $2.2M, or $61.75 per sf
Reception No: 2016000028867
Closing Date: 4/18
Grantor: Emerald Isle LLC, Steve Gallagher, manager, 303-758-3317
Grantee: 6535 York LLC
Comments: Property was listed with Jeff Kummer, 303-885-4725, Altitude Commercial Realty, and contains 16-unit office/warehouse with 10×14’ loading doors per unit. There are 46 striped parking spaces. The 16 units are 100% leased and the ministorage portion contains 22 units, of which 16 are rented. The warehouse portion has rental rates ranging from $5.92 per sf on a 3,750-sf unit to $10.50 per sf on a 1,000-sf unit. The average rental rate for the occupied units is $7.72. The median rental rate is $8.40 per sf. Expenses to the owner are $1.96 per sf and NOI is $172,173 based on a pro forma of 5% vacancy, reflecting an 8% cap rate.
Property Location: SE/S of S. Medical Center Drive, south of Prairie Center Blvd.
Property Description: Vacant land
Land Size: 99,208 sf
Sales Price: $1.3M, or $13.34 per sf
Reception No: 2016000028121
Closing Date: 4/14
Grantor: THF Prairie Center Development LLC, Mike Tamblyn, 303-378-4166
Grantee: Trismo Brighton III LLC, Todd P. Brummond, manager
Comments: Lot 1, Bromley Park Filing 203, 8th Amendment. Listing broker was Courtney Key of Sullivan Hayes, ckey@sullivanhayes.com.
Property Location: SWC E. 98th & Washington; also located on SEC Pearl St. & E. 98th Ave., Thornton
Property Description: Vacant land
Land Size: 46,058 sf
Sales Price: $803,996, or $17.46 sf
Reception No: 2016000027438
Closing Date: 4/12
Grantor: Armstrong Highpointe LLC by: Gustine Investments Inc., Doug Kyle
Grantee: FFG Dev. LLC, c/o Kneader’s Café, Andrew Smith, 801-642-3800
Comments: See new legal description as Lot 1B, Block 3, Highpointe Park Sub., Amendment No. 4. Buyer plans to build 4,055-sf “Kneader’s Café” giles@fourfoodsgroup, 801-642-3812. Seller’s direct contact information is dkyle@agoc.com.
Property Location: SWC of E. 96th Avenue & Yosemite St., Commerce City
Property Description: Vacant land
Land Size: 2.69 acres; 1.67 acres net usable
Sales Price: $702,100, or $6 per sf, or $9.61 per sf net usable
Reception No: 2016000028798
Closing Date: 4/15
Grantor: Marty Farms LLLP, Gerald Marty, et al.
Grantee: WDG Commerce City LLC, James D. Wall, manager, 303-586-1341
Financing: $2.04M payable to Kirkpatrick Bank, due 10-15-22
Comments: See new plat recorded 2016000008882. There is an approximately 61×375’ retention pond easement containing 32,087 sf on the easterly boundary of this site. An ingress/egress easement that is 374x 31.5’ extends north and south on the westerly boundary side of the subject site and contains 11,863 sf. The net usable area of this site is 73,069 sf, or 1.677 acres.
Property Location: 12774 Colorado Blvd, Unit B-2, Thornton, “Northridge Building”
Property Description: 2,268-sf medical condo, YOC 2004
Land Size: 10,372 sf
Sales Price: $510,000, or $224.87 sf
Reception No: 2016000028399
Closing Date: 4/11
Grantor: LMT LLC, Dr. Lori Trembath, manger, 303-457-3046
Grantee: MLDN Holdings LLC, Mitchell R. Wilmer, member
Financing: $408,000 payable to ZB, NA, dba Vectra Bank Colorado
Comments: Unit B-2, buyer is owner occupant of space.
See APN: 1571-31-2-09-027
Arapahoe County
Property Location: 10550 E. Iowa Ave., Aurora, “Crestone Apartments”
Property Description: 234-unit two- & three-story apartment complex with 15 buildings, 220,480 sf net rentable, YOC 2002, with five floor plans, 86 attached garages, 99 detached garages, 282 open parking spaces, total 467 parking, masonry & wood construction
Land Size: 14.24 acres
Sales Price: $47M, or $200,855 per door, or $213.17 per sf
Reception No: 2016057448
Closing Date: 4/29
Grantor: Legacy Village LLC
Grantee: East Iowa Owner LLC, Benedict Canyon Equities Inc., Ryan Somers, President & Lydia Monroy, VP-acquisitions, 424-325-2521
Financing: $34.77M, due 5-1-26, payable to CBRE Capital Markets Inc.
Comments: David Martin and Pamela Koster of Moran & Company handled the transaction. The average size unit is 942 with a weighted average net rent of $1.38 per sf. There are 70 one-bedroom units with 722 to 793 sf; 60 one-bedroom units @ 822 sf; 12 two-bedroom/one-bath units with 943 sf; 80 two-bedroom/two-bath units with 1,118-1,169 sf; 12 three-bedroom/two-bath units @ 1,225 sf.
Property Location: 3350 S. Clarkson St., Englewood, “Woodmere Apartments”
Property Description: 38-unit, four-story apartment, 28,214 sf, YOC 1971, brick
Land Size: 22,085 sf
Sales Price: $5.28M, or $138,947 per door, or $187.14 per sf
Reception No: D6045904
Closing Date: 4/29
Grantor: Woodmere Apartments LLC, Donald E. Werner Jr., manager, 720-529-9855
Grantee: 3500 South Clarkson LLC, Dr. George J. Pardos, manager
Financing: $3.2M, due 5-1-46, payable to JPMorgan Chase Bank, NA
Comments: Buyer is Dr. George J. Pardos, CEO of Omni Eye Specialist, 303-377-2020, located at 90 Madison St., Suite 500, Denver 80206. Seller was past president of Apartment Association of Metro Denver. Property was listed and sold by John Laratta of Berkadia Real Estate Advisors, 303-607-0025. There are 22 one-bedroom units @ 595 sf; 8 two-bedroom/one-bath units @ 850 sf and 8 two-bedroom unit/two-bath units with 1,040 sf.
Property Location: SWC E. Colfax Avenue & Peoria St, Aurora;
12016-12030 E. Colfax Ave.
Property Description: 1) Vacant site; motel was removed prior to closing; 2) 6,264-sf strip center, YOC 1936, block construction, land value
Land Size: 1) 39,900 sf, 2) 37,200 sf, or 1.77acres
Sales Price: $3.75M, or $48.64 per sf
Reception No: D6044387 & D6044392
Closing Date: 4/29
Grantor: 1) Choka LLC; John Y. Cho, member, 14291 E. Colfax Ave., Aurora 80011; 2) Hanson Investment Company; John M Hanson Jr., manager
Grantee: KRF 4275 LLC by: Kentro Group, George Balafas & Jimmy Balafas
Comments: First deed was for $1.75M and was an interior lot with 39,900 sf, or $43.86 per sf. This site had a motel on it but it was razed in late 2014. The second site sold for $2M, or $53.76 per sf, and was a fully signalized corner site containing 37,200 sf.
Property Location: 830-894 S. Buckley Road, Aurora
Property Description: 25,727-sf shopping center, YOC 1986, brick/block
Land Size: 3.64 acres
Sales Price: $3.6M, or $139.74 per sf
Reception No: D6043875
Closing Date: 4/27
Grantor: Bristol Pointe Holdings LLLP, Annabeth Lockhart, Steamboat Springs
Grantee: Winter Boat LLC, Arnie Meranski & James Harris, 303-306-1000
Financing: $2.7M payable to FirstBank, due 10 years
Comments: See APN: 1975-16-3-21-001. The property was 93% leased at time of sale and is anchored by 7-Eleven convenience store with gas pumps. Buyer’s company is Western Centers and it has been in the retail business for the last four decades. Joel Meranski is the leasing broker for the center, 303-619-0176. Meryl Meranski represented the buyer in this 1031 exchange transaction while Cory Gross of Marcus & Millichap represented the seller. The property sold on an in-place cap rate of 8%. The 7-eleven building contains approximately 3,060 sf and was constructed in 1986 while the shopping center contains approximately 22,667 sf and was constructed in 1987. The seller owned the center since Dec. 4, 1998, when it purchased it for $2M, or $77.74 per sf.
Property Location: 6139 S. Southlands Pkwy., Aurora, “Red Lobster”
Property Description: 6,827-sf restaurant, YOC 2007, brick/frame
Land Size: 1.77 acres
Sales Price: $3.6M, or $139.74 per sf
Reception No: D6045854
Closing Date: 5/3
Grantor: Spirit Master Funding IX LLC, Sarah Kubiak, VP
Grantee: Broadridge Apartments LLC, Ronald J. Helten, manager, 303-792-2100
Comments: See APN: 2071-19-2-08-002. The property is a single-tenant national restaurant chain. The current lease rate is $30.63 per sf, reflecting a 5.85% in-place cap rate. The property was listed and sold by Richard Bird, 303-328-2000, & Glen Kunofsky, 212-430-5115, both of Marcus & Millichap. The property sold on 2-13-15 for $2.5M and $2M on Aug. 5, 2014. According to Short Form Lease recorded D6045853, Red Lobster Restaurants executed a lease commencing 5-3-16 and terminating 12-31-34, with four additional periods of five years each. Landlord Spirit Master Funding IX, Mark Manheimer, EVP, was the signer on the lease.
Property Location: 1510 W. Canal Ct., Littleton
Property Description: 16,257-sf, two-story office building, YOC 1986, brick/block
Land Size: 1.29 acres
Sales Price: $3M, or $186.93 per sf
Reception No: D6045025
Closing Date: 5/2
Grantor: Sapphire Creek LLC, John F. Kautz, manager, 209-368-1251
Grantee: Glorycrest Trading Limited, Karol Halm Schwarz, director
Comments: See APN: 1975-16-3-21-001. The property was 100% leased at time of sale. Matt Call & Heather Taylor of NavPoint Real Estate Group handled the transaction. The property was on the market for $3.24M. The in-place cap rate was 8%. See up leg for buyer of 1031 exchange located at 1453 Broadway in Boulder County for $2.8M.
Property Location: 2261 E. Arapahoe Road, Centennial, “Breakaway Team Sports”
Property Description: 4,564-sf retail building, YOC 2010, stucco/masonry
Land Size: 17,448 sf
Sales Price: $1.42M, or $311.13 per sf
Reception No: D6042114
Closing Date: 4/15
Grantor: AFR Holdings LLC, Philip R. McCarthy, member
Grantee: LJ Bairn LLC, John & Lindsey Fairbairn, mbrs., 303-226-4764
Financing: $1.3M payable to FirstBank, @ 4.1% due 4-1-19
Comments: Buyer was represented by Mr. Fairbairn’s real estate company, Fairbairn Commercial, 303-765-4344.
Property Location: 2420 W. Main St., Littleton
Property Description: 3,893-sf restaurant, YOC 1952, block/stucco
Land Size: 6,468 sf
Sales Price: $975,000, or $250.45 per sf
Reception No: D6042744
Closing Date: 4/25
Grantor: Zaiger & Welch Investments LLC, Tracey Welch & John Zaiger
Grantee: 2420 Main Street LLC; Zach Smith, manager, 720-449-3909
Financing: $887,000 @ 4.45% payable to FirstBank, due 4-29-26
Comments: Property was listed and sold by Kurt J. Haneke, 303-912-1171, Denver Dwellings Inc. Buyer’s company, Bristlecone Construction, is located 2 blocks west of subject property.
Property Location: 1860 W. Hamilton Pl., Englewood
Property Description: 7,680-sf warehouse, YOC 1977, wood siding
Land Size: 21,000 sf
Sales Price: $925,000, or $10.97 per sf
Reception No: D6044501
Closing Date: 4/29
Grantor: MMD Properties LLC, Marc K. McBride & Dana Katzenmeier
Grantee: Acoa Ltd. c/o Awning Co. of America Inc., 303-825-7600
Financing: $1.03M, SBA loan, payable to Wells Fargo, due 4-29-41
Comments: Buyer contact is Keir A. Ansay, president of Awning Company of America. Buyer plans to relocate to this building.
Boulder County
Property Location: 2121 Mesa Drive, Boulder
Property Description: 146-unit skilled-care facility, three- & four-story building with 57,521 sf, YOC 1925
Land Size: 2.13 acres
Sales Price: $19.03M, or $130,329 per unit, or $330.80 per sf
Reception No: 0356090
Closing Date: 4/30
Grantor: Terrace Heights Care Center Inc.; James Ross, CEO
Grantee: OHI Asset (CO) Mesa LLC, 410-427-1700, 200 International Circle, Suite 3500, Hunt Valley, MD 21030
Property Location: 235 Alpine St., Longmont, “Longmont Ford”
Property Description: 46,300-sf auto dealership/service garage, YOC 2001
Land Size: 6.3 acres
Sales Price: $8.7M, or $187.91 per sf
Reception No: 03515688
Closing Date: 5/2
Grantor: Freeway Land LLC, Boyd D. Barbee, member
Grantee: MJP Land LLC, 235 Alpine Drive, Longmont, Mike Peebles, manager
Comments: This sale may not be arms-length as Peebles & Barbee have owned Freeway Ford in Denver. It is rumored that Peebles sold his interest in Freeway Ford in Denver and purchased Longmont Ford from Barbee.
Property Location: 1453 Broadway, Boulder
Property Description: 16-bedroom, two-story rooming house, 6,064 sf, with 6 bathrooms, YOC 1905, frame construction
Land Size: 6,042 sf
Sales Price: $2.80M, or $461.74 per sf
Reception No: 03514936
Closing Date: 4/27
Grantor: Glorycrest Trading Ltd., Karol Halm Schwarz, director
Grantee: Friars Corp., Westminster 80021, 303-428-5523
Comments: Property is located on southwest corner of Broadway & Grandview Avenue. It has been occupied by Alpha Gamma Omega, AGO, fraternity for last 13 years; it moved out of the building May 8. Seller was represented by Re/Max Alliance in Boulder, 303-499-9880.
Property Location: 103 Main St., Longmont, “Old City Electric Building”
Property Description: 10,910-sf industrial building, YOC 1931
Land Size: 36,950 sf
Sales Price: $901,750, or $82.65 per sf
Reception No: 03514327
Closing Date: 4/27
Grantor: City of Longmont, Dennis L. Coombs, mayor
Grantee: Willow River Properties LLC, c/o Cheese Importers;
Samm White, president, 303-772-9599
Comments: Tenant purchased building from landlord. Building was listed as landmark designation in 1997.
Property Location: 4206 Ute Highway, Lyons, “Corner Market”
Property Description: 1,387-sf convenience store w/pumps, YOC 1990
Land Size: 36,950 sf
Sales Price: $800,000, or $576.78 per sf
Reception No: 03514314
Closing Date: 4/18
Grantor: David M. Gullikson & Ted L. Gullikson
Grantee: CST Metro LLC, 1-210-692-5000, Clay Killinger, EVP
Comments: Tenant purchased building from landlord.
Denver County
Property Location: 1905 Sherman St., Denver, “Denver Tower”
Property Description: 54,929-sf, 10-story building, YOC 1975
Land Size: 9,375 sf
Sales Price: $8.60M, or $156.57 per sf
Reception No: 2016040162
Closing Date: 3/31
Grantor: T-2 Ventures LLC, Tucker J. Manion, manager
Grantee: Denver Tower LLC by: Hayman Advisors Inc., Jessica Quinn, director of acquisitions & Robert Hayman, principal
Financing: $5.6M payable to JPMorgan Chase Bank, NA
Comments: Transaction handled by Aaron Johnson & Jon Hendrickson of Cushman & Wakefield’s Capital Markets Group. Corporate Legal Services occupies approximately 50% of the building.
Property Location: 4900, 4901 & 4980 Brighton Blvd. & 4901 Race St., Denver
Property Description: 16,270-sf industrial building, YOC 1960, 26,500-sf industrial building, YOC 1966, Crusher Auto Truck Salvage, J&B Used Parts
Land Size: 8.09 acres zoned I-B
Sales Price: $8.5M, or $24.11 per sf, land value
Reception No: 2016052121
Closing Date: 4/20
Grantor: Talarico Properties LLC, Ronald E. Talarico, manager
Grantee: 51St & Brighton LLC, Paul Andrews, CEO of National Western Stock Show, 303-297-1166, 4655 Humboldt St., Denver 80216
Financing: $1M payable to Guaranty Bank & Trust
Comments: APN: 02144-00-055 = 58,100 sf, 02144-00-022 = 118,330 sf, 02144-00-107 = 176,200 sf
Property Location: 1537 Platte St., Denver, “Big Chief Bottling Company Bldg.”
Property Description: 10,026-sf, two-story retail building, YOC 1890, brick
Land Size: 8,720 sf
Sales Price: $5M, or $498.70 per sf
Reception No: 2016057429
Closing Date: 5/2
Grantor: Big Chief Property Investments LLC, Louis H. Pappageorge & Christine B. Lapierre, members
Grantee: UPI 1537 Platte LLC, c/o Unico Properties, Austin Kane, VP, Denver
Comments: This building is a two-story with anchored by Savory Spice shop and three other retail tenants. Mr. Kane can be reached at 303-713-1900 ext 100.
Property Location: 570 W. 44th Ave. & 4337 Elati St., Denver
Property Description: 13,500-sf office building, YOC 1975
Land Size: 24,225 sf
Sales Price: $4.1M, or $303.70 per sf
Reception No: 2016044807
Closing Date: 4/8
Grantor: Del Rey Investments LLC, Scott A. Wood, manager, 1501 Lee Hill Road, Ste. 4, Boulder 80304
Grantee: CO Property Holdings LLC 10 Burton Hill Blvd., Nashville, TN 37215
Comments: See APN: 02223-07-013
Property Location: 4511 E. 46th Ave., Denver
Property Description: 9,770-sf office building, YOC 1953
Land Size: 25,466 sf
Sales Price: $3.6M, or $368.47 per sf
Reception No: 2016044806
Closing Date: 4/8
Grantor: Del Rey Investments LLC, Scott A. Wood, manager
1501 Lee Hill Rd, Ste. 4, Boulder 80304
Grantee: CO Property Holdings LLC, 10 Burton Hill Blvd., Nashville, TN 37215
Comments: See APN: 01192-03-005
Property Location: 8101-8131-8100-8300 E. 40th Ave., Denver
Property Description: 18,158 sf; two industrial buildings
Land Size: 15.5 acres; 8.43 acres is usable with balance in flood plain
Sales Price: $3.38M, or $5 per sf
Reception No: 2016038083
Closing Date: 3/24
Grantor: Artemis Ventures LLC, by: Murfin Inc.; Robert D. Young, president
Grantee: Eat 1602 LLC c/o Jay Beyer, 4450 Arapahoe Ave., Suite 100, Boulder
Financing: $2M @ 6% due 4-1-23; $1.4M payable to Berlind Raiatea LLP
Comments: Brad Gilpin of Unique Properties was the listing broker while Brit Banks of Dean Callan & Co. represented the buyer. This is a 1031 reverse exchange. County shows the following information, See APN: 01214-00-005, contains a 4,478-sf warehouse with 14-foot-clear warehouse space, YOC 1962, on 31,590 sf of land; 01214-00-004, contains 13,680-sf warehouse, YOC 1973, on 15.4 acres of land. This was an aircraft salvage yard until last July.
Property Location: 1030 Pearl St., Denver, “Ten30 Apartments”
Property Description: 17-unit, three-story apartment, 12,079 sf, YOC 1925, brick
Land Size: 9,375 sf
Sales Price: $3.1M, or $182,353 per door, or $256.64 per sf
Reception No: 2016057448
Closing Date: 4/29
Grantor: 1030 Pearl Street LLC, c/o Solidcore, Thomas H. Bradbury Jr., 303-708-1105, & Edward Barsocchi, managers, 303-827-9670
Grantee: 1469 Williams LLC; *Donald Brennan, member, 303-292-5608
Financing: $2.33M @ 3.75%, due 5-10-26, payable to FirstBank
Comments: J.B. Hockman & Justin Brockman, 303-962-9553, of Pinnacle Real Estate Advisors LLC, represented the parties in this transaction. The building contains 13 one-bedroom units and four two-bedroom units. Pinnacle Real Estate Property Management has been contracted to manage the property. *Grantee is a nominee buyer for an undisclosed entity.
Property Location: 4280 Columbine St., Denver
Property Description: 10,681-sf building, YOC 1966
Land Size: 17,250 sf
Sales Price: $2.8M, or $262.15 per sf
Reception No: 2016044799
Closing Date: 4/8
Grantor: Del Rey Investments LLC, Scott A. Wood, manager
Grantee: CO Property Holdings LLC, 10 Burton Hill Blvd., Nashville, TN 37215
Comments: See APN: 02243-07-004
Property Location: 5130 Franklin
Property Description: 21,422-sf warehouse, YOC 1983, concrete tilt-up
Land Size: 59,113 sf
Sales Price: $2.18M, or $101.88* per sf
Reception No: 2016057079
Closing Date: 5/2
Grantor: Back Country Holdings LLC c/o Ship Art; Gregory Gahagan, member, 1333 Lowrie Ave., San Francisco, CA 94080, 650-952-0100
Grantee: City and county of Denver
Comments: Seller purchased the property Aug. 29, 2006, for $850,000. Seller has occupied the warehouse since 2006 for the Ship/Art business. The city and county allowed the grantor to remain in the building for 2 years. This will be part of the new Western Stock Show and Colorado State University plans to raise $16.2 million to equip a horse equestrian center/horse hospital. Grantor was given generous relocation deal and due to the nature of the eminent domain factor of this sale, the buyer has two years to facilitate a 1033 exchange. See definition of 1033 exchange/eminent domain reinvestment. *The building will be razed in two years, thus the effective price is $36.92 per sf without any other compensatory benefits for moving cost, seller leaseback rental rates, etc. It is likely that 5125 Race Ct. will be taken by the city and county of Denver. The city took 5135 Race Ct. in October 2015; see 2015148689 for $6.1M for the International Paper Recycling facility with a 76,346-sf industrial building on 4.74 acres. The price equated to $79.90 per sf for the building or as a land sale, $29.55 per sf. This site adjoins the Ship/Art business site on the west. Also, the Rocky Mountain Pipe Co. site at 5131 Race Ct. may be included in the taking in the near future.
Property Location: 1432 Pennsylvania St., Denver
Property Description: 15-unit, three-story apartment, 7,850 sf, YOC 1919, brick
Land Size: 6,250 sf
Sales Price: $2.08M, or $138,667 per door, or $264.97 per sf
Reception No: 2016054142
Closing Date: 4/22
Grantor: VK Investment Group LLC, Ronald Klein, manager
Grantee: 1432 Pennsylvania LLC, Scott Baldermann, manager
Financing: $1.6M payable to JPMorgan Chase, due May 1, 2046
Comments: Kevin Calame & Matt Lewallen of Pinnacle Real Estate Advisors negotiated the transaction for both the buyer and seller. The building contains 12 studio units, two one-bedrooms units and one two-bedroom unit. The building also contains five carports. Wheelhouse Property Management has been contracted to manage the property.
Property Location: 4785 Tejon St., Denver
Property Description: two-story plus garden level, 6,015-sf office building, YOC 1972, renovated in 2014, brick & stucco construction, garden level contains approximately 1,500 sf
Land Size: 10,297 sf
Sales Price: $1.85M, or $307.56 per sf
Reception No: 2016052181
Closing Date: 4/21
Grantor: ZG Enterprises LLC, Tyler Zakovich, manager
Grantee: 4785 Tejon LLC, David J. North, manager, 1174 Fillmore St., Denver 80206
Financing: $1M payable to Guaranty Bank & Trust
Comments: Tenants include Cadira Labs, SeroDynamics LLC, Gruhl Health Solutions & Ananda Wellness. The building has an in-place cap rate of 7.3%. The building is located a few blocks from the to-be-built light-rail stop in the Sunnyside neighborhood. John Sheflin, 720-773-8541, Tyler Burke, 720-370-2835, & Michael Carnes, 720-773-8544, of SVN Denver Commercial were the listing brokers for this transaction.
Property Location: 5901 E. Colfax Ave., Denver
Property Description: Bank improvements, redevelopment site
Land Size: 42,900 sf
Sales Price: $1.33M, or $30.89 per sf
Reception No: 2016050874
Closing Date: 4/18
Grantor: BOKF National Banking Association, Michael D. Nalley, CCIM, CPM, RPA, SVP, director of corporate real estate
Grantee: KRF 5901 LLC by: Kentro Group, George Balafas, manager
Financing: $750,000 payable to Bank of Denver, due 11-1-42
Comments: Property had been under contract for two years as there were environmental issues, which the seller remediated this year. Buyer is prominent retail developer and will construct retail and/or restaurant use.
Property Location: NEC Yampa St. & E. 67th Ave., Denver
Property Description: Vacant land, 120-room, five-story Candlewood
Suites hotel planned
Land Size: 1.79 acres
Sales Price: $1.2M, or $15.41 per sf
Reception No: 2016052181
Closing Date: 5/29
Grantor: DIBC Commercial LLC, Mark Throckmorton, VP, 303-295-3071
Grantee: DND Hospitality LLC, Kalpesh V. Desai, manager, 2300 W. Albany St., Broken Arrow, OK 74012
Comments: Land was listed by Phil Hicks & Ken Himel of David Hicks Lampert, 303-694-6082. The site had a power easement running through a portion of the site, therefore the footprint of the building had to be smaller.
Property Location: 2120 S. Grape, Denver
Property Description: 6,535-sf office, art deco brick office building, YOC 1942
Land Size: 12,762 sf
Sales Price: $805,700, or $123.29 per sf
Reception No: 2016037029
Closing Date: 3/17
Grantor: 2120 S. Grape St. LLC, Larry Weber, member
Grantee: Air LLC 2120 S. Grape St., Denver 80222
Comments: Property was listed for sale @ $850,000 or for lease @ $18 modified gross. John Fairbairn, 303-226-4764, & Rick Giarratano, 303-226-4765.
Property Location: 4100 E. Colfax Ave., Denver, “Subway”
Property Description: 1,877-sf restaurant, YOC 1954, renovated in last 5 years, brick & stucco construction
Land Size: 8,700 sf
Sales Price: $630,000, or $335.64 per sf
Reception No: 2016052640
Closing Date: 4/22
Grantor: H&H Holdings LLC, Gary Newcomb, manager
Grantee: A Security Realty Company & Atlas Financial Corp., 232 W. 13th Ave., Denver 80204
Comments: Triple-net lease, single-tenant “Subway” with the franchisee operating 36 stores in the Denver market. They have been operating for 28 years and have been a tenant in this area for 25 years. This property sold on an in-place cap rate of 5.8%. Listed and sold by Chris Wiedenmayer, 720-529-2889, & Peter Peluso, 720-529-2984, of Legend Partners. This store received Colorado Franchisee of the Year award in 2014.
Property Location: SEC W. Alameda Ave. & S. Decatur, 2790 W. Alameda Ave.
Property Description: Closed Sonic Restaurant, 1,479 sf, YOC 2001
Land Size: 25,000 sf
Sales Price: $503,000, or $340.09 per sf
Reception No: 2016023210
Closing Date: 2/16
Grantor: Audrey C. Medina & Carole M. Murray, Oklahoma City, 73101-2438
Grantee: CPD-Alameda & Decatur, Centerpointe Real Estate, Matt Ladendorf, 602-448-8768, Scottsdale, AZ 85251
Financing: $729,700 & $91,200 payable to Stearns Bank, NA
Comments: Buyer has a tenant for the building.
Douglas County
Property Location: 630-640 Plaza Drive, Highlands Ranch
Property Description: 71,430-sf net rentable, two-story office building, YOC 2000; 84,043 sf three-story office building, YOC 2001, concrete panel construction; 155,472 sf total for both buildings, “Highlands Ranch Plaza I & II
Land Size: 10.286 acres
Sales Price: $25.1M, or $161.44 per sf
Closing Date: 4/18
Reception No: 2016023278
Grantor: LSREF4 Bison LLC, Bob Ricci, manager. Grantor has offices in several cities in the world with corporate offices in New York City, 917-286-3300.
Grantee: Plaza Drive LLC by: Bancroft Capital; Randy ten Doesschate, manager
Financing: $18.59M, payable to Compass Bank
Comments: Property last sold in August 2015 for $17.7, or $113.85 per sf.
Property Location: NE/S Castlegate Drive, approx. ¼ mile northwest of Promenade Pkwy, Castle Rock
Property Description: Vacant land
Land Size: 662,995 sf
Sales Price: $7.49M, or $11.29 per sf, or $24,000 per buildable unit
Reception No: 2016020790
Closing Date: 4/6
Grantor: Dwarf Blue LLC by: Alberta Castle Rock Management LLC, Donald G. Provost, manager, 303-771-4004
Grantee: Ledges Promenade at Castle Rock LLC, c/o Embrey Development, 210-824-6044, 1020 NE Loop 410, Suite 700, San Antonio 78209
Comments: The buyer plans to construct 312 apartment units. Chris Cowan & Steve O’Dell of ARA Newmark handled the transaction.
Property Location: 9067 Westfield, Lone Tree, “Red Lobster”
Property Description: 8,035-sf restaurant, YOC 1996
Land Size: 1.81 acres
Sales Price: $5M, or $626.46 per sf
Closing Date: 4/18
Reception No: 2016023278
Grantor: ARCP RL Portfolio IX LLC by: Cole REIT Advisors LLC, Todd J. Weiss
Grantee: Greenway Property LLC, W. Barry Shemer, member
Property Location: 7 & 19 N. Cantril St., Castle Rock, “Castle Court Apts.”
Property Description: two 17-unit, three-story apartment buildings with 36,456 sf, YOC 1980-1985
Land Size: 37,461 sf
Sales Price: $4.61M, or $136,029 per unit, or $126.86 per sf
Closing Date: 4/12
Reception No: 2016022011
Grantor: Brad Peterman
Grantee: Castle Court Partners LLC, William D. Evans Jr.
Financing: $3.7M @ 3.5% payable to Hunt Mortgage Partners, due 5-1-36
Comments: Josh Newell of Pinnacle Real Estate Advisors represented the parties in the transaction. Last sold for $3.3M on 1/30/15, or a 40.15% increase in price.
Jefferson County
Property Location: 525-530 S. Saulsbury St., aka 7110 W. Virginia Ave., “Trifecta Belmar,” Lakewood
Property Description: 220-unit apartment w/5 buildings, three and four stories, 218,882 sf, YOC 2015;
Land Size: 3.06 acres
Sales Price: $58.13M, or $264,205 per door, or $265.55 per sf
Reception No: 2016032624
Closing Date: 4/14
Grantor: Belmar Investors LP, Holland Partner Group Mgmt. Inc.; Clyde Holland, member, 1111 Main St., Suite 700, Vancouver, WA 98660
Grantee: CPF Trifecta LLC, c/o Cornerstone RE Adv. LLC, 310-234-2525
Comments: APN: 49-141-14-008,009. Grantor purchased the site for $4.4M, 2013145092 dated 12-18-13. Studio units consist of 528 sf and rent for $1,200/mo.; there are 12 one-bedroom models beginning @ 655 sf, renting for $2.23 per sf; one-bedroom units @ 700 sf to 748 sf, renting from $2 to $2.18 per sf; one-bedroom units @ 808 sf to 891 sf rent for $1.74 to $2.17 per sf. There are seven two-bedroom/two-bath models ranging from 1,032 sf to 1,320 sf, with rental range from $1.85 to $2.20 per sf. John Kennedy, 310-309-4353, is involved with real estate acquisitions, jkennedy@cornerstoneadvisers.com.
Property Location: 8250 W. Coal Mine Road, Littleton, “Dutch Creek Center”
Property Description: 27,035-sf strip center, YOC 1982
Land Size: 2.66 acres
Sales Price: $3.4M, or $125.76 per sf
Reception No: 2016037443
Closing Date: 4/20
Grantor: Peterman Investment LLC; Helen Y. Peterman, member
Grantee: MohrAlex LLC
Comments: Anchored by 7-Eleven, listed by Dawn Murray at teammurraykw@yahoo.com, 303-931-9387.
Property Location: SWC W. 64th & Joyce Drive, 6395 Joyce Drive, Arvada
Property Description: Vacant 20,668-sf flex building, YOC 1979, land value. A proposed 28,000-sf Sprout Farmer’s Market will be constructed.
Land Size: 130,680 sf
Sales Price: $2.25M, or $17.22 per sf
Reception No: 2016042555
Closing Date: 5/5
Grantor: Jack M. Carter LLC, Jack M. Carter, manager, 303-761-6468
Grantee: Joyce Market LLC c/o Cadence Capital Investments, Greg Ham, 720-496-2581 or William R. Rothacker, president, 720-496-2582
Financing: $6.51M payable to CityWide Banks
Comments: Signer on deed of trust was with Cadence Capital Investments. Lot 2, Block 3, Arvada Tech Center Filing No. 2.
Property Location: 7878 W. 80th Pl., Arvada
Property Description: 16,931-sf, two-story plus garden level office building, YOC 1987, masonry construction
Land Size: 1.62 acres
Sales Price: $1.7M, or $100.41 per sf
Reception No: 2016037019
Closing Date: 4/19
Grantor: MVT LLC, Michael Cessa, manager
Grantee: AJOT LLC, Joshua O. Ellison, manager
Financing: $1.13M payable to Guaranty Bank & Trust
Comments: Key Bank is the anchor tenant.
Property Location: 4265-4275-4295 Kendall St., Wheat Ridge
Property Description: 18-unit apt., one story with three buildings, 11,625 sf, YOC 1947, brick, six garages
Land Size: 21,790 sf
Sales Price: $1.53M, or $122,083 per door, or $184.63 per sf
Reception No: 2016037455
Closing Date: 4/21
Grantor: Kendall Street Apartments LLC
Grantee: Kendall Apartments, 25%, & Uvector Kendall St. LLC, 75%, c/o Hudson Grove, Ben Agin, manager, 303-431-1392
Financing: $1.44M payable to TCF Bank
Comments: There are 18 one-bedroom units @ 555 sf. Property was listed by Joe Hornstein, Scott Vetter & Eric Veith of Pinnacle Real Estate Advisors. Current rents average $753 per month, with pro forma at $850. Estimated expenses run $3,345 per door and pro forma cap rate is 8.4% with existing cap rate 6.9%. The legal description is divided into three buildings with six condo units per building and 24 individual parking spaces. Condo declarations were recorded 1-14-03.
Property Location: 7615 W. 60th Ave., Arvada 80004
Property Description: 12-unit apt., 7,935 sf, YOC 1959, brick
Land Size: 21,790 sf
Sales Price: $1.47M, or $122,083 per door, or $184.63 per sf
Reception No: 2016035015
Closing Date: 4/14
Grantor: SG Investments LLC, Larry Queen, manager
Grantee: Fred Kahane, 1122 Marco Pl., Venice, CA 90291
Financing: $1.03M due 5-1-46, payable to BOFI Federal Bank
Comments: There are 11 two-bedroom units @ 625 sf and one one-bedroom @ 525 sf. The units are individually metered for gas and electric.
Property Location: 455 S. Pierce, Lakewood
Property Description: 10,731-sf school, YOC 1968, concrete panel, 44 parking
Land Size: 63,450 sf
Sales Price: $1.05M, or $97.85 per sf
Reception No: 2016033480
Closing Date: 4/11
Grantor: The Learning Source Foundation, James E. Spoja, president
Grantee: Foundation Holding LLC, John Morgridge, manager, 4242 E. Amherst Ave.
Comments: Subject to a lease from Foundation Holding LLC to the Learning Source Foundation dated 4-11-16.
Property Location: 9277 W. 56th Pl., Arvada 80002
Property Description: 12-unit apt., 6,236 sf, YOC 1974, brick
Land Size: 20,681 sf
Sales Price: $810,000, or $67,500 per door, or $129.89 per sf
Reception No: 2016035015
Closing Date: 4/15
Grantor: Arvada Investment Properties LLC, Michael Stickel, manager
Grantee: Circle Properties LLC, Elizabeth Kreis, manager, 303-431-9792
Financing: $400,000 payable to Northwest United Federal Credit Union
Comments: There are 11 two-bedroom units @ 625 sf and one one-bedroom @ 525 sf. The units are individually metered for gas and electric.
Property Location: 7525 W. 10th Ave., Lakewood 80214
Property Description: 8,890-sf, two-story office building, YOC 1974
Land Size: 26,428 sf
Sales Price: $700,000, or $78.74 per sf
Reception No: 2016033610
Closing Date: 4/11
Grantor: Rocky Mountain Center for Health Promotion and Education, Sharon Murray, president & CEO
Grantee: Arahant Properties LLC, John B. Edwards, manager, 720-209-8537
Financing: $560,000 payable to Academy Bank, NA
Comments: The listing broker is Jamie Macbeth of Genesee Commercial Group, 303-980-0500, Ext. 104, Dr. Hy Gia Park is the buyer, www.arahanthealth.com.
Property Location: S/S W. 110th Avenue, 350’ E. of Dover St.,
8510 W. 110th Ave., Westminster, “Walnut Creek Bus. Park”
Property Description: Vacant land proposed 30,000-sf office/warehouse
Land Size: 3.17 acres
Sales Price: $580,000, or $4.21 per sf
Reception No: 2016040700
Closing Date: 4/29
Grantor: Walnut Creek Lot 2 LLC, Steve Rasmussen, managing partner of St. John Properties, 303-278-7676
Grantee: S and S Properties LLC, Daniel D. Steen, manager, 303-466-3199
Comments: Buyer’s company, Steen Machining Inc., currently located at 11610 Quay St., Broomfield, will relocate to the new 30,000-sf building.
Property Location: 6808 W. Colfax Ave., Lakewood 80214
Property Description: 1,258-sf small auto dealer, YOC 1957
Land Size: 22,825 sf
Sales Price: $425,000, or $337.84 per sf
Reception No: 2016034990
Closing Date: 4/8
Grantor: Lotus Property LLC, W. M. Trevathan, manager
Grantee: Amir H. Bayani-Rad, 303-698-2479, 1132 S. Gaylord St., Denver 80210
Financing: $300,000 @ 4.4% due 4-1-26, payable to FirstBank
