The Winslow Report 7-20-16

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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: 10351 Zuni St., Federal Heights, “Hunters Cove Apartments”

Property Description: 226-unit, two-story apartments with 14 buildings plus 2,112-sf clubhouse, containing 162,816 sf, YOC 1985; frame

Land Size: 10.54 acres

Sales Price: $35.4M, or $156,637/unit, or $151.49/sf

Reception No.: D6070053

Closing Date: 6/30

Grantor: FG & JG LLC, Cheryl J. DiPanfilo & Charles J. Gower, managers

Grantee: Hunters Cove Apartments DV LP c/o American Capital Realty Partners, Michael Presicici, principal, 562-868-8081, and Kevin Arrabaca, 714-280-2953

Financing: $26.6M, payable to Red Capital Partners, due 7-1-21

Comments: This building contains one-bed/one-bath units @ 650 sf renting for $780-870/month; two-bed/one-baths @ 850 sf renting for $920-$955/month; two-bed/two-baths @ 950 sf renting for $960-1,045/month. Home office is based out of Irvine, CA, 949-788-1717.

 

Property Location: 8901 Huron St., Thornton, “Carriage Hill Apartments”

Property Description: 102-unit, two-story apartments, with five buildings plus 4,514-sf clubhouse, containing 70,200 sf NRA, YOC 1975; frame/stucco

Land Size: 4.62 acres

Sales Price: $9.5M, or $93,137/unit, or $135.33/sf

Reception No.: 2016000052634

Closing Date: 6/30

Grantor: Carriage Hill LLP, Diane Bartholomew, 303-673-9181

Grantee: Carriage Hill LLC, 3595 S. Teller St., Suite 301, Lakewood 80235, Benjamin O. Agin, manager

Financing: $26.6M, payable to Red Capital Partners, due 7-1-21

Comments: This building contains 72 one-bed/one-bath units @ 630 sf renting for $800/month; 30 two-bed/one-baths @ 828 sf renting for $950/month. Home office is based out of Irvine, CA, 949-788-1717.

 

Property Location: 10854 Leroy Drive, Northglenn

Property Description: 34,522-sf warehouse, YOC 1983, 6 dock-high doors & one drive-thru door, includes 3,000-sf office area

Land Size: 4.62 acres

Sales Price: $3.2M, or $92.69/sf

Reception No.: 2016000049213

Closing Date: 6/21

Grantor: KMW Leasing Company GP, Louis R. Kala, Richard Miller, P.K. Ware,

Grantee: Kirkwood Real Estate LLC, by: Timothy K. O’Hayre, VP,

c/o Techniques LLC, 720-457-7201

Financing: Cash

Comments: This building was listed by Mitch Trevey, 303-619-7192, and Jason Thomas, 970-309-3662 of Trevey Land and Commercial. Steve Serenyi of Colliers International, 303-283-4578, represented the buyer in this transaction.

 

Property Location: SEC Washington Center Pkwy. & Washington St.

Property Description: Vacant land, two four-story buildings with 156 units, 71 independent living units, 62 assisted living and 25 memory care units, w/167,337 sf

Land Size: 8.71 acres

Sales Price: $2.3M, or $6/sf

Reception No.: 2016000052496

Closing Date: 6/30

Grantor: Washington Center LLC, Steve Cohen, manager, 720-554-9419

Grantee: MWSH Thornton LLC, Kelley D. Hamilton, manager, by: Bonaventure of Salem, 503-566-5721

Financing: Cash

Comments: Proposed Bonaventure of Thornton, 156-unit assisted living center. The buyer will develop the senior housing on 7.25 acres with 1.46 acres left for future expansion or development. There are 130 stalls, 21 covered plus 6 handicapped parking, 2 covered.

 

Property Location: Southeast corner Eagle Blvd., E. 144th Ave. & Peregrine Drive, city of Brighton, “Element @ Prairie Center Apartments”

Property Description: Vacant land, proposed 12-building apartment complex with 24 units in each building, ranging from 716 sf to 1,214 sf

Land Size: 15.02 acres, or 653,497 sf

Sales Price: $1.6M, or $2.52/sf, or $5,708/unit

Reception No.: 2016000053318

Closing Date: 7/1

Grantor: Prairie Center Development, by: THF Realty, 314-429-0900

Grantee: Prairie Center Apartments LLC, David Pretzler, david@cacompanies.com, C&A Companies, 303-389-6780

Financing: $31.6M, payable to PNC Bank, NA, due 6-30-18

Comments: See APN: 01569-21-2-01-013. Requirements for construction include: geothermal heating and cooling, low-flow showers & faucets, low-flow toilets, Energy Star appliances, high-efficiency irrigation system for landscaping, irrigation rain shutoffs, weather-based evaporative systems and Xeric landscaping design. The developer represents that the development will consume 45% less water on an annual basis that other similarly sized multifamily developments with special incentives made by the city of Brighton. As per the city agreement, this block of Fulton water shares has a contract price of $390,000 or $19,500/share, or $13,000/acre-foot. See city of Brighton Resolution 2015-168. See Reception No. 2016000035451 for details on water and development cost.

Arapahoe County

Property Location: 9900 E. Florida Ave., Aurora, “Florida Pointe Apartments”

Property Description: 56-unit, two-story walk-up style apartments, with five buildings containing 39,870 sf, YOC 1957

Land Size: 2.2 acres

Sales Price: $6M, or $107,857/unit, or $151.49/sf

Reception No.: D6070053

Closing Date: 6/30

Grantor: Florida Pointe Community LLC, William A. Bivens Jr., manager

Grantee: PFPS LLC, Rawleigh Pyne, manager, 212-269-4888, NYC 10005

Financing: $4.8M, payable to Sable Capital II LLC, due 7-1-21

Comments: There are 40 one-bedroom units @ 630 sf; 16 two-bedroom units with 900 sf. Jay B. Fischoff is a principal and director of acquisitions and operations for the buyer. The buyer’s website is www.pyneco.com. Rawleigh Pyne also has a Denver phone, 303-777-7476.
Property Location: 7562-7592 S. University Blvd., Centennial, “Southglenn Square”

Property Description: 58,304-sf shopping center, YOC 1984, brick

Land Size: 4.01 acres

Sales Price: $5.25M, or $90.05/sf

Reception No.: D6069330

Closing Date: 6/28

Grantor: Greenbriar Inc., Darrel Schmidt, representative of nondisclosed seller

Grantee: Southglenn Square LLC, c/o Alberta Development, Peter Cudlip, principal, 303-770-4004

Financing: $5.6M, payable to Guaranty Bank & Trust

Comments: The property was listed by Brad Cohen, 303-407-1470, and Larry Thiel, 303-407-1471, of Transwestern Inc. for $5.9M in January 2016. The property was over 91% occupied but lost a few tenants during the due diligence period. The cap rate on the existing occupancy at time of closing is 5.5%. The property is on the east side of S. University, approximately 500’ south of E. Dry Creek Rd. Seller purchased the center for $5.4M May 4, 2000.

 

Property Location: 7395 S. Peoria St., Centennial

Property Description: 33,927-sf airplane hangar, YOC 1985, metal

Land Size: 78,251 sf as per deed

Sales Price: $4.2M, or $123.80/sf

Reception No.: D6070389

Closing Date: 7/1

Grantor: JVB Aviation LLC, Jack L. Thompson, manager, 303-790-0106

Grantee: Cloud 7 Aviation LLC, c/o Denver Broncos, Kathy Hatch

Financing: $5.6M, payable to Guaranty Bank & Trust

Comments: Sale is of the improvements only. The seller had a leasehold interest in the land that is being assumed by the buyer. The land is owned by the Centennial Airport Authority and is subleased to the buyer.

See APN: 2075-25-3-00-955, which reflects the improvements only. See Memorandum of Assignment of Ground Sublease dated 7-1-16. The building is 32’ clear and is a pre-engineered steel building with a 200’ clear span. The multipanel rolling hangar door has a clear opening of 154’ wide and 28’ feet high to accommodate the 99’ wingspan of the jet. There is an attached two-story office building with a single-story garage that accommodates up to nine cars. A state-of-the-art security, data and communications system for protection of a corporate jet was installed as a part of the original construction.

 

Property Location: 5620 S. Parker Road, Aurora, “proposed urgent care center”

Property Description: 6,911-sf restaurant, YOC 2005, masonry

Land Size: 53,822 sf

Sales Price: $2M, or $289.39/sf

Reception No.: D6069330

Closing Date: 6/24

Grantor: MCD at Pioneer Hills LLC, Michael Duginski, manager, 720-749-1100

Grantee: Drake Cares #2 LLC, Jon Hauser, manager, 303-825-6200

Financing: $2.4M, payable to Citywide Banks, construction loan

Comments: The property was listed by Noah Waldera of Waldera Scott Real Estate Partners, 303-780-7777, Ext. 103. See new plat D6032396. Seller is CEO of Sentinel Peak Resources. Property is located on the north corner of South Parker Road & South Chambers Road. A building permit was issued on 6-21-16 for interior demo of the building and converting the restaurant into a medical urgent care center.

 

Property Location: 1900 W. Hamilton Place, Englewood

Property Description: 11,204-sf, two-story warehouse, YOC 1997, fractured block Land Size: 24,906 sf

Sales Price: $1.45M, or $129.42/sf

Reception No.: D6070561

Closing Date: 7/1

Grantor: 1900 W. Hamilton Pl. LLC, David D. Milhan, member

Grantee: Dark Horse Ventures LLC, Mark A. Volling & Duane A. Fitts, members, 900 W. Hamilton Place, Englewood

Financing: $1.4M, payable to grantor @ 5%, due 7-5-26

Comments: Denver Heating & Air Conditioning, Mark Volling, president, has been the tenant and has occupied the building for a number of years. David D. Milhan has been involved with Denver Heating & Air Conditioning. The sales price indicates market value for the building at $129.42/square foot, but the financing indicates very favorable terms with only $50,000 cash down, less than 3.5%. If the loan is fully amortizing for 10 years, the payments are $14,849/month. The seller purchased the site Aug. 15, 1996 for $120,000 and executed a construction loan in the amount of $600,000 payable to Bank of Cherry Creek, a second deed of trust on 10-16-97 for $250,000.

 

Property Location: 1109-1127 Akron St., Aurora  

Property Description: 10-unit, two-story apartment, townhome-style, 7,352 sf, YOC 1957, brick; all two-bedroom units

Land Size: 14,593 sf

Sales Price: $1.2M, or $120,000/door, or $163.22/sf

Reception No.: D6070193

Closing Date: 6/30

Grantor: Alan M. Rickard

Grantee: CMS Holdings LLC, Sivakota R. Palagati, manager

Financing: $930,669, payable to First Citizens Bank & Trust, due 6-30-23

Comments: Property was listed by Justin Hunt, 303-260-4475, & Spencer Bradley, 303-260-4427, of Apartment Realty Advisors. The latest rental rate is $1,050/month. Broker’s pro forma indicates a cap rate of over 8%. The units are separately metered for gas and electricity.

 

Property Location: 7108 S. Alton Way, Unit D, Centennial

Property Description: 6,280-sf industrial flex building, YOC 1979

Land Size: 6,400 sf

Sales Price: $1.15M, or $183.12/sf

Reception No.: D6070561

Closing Date: 6/28

Grantor: 1Beyond 2011 LLC, Frank A. Dehoff, manager

Grantee: Margolis Investments LLC, Eugene A. Margolis & H. Jay Margolis, managers

Financing: $1.1M, payable to Bank of the West, due -28-41, SBA loan

Comments: Buyers will use building for their company, Infinity Photo-Optical Company, 303-440-4544, www.infinity-usas.com

 

Property Location: 3051-3053-3057-3059 S. University Circle, Englewood

Property Description: four vacant residential lots

Land Size: 30,422 sf

Sales Price: $1M, or $33.69/sf, or $256,250/lot

Reception No.: D6070343

Closing Date: 6/28

Grantor: Joshua ALC, LLC, Kristin A. Harrington, executive director

Grantee: Parkside University Homes LLC, Jeffrey Garfinkel & Rowdy Stowell, managers, c/o Parkside Remodeling, 303-260-9611

Financing: Cash

Comments: Four lots ranging from 6,770 sf to 8,419 sf located on the west side of S. University Blvd., 262’ north of E. Dartmouth Ave. The lots are finished and S. University Circle is a finished road, cul-de-sac, extending westerly from S. University Blvd. The lots were platted Feb. 11, 2003.

 

Property Location: 44 Inverness Drive East, Building D, Englewood

Property Description: 4,785-sf office building, YOC 1980, masonry

Land Size: 5,475 sf

Sales Price: $825,000, or $172.41/sf

Reception No.: D6071258

Closing Date: 7/5

Grantor: Michael R. Diefenderfer

Grantee: Highlands Properties 1416, intermediary for Rick & Jacqueline Watson

Financing: $650,000, payable to FirstBank @ 4.5%, due 1-1-17

Comments: Buyers will use building for their company, Mesa Properties, a Colorado homebuilder, 303-694-4080, www.buildwithmesa.com

Boulder County

Property Location: 400 S. McCaslin Blvd., Louisville, “McCaslin Healthcare Plaza”

Property Description: 32,448-sf, two-story medical office building, YOC 1989

Land Size: 1.33 acres

Sales Price: $5.8M, or $178.75/sf

Reception No.: 03527918

Closing Date: 7/1

Grantor: Centennial Office Partners LLC, Jonathan A. Needell, chief investment officer for Redwood-Kairos Real Estate Partners, 949-709-8888

Grantee: McCaslin Healthcare Plaza LLC, Charles P. Rahe & Emily R. Greenberg, managers, 303-494-6908

Financing: $4.4M, payable to Westerra Credit Union, due 7-1-26

Comments: APN: 1575-18-3-02-003. Property lies on the northeast corner of Centennial Parkway & South McCaslin Blvd.

 

Property Location: 1500 Overlook Drive, Lafayette

Property Description: 9,940-sf industrial building including 3,080-sf finished office space, YOC 1993, five overhead doors, metal

Land Size: 5.65 acres

Sales Price: $1.4M, or $141.85/sf*

Reception No.: 03526367

Closing Date: 6/20

Grantor: Judith Ann Schell

Grantee: JTR LLC, John & Terri Rush, 303-444-2841

Financing: $1.1M, payable to Sunflower Bank, NA, due 6-23-23

Comments: Rush Management Inc., a full-service residential maintenance company, moved into the building subsequent to closing. *Includes oversized lot

 

Property Location: 816 Baseline Road, Lafayette

Property Description: 3,372-sf retail building, YOC 1955, 3,300-sf commercial building, YOC 1970, wood frame

Land Size: 26,571 sf

Sales Price: $545,000

Reception No.: 03527319

Closing Date: 6/28

Grantor: 816 East Baseline Trust, Catherine Richardson, trustee

Grantee: Feed & Grain LLC, Laurence Verbeck, manager, 303-931-9386

Financing: $272,500, @ 5% payable to grantor, due 6-1-18

Comments: Property was listed in December 2014 for $780,000. Property has been used as a feed store, granary & other uses. Buyer may use the property for his businesses, Verbeck Design Studios and Verbeck Sculpture. Property was listed by RE/Max Alliance-Louisville, 303-666-6500

Broomfield County

Property Location: Northwest corner Interstate 25 & County Road 4, Broomfield

Property Description: Vacant land, zoned agricultural

Land Size: 73.6 acres

Sales Price: $2.1M, or $28,533/acre

Reception No.: 2016006912

Closing Date: 6/16

Grantor: Imperial Farms LLC, Sandra D. Spano, manager, 303-450-0544

Grantee: UF TM I LLC, Urban Frontier, Garrett Baum, 303-226-1266 & Bill Branyan, 303-226-1260

Financing: Cash

Comments: This site is located directly north of buyer’s Palisade Park, which is two miles north of Highway 7. The buyer has other development projects in the Denver metro area, such as Green Gables – Jefferson County & Windler Homestead, a 750-acre development located at E-470 between E. 56th Ave. & E. 68th Ave. Buyer received approval April 26 for 135.19 acres known as Palisade Park, Filing No. 4, which is located at the southwest corner of Interstate 25 & County Road 4.

 

Property Location: 1690-1700 W. Midway Blvd., Broomfield, 1031 exchange

Property Description: 3,750-sf, two-tenant retail building, YOC 1975, masonry

Land Size: 26,135 sf

Sales Price: $2.1M, or $560/sf

Reception No.: 2016007883

Closing Date: 7/5

Grantor: Little Rawan LLC, Fadi Sawaged, manager

Grantee: Michael R. Diefenderfer, 2/3 interest, & New Direction IRA Inc. FBO Stephen E. Smith, IRA, 1/3 interest

Financing: $900,000, payable to FirstBank @ 4.8%, due 7-1-26

Comments: Justin Krieger of Pinnacle Real Estate Advisors LLC represented the seller and Chris Saros of Dunton Realty represented the buyer in the sale. The buyer sold 44 Inverness Drive East, Building D, for $825,000 July 5 and subsequently traded 2/3 interest in this property to facilitate the 1031 exchange. The two-tenant building was renovated in 2015 and new leases were executed by Little Caesar’s franchisee for 10 years, 1,500 sf, in May 2016, & Midway Liquors, 2,250 sf for eight years, in early 2015, were negotiated prior to closing. The property sold on an in-place cap rate of 7.43%.

 

Property Location: Southwest corner Shoshone Lane & W. 137th Lane, Broomfield

Property Description: 13 vacant, finished lots

Land Size: 37,181 sf

Sales Price: $1.2M, or $95,000/lot or, $33.22/sf

Reception No.: 2016006906

Closing Date: 6/15

Grantor: Polestar McCay Shores LLC by: Dudley Consulting, Taylor Dudley, manager

Grantee: Wonderland at Quail Creek LLC, CDL Homes Inc., Stephen Phue, president

Financing: Payable to Flagstar Bank, FSB, blanket mortgage, due 5-13-19

Comments: Lots 14-18 & Lots 78-85, Lambertson Farms Filing No. 8, Broomfield. The average size of Lots 14-18 is 4,140 sf with Lots 78-84 @ 2,508 sf & Lot 85 totals 3,065 sf, or a mean of 2,860 sf for the 13 lots.

 

Property Location: 2097 S. 104th St., Broomfield, “CloudView Stables”

Property Description: 980-sf frame house, YOC 1957; 7,500-sf horse arena, YOC 1984, metal; 6,240-sf horse stables, YOC 1984; 2,304-sf horse stables, YOC 1982, & five loafing sheds.

Land Size: 4.18 acres zoned PUD

Sales Price: $1.12M

Reception No.: 2016006656

Closing Date: 6/1

Grantor: Centennial Valley Equine Hospital PC, Linford L. Judy, president

Grantee: Cloudview Stables LLC, Michelle Plorius, manager, 303-884-5867

Financing: $420,374 & $600,536, payable to Great Western Bank

Comments: Property lies on the west side of S. 104th Street, approximately ½ mile south of W-470.

Denver County

Property Location: 2424 W. Caithness Place, Denver, “Highland Park in Lohi Apartments”

Property Description: 125-unit, four-story apartment building, 95,320 sf, YOC 2011

Land Size: 62,833 sf

Sales Price: $40.25M, or $322,000/unit, or $422.26/sf

Reception No.: 2016082766

Closing Date: 6/24

Grantor: Zuni Land Company LLC, Bruce Heitler, manager, 303-831-9440

Grantee: Highland Park Apartments Denver Owner c/o Grand Peaks Properties Inc., Luke Simpson, manager, & Elli Lobach, SVP – development, 720-889-9200

Financing: $23.25M, payable to Prudential Multifamily Mortgage LLC

Comments: The studio units include three floor plans ranging from 421 sf to 501 sf with rental rates starting at $1,250/month. The one-bedroom units contain three models ranging from 592 sf to 642 sf and start @ $1,550/month. The two-bedroom units contain five models ranging from 973 sf to 1,017 sf and start @ $1,950 to $2,550/month.

 

Property Location: 1000 Lincoln St., 1001, 1015, 1025, 1035, 1045 & 1055 Sherman St., Denver, “Poets Row Apartments”

Property Description: 220-units with seven three-story apartment buildings, 90,330 sf, YOC 1930-1956, brick, 184 units platted as individual condominium units but will most likely remain as apartments

Land Size: 1.52 acres

Sales Price: $33.5M, or $152,386/unit, or $371.14/sf

Reception No.: 2016081383

Closing Date: 6/21

Grantor: Lincoln Heights Apartments LLC by: Triton Investment Company, Don V. Bailey, CEO, & Patrick J. Bailey, president, 303-830-1005

Grantee: AMFP III Poets Lincoln LLC c/o Abacus Capital Group LLC, 420 Lexington Avenue, Suite 2821, NYC, NY, attn: Benjamin Friedman, CEO, 212-203-4960

Financing: Cash

Comments: The following seven three-story apartment buildings with brick construction, constructed in the 1930s & one in 1986, sold in this transaction: Robert Frost – 1001 Sherman St., 34-unit apartment, 13,158-sf NRA, YOC 1938;

30 studios @ 350 sf, rent for $775; 3 one-bedrooms @ 600 sf, rent @ $1,125, or $1.88 psf; one two-bedroom/two bath @ 850 sf, rents for $1,550, or $1.88/sf; Emily Dickinson – 1015 Sherman St., 30-unit apartment, 9,750 sf NRA, YOC 1956; 30 studio-units @ 325 sf rent for $775/month, or $2.38/sf; Louisa May Alcott – 1025 Sherman St., 40-unit apartment, 14,840 sf NRA, YOC 1933; 36-studio units @ 350 sf, rent for $775/month, or $2.21/sf; four one-bedroom units @ 556 sf rent for $1,125/month, or $2.02/sf;Mark Twain – 1035 Sherman St., 27-unit apartment, 14,229 sf NRA, YOC 1938; 13-studio units @ 394 sf, rent for $775/month or $1.97/sf; 14 one-bedroom units @ 650 sf rent for $1,125/month, or $1.73/sf; Nathaniel Hawthorne – 1045 Sherman St., 28-unit apt., 15,960 sf NRA, YOC 1938; ; nine-studio units @ 400 sf, rent for $775/month, or $1.94/sf; 19 one-bedroom units @ 650 sf rent for $1,125/month, or $1.73/sf; Eugene Field – 1055 Sherman St., 25-unit apartment, 16,250 sf NRA, YOC 1938; 25 one-bedroom units @ 650 sf, rent $1,125 or $1.73 psf; Lincoln Heights – 1000 Lincoln St., 33-unit apartment, 10,200 sf NRA, YOC 1930; 32 studios @ 300 sf, rent for $725; one one-bedroom unit @ 600 sf, rent $1,100, or $1.83 psf. The average breakdown for the 220 units is as follows: 118-studio units @ 369 sf, rent at $775/month, or $2.10/sf; 90 one-bedroom/one-bath units @ an average of 578 sf, with average monthly rental rate of $1,125, or $1.95/sf* The buyer has a Denver office, 720-379-1800. *The six buildings together from 1001-1015-1025-1035-1045-1055 Sherman St., known as Poets Row, contain 184 units with 118 studios @ 369 sf with rental of $775/month, or $2.10/sf average; 65 one-bedroom/one-bath units @ 550 sf with rents of $1,125/month, or $2.05/sf average; one two-bedroom/two-bath unit @ 850 sf with rent of $1,550/month, or $2.10/sf, with an average of 435 sf and average of $903/month, or $2.07/sf. The listing brokers included Terrance Hunt, Andy Hellman, Shane Ozment, Justin Hunt, Amanda Meldrum & Mike Easter, all with ARA – Newmark.

 

Property Location: 5120 Race Ct., Denver

Property Description: 125,844-sf cold storage warehouse, YOC 1972, twin-tee

Land Size: 7.61 acres

Sales Price: $12.5M, or $99.33/sf

Reception No.: 2016087279

Closing Date: 6/30

Grantor: Versacold USA Inc., fka Atlas Cold Storage America LLC, Todd N. Sheldon VP, 678-441-1400

Grantee: 5120 Race Court LLC, Colorado Premium, Kevin LaFluer, president, & Mark Eugene Middleton, manager, 970-313-4400

Financing: $9.4M, payable to Wells Fargo Bank, NA, due 7-10-26

Comments: See APN: 02144-00-0-050. The corporate headquarters for the seller is: 10 Glenlake Parkway, South Tower, Suite 600, Atlanta, GA 30328. It is unknown if Mark Middleton is associated with Colorado Premium, but he is the signer on the deed of trust. Colorado Premium, 303-291-5555, has been a tenant in 5120 Race Court & 5140 Race Court. Mark Middleton acquired 5140 Race Court in February 2005 for $5.7M. Colorado Premium purchased its 46,206-sf cold storage industrial facility located at 2035 Second Ave., Greeley, for $1.2M in May 2006. Mark Goodman of Pinnacle Real Estate Advisors represented the buyer subsequent to the tenant executing a 10-year lease extension on the property.

 

Property Location: 1750 15th St. & 1480 Wewatta St., located on the south corner of Wewatta St. & 15th St., Denver, “Steelbridge Annex Building”

Property Description: 16,154-sf, four-story office building, YOC 2002, masonry & 6,135 sf, 23-space parking lot, planned for 90-unit micro apartments

Land Size: 6,135 sf

Sales Price: $10.35M, or $99.33/sf

Reception No.: 2016087279

Closing Date: 6/3

Grantor: BCP-LODO Investments LLC c/o Brentwood Capital, Paul E. Slye, manager

Grantee: Steelbridge Annex LLC, Randy T. Nichols, manager

Financing: $1.6M, payable to First National Bank of Denver, due 12-1-17; $6.2M, payable to First National Bank of Denver, due 6-1-21

Comments: See APN: 02332-17-092. The transaction was handled by CBRE Inc, Mike Winn, Tim Richey & Chad Flynn. The Steelbridge Annex is leased to Triptych Scheme LLC, dba Steel & Lather Barber Company; Enertech Information Systems, dba Enertia Software; Interior Architects Inc.; Cherwell Software LLC; & Integra Telecom Holdings Inc.

 

Property Location: 3740 Sheridan Blvd., Denver

Property Description: 17,187-sf retail building, YOC 1997, land value

Land Size: 49,749 sf

Sales Price: $4M, or $101.95/sf

Reception No.: 2016082970

Closing Date: 6/23

Grantor: 3740 Sheridan Blvd LLC, Trevor Tice, manager

Grantee: CVS 10784 CO LLC, David Denton EVP, 401-765-1500, Woonsocket RI

Financing: Cash

Comments: Located on the southeast corner of W. 38th Ave. & Sheridan Blvd. The seller purchased this property in August 2014 for $2.9M. Buyer will construct new CVS Pharmacy/retail store. Developer T.M. Crowley, based out of Indianapolis, will construct a 14,700-sf CVS store, including 65 parking spaces. CVS 10831 CO LLC purchased three office buildings located at 3515-3525-3545 S. Tamarac Dr., southwest corner of E. Hampden Ave. & S. Tamarac Dr., containing three parcels totaling 85,545 sf, for $6.28M, or $73.41/sf Nov. 30, 2015; see deed recorded via Reception No. 2015165582.

 

Property Location: 2800-2826 W. 29th Ave., Denver

Property Description: Misc. improvements, plan to construct 117 apartment units

Land Size: 21,675 sf

Sales Price: $3.4M, or $155.71/sf, or $28,846/buildable unit

Reception No.: 2016089416

Closing Date: 7/6

Grantor: Carmen Real Estate LLC, by: Sagebrush Companies, Todd Heinzeroth, manager, 303-866-0011, or Don Caster, 303-800-8152

Grantee: Connell Viking Park LLC by Connell Company, Shane Connell & Duane Connell, managers, 908-673-3700

Financing: Cash

Comments: The developer is a fourth-generation firm located in Berkeley Heights, N.J., and will construct 117 units consisting of 30 two-bedroom units and 87 one-bedroom units. There will be four levels of parking, including the first two floors plus two basement levels, totaling 144 parking spaces. The building will be an eight-story building known as the Viking Park Apartments.

 

Property Location: North corner Wynkoop & 36th St., 3609 Wynkoop St., Denver

Property Description: Vacant land, 84 micro apartments planned with a total of 37,800 sf net rentable area

Land Size: 18,750 sf

Sales Price: $2.1M, or $112.00/sf, or $25,000/buildable unit

Reception No.: 2016086461

Closing Date: 7/1

Grantor: 3609 Wynkoop LLC Investors LLC, Frank Dellaglio & Ryan Arnold, managers

Grantee: SMP4 Investments Inc., David Juades, c/o McWhinney, 720-360-4737,

Financing: $1.7M, due 12-1-16, payable to Guaranty Bank & Trust

Comments: Plan to build 84 micro apartments @ 450 sf each

 

Property Location: 1053-1055 S. Gaylord St., Denver

Property Description: 5,015-sf retail building, two tenants, YOC 1930, brick

Land Size: 5,555 sf

Sales Price: $1.2M, or $239.28/sf

Reception No.: 2016086592

Closing Date: 6/30

Grantor: Sports Plus Inc., Mark A. Moyle, president, 303-777-6613

Grantee: F.H.T.H LLC, Kathleen Hope, 847-382-5347, Barrington Hills, IL 60010

Financing: Cash

Comments: Sports Plus is one of the tenants located at 1055 S. Gaylord St.

 

Property Location: 329 Detroit St., Denver, “Kay Witold Gallery of Art”

Property Description: 1,947-sf retail/residential building, YOC 1904

Land Size: 6,250 sf

Sales Price: $1.2M

Reception No.: 2016083025

Closing Date: 6/23

Grantor: Witold Kaczanowski

Grantee: Le Mie Regazze Belle LLC, Frank Penn, manager

Financing: $400,000, payable to grantor, due 1-5-21

Comments: Building has been used for Kay Witold Art Gallery. Witold Kaczanowski is a Polish-American artist who has lived in Denver since 1980.

 

Property Location: 4041-4049 St. Paul St., Denver

Property Description: 8,855-sf manufacturing building including 1,200- sf office space, YOC 1964, brick construction, with fenced storage yard, one dock door and three drive-in doors, 13’-clear, 100% HVAC

Land Size: 16,986 sf

Sales Price: $869,000, or $98.14/sf

Reception No.: 2016082352

Closing Date: 6/23

Grantor: Robert Max Ortiz

Grantee: DIRM LLC, Tomas J. Wolfram, CEO of Core Contractors Inc., 4501 Logan St., Denver 80216

Financing: $641,497, @ 4.25% payable to FirstBank, due 6-23-126; $513,198 @ 5%, payable to FirstBank, due 1-5-17

Comments: Building listed by Steve Serenyi of Colliers International at $899,000. Approximately 4,430 sf is leased to a tenant @ $30,000/year, or $6.77/sf.

 

Property Location: 2000 S. Osage St., Denver

Property Description: 5,640-sf industrial building, YOC M69, frame

Land Size: 9,375 sf

Sales Price: $575,000 or $101.95/sf

Reception No.: 2016083025

Closing Date: 6/24

Grantor: Gentala Investments LLC, Paul & Michael Gentala, managers

Grantee: Marke Holdings LLC, Mari Fountain & Kevin Taylor, 303-989-4001

Financing: $460,000, payable to KeyBank, NA, due 6-24-31

Comments: Listing brokers were Sam Leger & Tim Finholm of Unique Properties LLC, 303-321-5888. This property last sold in December 2013 for $340,000. The buyers are both principals in FDG Products and will relocate to this building. Their website is www.fdgproducts.com, Fountaine Design Group.

 

Property Location: 5335 W. 48th Ave., Denver, “Martischang Building”

Property Description: 28,300-sf, five-story office building, YOC 1976, concrete, plus 8,320-sf, 19-space parking garage plus and 31 surface spaces

Land Size: 19,950 sf

Sales Price: $450,000, or $15.90/sf, building

Reception No.: 2016082406

Closing Date: 6/23

Grantor: Plaza LLC, Christine Marquez-Hudson, manager, c/o the Denver Foundation

Grantee: BCP 5335 W 48th LLC, Chad Brue, 303-500-8977

Financing: $315,000, @ 4.15% payable to FirstBank, due 6-28-17

Comments: This five-story building was constructed by the late developer Al Martischang in 1976. Lori Holtus or Dan Lee of the Denver Foundation worked on the transaction for Denver Foundation, 303-300-1790. The buyer’s website is www.bruecapital.com and email is chad.brue@BrueCap.com. After unsuccessful attempts to sell or lease the property, the Martischang family donated the building to the Denver Foundation Oct. 9, 2014. After The Denver Foundation obtained the donation, they contacted John Fuller Jr. to render advice on the highest and best use of the property. He and Mike Haley, also with Fuller Real Estate, researched the building and uncovered some major problems that might cost a great deal of money to retrofit. The problems included some sagging concrete floors, asbestos in the building and some other deferred maintenance problems throughout the building. The foundation made heroic efforts to convert this building for a homeless shelter. After plans of a homeless shelter were abandoned in October 2015 because of a clause in the deed, the property was listed by Fuller & Haley of Fuller Real Estate LLC, 303-534-4822. The asking price for the property was $985,000 and it was listed in November of 2015. The property went under contract three times before Chad Brue successfully closed the deal.

Douglas County

Property Location: 4700 Castleton Way, Castle Rock

Property Description: 26,611-sf, two-story office building, YOC 2001, masonry

Land Size: 1.76 acres

Sales Price: $4.9M, or $184.13/sf

Reception No.: 2016082406

Closing Date: 7/8

Grantor: Castleton Corp., Eric J. Golting, manager, 303-762-2093

Grantee: CWC Income Properties 5 LLC, Christopher Weil & Co, 858-724-6040

Comments: The tenants in this building include SurgCenter of the Rockies and Arapahoe Community College on the first floor and the My Wedding on the second floor. Matthew F. Weil is managing director for the buyer, 858-724-6044. The property was listed by Dan Grooters & Riki Hashimoto of NGKF Capital Markets.

 

Property Location: 399 Perry St., Castle Rock

Property Description: 18,136-sf, three-story office building, YOC 2001, masonry

Land Size: 7,013 sf

Sales Price: $3.1M, or $168.73/sf

Reception No.: 2016042819

Closing Date: 6/30

Grantor: Castle Rock Investment Group LLC, Douglas E. Decker, manager

Grantee: 399 Perry LLC, Walter Hultin, manager, 303-458-5747

Comments: Douglas County shows this building to be 20,044 sf.

 

Property Location: SEC Sky Ridge Ave. & Bismark Dr., Lone Tree

Property Description: Vacant land, 9,930-sf medical building planned

Land Size: 45,917 sf

Sales Price: $890,000, or $19.38/sf

Reception No.: 2016042819

Closing Date: 7/7

Grantor: Ridgegate Investments Inc., Keith D. Simon, manager, 720-279-2581

Grantee: Integrated Ear, Nose & Throat, Laura Walker, manager, 303-607-5114

Financing: $3.4M, construction loan, payable to First-Citizen Bank & Trust; loan is payable on 1-7-33.

Comments: Zoned C/M-U, Lot 3b, RidgeGate-Section 15, Filing No. 12, 1st amendment. See 2008034377, SP16-18R, See APN: 2231-151-03-005. The architect is Davis Partnership. The building will be 9,930-sf, single-story medical building with 50 parking spaces, including four handicapped spaces. The building will be located on the northwest portion of the lot, with the parking lot lying directly east of the building. Dr. Timothy F. Pingree & Dr. Clark W. Walker of Integrated Ear, Nose & Throat, 303-706-1616, will occupy the space. Buyer currently occupies space in the Conifer Building at Sky Ridge Hospital. Matt Smith, 303-996-8460, of Vector Property Services was the listing broker on this transaction.

Jefferson County

Property Location: 770 S. Vance St., Lakewood, “One Belmar Place”

Property Description: 208 units with four three- & four-story apartment buildings, 189,004 sf, YOC 2005

Land Size: 7.71 acres

Sales Price: $46.6M, or $224,039/unit, or $246.56/sf

Reception No.: 2016063396

Closing Date: 6/30

Grantor: Belmar Apartments LLC, by: Cornerstone Real Estate Advisers LLC, El Segundo, CA 90245, & John Kennedy, acquisitions, 310-309-4353

Grantee: Seagate OBP Associates LLC, Mark B. Polite, manager, 415-392-8844,

Seagate Colorado Partners LLC, Trent Isgrig, 303-909-1682, & Griffis Blessing Inc., Denver Office, 303-592-1234

Financing: Executed a $35.7M note, payable to CBRE Capital Markets Inc.

Comments: The property was listed by David Martin & Pamela Koster of Moran & Company. Most of the units, 201 of the 208, have been updated since 2013 and include granite countertops, cabinets, stainless steel appliances, vinyl wood plank flooring, ceiling fans in some of the units, full-size washer and dryers, walk-in closets and renovated clubhouse. The unit mix includes 102 one-bed/one-bath units ranging from 665 sf to 890 sf. The two-bedroom units contain seven separate models ranging from 965 sf to 1,111 sf. There are 23 detached garages, 48 attached garages, 50 carports & 190 open parking spaces, indicating 1.5 spaces/unit. There are 311 parking spaces.

 

Property Location: 430 Indiana St., Golden, “Horizon Bank Building”

Property Description: 13,454-sf, two-story office building, plus 6,727-sf basement area, YOC 2005, masonry construction with 57 parking spaces

Land Size: 53,413

Sales Price: $2.9M, or $213.70/sf

Reception No.: 2016064893

Closing Date: 7/5

Grantor: Barrett Family Properties LLC, Dianna Barrett, manager, 303-776-6000

Grantee: 430 Indiana LLC, Timothy Walsh, manager, 15710 W. Colfax Ave., Suite 202, Golden 80401

Financing: $2.6M, @ 4.75% due 7-15-26, payable to FirstBank

Comments: The tenants in the building include First National Denver – West Metro Office, 303-279-4450. The last quote on office space was a 5,898-sf suite for $15/sf, triple net.  

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