Colorado investors snag Centennial office building for up-leg of 1031 exchange

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Arapahoe County

Property Location: 13356 E. Briarwood Ave., Centennial

Property Description: 27,638-sf office building, YOC 2017

Land Size: 3.74 acres

Sales Price: $7.72M, or $279.31 psf

Reception No.: B8104717

Closing Date: 10/31

Grantor: BBF Enterprises LLC (Josh Beggs, mgr.)

Grantee: Alexander M. Talle, Karen N. Talle & Adam N. Talle

Comments: Peter Sengelmann & Jeff Johnson of Pinnacle Real Estate Advisors represented the buyer. Troy Meyer & Kevin Matthews of SVN/Denver Commercial listed the property. The single tenant was the Colorado Public Defender’s office, which has a long-term lease. The going-in cap rate was believed to be 5.5% with 3% annual increases. The seller/developer purchased this site in June 2017 for $4 per square foot. It borrowed $4.72M from ANB Bank in June 2017 for the construction loan, which was released Oct. 18, 2018. The down leg of this transaction included three apartment buildings in the Denver area.

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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