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Denver Swim School splashes a 7 percent return for Boulder investors

Denver County

Property Location: 4151 E. Colfax Ave., Denver, “Safe Splash Swim School”

Property Description: 6,513-sf retail building, YOC 1993, masonry

Land Size: 39,693 sf

Sales Price: $2.85M, or $437.59 psf

Reception No.: 2017069867

Grantor: 4151 Denver LLC, Matt Lane, director

Grantee: Dwellings LLC & Mile High Real Estate Enterprises LLC, Tom Jacky, Doug Campbell & Matt Lewallen

Closing Date: 5/26

Financing: $1.99M payable to First National Bank of Arapahoe

Comments: Listed by Rob Edwards and Tom Ethington of Pinnacle Real Estate Advisors LLC. Buyer was represented by Matt Lewallen & Kevin Calame of Pinnacle. Ten-year lease with 7% increases every five years reflects 7% going-in cap rate. Seller purchased the property in June 2013 for $1.45M. The buyer facilitated a 1031 exchange for its apartment building at 1422 Leyden St. in Denver, which sold for $2.16M. It purchased the apartment building in February 2016 for $1.5M.

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.