Longmont retail center changes hands for $3.84M

Sherman Center
Sherman Center is located at Ken Pratt Boulevard and Sherman Drive in western Longmont.

A 20,163-square-foot retail center at the northwest corner of Ken Pratt Boulevard and Sherman Drive in Longmont sold for $3.84 million.

Developer David Chaknova of Nova Sherman LLC and Nova Sherman AZ LLC sold Sherman Station to Valley Interests LP. AutoZone and the St. Vrain Valley Habitat for Humanity ReStore occupy the center on long-term leases.

The building was constructed in 1974. Chaknova acquired it in 2005 and completed an extensive remodel. He also condominiumized the building and sold 8,300 to Longmont Athletic Club. In February 2017, he purchased back that portion of the center, completed a major remodel and leased the space to AutoZone.

Habitat for Humanity ReStore occupies the remaining 11,863 sf. A building addition and renovations were completed in 2013 to allow for its expansion, and the ReStore has seen an increase in sales at the location, according to Chaknova.

Sherman Station’s buyer is a local investment group that liked the property’s tenancy and location, according to Keith Kanemoto of Re/Max Traditions Inc. in Longmont, who represented Valley Interests in the transaction.

Featured in CREJ’s July 3-17, 2018, issue

Jill Jamieson-Nichols has been an Editor with the Colorado Real Estate Journal for more than 15 years, providing coverage of office, industrial, hospitality and mixed-use development news in the Denver metro area, plus all property types in Northern Colorado, Boulder County and along the Highway 36 corridor. Prior to joining CREJ, Jill was Editor of Golden's community newspaper, The Golden Transcript. Jill earned a bachelor’s degree in mass communications from Colorado State University-Pueblo. When she's not keeping you up-to-date on the latest happenings in Colorado's commercial real estate market, Jill can be found cross-country skiing, exploring the outdoors with her dog, playing piano, reading, or hanging out with family and friends.