A retail/office property in Niwot sold to a 1031 exchange buyer for $7.89 million, or $191.65 per square foot.
Bridge Commercial Partners Fund III LLC sold Cottonwood Square to a Denver area family partnership, MAC Management Cottonwood LLC. The 41,168-square-foot property at 7960 Niwot Road consists of a shopping center, medical office building and Conoco gas station.
It was approximately 86 percent occupied, according to Tom Newman of WWR Real Estate Services LLC, who represented the seller with WWR Real Estate’s Andrew Freeman. Several restaurants, including Raza Fresca Mexican Kitchen, Fan’s Chinese Cuisine, Subway, Garden Gate Café and Abo’s Pizza, occupy the retail space.
Built from 1974 to 1999, Cottonwood Square has been updated over the years and is in overall good condition, said Newman. The buyer acquired the property as a cash-flowing investment and assumed an existing loan with approximately seven years remaining.
WWR Real Estate Services will continue to handle leasing and management of Cottonwood Square.