Property Location: 450-560 Malley Drive, Northglenn, “Malley Heights Shopping Center”
Property Description: 39,495-sf retail building, YOC 1978
Land Size: 4.43 acres
Sales Price: $4.23M, or $106.98 psf
Reception No.: 96613 (2017)
Closing Date: 10/31
Grantor: Par Acquisitions LLC, Stephen R. Parry, mgr., 720-222-9616
Grantee: Evergreen Marketplace LLC, J&B Building Company, Steve Peckar, mgr., 303-741-6343, Ext. 105, or firstname.lastname@example.org
Financing: $ 2.05M payable to Guaranty Bank & Trust, due 10-30-2027
Comments: The property last sold for $1M in June 2013, reflecting a 325% gain with this sale of $4.23M. Avison Young had the property listed for lease at $12-$13 psf, plus $5.25 expenses. AC units and roofing have been replaced. There was 6,939 sf available for lease, reflecting an 17.6% vacancy rate. EZ Pawn is anchor tenant. Older center had been in foreclosure. Buyer plans to renovate the exterior and may spend up to $20 per square foot in upgrades and renovation cost. The buyer facilitated a 1031 exchange from the sale of 1907 Mile High Stadium Circle May 17, 2017, for $3.61M. J&B Building purchased this building in 2009 and renovated it a year ago. Entravision Communications, based in Santa Monica California, is the owner-user of 1907 Mile High Stadium Circle, Denver. Buyer confirms cap rate at 8% based on 85% occupancy.
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.