Property Location: 3570 E. 12thAve., Denver, “Monroe Professional Building”
Property Description: 12,500-sf office building, YOC 1965/renovated in 2013
Land Size: 11,989 sf
Sales Price: $3.37M, or $269.60 psf
Reception No.: 2018086227
Closing Date: 7/12
Grantor: Monroe Professional Building LLC (Gurinder Gill, mgr.)
Grantee: Monroe Holding LLC (Lauran & Scott Landen, mgrs..), 303-355-2620
Financing: $2.53M payable to Bellco Credit Union
Comments: Five-year lease between owner and Verizon Wireless; see memorandum of lease dated 2-21-2017. Listed by Tom Ethington, Rob Edwards and Brandon Gayeski of Pinnacle Real Estate Advisors. The buyer was represented by Kevin Calame and Matt Lewallen, also of Pinnacle Real Estate Advisors. Expenses on this building run approximately 42% of the EGI.The in-place cap rate is 6.83% based on 3% vacancy.
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.