Restaurant building sale, $1.3M

2051
2051
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Douglas County

Property Location: 9910 S. Twenty Mile Road, Parker, “The Spa Palace”

Property Description: 5,400-square-foot restaurant being converted to retail, YOC 2004, masonry/stucco construction

Land Size: 1.54 acres

Sales Price: $1.3M, or $240.74 per sf

Reception No.: 2016026985

Closing Date: 4/20

Grantor: 9910 S. Twenty Mile Road LLC, Mel Moore, asset manager

Grantee: 9910MTW LLC, Michael Wiege, mgr., 719-528-1881

Financing: $2.7M payable to Westerra Credit Union, due 6-1-26

Comments: Property was listed by Jason Thomas of Trevey Land and Commercial, 970-309-3662. This was formerly the Black-eyed Pea restaurant and was vacant at time of sale. Property was on the market for several years. The property sold in December 2006 for $2.75M, which was secured by a lease with Black-eyed Pea. It is unknown if there was consideration for termination of the lease by the tenant, BEP Colorado Restaurant LLC. A letter dated 3-27-2015 indicates that the tenant defaulted on the lease dated 11-1-2005. The term of the lease was for a base term of 15 years, with four five-year options to renew.

Comp of the Day is provided by by John V. Winslow, president of WinComps LLC. Winslow has more than 40 years’ experience in commercial real estate. He can be reached at 720-612-7878 or [email protected]

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