Property Location: 1690-1700 W. Midway Blvd, Broomfield (1031 exchange)
Property Description: 3,750-sf, two-tenant retail building, YOC 1975, masonry
Land Size: 26,135 sf
Sales Price: $2.1M, or $560 per sf
Reception No.: 2016007883
Closing Date: 7/5
Grantor: Little Rawan LLC, Fadi Sawaged, mgr.
Grantee: Michael R. Diefenderfer, 2/3 interest, & New Direction IRA Inc. FBO, Stephen E. Smith, IRA, 1/3 interest
Financing: $900,000 payable to FirstBank @ 4.8%, due 7-1-26
Comments: Justin Krieger of Pinnacle Real Estate Advisors LLC represented the seller and Chris Saros of Dunton Realty represented the buyer in the sale. The buyer sold 44 Inverness Drive East, Building D, for $825,000 July 5 and subsequently traded (2/3 interest) in this property to facilitate the 1031 exchange. The two-tenant building was renovated in 2015, and new leases were executed by Little Caesar’s franchisee for 10 years (1,500 sf) in May 2016 & Midway Liquors (2,250 sf) for eight years in early 2015 were negotiated prior to closing. The property sold on an in-place cap rate of 7.43%.
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.