The Winslow Report 4-5-16

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Winslow Report


John WinslowThe Winslow Report, authored by John V. Winslow, CRE, is a compilation of transactions recently completed in Adams, Arapahoe, Boulder, Broomfield, Denver, Douglas and Jefferson counties. The information was gathered from county records and deemed to be reliable. Other sources of research include brochures and information verified by owners or listing/selling brokers. Winslow is president of WinComps LLC and has more than 40 years’ experience in commercial real estate. He can be reached at 720-612-7878 or [email protected]

Adams County

Property Location: 9000 Gale Blvd., Thornton, “Uncle Bob’s”

Property Description: 80,010-sf, three-story building with 521 ministorage units, constructed in 2011, masonry construction

Land Size: 3.02 acres

Sales Price: $9.43M, or $142.63 per sf

Reception No.: 2016000015442

Closing Date: 2/29

Grantor: Advanced Self Storage Thornton LLC, Thomas E. Razo, mgr.

Grantee: Sovran Acquisition LP, David Rogers, CEO, 716-633-1850

Comments: Transaction negotiated by Chico LeClaire & Adam Schlosser of Marcus & Millichap, 303-328-2000. Building size was determined from Adams County Assessor’s appraisal system and may not reflect broker’s information, which was deemed to be confidential. Grantor is Extra Space Storage Inc. and is public corporation on the NYSE: EXR, while grantee is also on the big boards: SSS.

 

Property Location: 200 E. 55th Ave., Denver, “Empire Staple Co.”

Property Description: 61,870-sf manufacturing building, YOC 2016, concrete panel construction

Land Size: 4.65 acres

Sales Price: $7.91M, or $127.80 per sf

Reception No.: 2016000014740

Closing Date: 2/26

Grantor: TC Crossroads No. 4 LLC, Bill Mosher, mgr.

Grantee: William J. Spicer, president of Empire Staple Co., 303-433-6803

Comments: This property is a single-tenant building leased to Empire Staple Co. This was a build-to-suit by Trammell Crow for Empire Staple Co.

Property Location: 1350 W. 104th Ave., Northglenn, “Red Lobster”

Property Description: 8,041-sf restaurant, YOC 1981, frame

Land Size: 1.64 acres

Sales Price: $6.61M, or $821.52 per sf

Reception No.: 2016000014543

Closing Date: 2/25

Grantor: GGC Real Estate Investments I LP, Golden Gate Private Equity Inc., Joshua Cohen, ptnr., 415-983-2700

Grantee: Broadridge Apartments LLC, Ronald J. Helton, mgr., 303-792-2100

Financing: $3.8M payable to First Internet Bank of Indiana

Comments: This property has approximately 23 years on the lease, which is triple net. The in-place cap rate is 5.8%. The listing brokers were Richard Bird, 303-328-2000, and Glen Kunofsky, 212-430-5115, both of Marcus & Millichap. The last sales price was $4.92M, 10-29-15, in a portfolio transaction with ARCP RL Portfolio III LLC as the seller.

Property Location: Vicinity of NEC Ehler Parkway & Quebec Street, Thornton

Property Description: Vacant finished residential lots

Land Size: 142 lots

Sales Price: $6.27M, or $44,123 per lot

Reception No.: 2016000008436

Closing Date: 2/2

Grantor: 165 Howe LP, by Centamtar Terras LLC, Mehrdad Moayedi, mgr. Centurion American, 469-892-7200, Farmers Branch, TX 75234

Grantee: Lennar Colorado LLC, 303-745-0600

Comments: Lots 9B-105B, Block G1, Lots 33B-46B, Block G2, Lots 1-15 Block G5, Lots 1-16, Block M, all in Heritage Todd Creek. There are four separate filings in Heritage Todd Creek. The 700-acre Arthur Hills-designed Heritage Todd Creek Golf Course adjoins the sites. There is a 33,000-sf community clubhouse. Clayton Snodgrass of Centurion American is director of acquisitions and development, 469-892-7236.

 

Property Location: 12080 Melody Drive, Westminster

Property Description: 82-room, three-story hotel with 41,600 sf, YOC 2000

Land Size: 2.09 acres

Sales Price: $5.89M, or $71,768 per room, or $141.47 per sf

Reception No.: 2016000020501

Closing Date: 3/17

Grantor: Indus Hospitality Investments LLC, Muhammad Farid Khan, mgr.

Grantee: Westminster FIS LLC, Jeff Troesh, mgr., 702-889-0827

Comments: The last sales price was $4.23M Nov. 29, 2012.

 

Property Location: 5190 W. 120th Ave., Northglenn, “Walgreens”

Property Description: 13,905-sf retail building, YOC 1997, masonry

Land Size: 2.16 acres

Sales Price: $4.01M, or $289.46 per sf

Reception No.: 2016000014543

Closing Date: 2/25

Grantor: Richard M. Allen & Joel R. Allen

Grantee: Richard Mathew Terzian Living Trust, Colorado Springs

Comments: This property has approximately six years on the lease, which is NNN. The in-place cap rate is 6.7%. The listing broker was Patrick Wade, 213-613-3071, of CBRE Inc.

Property Location: 4150 E. 60th Ave., Commerce City

Property Description: 31,336-sf industrial & office buildings, YOC 1978-1992

Land Size: 16.92 acres

Sales Price: $3M

Reception No.: 2016000020650

Closing Date: 3/18

Grantor: Rentech Energy Technology Center LLC

Grantee: Hampton Yard LLC, c/o Hampton Properties, Jeffrey S. Robinson, mgr. 303-694-1085 or [email protected]

Comments: This is a special-use property as the buyer will offer the property for lease. There is a 2,560-sf, two-story office building, YOC 1985; 14,000-sf service garage, YOC 1977; 3,882-sf maintenance building with two oversized doors, steel construction, YOC 1992; 2,741-sf storage building with two drive-in doors, YOC 1992; 6,348-sf office/power control building, one drive-in door, steel construction, YOC 1992; two small storage buildings with 875 sf & 1,200 sf, respectively, & five drive-in doors. The industrial-capacity water tank is 1.9 million gallons with water treatment capacity (intake/discharge) of 20,000 gallons per day. The listing brokers were Matt Capecelatro of Citywide Commercial Properties, [email protected] , 303-579-8188, & Rob Lockhart of Ringsby Realty, 303-892-0122.

Property Location: W/S York Street, 300’ south of East 152nd Avenue, Thornton

Property Description: Vacant land, 107 lots & 4 tracts

Land Size: 35 acres

Sales Price: $2.92M, or $27,243 per lot, or $1.91 per sf

Reception No.: 2016000019020

Closing Date: 3/11

Grantor: G&H Ptnrshp LLP, David R. Gahagen, partner, 303-379-9883

Grantee: York35 LLC, Carlson Land Development, Blake Carlson, 303-809-7930

Comments: See new plat, 2016000018526, Lots 1-41 Block 1; Lots 1-17, Block 2; Lots 1-9, Block 3; Lots 1-24, Block 4; Lots 1-16 Block 5; Tracts A,B, C, D, Fairfield Filing No. 1. The 107 lots have a total area of 804,685 sf, or an average size of 7,520 sf. These lots are paper platted only. The four tracts contain a total of 9.37 acres, which consist of landscape drainage, trail area and open space area.

 

Property Location: 15200 E. 104th Ave., Commerce City, “Perfect Teeth”

Property Description: 3,285-sf single-tenant dental office building, YOC 2015, masonry construction

Land Size: 26,402 sf

Sales Price: $865,000, or $263.32 per sf

Reception No.: 2016000009425

Closing Date: 2/4

Grantor: 104th and Chambers Dev. LLC, Greg Armstrong, mgr., 303-799-4030

Grantee: Garvin Partners Ltd., Phillip R. Garvin, ptnr., 303-542-5555

Comments: Grantor purchased the site in January 2015 for $330,000 and facilitated a build-to-suit for *Birner Dental Management Inc. to operate a Perfect Teeth Dental Clinic. Tenant signed a long-term lease with Armstrong Capital Development. *Publicly traded NASDAQ Capital Market: BDMS

Property Location: S/S East 104th Avenue, approx. 600’ west of Chambers Road,

15150 E. 104th Ave., Commerce City

Property Description: Vacant land

Land Size: 1.35 acres

Sales Price: $775,000, or $13.23 per sf

Reception No.: 2016000009425

Closing Date: 2/4

Grantor: SW 104th

Grantee: Mega Pie LLC, c/o Dion’s Pizza, Doug Morse, dir. of real estate development, 505-858-1010, Albuquerque, NM

Comments: Listed and sold by Jeffrey Hirschfeld, 303-454-5425, of Antonoff & Co. Brokerage Inc. Plan to build Dion’s Pizza restaurant.

Arapahoe County

Property Location: 17036 E. Ohio Drive, Aurora, “Arterra Place Apts.”

Property Description: 200-unit, two- and three-story apartments, 185,832 sf, YOC 2014, brick construction

Land Size: 9.748 acres

Sales Price: $46.1M, or $230,500 per unit, or $248.07 per sf

Reception No.: D6023775

Closing Date: 3/8

Grantor: Arterra Apartments LLC, Jay Perlmutter, mgr., 303-595-9919

Grantee: Santa Ana Court Partners LLC, et al., c/o LandBank Investments LLC, Justin M. Jacobs Jr. mgr., 650-328-6020, Menlo Park, CA 94025

Financing: Cash, 1031 exchange

Comments: The 44 one-bedroom units contain 700 sf and rent for $1,180/mo.; the second model 44 one-bedroom unit contains 825 sf and rents for $1,230-1285/mo.; the 24 one-bedroom plus den contains 916 sf and rents for $1,250 to $1,330 per month; the 44 small two-bedroom, 2-bath units @ 1,066 sf rent for $1,590/mo. & the 24 large two-bedroom, 2-bath units @ 1,204 sf rent for $1,460; and the 20 three-bedroom, 2-bath units @ 1,306 sf rent for $1,915/mo. This property was listed and sold by CBRE Inc. Multifamily team. There are 86 detached and 48 attached garages with 200 open parking spaces.

 

Property Location: 6675 S. Kenton St., Englewood, “Arapahoe Service Center”

Property Description: Three-building industrial flex complex, 145,186 sf, YOC 1985, concrete panel & masonry construction

Land Size: 11.11 acres

Sales Price: $15.6M, or $107.45 per sf

Reception No.: D6021816

Closing Date: 3/17

Grantor: SVN Arapahoe SC LLC, Burton Young, mgr., 948-705-5004, Irvine, CA

Grantee: Arapahoe Service Center LLC, Kumar Family Trust, Pradeep Kumar, co-trustee, Woodland Hills, CA

Financing: $11M payable to Woodmen of the World Life Insurance, due 3-1-31

 

 

Property Location: SEC East Berry Avenue & South Greenwood Plaza Boulevard, Greenwood Village

Property Description: Vacant land

Land Size: 11.40 acres

Sales Price: $11M, or $22.15 per sf

Reception No.: D6026782

Closing Date: 3/16

Grantor: FDIC

Grantee: Century Land Holdings LLC, Todd Amberry, VP, 303-268-8359

Financing: Cash

Comments: Property was foreclosed in 2010 and FirsTier Bank failed subsequently and the FDIC was appointed as receiver on 1-28-11. Property was listed by Scot Huber & Michael C. Shriver, 303-745-5800, of Colliers International. See APN: 2075-16-3-03-029.

 

Property Location: 6 Inverness Court East, 8-10 Inverness Drive East, Englewood

Property Description: 3 office buildings totaling 93,314 sf, YOC 1979-80

Land Size: 6.86 acres (three parcels)

Sales Price: $9.6M, or $102.88 per sf

Reception No.: D6022766

Closing Date: 3/3

Grantor: Brea Lambert Sullivan LLC, et al., Ian N. Sullivan & David Y. Takeyanta

Grantee: Melcor Inverness LLC, Phoenix AZ

Financing: $6M payable to United Omaha Life Insurance Co., due 4-1-26

Comments: See APN: 2075-35-3-01-029, 030 & 031. Inverness Properties LLC, Rick Egitto, CCIM, 720-274-8374, Jeremy Reeves, 720-274-8374, and Bill Woodward, 720-274-8313, represented the seller while Tom Swan of Amcal Southwest represented the buyer.

 

Property Location: 13851 E. Harvard Ave., Aurora

Property Description: 82-unit, three-story hotel, 41,862 sf, YOC 1999, stucco

Land Size: 2 acres

Sales Price: $6.9M, or $230,500 per unit, or $248.07 per sf

Reception No.: D6027705

Closing Date: 3/17

Grantor: Khyber Hospitality LLC, Muhammad Farid Khan, mgr.

Grantee: Aurora FIS LLC, Jeff Troesh, mgr., 702-889-0827

Financing: Cash

 

Property Location: NWC East Yale & South Blackhawk Street, Aurora

Property Description: Vacant land, an 18-building, 424-unit apartment complex with three to four stories will be constructed.

Land Size: 15.16 acres

Sales Price: $6.75M, or $10.22 per sf, or $15,919 per buildable unit

Reception No.: D6027820

Closing Date: 3/18

Grantor: Fashion Bar Associates LLC, Lisa Levy, mgr., 720-838-6650

Grantee: Iliff Station Fee LLC, c/o SteelWave, Barry DiRaimondo, pres., 650-571-2200, 4000 E. Third Ave., Suite 500, Foster City, CA 94404

Financing: Cash

Comments: Rezoned to TOD (transit oriented district). The total of 32 acres, which included 8 acres owned by RTD, began the TOD rezoning process in 2013. Peter Llorente is managing director of acquisitions and development in Denver, Seattle and Texas, 720-932-2868 or [email protected]. The 424-unit apartment will contain 182 one-bedrooms, 182 two-bedroom units & 60 three-bedroom units, plus a 9,875-sf clubhouse with pool, spa and indoor fitness center.

 

Property Location: 15725 E. Briarwood Circle, Aurora, “Famous Dave’s BBQ”

Property Description: 6,772-sf restaurant, YOC 2010, masonry construction

Land Size: 1.55 acres

Sales Price: $3.58M, or $528.81 per sf

Reception No.: D6022391

Closing Date: 2/29

Grantor: Cornerstone BBQ LLC, William Ferguson, mgr.

Grantee: Divestments Inc., Stephen J. Dinan, pres., 408-779-8584

Financing: $2.51N, payable to Alpine Bank, Rifle, CO, due 3-1-31

Comments: Restaurant is a NASDAQ company with the seller owning six other franchises in Colorado. This property sold on an in-place cap rate of 7.4%. There is a new 15-year lease with lease rates to increase 8.5% every five years, including five five-year options to renew. See memorandum of lease recorded by Reception No. D6022392. Buyer is owner of Dinan Engineering Inc., of Morgan Hill, CA.

 

Property Location: 16900 E. Iliff Ave., Aurora

Property Description: 4,630-sf, two-tenant retail building, YOC 1980, brick

Land Size: 5,475 sf

Sales Price: $1.73M, or $373.65 per sf

Reception No.: D6028707

Closing Date: 3/22

Grantor: Profile Acquisitions LLC, Mike N. Kalin, mgr.

Grantee: AQG Management LLC, Doug Miller, mgr., La Jolla, CA 92037

Financing: Cash

Comments: See prior sale on 4-24-13 for $1.49M. Property is occupied by T-Mobile and Sprint. This property is anchored by the King Soopersc at the southeast corner of East Iliff Avenue & South Buckley Street. Property was listed and sold by Chris Wiedenmayer, 720-529-2889, of Legend Partners. Both tenants recently renewed five-year lease terms with in-place cap rate of 6.5%.

 

Property Location: 7436 S. Eagle St., Centennial

Property Description: 10,828-sf auto service garage, YOC 1984, masonry const.

Land Size: 0.95 acres

Sales Price: $1.47M, or $134.65 per sf

Reception No.: D6025575

Closing Date: 3/11

Grantor: Eagle Street Partners LLC, Joseph A. Little, mgr.

Grantee: 528 N. Washington St. LLC, Jay P. Bruton, mbr., 303-913-5328

Financing: $825,000 payable to Bank of Hays, Hays, KS 67601, due 2-15-36

Comments: Buyer facilitated a 1031 exchange for this property. He has a lease with Caliber Collision Auto Body.

 

Property Location: 7079 S. Jordan Road, Centennial

Property Description: 11,784-sf flex industrial, multitenant building, YOC 2001, metal & masonry construction

Land Size: 43,479 sf

Sales Price: $1.33M, or $112.86 per sf

Reception No.: D6021841

Closing Date: 3/1

Grantor: JRD & E LLC, Orville Sherrod, mgr., & Skeet Shaefer, mgr.

Grantee: SJR I LLC, Karen Lee Tegner Manseth, mgr., Castle Rock

Financing: $1.06M payable to Northstar Bank of Colorado, due 2-15-36

Comments: Orville Sherrod & Skeet Shaefer, OP Inc., have been commercial real estate brokers (Metro Brokers) for the last 40-plus years. Property was listed with Kevin Sherrod of OP Inc., 303-210-4714. The property was 100% leased and reflected an in-place cap rate of 7.25%. There are four tenants, each into a five-year lease.

 

Property Location: 2700 S. Shoshone St., Englewood

Property Description: 8,300-sf warehouse, YOC 1967, twin-tee construction

Land Size: 17,908 sf

Sales Price: $812,000, or $97.83 per sf

Reception No.: D6022380

Closing Date: 3/2

Grantor: R&D Weeter Enterprises LLC, Randy Weeter, mbr., 303-973-4664

Grantee: Wild Diversified LLC, Dorothy L. Smith, mgr.

Financing: Cash

 

Property Location: 15501 E. Alameda Ave., Aurora

Property Description: Vacant land, 120 units planned

Land Size: 3.71 acres

Sales Price: $675,000, or $4.18 per sf, or $5,625 per buildable unit

Reception No.: D60227780

Closing Date: 3/18

Grantor: David L. Cook

Grantee: Gardner Capital Dev. Colorado LLC, Adam Horton, mgr., 417-447-1800

Financing: Cash

Comments: The site is located on the north side of East Alameda Parkway, 500’ east of South Chambers Road. The tract is irregular shaped and fronts on the southwest side of Highline Canal, just west of Delaney Farm. Buyer specializes in affordable housing and plans to build a 120-unit, four-story affordable-housing apartment building named Alameda View Apartments. Scott Puffer of Garden Capital, 314-561-5909, is representative for Colorado. Construction will start early 2017.

 

Property Location: 8029 Southpark Circle, Littleton

Property Description: Vacant land

Land Size: 55,016 sf

Sales Price: $575,000, or $10.45 per sf

Reception No.: D60227780

Closing Date: 3/18

Grantor: Caulfield Investments LLC, Dr. Jon W. Caulfield, DDS, 303-972-2224

Grantee: HCI Investments LLC, Cole C. Haberer & Donald Haberer, 303-979-3900

Financing: $150,000 payable to Wells Fargo Bank, NA, due 3-15-18

Comments: Donald C. Haberer’s website is www.haberergroup.com and he specializes in carpentry work. Plans for the site are not known. There are two parcels; see APN: 2077-32-3-04-013 & 2077-32-3-04-009.

 

Property Location: 4236 S. Broadway, Englewood

Property Description: 2,400-sf auto service garage, YOC 1992, block construction

Land Size: 6,250 sf

Sales Price: $513,000, or $213.75 per sf

Reception No.: D6025067

Closing Date: 3/9

Grantor: Roman Gish

Grantee: Warner and Dad LLC, Tyler & Loyd Warner, mgr., 303-933-9023

Financing: $462,622 payable to Champion Bank

Comments: Buyer has relocated to this building from 5115 S. Santa Fe. Their company is Action Auto Glass Inc. www.denveractionautoglass.com

 

Boulder County

Property Location: 6655 Lookout Road, Boulder, “Boulder View Apartments”

Property Description: 68-unit, three-story apartments, 54,032 sf, frame with masonry construction, YOC 2015

Land Size: 2.52 acres

Sales Price: $22.08M, or $324,706 per unit, or $408.65 per sf

Reception No.: 03505272

Closing Date: 3/8

Grantor: Boulder View Apartments Ltd.

Grantee: Santa Ana Court Partners LLC, et al., c/o LandBank Investments LLC, Justin M. Jacobs Jr. mgr., 650-328-6020, Menlo Park, CA 94025

Financing: Cash, 1031 exchange

Comments: The studio unit contains 562 sf and rents for $2.25 psf. The one-bedroom models (3) contain 712 sf & rent for $2.13 psf & up; 751 sf rents for $2.02 psf & up. The large one-bedroom @ 804 sf rents for $1.93 psf. The two-bedroom models (4) contain 947 sf @ $1.86 psf & up; 975 sf @ $2.09 & up; 1,006 sf & 1,033 sf @ $2.02 psf. The studios rental range is $2.18 psf to $2.27 psf. The one-bedroom units range from $2.13 psf to $2.22 psf. This building caters to college students, as the two-bedroom units each have a master bathroom. The Lobo bike trail adjoins the property on the east. This transaction was negotiated by the CBRE Inc. Multifamily team. The same buyer acquired the Arterra Apartments in Aurora, which also closed in March 2016.

 

Denver County

 

Property Location: 3481 S. Fenton St., Denver, “Velo Apartments”

Property Description: 240-unit apartment complex, 201,960 sf net rentable area, YOC 1984, frame construction

Land Size: 6.05 acres

Sales Price: $33.95M, or $141,450 per unit, or $168.10 per sf

Reception No.: 2016032707

Closing Date: 3/14

Grantor: HR LLC, by: Asher Mgmt. V LLC, Michael L. Asher, mgr., 303-971–0018

Grantee: FPA5 Hunters Ridge LLC, by: FPA Multifamily, Michael B. Earl, VP, Irvine, CA 949-399-2500

Financing: $26.1M payable to Berkadia Commercial Mortgage, due 4-1-26

Comments: This transaction was negotiated by the CBRE Inc. Multifamily team. Building is managed by the owner’s management company, Trinity Management Consultants. One-bedroom units @ 706 sf rent from $977-$1,035; two-bedroom/two-bath units @ 977 sf rent for $1,245. There is a 24-hour fitness center, covered parking, patios and balconies.

 

Property Location: 6301 W. Hampden Ave., Denver, “Modera Apartments”

Property Description: 230-unit, three-story apartment complex, 191,920 sf net rentable area, YOC 1984, brick/frame construction

Land Size: 8.27 acres

Sales Price: $30M, or $130,435 per unit, or $156.32 per sf

Reception No.: 2016032683

Closing Date: 3/10

Grantor: Waterland LLC, by: Asher Mgmt. V LLC, Michael Asher, 303-971-0018

Grantee: FPA5 Waters Edge LLC, by: FPA Multifamily, Michael B. Earl, VP, Irvine, CA, 949-399-2500

Financing: $22.9M payable to Berkadia Commercial Mortgage, due 4-1-26

Comments: This transaction was negotiated by the CBRE Inc. Multifamily team. Building is managed by the owner’s management company, Trinity Management Consultants. One-bedroom units @ 700 sf & 1,000 sf, respectively, rent from $1,035; two-bedroom/two-bath units @ 950 sf rent for $1,245. There is a 24-hour fitness center, covered parking, patios and balconies. Fowler Property Associates is the buyer and its website is www.fpamf.com

 

Property Location: 18550 Green Valley Ranch Blvd., “Walgreens,” Denver

Property Description: 13,650-sf retail building, YOC 2006, brick construction

Land Size: 78,036 sf

Sales Price: $6.7M, or $490.84 per sf

Reception No.: 2016032964

Closing Date: 3/14

Grantor: Tower Commons LLC, by: Brown Tower I Developer LLC, Christopher S. Flagg, VP, 212-665-1540, & Samuel H. Brown, 303-938-9946

Grantee: Lincolnland Properties Inc., Ruth M. Rankin, pres. 521 Monroe, Springfield, IL 62701

Financing: $4.0M payable to U.S. Bank, due 3-12-23

Comments: Chris Wiedenmayer, 720-529-2889, & Peter Peluso, 720-529-2984, of Legend Partners negotiated this transaction. This property sold on an in-place cap rate of 5.3% with 16 years remaining on the lease.

 

Property Location: 1530 Pearl St., Denver

Property Description: 14-unit, two-story apartments, 5,937 sf, YOC 1906, brick construction, zoned G-RH-3

Land Size: 4,381 sf

Sales Price: $1.68M, or $120,000 per door, or $282.98 per sf

Reception No.: 2016035049

Closing Date: 3/17

Grantor: Pearl Investment Group LLC, Brent M. Zboyovski, mgr.

Grantee: 1530 Pearl ST LLC, Britt D. Miller, mgr.

Financing: $1.08M payable to Colorado Business Bank

Comments: Ryan Floyd, 303-512-2732, of Unique Properties LLC-TCN Worldwide was the listing broker. There are 12 units above grade and two units in the basement. Property sold on a 4.4% cap rate. Property last sold for $865,000 in 2003.

Property Location: 2015 S. Pontiac Way & 2040 S. Oneida St, Denver

Property Description: 17,823-sf, two-story office building, YOC 1982, 9,610 sf, two-story office building, YOC 1972, stucco construction

Land Size: 1.39 acres

Sales Price: $1.4M, or $78.55 per sf*

Reception No.: 2016031200

Closing Date: 3/9

Grantor: Public Service Employees Credit Union, David Pierce, SVP

Grantee: 2570 Associates, Christopher L. Tulp & Ben C. McFerron, mgrs.

Comments: Transaction handled by AD Miller Real Estate Services, Andrew Miller, 720-530-5740. Unclear if 2040 S. Oneida St. has more than land value as this building has historically had problems for the last 34 years when Lester

  1. La Force owned it. *The calculations per square foot only included the 2015 S. Pontiac Way property. Buyer will use building for its company, Premier Roofing Co. Buyer owns 2570 W. Eighth Ave. under same LLC.

 

Property Location: 2748 Welton St., Denver

Property Description: 2,750-sf retail building, YOC 1914, brick construction

Land Size: 6,237 sf

Sales Price: $766,500, or $278.73 per sf

Reception No.: 2016031403

Closing Date: 3/2

Grantor: Levert Whittaker

Grantee: Welton 2748 LLC, Aaron Westphal

Financing: $766,500 @ 2% payable to Surprise Valley Ranches LLC, due 2-1-17

Comments: Transaction handled by Jacob Vanderslice, 720-319-7249, of VanWest Real Estate. Buyer plans to renovate building and projects the building will be available for lease in September 2016. For information, contact Wade Buxton, 303-625-9820, or Jacob Vanderslice, 303-353-0600.

 

Property Location: 1500 W. 38th Ave., Denver

Property Description: 1,950-sf vacant retail building, YOC 1971, brick

Land Size: 6,237 sf

Sales Price: $521,000, or $267.18 per sf

Reception No.: 2016032830

Closing Date: 3/11

Grantor: Nomars Inc., Lois L. Ramon, pres.

Grantee: 38th and Navajo LLC, Justin Krieger, mgr.

Financing: $351,000 payable to Bank of the West, NA

Comments: Building is currently listed for lease by Justin Krieger of Pinnacle Real Estate Advisors, 303-962-9558, for $30 per sf, triple net.

 

Property Location: 2727 W. Alameda Ave., Denver

Property Description: 1,783-sf (“Subway”) restaurant, YOC 1981, masonry

Land Size: 18,125 sf

Sales Price: $485,000, or $272.01 per sf

Reception No.: 2016033282

Closing Date: 3/15

Grantor: 2701-2727 W. Alameda LLC (Sheila R. Bugdanowitz & Carol E. Sobel)

Grantee: NewCorp Group LLC (Gary Newcomb, Ptnr) 303-457-5182

Financing: $465,000 payable to Shames-Makovsky Mortgage Company*

Comments: Buyer has several Subway franchises in the Denver area and is an owner user of this property. Evan Makovsky of Shames Makovsky handled the transaction, 303-534-5005.

 

Douglas County

 

Property Location: 1109 Easton Circle, Castle Rock “Rolling Hills Apts.”

Property Description: 186-unit, two-story apartment complex with 12 buildings, 145,818 sf, YOC 1987, frame construction plus 1,872 sf clubhouse

Land Size: 18.09 acres

Sales Price: $23.85M, or $128,226 per unit, or $163.56 per sf

Reception No.: 2016015935

Closing Date: 3/15

Grantor: Virtu Rolling Hills Owner LLC, et al., Scott McWhorter, 415-398-4641

Grantee: Rolling Hills Apartment Homes LLC, c/o Investors Management Group Inc., Neil Schimmel, pres., 310-473-7900, Los Angeles, CA 90025

Financing: $5.36M payable to CBRE Capital Markets Inc., due 12-1-23

Comments: Brian Schimmel is managing director for the buyer. The 106 one-bedroom, one-bath units contain four models ranging from 640-650 sf and rent for $985/mo. The 80 two-bedroom/two-bath units contain three models ranging from 920-970 sf and rent for $1,250 per month. This transaction was negotiated by the CBRE Inc. Multifamily team. Erik Reif, 760-929-4711, is regional acquisitions director for the seller. The website and phone number for the seller are www.virtuinvestments.com and 415-398-3935.

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