Winslow Report 3-2-16

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Winslow Report

The 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 Colprop2012@gmail.com.

Adams County

Property Location: 11525 Community Center Drive, Northglenn, “Carrick Bend Apt.”

Property Description: 228-unit, three-story “walkup-style” apartment complex with 9 buildings, 264,516 sf, plus 4,528-sf clubhouse, YOC 2014-2015, brick/wood

Land Size: 9 acres

Sales Price: $47.58M,or $208,684 per unit

Reception No: 2016000012250

Closing Date: 2/15

Grantor: Stone Mountain Land Owners LP & Keller Holland Northglenn Investors

Grantee: Carrick Bend Acquisition LP, c/o Starlight U.S. Multi-Family, Evan Kirsh, ekirsh@starlightus.com, 647-725-0417, or Toronto office, 416-234-8444

Comments: There are one-bedroom units @ 700 sf that rent for $1,175/mo.; one-bedroom units @ 842 sf rent for $1,235/mo.; two-bed, two-bath units @ 1,150 sf rent for $1,535/mo.; three-bed, two-baths @ 1,241 sf rent for $1,775/mo. Property includes washers and dryers, private decks or patios. Greystar Real Estate Partners will manage the property. There are 78 detached garages, a courtyard with barbecue grills. Larry De Melo is director of acquisitions.

 

Property Location: 2921 W. 120th Ave., Westminster, “Country Club Village”

Property Description: 18,987 sf, two-story office building, YOC 2006, masonry Land Size: 1.47 acres

Sales Price: $5.18M, or $272.55 per sf

Reception No: 2016000010228

Closing Date: 2/8

Grantor: JCK Funding LLC: Scottsdale Properties, Scott Dale, pres., 303-449-1231

Grantee: BNH Investments LLC, Badri Nickoofosatt, mgr.

Comments: The property was listed by Scottsdale Properties, 303-449-1231. Land Title is the anchor tenant in the building. According to the broker’s information, the in-place cap rate was 7.45% at 100% occupancy.

 

Property Location: 3740 E. 104th Ave., Thornton “Big O Tires”

Property Description: 6,672-sf retail/tire store, YOC 2000, masonry construction

Land Size: 0.61 acres

Sales Price: $1.62M, or $242.37 per sf

Reception No: 2016000010646

Closing Date: 2/9

Grantor: Granite Peak Property Investment, c/o Niki Group, Gena Hedrick, chief operating officer, 858-546-1561

Grantee: Pecos 88 LLC, David Irey, mgr.

Comments: The property was listed by Marcus & Millichap and the buyer was represented by Pinnacle Real Estate Advisors, Justin Krieger, in this 1031 cash deal. The property has seven years remaining on the lease. The lease rate is $15.15 per sf triple net, with rental increases based on CPI. The in-place cap rate is 6.25%.

 

Arapahoe County

Property Location: 24631 E. Applewood Drive, Aurora, “Watermark @ Southlands”

Property Description: 300-unit, two-story apartment complex with 30 buildings, 332,800 sf net rentable area, plus clubhouse, YOC 2014-2015, brick & wood siding

Land Size: 20.1 acres

Sales Price: $78M, or $260,000 per unit, or $234.38 per sf

Reception No: D6011914

Closing Date: 2/2

Grantor: Watermark JSQ at Southlands LLC, Thos. Murphy, mgr., 317-454-8029

Grantee: Braddock & Logan Venture Group LP, David Lee, VP, 925-736-4000

Financing: Cash

Comments: The APN is: 2071-19-1-09-002. Brain Southworth is VP of acquisitions for the seller, bsouthworth@watermark-residential.com. There are 30 one-bedroom units @ 757 sf that rent for $1.86 per sf; 30 one-bedroom units @ 860 sf rent for $1.69 per sf; 60 one-bedroom units @ 952 sf rent for $1.57 per sf; 60 two-bedroom/two bath units @ 1,063 sf rent for $1.67 per sf; 30 two-bedroom/two-bath units @ 1,229 sf rent for $1.55 per sf; 30 two-bedroom/two-bath units @ 1,390 sf rent for $1.38 per sf; 30 three-bedroom/two-bath units @ 1,376 sf rent for $1.67 per sf; 30 three-bedroom/two-bath units @ 1,454 sf rent for $1.65 per sf. The average unit size is 1,110 with an average monthly rent of $1,792, or $1.61 per sf. There are 60 two-car attached garages, 180 attached long-bay garages, 60 attached one-car garages and 180 surface parking spaces, for a total of 720 parking spaces. The clubhouse is approximately 7,000 sf and contains a 24-hour fitness center and management office. The property has approximately $6,200 per unit expenses plus capital reserve. The transaction was negotiated by the ARA Newmark apartment team consisting of Jeff Hawks, Doug Andrews, Terrance Hunt, Shane Ozment, Anna Stevens & Amanda Meldrum. See www.aranewmark.com.

 

Property Location: 5460 S. Quebec St., “Greenwood Centre,” Greenwood Village

Property Description: 75,950-sf, three-story office building, YOC 1984, tile block & glass construction & two-story parking garage

Land Size: 2.08 acres

Sales Price: $13.6M, or $177.82 per sf

Reception No: D6012198

Closing Date: 2/4

Grantor: Velocis Greenwood LP, Velocis Fund, Fred Hamm, 214-702-0221

Grantee: Landmark Centre Associates LLC, KDI Investments Inc., Malcolm J. Tom, mgr., 1860 Ala Moana Blvd., Honolulu, HI 96815, 808-955-1764

Financing: $9.4M payable to The Bancorp Bank, NYC, NY 10019, due 2-5-26

Comments: Jim Yoder, CCIM, is also co-founder (grantor), 214-702-0223

 

Property Location: 2860 S. Tejon St., Englewood

Property Description: 23,187-sf warehouse (includes 17,836 sf ground-floor area & 5,351-sf lower level with drive-in door) YOC 1977, twin-tee construction

Land Size: 0.69 acres

Sales Price: $1.65M, or $71.16 per sf

Reception No: D6010197

Closing Date: 1/29

Grantor: Delaware Investments LP, Raymond E. Sample & Alice M. Corns, gen. ptnrs., 303-761-0112

Grantee: Tejon Warehouse LLC, George Yost & Jackie Lynn Yost, mbrs.

Financing: $1.32M payable to Centennial Bank

Comments: Grantor owns Colorado Auto & Parts on 2150 W. Radcliff Ave., Englewood. The grantee own Alpine Roastery and has been a tenant in the building and now it is an owner-occupant. Ground-floor space contains one dock and one drive-in door with 2,712-sf office area. Property was listed by Jeff McClintock, 303-260-4390, & Matt McClintock, 303-260-4323, of Newmark Grubb Knight Frank. www.ngkf.com . Listing broker’s information shows building to be 23,187 sf, while Arapahoe County Assessor shows a total of 17,836 sf. The sales price would be $92.51 per sf at assessor’s size. Property last sold for $1.15M in March 2003.

 

Property Location: 11005 E. Briarwood Ave., Centennial

Property Description: Vacant land

Land Size: 1.19 acres

Sales Price: $530,000, or $10.17 per sf

Reception No: D6000045

Closing Date: 1/4

Grantor: Centennial Corners LLC, by Woodbury Corp., Randall Woodbury, pres., & Scott S. Bishop, VP, 801-485-7770

Grantee: Murphy Oil USA, John Johnson, 422 N. Washington St., El Dorado, AR

Comments: See APN: 2075-26-2-17-005. The property is located on the NEC corner of South Joliet Street & East Briarwood Avenue, one block south of Arapahoe Road. Proposed service station.

 

Property Location: 2450 S. Peoria St., Centennial

Property Description: Vacant land

Land Size: 5.68 acres

Sales Price: $525,000, or $2.12 per sf

Reception No: D6012849

Closing Date: 2/1

Grantor: TNREF III Aurora Corporate Plaza LLC, c/o True North Management Group, Paul R. Turovsky, VP

Grantee: University of Colorado Health

Comments: The property does not front any road and is accessed via easement from the seller along S. Quentin Way extending south of East Iliff Avenue. The property abuts the west side of Westerly Creek Trail, east of S. Peoria St. and north of E. Harvard Drive, and is situated directly east of the office complex at the southeast corner of E. Iliff Ave. and S. Peoria.

 

Property Location: 1485 Kingston St., Aurora

Property Description: 5,490-sf, three-tenant warehouse, YOC 1960, masonry

Land Size: 9,583 sf

Sales Price: $360,000

Reception No: D6014923

Closing Date: 2/9

Grantor: Sharon Denise Green-Hughes, personal rep of Richard Green Estate

Grantee: JYC Inc., Jin Young Choi, pres.

Financing: $384,000 payable to Hana Small Business Lending Inc.

Comments: See APN: 2075-26-2-17-005. Property was listed by Tom Monks of Equity Commercial Real Estate, 303-825-5100. There are three drive-in doors and each unit is separately metered.

 

Boulder County

Property Location: 1143-1155 13th St., Boulder, “Lofts on the Hill”

Property Description: 13-unit (plus 2 retail spaces), three-story building w/18,383 sf (4,470-sf retail space), YOC 2011 (originally constructed in 1920)

Land Size: 11,341 sf

Sales Price: $11.33M, or $616.06 per sf

Reception No: 03497293

Closing Date: 1/22

Grantor: University Hill Partners LLC, Darren Fisk, mgr., 303-501-8860

Grantee: Clifford Brown (53%) Jason W. Hebb (34.3%) Bradley Brown (10%) & Hill Portfolio LLC (2.7%)

Comments: There are 13 units of student housing that contains 48 bedrooms. The units are: The West End, a 1,150-sf, 4-bed/3-bath – Unit 201, Building A; The Lazy Dog, a 1,151-sf, 4-bed/3-bath – Unit 202, Building A; The Mountain Sun, a 1,151-sf, 4-bed/4-bath – Unit 203, Building A; The Fox, a 907-sf, 3-bed/2-bath – Unit 204, Building A; Connor O’Neils, a 1,098-sf, 4-bed/3-bath – Unit 301, Building A; The Sundown Saloon, a 1,098-sf, 4-bed/3-bath – Unit 302, Building A: The Sink, a 907-sf, 3-bed/2-bath – Unit 304, Building A; The Goose, a 868-sf, 3-bed/2-bath – Unit 201, Building B; The Walnut Brewery, a 1,178-sf, 4-bed/3-bath – Unit 202, Building B; The Boulder Chophouse, a 1,113-sf, 4-bed/4 bath – Unit 203, Building B; The Round Midnight, a 868-sf, 3-bed/2-bath – Unit 301, Building B; The Walrus, a 1,126-sf, 4-bed/3-bath – Unit 302, Building B; The Catacombs, a 1,113-sf, 4-bed/4 bath – Unit 303, Building B. The property was listed by Jason Koch & Scott Shwayder of Unique Properties LLC-TCN Worldwide, 303-321-5888. The buyer purchased the Ledges apartments, located at 985 16th St. in Boulder, in January 2015.

Property Location: Southwest corner Erie Parkway and East County Line Road; also fronts northwest corner of Austin Parkway & East County Line Road, Erie

Property Description: Vacant land

Land Size: 46.61 acres

Sales Price: $7.78M, or $3.83 per sf

Reception No: 03499771

Closing Date: 2/5

Grantor: Erie Commercial Venture LLLP, Sid Overton, gen ptnr.

Grantee: Erie Four Corners LLC, Dave Waldner, mgr., 720-524-3620, Longmont

Comments: See APN: 1463-29-1-00-008. Robb Frye is director of acquisitions for the buyer. Property was listed by CBRE Inc. Property may be redeveloped in the future. The site plan calls for 13.65 acres for high-density residential, 6.83 acres low-density, 8.82 acres of commercial/retail, 8.01 acres in open green space, 1.71 acres of tracts/alleys and 7.59 acres of public right of way. In detail, the site plan calls for 45 single-family detached, 32 single-family attached, 52 townhomes, 330 multifamily units and 86,650 sf of shopping/commercial space. The owner or owner’s rep is RMCS Inc. @ 720-524-3620

 

Property Location: S/S Pearl Street, approx. 350’ west of 30th Street, Boulder

Property Description: Misc. improvements (land value)

Land Size: 60,921 sf

Sales Price: $7.01M, or $115.13 per sf

Reception No: 03497211

Closing Date: 1/21

Grantor: Pearl Place Associates, Darren Fisk, mgr., 303-501-8860

Grantee: Google Inc., David Radcliffe, VP Real Estate, 1600 Amphitheatre Pkwy., Mountain View, CA 94043

Comments: Lot 2, Pearl Place Subdivision, Boulder.See 03481756 & subdivision agreement recorded 03481848; see prior sale for $3.2M in July 2013. See related $6.9M sale of adjoining property to the south, 3.01 acres located at 2111 30th St., to Pearl Place Associates, which will be part of the Google campus with Forum Real Estate Group building. The build-out will contain 330,000 sf office space for the Google campus with a total assemblage of 4.41 acres

 

Property Location: 3000 Pearl St., Boulder, aka SEC Pearl Street & 30th Street

Property Description: 13,548-sf, three-story office building, YOC 1978

Land Size: 35,284 sf

Sales Price: $3.1M, or $87.86 per sf (land value)

Reception No: 0349909

Closing Date: 2/1

Grantor: Bridge Commercial Partners Fund IV LLC, Harris Faberman, mgr.

Grantee: 30th and Pearl Boulder LLC, c/o Southern Land Co., Brian Sewell, pres., 615-778-3150, Franklin, TN 37067

Comments: See APN: 1463-29-1-00-008. Robb Frye is director of acquisitions for the buyer. Property was listed by CBRE Inc. Property may be redeveloped in the future. Property is located west of Google purchase, near southwest corner of Pearl & 30th streets. See related sale at 2120 32nd St., Boulder. The two sites are not contiguous.

 

Property Location: 2120 32nd St., Boulder

Property Description: Three industrial buildings, YOC 1958-1966 (land value)

Land Size: 30,142 sf

Sales Price: $950,000, or $31.52 per sf (land value)

Reception No: 03499910

Closing Date: 2/4

Grantor: Alvin E. Baker

Grantee: 30th and Pearl Boulder LLC, c/o Southern Land Co., Brian Sewell, pres. 615-778-3150, Franklin, TN 37067

Comments: See APN: 1463-29-1-00-013. Robb Frye is director of acquisitions for the buyer. Property may be redeveloped in the future. Property is located west of Google purchase near southwest corner of Pearl & 30th streets. See related sale at 3000 Pearl St., Boulder. The two sites are not contiguous.

 

Property Location: 4550 Broadway, Unit C-3E, Boulder

Property Description: 2,940-sf retail/restaurant condo, YOC 2005, masonry

Sales Price: $1.03M, or $348.64 per sf

Reception No: 03500204

Closing Date: 1/21

Grantor: Treerun Enterprises, Kenneth Foster II & Kari Swenson, mbrs.

Grantee: Lava Properties LLC, David Y. Fan, mgr.

Comments: See APN: 2075-26-2-17-005.

 

Property Location: 844 Ken Pratt Blvd., Longmont

Property Description: 800-sf convenience store with pumps, YOC 1972

Land Size: 20,232 sf

Sales Price: $800,000, or $39.54 per sf (land value)

Reception No: 03499420

Closing Date: 1/29

Grantor: Twin Star Energy LLC, Preet S. Puri, mgr.

Grantee: CD Pratt LLC, c/o Confluent Dev. LLC, Marshall Burton, 303-573-6500

Comments: See APN: 1315-10-2-00-039.

 

Broomfield County

Property Location: 385 Interlocken Blvd.

Property Description: 297,682-sf, 11–story office building, YOC 2010, & 950 surface parking spaces and 56 covered spaces (underground garage), LEED Gold certified, steel frame with cast-in-place concrete foundation

Land Size: 14.41 acres

Sales Price: $83.5M, or $280.50 per sf

Reception No: 201600694

Closing Date: 1/19

Grantor: FSP 385 Interlocken LLC, by Franklin Street Properties, George J. Carter, pres., 781-557-1300

Grantee: GV 385 Interlocken Owner LLC, by GEM Realty Capital Inc., Jonathan Romick, 312-915-2900, Chicago, IL 60611

Financing: $56.13M payable to Bank of America, Chicago, IL 60603

Comments: Lot 4, Interlocken Filing No. 14, Broomfield. See APN 1535-33-1-19-004. Acquisitions number for buyer is 312-915-2426.

Denver County

Property Location: 101 Clayton Lane; 110-190 Clayton Lane; 2500 & 2700 E. Second Ave.; 2775 E. First Ave., “Clayton Lane Retail Center”

Property Description: *334,825 sf rentable retail space, YOC 1975-2004, masonry construction plus 1,135 parking spaces

Land Size: 5.4 acres +/-

Sales Price: $169.6M, or $506.53 per sf

Reception No: 2016017200, 2016017199, 2016017198

Closing Date: 1/29

Grantor: Amcap Clayton LLC, c/o AmCap Inc., Jay Kaiser, pres.; 2) Amcap Clayton (SRCO) LLC; 3) Amcap Clayton (WF) LLC, 203-327-2001

Grantee: (Deed 1) Clayton Lane Investors LLC, Kevin H. Johnson, VP, & (Deeds 2 & 3) Clayton Lane Owner LLC (Invesco) Dallas, TX 75201, 972-715-7400

Financing: Assumption of $48M note dated 9-18-14, payable to American General Life Insurance Co. & National Union Fire Insurance of Pittsburgh, PA

Comments: Deed No. 1 – $116.68M for 129,437 sf of retail space & 1,100 parking spaces. See Units RW1, RW2, RW3, RE1, RE2, R2A, R2B & R1, parking spaces units PS37 through PS256, PE-1 through PE-348, PE-394 through PE-508, PW-1 through PW-323, PW-358 through PW-448, PW-445 through PW-447, Clayton Lane; Deed No. 2 – $32.95M for 152,262-sf Sear Retail & Automotive Complex & 35 parking spaces: See Units RA & RS, parking space units PS1 through PS32, PS34 through PS36, Clayton Lane, see community declaration No. 2003054408; Deed No. 3 for $19.97M for the Whole Foods store containing 53,126 sf. See Unit RWF, Clayton Lane. Buyer contacts: Scott Dennis, CEO, David N. Farmer, Ron Ragsdale, VP, Duncan Walker, VP of Invesco, & Oliver-McMillan Clayton Lane LLC. Lender is requiring a 75 cents-per-rentable-square-foot capital improvement reserve; assumption fee is $360,000. Original note was secured from Utah State Retirement Investment Fund, Devon W. Olson, real estate director. *(304,860 sf gross building area, as per Clayton Lane Declaration)

 

Property Location: Bounded by West 27th Avenue, Bryant Street, West 26th Avenue & Alcott Street & several addresses, including 2527 W. 26th Ave., Denver

Property Description: 7,703-sf restaurant, 1957 (land value)

Land Size: 116,808 sf

Sales Price: $17.5M, or $149.82 per sf, or $24,544 per buildable unit

Reception No: 2015035318

Closing Date: 3/20/15

Grantor: Jefferson Park Development LLC & William R. Brinkerhoff, pres. of La Loma Restaurants, 303-433-8300

Grantee: L&L Development, Bryant Smith, mgr., c/o Tessler Development,

212-869-1900

Comments: The property contains 10 parcel numbers as per Denver County Assessor’s office. Buyer is L&L Development, based in New York City. The property is planned for 15-stories and 713 units. Restaurant closed its doors Feb. 16, after 43 years in Jefferson Park, and will relocate to the site of the Trinity Grille in downtown Denver at 1801 Broadway. See assessor parcel Nos.

APN: 02294-28-026,027, 028, 029, 030, 031, 032, 033, 034, 035.

 

Property Location: 1306-1380 N. Speer Blvd., Denver

Property Description: Parking lot

Land Size: 2.02 acres

Sales Price: $17.5M, or $199.05 per sf, or $54,348 per buildable unit

Reception No: 2016017073

Closing Date: 2/9

Grantor: Paradise Investment Properties LLC, Richard Geller, mgr.

Grantee: US TP Legacy Speer LLC (Spencer Stuart, Jr. Acquisitions) 972-728-7200

Comments: Buyer is Legacy Partners, based in Foster City, CA 94404-4805, phone no. is 650-571-2250 and Denver office is 303-320-3500. Property is located on the northeast corner of Speer Boulevard & West 13th Avenue and NWC Fox Street & West 13th Avenue. The property is planned for 322 apartment units ranging from 595 sf to 1,720 sf. The five-story apartment building will sit on a two-story parking podium with a total of seven floors above grade.

 

Property Location: NEC West 29th Avenue & Fox Street, Denver, 2900- 3050 Fox St.

Property Description: Commercial improvements – land value

Land Size: 81,984 sf

Sales Price: $5.3, or $64.65 per sf

Reception No: 2016015296

Closing Date: 2/8

Grantor: Combined Fishman Properties Inc., David Fishman

Grantee: Stor-All Fox Street LLC, 954-421-7888, Ext. 17 – Acquisitions Department Comments: APN: 02278-15-021, 02278-15 023, 02278-15-002; 02278-01-021, 02278-01-023, 02278-01-025. Property was listed by NAI Shames Makovsky Realty, 303-534-5005, Dorit Makovsky, 303-565-3025. There are six assessor parcels for this property. Self-storage units are proposed.

 

Property Location: 955 Bannock St., Denver

Property Description: 9,272-sf garden level (2 floors) office building, YOC 1982

Land Size: 15,729 sf

Sales Price: $2.9M, or $312.77 per sf

Reception No: 2016016260

Closing Date: 2/8

Grantor: Thomas R. Ward, Martin A. Stuart, Peter Menges & Thos. J. Hammond

Grantee: Bannock RE Partners LLC, Gerard A. Maglio, mgr.

Financing: $2.18M payable to Colorado Business Bank

Comments: Main tenant is Rooster & Moon Coffee Pub, Peter Menges PC is a tenant.

 

Property Location: 4353-73 Clay St., Denver

Property Description: 20-unit, two-story apartment, 10,644 sf, YOC 1960, brick

Land Size: 21,786 sf

Sales Price: $2.74M, or $137,000 per door, or $257.42 per sf

Reception No: 2016015490

Closing Date: 2/5

Grantor: Corbin & Associates LLC, Ethan A. Jantzer, mgr.

Grantee: Clay Street Apartments LLC, David J. Lippa, CPA, mgr., 303-771-1040

Financing: $1.6M payable to JPMorgan Chase Bank, due 3-1-46

Comments: The parties were represented by Kevin Calame and Matt Lewallen of Pinnacle Real Estate Advisors. The property will be managed by Pinnacle Real Estate Advisors property management team. The property is managed by Four Star Property Management, 1423 S. Pearl St., Denver 80210. This property sold for $1.59M in July 2013.

 

Property Location: 1935 Sherman St., Denver

Property Description: Parking lot

Land Size: 18,750 sf

Sales Price: $2.44M, or $130 per sf

Reception No: 2016018881

Closing Date: 2/9

Grantor: Estate of Annah Palm, Robert A. Bruhn Jr., Kristina W. Cleary & Lisa Leora Westwood

Grantee: MVP Denver 1935 Sherman LLC, Michael Shustek, 702-227-0965

Comments: Lots 23-28, Block 32, H.C. Brown’s Addition. Buyer is based out of Las Vegas, NV.

 

Property Location: 3655 Brighton Blvd., 3601 Brighton Blvd., Unit A, Denver

Property Description: 3,000-sf auto dealership building, YOC 1948

Land Size: 15,250 sf

Sales Price: $1.59M, or $104.50 per sf (land value)

Reception No: 2016020373

Closing Date: 2/16

Grantor: E3655 Brighton Investors LLC, Ryan Arnold, mgr.

Grantee: Collegiate Peaks Bank, 3350 Brighton Blvd., Unit 135, Denver 80216

Comments: Sold in November 2015 for $1.19M.

 

Property Location: 1422 Leyden St., Denver

Property Description: 11-unit, two-story apartment, 9,109 sf, YOC 1948, brick

Land Size: 12,500 sf

Sales Price: $1.51M, or $134,818 per door, or $165.22 per sf

Reception No: 2016017189

Closing Date: 2/5

Grantor: THFWest2 LLC, Jon R. Staenberg, mgr.

Grantee: Mile High Real Estate Enterprises LLC, Thomas Jacky, mgr.; Dwellings LLC, Doug Campbell, mgr.; & C&L Investing LLC, Matt Lewallen & Kevin Calame

Financing: $1.42M @ 4.35% (Year 1), payable to FirstBank, due 2-10-26

Comments: The buyers were represented by Kevin Calame and Matt Lewallen of Pinnacle Real Estate Advisors. The property will be managed by Pinnacle Real Estate Advisors’ property management team.

 

Property Location: 18630 Green Valley Ranch Road, Denver

Property Description: 3,560-sf strip center, YOC 2006 (three-tenant center)

Land Size: 51,396 sf

Sales Price: $1.36M, or $382.58 per sf

Reception No: 2016015242

Closing Date: 2/5

Grantor: Tower Commons LLC, by Brown Tower I Developer LLC, Christopher S. Flagg, VP, 224 12th Ave., NYC, NY 10001

Grantee: Pert Ultima LLC, Eugene & Tarri Lee, 10213 Salida St., Commerce City

Financing: $960,000 payable to Wells Fargo Bank, due 2-12-19

Comments: Tenants include Domino’s Pizza, White Fence Farm and H&R Block. Listing broker is Chris Wiedenmayer of Legend Partners, 720-529-2889. The in-place cap rate is 6.75% with approximately 5 years remaining on the lease

 

Property Location: NWC West 29th Avenue & Zenobia Street,

5115 W. 29th Ave., Denver, “Lambourns View House”

Property Description: 2,711-sf residential building, YOC 1918 (land value)

Land Size: 15,333 sf

Sales Price: $1.28M, or $83.61 per sf

Reception No: 2016018005

Closing Date: 2/9

Grantor: 5115 Developers LLC, Carter Design, Brad Teets, mgr., 303-770-3424

Grantee: Zenobia Place LLC

Comments: Property is zoned U-MX-3 and was listed in May 2015. This property sold in May 2014 for $650,000, or $42.39 per sf. The neighbors in the area wanted to seek a historic designation for the home but failed. The property was listed by Nathan Adams of Adams Development and the buyer is planning to build 15 townhomes. Doug Jones of the city and county of Denver Planning Department is working on the final plans. A certificate of non-historic status was approved Nov. 4, and Kara Hahn was the senior city planner for Denver County.

 

Property Location: 2734 W. Ninth Ave., Denver

Property Description: 5,943-sf warehouse, YOC 1998

Land Size: 13,694 sf

Sales Price: $820,000, or $137.98 per sf

Reception No: 20160020854

Closing Date: 2/12

Grantor: Jocobe LLC, Curt Coolidge, mbr., 303-629-0999

Grantee: 2734 9th Ave. LLC, Josh G. McNurlen, mgr., 303-519-9202

Financing: $549,400 payable to Stated Income Group LLC

Comments: Buyer is a real estate broker with Re/Max Central Alliance. Josh G. McNurlen is an employee of Wavelength Commercial Communications, which is the tenant in the building. The sales price stated does not include the sale of the business, but the grantee also purchased the business.

 

Property Location: 2525 15th St., Unit A, Denver

Property Description: 2,025-sf two-level office/retail condo, YOC 1998

Land Size: 13,694 sf

Sales Price: $769,000, or $137.98 per sf

Reception No: 20160020854

Closing Date: 2/18

Grantor: DAB LLC, Dr. Dana A. Busch, mgr., 303-433-1008

Grantee: JSKH Properties LLC, Kimberly Houchens, mbr., 1890 Wynkoop St., Suite 606, Denver 80202

Financing: $576,750 payable to FirstBank

Comments: There are two parking spaces that are conveyed with an exclusive right to use parking space Nos. 77 & 78. Potentially, this could be used for two tenants and comes with oversized garage. The HOA dues are $457 per month and the property was listed by Vicki Manton of Live Urban Real Estate. The buyer’s agent was Amber Human of Re/Max Professionals. The seller used the property for her counseling business.

Douglas County

Property Location: 9398 Crown Crest Blvd., Parker, “Crown Crest of Parker”

Property Description: 154-unit, three-story nursing facility w/46,050 sf, YOC 2012,

Land Size: 1.63 acres

Sales Price: $13.06M, or $84,829 per unit, or $283.68 per sf

Reception No: 2016006871

Closing Date: 2/2

Grantor: Parker RE LLC, c/o Glenn Mgmt., Thomas R. Neshek, 847-412-9871

Grantee: Crown Property Holdings LLC, c/o Legacy Healthcare, Menachem Shabat, mgr., 847-679-9797

Financing: $27M payable to Oxford Finance LLC, due 2-4-19

 

Property Location: 9475 S. University Blvd., Highlands Ranch

Property Description: 2,841-sf bank, YOC 1999, to be demolished (land value)

Land Size: 1.08 acres

Sales Price: $4.2M, or $89.69 per sf

Reception No: 2016007080

Closing Date: 2/5

Grantor: TCF National Bank, James LaPlante, EVP

Grantee: MPT of Highlands Ranch FCER LLC, c/o Medical Properties Trust, Emmett E. McLean, EVP, 205-969-3755, Birmingham, AL 35242

Comments: Buyer plans to demolish bank building and construct 7,800-sf free-standing emergency room building with 21 off-street parking spaces. See APN: 2229-121-05-011, R0410777. This property is on the south corner of South Colorado Boulevard and South University.

 

Property Location: 10311 S. Progress Way, Parker

Property Description: 15,780-sf industrial building, YOC 1982, masonry construction, 45 parking spaces, seven drive-in doors, 14’ clear

Land Size: 43,560 sf

Sales Price: $1.2M, or $76.05 per sf

Reception No: 2016006285

Closing Date: 2/1

Grantor: Dennis J. Head, trustee

Grantee: Glen Hoppes

Comments: Vance Hayes of Hayes & Co., 303-841-1225, handled the sale for the seller. Property was 100% leased at an average of $8.50 per square foot, modified gross. Hayes & Co. will continue to manage the property.