The Winslow Report 5-18-16

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Winslow Report

John WinslowThe Winslow Report, authored by John V. Winslow 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]

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Adams County

Property Location: 6980 Stuart St., Westminster “Edgewood Apts.”

Property Description: 112-unit, three-story apartment complex; 4 buildings w/66,432 sf, YOC 1974, brick & wood frame construction

Land Size: 3.6 acres

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Sales Price: $8.4M, or $75,000 per door, or $126.45 per sf

Reception No: 2016000027876

Closing Date: 4/12

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Grantor: 15135 Burbank Apts. LLC & Stuart Partners LLC, c/o Rio Company, Ubteen Mozaffari, dir. of acquisitions, 818-222-2816

Grantee: MIP Colo III LLC by: Moore Investment Partners,

Kevin J. Moore, manager, 720-525-8229

Financing: $6.3M payable to Grandbridge Real Estate Capital, due 5-1-23

Comments: Robert Tamkin is the president of Rio Company. There are two three-bedroom units, 12 two-bedroom units and 98 one-bedroom units.

 

Property Location: 14402-14492 E. 33rd Pl., Aurora

Property Description: 100,100-sf warehouse, YOC 1979, precast panel const.

Land Size: 4.75 acres

Sales Price: $6.1M, or $60.94 per sf

Reception No: 2016000032476

Closing Date: 4/2

Grantor: Realty Associates Fund VIII LP c/o TA Realty LLC, James Raisides, SVP

Grantee: IPT Upland DC LLC c/o Industrial Property Trust, 303-228-2200

Comments: Foam Fabricators occupies 50,050 sf & C.R. Goodman Craft Beer Distributor are two of the major tenants in the building.

 

Property Location: 10100 E. 102nd Ave., Commerce City

Property Description: 10,800-sf warehouse, YOC 2005

Land Size: 5.25 acres

Sales Price: $2.57M, or $237.96 per sf

Reception No: 2016000028712

Closing Date: 4/27

Grantor: Foosball Holding LLC, Dennis A. Ball

Grantee: 10100 Holdings LLC c/o Mountain Waste & Recycling Inc.

Financing: $2.7M payable to FirstBank, due 10 years

Comments: Sold in October 2008 for $1.5M. Buyer is based out of Carbondale, 970-963-3435, Scott Eden, president.

 

Property Location: 6535 York St., Denver

Property Description: 30,950-sf warehouse, YOC 1999, metal construction & 3,900 sf 22-unit ministorage warehouse, YOC 1999, metal, 34,850 sf

Land Size: 2.06 acres

Sales Price: $2.2M, or $61.75 per sf

Reception No: 2016000028867

Closing Date: 4/18

Grantor: Emerald Isle LLC, Steve Gallagher, manager, 303-758-3317

Grantee: 6535 York LLC

Comments: Property was listed with Jeff Kummer, 303-885-4725, Altitude Commercial Realty, and contains 16-unit office/warehouse with 10×14’ loading doors per unit. There are 46 striped parking spaces. The 16 units are 100% leased and the ministorage portion contains 22 units, of which 16 are rented. The warehouse portion has rental rates ranging from $5.92 per sf on a 3,750-sf unit to $10.50 per sf on a 1,000-sf unit. The average rental rate for the occupied units is $7.72. The median rental rate is $8.40 per sf. Expenses to the owner are $1.96 per sf and NOI is $172,173 based on a pro forma of 5% vacancy, reflecting an 8% cap rate.

 

Property Location: SE/S of S. Medical Center Drive, south of Prairie Center Blvd.

Property Description: Vacant land

Land Size: 99,208 sf

Sales Price: $1.3M, or $13.34 per sf

Reception No: 2016000028121

Closing Date: 4/14

Grantor: THF Prairie Center Development LLC, Mike Tamblyn, 303-378-4166

Grantee: Trismo Brighton III LLC, Todd P. Brummond, manager

Comments: Lot 1, Bromley Park Filing 203, 8th Amendment. Listing broker was Courtney Key of Sullivan Hayes, [email protected].

 

Property Location: SWC E. 98th & Washington; also located on SEC Pearl St. & E. 98th Ave., Thornton

Property Description: Vacant land

Land Size: 46,058 sf

Sales Price: $803,996, or $17.46 sf

Reception No: 2016000027438

Closing Date: 4/12

Grantor: Armstrong Highpointe LLC by: Gustine Investments Inc., Doug Kyle

Grantee: FFG Dev. LLC, c/o Kneader’s Café, Andrew Smith, 801-642-3800

Comments: See new legal description as Lot 1B, Block 3, Highpointe Park Sub., Amendment No. 4. Buyer plans to build 4,055-sf “Kneader’s Café” [email protected], 801-642-3812. Seller’s direct contact information is [email protected].

 

Property Location: SWC of E. 96th Avenue & Yosemite St., Commerce City

Property Description: Vacant land

Land Size: 2.69 acres; 1.67 acres net usable

Sales Price: $702,100, or $6 per sf, or $9.61 per sf net usable

Reception No: 2016000028798

Closing Date: 4/15

Grantor: Marty Farms LLLP, Gerald Marty, et al.

Grantee: WDG Commerce City LLC, James D. Wall, manager, 303-586-1341

Financing: $2.04M payable to Kirkpatrick Bank, due 10-15-22

Comments: See new plat recorded 2016000008882. There is an approximately 61×375’ retention pond easement containing 32,087 sf on the easterly boundary of this site. An ingress/egress easement that is 374x 31.5’ extends north and south on the westerly boundary side of the subject site and contains 11,863 sf. The net usable area of this site is 73,069 sf, or 1.677 acres.

 

Property Location: 12774 Colorado Blvd, Unit B-2, Thornton, “Northridge Building”

Property Description: 2,268-sf medical condo, YOC 2004

Land Size: 10,372 sf

Sales Price: $510,000, or $224.87 sf

Reception No: 2016000028399

Closing Date: 4/11

Grantor: LMT LLC, Dr. Lori Trembath, manger, 303-457-3046

Grantee: MLDN Holdings LLC, Mitchell R. Wilmer, member

Financing: $408,000 payable to ZB, NA, dba Vectra Bank Colorado

Comments: Unit B-2, buyer is owner occupant of space.

See APN: 1571-31-2-09-027

 

Arapahoe County

Property Location: 10550 E. Iowa Ave., Aurora, “Crestone Apartments”

Property Description: 234-unit two- & three-story apartment complex with 15 buildings, 220,480 sf net rentable, YOC 2002, with five floor plans, 86 attached garages, 99 detached garages, 282 open parking spaces, total 467 parking, masonry & wood construction

Land Size: 14.24 acres

Sales Price: $47M, or $200,855 per door, or $213.17 per sf

Reception No: 2016057448

Closing Date: 4/29

Grantor: Legacy Village LLC

Grantee: East Iowa Owner LLC, Benedict Canyon Equities Inc., Ryan Somers, President & Lydia Monroy, VP-acquisitions, 424-325-2521

Financing: $34.77M, due 5-1-26, payable to CBRE Capital Markets Inc.

Comments: David Martin and Pamela Koster of Moran & Company handled the transaction. The average size unit is 942 with a weighted average net rent of $1.38 per sf. There are 70 one-bedroom units with 722 to 793 sf; 60 one-bedroom units @ 822 sf; 12 two-bedroom/one-bath units with 943 sf; 80 two-bedroom/two-bath units with 1,118-1,169 sf; 12 three-bedroom/two-bath units @ 1,225 sf.

 

Property Location: 3350 S. Clarkson St., Englewood, “Woodmere Apartments

Property Description: 38-unit, four-story apartment, 28,214 sf, YOC 1971, brick

Land Size: 22,085 sf

Sales Price: $5.28M, or $138,947 per door, or $187.14 per sf

Reception No: D6045904

Closing Date: 4/29

Grantor: Woodmere Apartments LLC, Donald E. Werner Jr., manager, 720-529-9855

Grantee: 3500 South Clarkson LLC, Dr. George J. Pardos, manager

Financing: $3.2M, due 5-1-46, payable to JPMorgan Chase Bank, NA

Comments: Buyer is Dr. George J. Pardos, CEO of Omni Eye Specialist, 303-377-2020, located at 90 Madison St., Suite 500, Denver 80206. Seller was past president of Apartment Association of Metro Denver. Property was listed and sold by John Laratta of Berkadia Real Estate Advisors, 303-607-0025. There are 22 one-bedroom units @ 595 sf; 8 two-bedroom/one-bath units @ 850 sf and 8 two-bedroom unit/two-bath units with 1,040 sf.

 

Property Location: SWC E. Colfax Avenue & Peoria St, Aurora;

12016-12030 E. Colfax Ave.

Property Description: 1) Vacant site; motel was removed prior to closing; 2) 6,264-sf strip center, YOC 1936, block construction, land value

Land Size: 1) 39,900 sf, 2) 37,200 sf, or 1.77acres

Sales Price: $3.75M, or $48.64 per sf

Reception No: D6044387 & D6044392

Closing Date: 4/29

Grantor: 1) Choka LLC; John Y. Cho, member, 14291 E. Colfax Ave., Aurora 80011; 2) Hanson Investment Company; John M Hanson Jr., manager

Grantee: KRF 4275 LLC by: Kentro Group, George Balafas & Jimmy Balafas

Comments: First deed was for $1.75M and was an interior lot with 39,900 sf, or $43.86 per sf. This site had a motel on it but it was razed in late 2014. The second site sold for $2M, or $53.76 per sf, and was a fully signalized corner site containing 37,200 sf.

 

Property Location: 830-894 S. Buckley Road, Aurora

Property Description: 25,727-sf shopping center, YOC 1986, brick/block

Land Size: 3.64 acres

Sales Price: $3.6M, or $139.74 per sf

Reception No: D6043875

Closing Date: 4/27

Grantor: Bristol Pointe Holdings LLLP, Annabeth Lockhart, Steamboat Springs

Grantee: Winter Boat LLC, Arnie Meranski & James Harris, 303-306-1000

Financing: $2.7M payable to FirstBank, due 10 years

Comments: See APN: 1975-16-3-21-001. The property was 93% leased at time of sale and is anchored by 7-Eleven convenience store with gas pumps. Buyer’s company is Western Centers and it has been in the retail business for the last four decades. Joel Meranski is the leasing broker for the center, 303-619-0176. Meryl Meranski represented the buyer in this 1031 exchange transaction while Cory Gross of Marcus & Millichap represented the seller. The property sold on an in-place cap rate of 8%. The 7-eleven building contains approximately 3,060 sf and was constructed in 1986 while the shopping center contains approximately 22,667 sf and was constructed in 1987. The seller owned the center since Dec. 4, 1998, when it purchased it for $2M, or $77.74 per sf.

 

Property Location: 6139 S. Southlands Pkwy., Aurora, “Red Lobster”

Property Description: 6,827-sf restaurant, YOC 2007, brick/frame

Land Size: 1.77 acres

Sales Price: $3.6M, or $139.74 per sf

Reception No: D6045854

Closing Date: 5/3

Grantor: Spirit Master Funding IX LLC, Sarah Kubiak, VP

Grantee: Broadridge Apartments LLC, Ronald J. Helten, manager, 303-792-2100

Comments: See APN: 2071-19-2-08-002. The property is a single-tenant national restaurant chain. The current lease rate is $30.63 per sf, reflecting a 5.85% in-place cap rate. The property was listed and sold by Richard Bird, 303-328-2000, & Glen Kunofsky, 212-430-5115, both of Marcus & Millichap. The property sold on 2-13-15 for $2.5M and $2M on Aug. 5, 2014. According to Short Form Lease recorded D6045853, Red Lobster Restaurants executed a lease commencing 5-3-16 and terminating 12-31-34, with four additional periods of five years each. Landlord Spirit Master Funding IX, Mark Manheimer, EVP, was the signer on the lease.

 

Property Location: 1510 W. Canal Ct., Littleton

Property Description: 16,257-sf, two-story office building, YOC 1986, brick/block

Land Size: 1.29 acres

Sales Price: $3M, or $186.93 per sf

Reception No: D6045025

Closing Date: 5/2

Grantor: Sapphire Creek LLC, John F. Kautz, manager, 209-368-1251

Grantee: Glorycrest Trading Limited, Karol Halm Schwarz, director

Comments: See APN: 1975-16-3-21-001. The property was 100% leased at time of sale. Matt Call & Heather Taylor of NavPoint Real Estate Group handled the transaction. The property was on the market for $3.24M. The in-place cap rate was 8%. See up leg for buyer of 1031 exchange located at 1453 Broadway in Boulder County for $2.8M.

 

Property Location: 2261 E. Arapahoe Road, Centennial, “Breakaway Team Sports”

Property Description: 4,564-sf retail building, YOC 2010, stucco/masonry

Land Size: 17,448 sf

Sales Price: $1.42M, or $311.13 per sf

Reception No: D6042114

Closing Date: 4/15

Grantor: AFR Holdings LLC, Philip R. McCarthy, member

Grantee: LJ Bairn LLC, John & Lindsey Fairbairn, mbrs., 303-226-4764

Financing: $1.3M payable to FirstBank, @ 4.1% due 4-1-19

Comments: Buyer was represented by Mr. Fairbairn’s real estate company, Fairbairn Commercial, 303-765-4344.

 

Property Location: 2420 W. Main St., Littleton

Property Description: 3,893-sf restaurant, YOC 1952, block/stucco

Land Size: 6,468 sf

Sales Price: $975,000, or $250.45 per sf

Reception No: D6042744

Closing Date: 4/25

Grantor: Zaiger & Welch Investments LLC, Tracey Welch & John Zaiger

Grantee: 2420 Main Street LLC; Zach Smith, manager, 720-449-3909

Financing: $887,000 @ 4.45% payable to FirstBank, due 4-29-26

Comments: Property was listed and sold by Kurt J. Haneke, 303-912-1171, Denver Dwellings Inc. Buyer’s company, Bristlecone Construction, is located 2 blocks west of subject property.

 

Property Location: 1860 W. Hamilton Pl., Englewood

Property Description: 7,680-sf warehouse, YOC 1977, wood siding

Land Size: 21,000 sf

Sales Price: $925,000, or $10.97 per sf

Reception No: D6044501

Closing Date: 4/29

Grantor: MMD Properties LLC, Marc K. McBride & Dana Katzenmeier

Grantee: Acoa Ltd. c/o Awning Co. of America Inc., 303-825-7600

Financing: $1.03M, SBA loan, payable to Wells Fargo, due 4-29-41

Comments: Buyer contact is Keir A. Ansay, president of Awning Company of America. Buyer plans to relocate to this building.

Boulder County

Property Location: 2121 Mesa Drive, Boulder

Property Description: 146-unit skilled-care facility, three- & four-story building with 57,521 sf, YOC 1925

Land Size: 2.13 acres

Sales Price: $19.03M, or $130,329 per unit, or $330.80 per sf

Reception No: 0356090

Closing Date: 4/30

Grantor: Terrace Heights Care Center Inc.; James Ross, CEO

Grantee: OHI Asset (CO) Mesa LLC, 410-427-1700, 200 International Circle, Suite 3500, Hunt Valley, MD 21030

 

Property Location: 235 Alpine St., Longmont, “Longmont Ford”

Property Description: 46,300-sf auto dealership/service garage, YOC 2001

Land Size: 6.3 acres

Sales Price: $8.7M, or $187.91 per sf

Reception No: 03515688

Closing Date: 5/2

Grantor: Freeway Land LLC, Boyd D. Barbee, member

Grantee: MJP Land LLC, 235 Alpine Drive, Longmont, Mike Peebles, manager

Comments: This sale may not be arms-length as Peebles & Barbee have owned Freeway Ford in Denver. It is rumored that Peebles sold his interest in Freeway Ford in Denver and purchased Longmont Ford from Barbee.

 

Property Location: 1453 Broadway, Boulder

Property Description: 16-bedroom, two-story rooming house, 6,064 sf, with 6 bathrooms, YOC 1905, frame construction

Land Size: 6,042 sf

Sales Price: $2.80M, or $461.74 per sf

Reception No: 03514936

Closing Date: 4/27

Grantor: Glorycrest Trading Ltd., Karol Halm Schwarz, director

Grantee: Friars Corp., Westminster 80021, 303-428-5523

Comments: Property is located on southwest corner of Broadway & Grandview Avenue. It has been occupied by Alpha Gamma Omega, AGO, fraternity for last 13 years; it moved out of the building May 8. Seller was represented by Re/Max Alliance in Boulder, 303-499-9880.

 

Property Location: 103 Main St., Longmont, “Old City Electric Building”

Property Description: 10,910-sf industrial building, YOC 1931

Land Size: 36,950 sf

Sales Price: $901,750, or $82.65 per sf

Reception No: 03514327

Closing Date: 4/27

Grantor: City of Longmont, Dennis L. Coombs, mayor

Grantee: Willow River Properties LLC, c/o Cheese Importers;

Samm White, president, 303-772-9599

Comments: Tenant purchased building from landlord. Building was listed as landmark designation in 1997.

 

Property Location: 4206 Ute Highway, Lyons, “Corner Market”

Property Description: 1,387-sf convenience store w/pumps, YOC 1990

Land Size: 36,950 sf

Sales Price: $800,000, or $576.78 per sf

Reception No: 03514314

Closing Date: 4/18

Grantor: David M. Gullikson & Ted L. Gullikson

Grantee: CST Metro LLC, 1-210-692-5000, Clay Killinger, EVP

Comments: Tenant purchased building from landlord.

Denver County

Property Location: 1905 Sherman St., Denver, “Denver Tower”

Property Description: 54,929-sf, 10-story building, YOC 1975

Land Size: 9,375 sf

Sales Price: $8.60M, or $156.57 per sf

Reception No: 2016040162

Closing Date: 3/31

Grantor: T-2 Ventures LLC, Tucker J. Manion, manager

Grantee: Denver Tower LLC by: Hayman Advisors Inc., Jessica Quinn, director of acquisitions & Robert Hayman, principal

Financing: $5.6M payable to JPMorgan Chase Bank, NA

Comments: Transaction handled by Aaron Johnson & Jon Hendrickson of Cushman & Wakefield’s Capital Markets Group. Corporate Legal Services occupies approximately 50% of the building.

 

Property Location: 4900, 4901 & 4980 Brighton Blvd. & 4901 Race St., Denver

Property Description: 16,270-sf industrial building, YOC 1960, 26,500-sf industrial building, YOC 1966, Crusher Auto Truck Salvage, J&B Used Parts

Land Size: 8.09 acres zoned I-B

Sales Price: $8.5M, or $24.11 per sf, land value

Reception No: 2016052121

Closing Date: 4/20

Grantor: Talarico Properties LLC, Ronald E. Talarico, manager

Grantee: 51St & Brighton LLC, Paul Andrews, CEO of National Western Stock Show, 303-297-1166, 4655 Humboldt St., Denver 80216

Financing: $1M payable to Guaranty Bank & Trust

Comments: APN: 02144-00-055 = 58,100 sf, 02144-00-022 = 118,330 sf, 02144-00-107 = 176,200 sf

 

Property Location: 1537 Platte St., Denver, “Big Chief Bottling Company Bldg.”

Property Description: 10,026-sf, two-story retail building, YOC 1890, brick

Land Size: 8,720 sf

Sales Price: $5M, or $498.70 per sf

Reception No: 2016057429

Closing Date: 5/2

Grantor: Big Chief Property Investments LLC, Louis H. Pappageorge & Christine B. Lapierre, members

Grantee: UPI 1537 Platte LLC, c/o Unico Properties, Austin Kane, VP, Denver

Comments: This building is a two-story with anchored by Savory Spice shop and three other retail tenants. Mr. Kane can be reached at 303-713-1900 ext 100.

 

Property Location: 570 W. 44th Ave. & 4337 Elati St., Denver

Property Description: 13,500-sf office building, YOC 1975

Land Size: 24,225 sf

Sales Price: $4.1M, or $303.70 per sf

Reception No: 2016044807

Closing Date: 4/8

Grantor: Del Rey Investments LLC, Scott A. Wood, manager, 1501 Lee Hill Road, Ste. 4, Boulder 80304

Grantee: CO Property Holdings LLC 10 Burton Hill Blvd., Nashville, TN 37215

Comments: See APN: 02223-07-013

 

Property Location: 4511 E. 46th Ave., Denver

Property Description: 9,770-sf office building, YOC 1953

Land Size: 25,466 sf

Sales Price: $3.6M, or $368.47 per sf

Reception No: 2016044806

Closing Date: 4/8

Grantor: Del Rey Investments LLC, Scott A. Wood, manager

1501 Lee Hill Rd, Ste. 4, Boulder 80304

Grantee: CO Property Holdings LLC, 10 Burton Hill Blvd., Nashville, TN 37215

Comments: See APN: 01192-03-005

 

Property Location: 8101-8131-8100-8300 E. 40th Ave., Denver

Property Description: 18,158 sf; two industrial buildings

Land Size: 15.5 acres; 8.43 acres is usable with balance in flood plain

Sales Price: $3.38M, or $5 per sf

Reception No: 2016038083

Closing Date: 3/24

Grantor: Artemis Ventures LLC, by: Murfin Inc.; Robert D. Young, president

Grantee: Eat 1602 LLC c/o Jay Beyer, 4450 Arapahoe Ave., Suite 100, Boulder

Financing: $2M @ 6% due 4-1-23; $1.4M payable to Berlind Raiatea LLP

Comments: Brad Gilpin of Unique Properties was the listing broker while Brit Banks of Dean Callan & Co. represented the buyer. This is a 1031 reverse exchange. County shows the following information, See APN: 01214-00-005, contains a 4,478-sf warehouse with 14-foot-clear warehouse space, YOC 1962, on 31,590 sf of land; 01214-00-004, contains 13,680-sf warehouse, YOC 1973, on 15.4 acres of land. This was an aircraft salvage yard until last July.

 

Property Location: 1030 Pearl St., Denver, “Ten30 Apartments”

Property Description: 17-unit, three-story apartment, 12,079 sf, YOC 1925, brick

Land Size: 9,375 sf

Sales Price: $3.1M, or $182,353 per door, or $256.64 per sf

Reception No: 2016057448

Closing Date: 4/29

Grantor: 1030 Pearl Street LLC, c/o Solidcore, Thomas H. Bradbury Jr., 303-708-1105, & Edward Barsocchi, managers, 303-827-9670

Grantee: 1469 Williams LLC; *Donald Brennan, member, 303-292-5608

Financing: $2.33M @ 3.75%, due 5-10-26, payable to FirstBank

Comments: J.B. Hockman & Justin Brockman, 303-962-9553, of Pinnacle Real Estate Advisors LLC, represented the parties in this transaction. The building contains 13 one-bedroom units and four two-bedroom units. Pinnacle Real Estate Property Management has been contracted to manage the property. *Grantee is a nominee buyer for an undisclosed entity.

 

Property Location: 4280 Columbine St., Denver

Property Description: 10,681-sf building, YOC 1966

Land Size: 17,250 sf

Sales Price: $2.8M, or $262.15 per sf

Reception No: 2016044799

Closing Date: 4/8

Grantor: Del Rey Investments LLC, Scott A. Wood, manager

Grantee: CO Property Holdings LLC, 10 Burton Hill Blvd., Nashville, TN 37215

Comments: See APN: 02243-07-004

 

Property Location: 5130 Franklin

Property Description: 21,422-sf warehouse, YOC 1983, concrete tilt-up

Land Size: 59,113 sf

Sales Price: $2.18M, or $101.88* per sf

Reception No: 2016057079

Closing Date: 5/2

Grantor: Back Country Holdings LLC c/o Ship Art; Gregory Gahagan, member, 1333 Lowrie Ave., San Francisco, CA 94080, 650-952-0100

Grantee: City and county of Denver

Comments: Seller purchased the property Aug. 29, 2006, for $850,000. Seller has occupied the warehouse since 2006 for the Ship/Art business. The city and county allowed the grantor to remain in the building for 2 years. This will be part of the new Western Stock Show and Colorado State University plans to raise $16.2 million to equip a horse equestrian center/horse hospital. Grantor was given generous relocation deal and due to the nature of the eminent domain factor of this sale, the buyer has two years to facilitate a 1033 exchange. See definition of 1033 exchange/eminent domain reinvestment. *The building will be razed in two years, thus the effective price is $36.92 per sf without any other compensatory benefits for moving cost, seller leaseback rental rates, etc. It is likely that 5125 Race Ct. will be taken by the city and county of Denver. The city took 5135 Race Ct. in October 2015; see 2015148689 for $6.1M for the International Paper Recycling facility with a 76,346-sf industrial building on 4.74 acres. The price equated to $79.90 per sf for the building or as a land sale, $29.55 per sf. This site adjoins the Ship/Art business site on the west. Also, the Rocky Mountain Pipe Co. site at 5131 Race Ct. may be included in the taking in the near future.

 

Property Location: 1432 Pennsylvania St., Denver

Property Description: 15-unit, three-story apartment, 7,850 sf, YOC 1919, brick

Land Size: 6,250 sf

Sales Price: $2.08M, or $138,667 per door, or $264.97 per sf

Reception No: 2016054142

Closing Date: 4/22

Grantor: VK Investment Group LLC, Ronald Klein, manager

Grantee: 1432 Pennsylvania LLC, Scott Baldermann, manager

Financing: $1.6M payable to JPMorgan Chase, due May 1, 2046

Comments: Kevin Calame & Matt Lewallen of Pinnacle Real Estate Advisors negotiated the transaction for both the buyer and seller. The building contains 12 studio units, two one-bedrooms units and one two-bedroom unit. The building also contains five carports. Wheelhouse Property Management has been contracted to manage the property.

 

Property Location: 4785 Tejon St., Denver

Property Description: two-story plus garden level, 6,015-sf office building, YOC 1972, renovated in 2014, brick & stucco construction, garden level contains approximately 1,500 sf

Land Size: 10,297 sf

Sales Price: $1.85M, or $307.56 per sf

Reception No: 2016052181

Closing Date: 4/21

Grantor: ZG Enterprises LLC, Tyler Zakovich, manager

Grantee: 4785 Tejon LLC, David J. North, manager, 1174 Fillmore St., Denver 80206

Financing: $1M payable to Guaranty Bank & Trust

Comments: Tenants include Cadira Labs, SeroDynamics LLC, Gruhl Health Solutions & Ananda Wellness. The building has an in-place cap rate of 7.3%. The building is located a few blocks from the to-be-built light-rail stop in the Sunnyside neighborhood. John Sheflin, 720-773-8541, Tyler Burke, 720-370-2835, & Michael Carnes, 720-773-8544, of SVN Denver Commercial were the listing brokers for this transaction.

 

Property Location: 5901 E. Colfax Ave., Denver

Property Description: Bank improvements, redevelopment site

Land Size: 42,900 sf

Sales Price: $1.33M, or $30.89 per sf

Reception No: 2016050874

Closing Date: 4/18

Grantor: BOKF National Banking Association, Michael D. Nalley, CCIM, CPM, RPA, SVP, director of corporate real estate

Grantee: KRF 5901 LLC by: Kentro Group, George Balafas, manager

Financing: $750,000 payable to Bank of Denver, due 11-1-42

Comments: Property had been under contract for two years as there were environmental issues, which the seller remediated this year. Buyer is prominent retail developer and will construct retail and/or restaurant use.

 

Property Location: NEC Yampa St. & E. 67th Ave., Denver

Property Description: Vacant land, 120-room, five-story Candlewood

Suites hotel planned

Land Size: 1.79 acres

Sales Price: $1.2M, or $15.41 per sf

Reception No: 2016052181

Closing Date: 5/29

Grantor: DIBC Commercial LLC, Mark Throckmorton, VP, 303-295-3071

Grantee: DND Hospitality LLC, Kalpesh V. Desai, manager, 2300 W. Albany St., Broken Arrow, OK 74012

Comments: Land was listed by Phil Hicks & Ken Himel of David Hicks Lampert, 303-694-6082. The site had a power easement running through a portion of the site, therefore the footprint of the building had to be smaller.

 

Property Location: 2120 S. Grape, Denver

Property Description: 6,535-sf office, art deco brick office building, YOC 1942

Land Size: 12,762 sf

Sales Price: $805,700, or $123.29 per sf

Reception No: 2016037029

Closing Date: 3/17

Grantor: 2120 S. Grape St. LLC, Larry Weber, member

Grantee: Air LLC 2120 S. Grape St., Denver 80222

Comments: Property was listed for sale @ $850,000 or for lease @ $18 modified gross. John Fairbairn, 303-226-4764, & Rick Giarratano, 303-226-4765.

 

Property Location: 4100 E. Colfax Ave., Denver, “Subway”

Property Description: 1,877-sf restaurant, YOC 1954, renovated in last 5 years, brick & stucco construction

Land Size: 8,700 sf

Sales Price: $630,000, or $335.64 per sf

Reception No: 2016052640

Closing Date: 4/22

Grantor: H&H Holdings LLC, Gary Newcomb, manager

Grantee: A Security Realty Company & Atlas Financial Corp., 232 W. 13th Ave., Denver 80204

Comments: Triple-net lease, single-tenant “Subway” with the franchisee operating 36 stores in the Denver market. They have been operating for 28 years and have been a tenant in this area for 25 years. This property sold on an in-place cap rate of 5.8%. Listed and sold by Chris Wiedenmayer, 720-529-2889, & Peter Peluso, 720-529-2984, of Legend Partners. This store received Colorado Franchisee of the Year award in 2014.

 

Property Location: SEC W. Alameda Ave. & S. Decatur, 2790 W. Alameda Ave.

Property Description: Closed Sonic Restaurant, 1,479 sf, YOC 2001

Land Size: 25,000 sf

Sales Price: $503,000, or $340.09 per sf

Reception No: 2016023210

Closing Date: 2/16

Grantor: Audrey C. Medina & Carole M. Murray, Oklahoma City, 73101-2438

Grantee: CPD-Alameda & Decatur, Centerpointe Real Estate, Matt Ladendorf, 602-448-8768, Scottsdale, AZ 85251

Financing: $729,700 & $91,200 payable to Stearns Bank, NA

Comments: Buyer has a tenant for the building.

 

Douglas County

Property Location: 630-640 Plaza Drive, Highlands Ranch

Property Description: 71,430-sf net rentable, two-story office building, YOC 2000; 84,043 sf three-story office building, YOC 2001, concrete panel construction; 155,472 sf total for both buildings, “Highlands Ranch Plaza I & II

Land Size: 10.286 acres

Sales Price: $25.1M, or $161.44 per sf

Closing Date: 4/18

Reception No: 2016023278

Grantor: LSREF4 Bison LLC, Bob Ricci, manager. Grantor has offices in several cities in the world with corporate offices in New York City, 917-286-3300.

Grantee: Plaza Drive LLC by: Bancroft Capital; Randy ten Doesschate, manager

Financing: $18.59M, payable to Compass Bank

Comments: Property last sold in August 2015 for $17.7, or $113.85 per sf.

 

Property Location: NE/S Castlegate Drive, approx. ¼ mile northwest of Promenade Pkwy, Castle Rock

Property Description: Vacant land

Land Size: 662,995 sf

Sales Price: $7.49M, or $11.29 per sf, or $24,000 per buildable unit

Reception No: 2016020790

Closing Date: 4/6

Grantor: Dwarf Blue LLC by: Alberta Castle Rock Management LLC, Donald G. Provost, manager, 303-771-4004

Grantee: Ledges Promenade at Castle Rock LLC, c/o Embrey Development, 210-824-6044, 1020 NE Loop 410, Suite 700, San Antonio 78209

Comments: The buyer plans to construct 312 apartment units. Chris Cowan & Steve O’Dell of ARA Newmark handled the transaction.

 

Property Location: 9067 Westfield, Lone Tree, “Red Lobster”

Property Description: 8,035-sf restaurant, YOC 1996

Land Size: 1.81 acres

Sales Price: $5M, or $626.46 per sf

Closing Date: 4/18

Reception No: 2016023278

Grantor: ARCP RL Portfolio IX LLC by: Cole REIT Advisors LLC, Todd J. Weiss

Grantee: Greenway Property LLC, W. Barry Shemer, member

 

Property Location: 7 & 19 N. Cantril St., Castle Rock, “Castle Court Apts.”

Property Description: two 17-unit, three-story apartment buildings with 36,456 sf, YOC 1980-1985

Land Size: 37,461 sf

Sales Price: $4.61M, or $136,029 per unit, or $126.86 per sf

Closing Date: 4/12

Reception No: 2016022011

Grantor: Brad Peterman

Grantee: Castle Court Partners LLC, William D. Evans Jr.

Financing: $3.7M @ 3.5% payable to Hunt Mortgage Partners, due 5-1-36

Comments: Josh Newell of Pinnacle Real Estate Advisors represented the parties in the transaction. Last sold for $3.3M on 1/30/15, or a 40.15% increase in price.

 

Jefferson County

Property Location: 525-530 S. Saulsbury St., aka 7110 W. Virginia Ave., “Trifecta Belmar,” Lakewood

Property Description: 220-unit apartment w/5 buildings, three and four stories, 218,882 sf, YOC 2015;

Land Size: 3.06 acres

Sales Price: $58.13M, or $264,205 per door, or $265.55 per sf

Reception No: 2016032624

Closing Date: 4/14

Grantor: Belmar Investors LP, Holland Partner Group Mgmt. Inc.; Clyde Holland, member, 1111 Main St., Suite 700, Vancouver, WA 98660

Grantee: CPF Trifecta LLC, c/o Cornerstone RE Adv. LLC, 310-234-2525

Comments: APN: 49-141-14-008,009. Grantor purchased the site for $4.4M, 2013145092 dated 12-18-13. Studio units consist of 528 sf and rent for $1,200/mo.; there are 12 one-bedroom models beginning @ 655 sf, renting for $2.23 per sf; one-bedroom units @ 700 sf to 748 sf, renting from $2 to $2.18 per sf; one-bedroom units @ 808 sf to 891 sf rent for $1.74 to $2.17 per sf. There are seven two-bedroom/two-bath models ranging from 1,032 sf to 1,320 sf, with rental range from $1.85 to $2.20 per sf. John Kennedy, 310-309-4353, is involved with real estate acquisitions, [email protected].

 

Property Location: 8250 W. Coal Mine Road, Littleton, “Dutch Creek Center”

Property Description: 27,035-sf strip center, YOC 1982

Land Size: 2.66 acres

Sales Price: $3.4M, or $125.76 per sf

Reception No: 2016037443

Closing Date: 4/20

Grantor: Peterman Investment LLC; Helen Y. Peterman, member

Grantee: MohrAlex LLC

Comments: Anchored by 7-Eleven, listed by Dawn Murray at [email protected], 303-931-9387.

 

 

Property Location: SWC W. 64th & Joyce Drive, 6395 Joyce Drive, Arvada

Property Description: Vacant 20,668-sf flex building, YOC 1979, land value. A proposed 28,000-sf Sprout Farmer’s Market will be constructed.

Land Size: 130,680 sf

Sales Price: $2.25M, or $17.22 per sf

Reception No: 2016042555

Closing Date: 5/5

Grantor: Jack M. Carter LLC, Jack M. Carter, manager, 303-761-6468

Grantee: Joyce Market LLC c/o Cadence Capital Investments, Greg Ham, 720-496-2581 or William R. Rothacker, president, 720-496-2582

Financing: $6.51M payable to CityWide Banks

Comments: Signer on deed of trust was with Cadence Capital Investments. Lot 2, Block 3, Arvada Tech Center Filing No. 2.

 

Property Location: 7878 W. 80th Pl., Arvada

Property Description: 16,931-sf, two-story plus garden level office building, YOC 1987, masonry construction

Land Size: 1.62 acres

Sales Price: $1.7M, or $100.41 per sf

Reception No: 2016037019

Closing Date: 4/19

Grantor: MVT LLC, Michael Cessa, manager

Grantee: AJOT LLC, Joshua O. Ellison, manager

Financing: $1.13M payable to Guaranty Bank & Trust

Comments: Key Bank is the anchor tenant.

 

Property Location: 4265-4275-4295 Kendall St., Wheat Ridge

Property Description: 18-unit apt., one story with three buildings, 11,625 sf, YOC 1947, brick, six garages

Land Size: 21,790 sf

Sales Price: $1.53M, or $122,083 per door, or $184.63 per sf

Reception No: 2016037455

Closing Date: 4/21

Grantor: Kendall Street Apartments LLC

Grantee: Kendall Apartments, 25%, & Uvector Kendall St. LLC, 75%, c/o Hudson Grove, Ben Agin, manager, 303-431-1392

Financing: $1.44M payable to TCF Bank

Comments: There are 18 one-bedroom units @ 555 sf. Property was listed by Joe Hornstein, Scott Vetter & Eric Veith of Pinnacle Real Estate Advisors. Current rents average $753 per month, with pro forma at $850. Estimated expenses run $3,345 per door and pro forma cap rate is 8.4% with existing cap rate 6.9%. The legal description is divided into three buildings with six condo units per building and 24 individual parking spaces. Condo declarations were recorded 1-14-03.

 

Property Location: 7615 W. 60th Ave., Arvada 80004

Property Description: 12-unit apt., 7,935 sf, YOC 1959, brick

Land Size: 21,790 sf

Sales Price: $1.47M, or $122,083 per door, or $184.63 per sf

Reception No: 2016035015

Closing Date: 4/14

Grantor: SG Investments LLC, Larry Queen, manager

Grantee: Fred Kahane, 1122 Marco Pl., Venice, CA 90291

Financing: $1.03M due 5-1-46, payable to BOFI Federal Bank

Comments: There are 11 two-bedroom units @ 625 sf and one one-bedroom @ 525 sf. The units are individually metered for gas and electric.

 

Property Location: 455 S. Pierce, Lakewood

Property Description: 10,731-sf school, YOC 1968, concrete panel, 44 parking

Land Size: 63,450 sf

Sales Price: $1.05M, or $97.85 per sf

Reception No: 2016033480

Closing Date: 4/11

Grantor: The Learning Source Foundation, James E. Spoja, president

Grantee: Foundation Holding LLC, John Morgridge, manager, 4242 E. Amherst Ave.

Comments: Subject to a lease from Foundation Holding LLC to the Learning Source Foundation dated 4-11-16.

 

Property Location: 9277 W. 56th Pl., Arvada 80002

Property Description: 12-unit apt., 6,236 sf, YOC 1974, brick

Land Size: 20,681 sf

Sales Price: $810,000, or $67,500 per door, or $129.89 per sf

Reception No: 2016035015

Closing Date: 4/15

Grantor: Arvada Investment Properties LLC, Michael Stickel, manager

Grantee: Circle Properties LLC, Elizabeth Kreis, manager, 303-431-9792

Financing: $400,000 payable to Northwest United Federal Credit Union

Comments: There are 11 two-bedroom units @ 625 sf and one one-bedroom @ 525 sf. The units are individually metered for gas and electric.

 

Property Location: 7525 W. 10th Ave., Lakewood 80214

Property Description: 8,890-sf, two-story office building, YOC 1974

Land Size: 26,428 sf

Sales Price: $700,000, or $78.74 per sf

Reception No: 2016033610

Closing Date: 4/11

Grantor: Rocky Mountain Center for Health Promotion and Education, Sharon Murray, president & CEO

Grantee: Arahant Properties LLC, John B. Edwards, manager, 720-209-8537

Financing: $560,000 payable to Academy Bank, NA

Comments: The listing broker is Jamie Macbeth of Genesee Commercial Group, 303-980-0500, Ext. 104, Dr. Hy Gia Park is the buyer, www.arahanthealth.com.

 

Property Location: S/S W. 110th Avenue, 350’ E. of Dover St.,

8510 W. 110th Ave., Westminster, “Walnut Creek Bus. Park”

Property Description: Vacant land proposed 30,000-sf office/warehouse

Land Size: 3.17 acres

Sales Price: $580,000, or $4.21 per sf

Reception No: 2016040700

Closing Date: 4/29

Grantor: Walnut Creek Lot 2 LLC, Steve Rasmussen, managing partner of St. John Properties, 303-278-7676

Grantee: S and S Properties LLC, Daniel D. Steen, manager, 303-466-3199

Comments: Buyer’s company, Steen Machining Inc., currently located at 11610 Quay St., Broomfield, will relocate to the new 30,000-sf building.

 

Property Location: 6808 W. Colfax Ave., Lakewood 80214

Property Description: 1,258-sf small auto dealer, YOC 1957

Land Size: 22,825 sf

Sales Price: $425,000, or $337.84 per sf

Reception No: 2016034990

Closing Date: 4/8

Grantor: Lotus Property LLC, W. M. Trevathan, manager

Grantee: Amir H. Bayani-Rad, 303-698-2479, 1132 S. Gaylord St., Denver 80210

Financing: $300,000 @ 4.4% due 4-1-26, payable to FirstBank

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