The Winslow Report 5-4-16

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Winslow Report

The 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]

Adams County

Property Location: 9701 Pearl St., Thornton, “Highpointe Park Apartments”

Property Description: 220-unit, three-story with 206,570 sf net rentable area, YOC 2012, frame/masonry construction, 8 buildings plus 5,497-sf clubhouse

Land Size: 7.9 acres

Sales Price: $41.8M, or $190,000 per door, or $197.11 per sf

Reception No: 2016000030162

Closing Date: 4/19

Grantor: Hiphpointe LLC, c/o Asher Investments, Michael Asher, manager

Grantee: CB Paradise Highpointe LLC, Celia Blasé, member; BLF Highpointe LLC, Brenda L. Franco, manager; TAMB3 Highpointe LLC, Patricia G. Rubino-Brunetti, manager; RRH Highpointe LLC, Robert James Heil, et ux.; LEM Paradise Highpointe LLC, Larry E. Morell & Erica Danjelic, managers; Raw Highpointe LLC, Ronald & Jocelyn Weiss, managers; Sorrento Highpointe LLC, Mark Hamilton, manager; Spyglass Apartments LLC, Mark Hamilton c/o Hamilton Zanze & Co., 415-561-6800

Financing: Assumption of $30.27M note dated 7-29-2014, payable to City Bank, NA, trustee for Barclays Commercial Mortgage Securities LLC, by: CBRE Loan Services Inc., David Haley, managing director

Comments: This property was listed and sold by CBRE Multifamily team. There are two models of one-bedroom units: 44 units containing 775 sf, renting for $1,175/mo., and 76 units containing 825 sf, renting for $1,215 per month average; two models of two-bedroom/two-baths with 42 units @ 1,025 sf, renting for $1,450/mo., and 34 units of two-bedroom/two-bath units containing 1,080 sf, with rental rates at $1,525-$1,550/mo. The three-bedroom/two-bath model contains 24 units with 1,250 sf each, renting for $1,655/mo.

 

Property Location: 10754-107774 Belle Creek Blvd. & 10771 Dayton Way, Henderson, “Belle Creek Apartments”

Property Description: 150-unit, three-story apartment with 116,736 sf net rental area, YOC 2002, frame construction

Land Size: 3.76 acres

Sales Price: $23M, or $153,333 per door, or $197.03 per sf

Reception No: 2016000030162

Closing Date: 4/19

Grantor: IRT Belle Creek Apartments Colorado by: Rait Financial Trust

Grantee: ED Belle LLC, HZ Belle Creek, Mark Hamilton c/o Hamilton Zanze & Co., 415-561-6800

Financing: Loan was executed by Holliday Fenoglio Fowler LP.

Comments: This property was listed and sold by HFF multifamily team. There are 39 one-bedroom units containing 522 sf, with a rental rate range from $1,099 to $1,149/mo. There are 96 two-bedroom/783-sf units with a rental rate range from $1,285 to $1,365/mo. The three-bedroom/two-bath units consist of 21 units containing 1,010 sf, with a rental range of $1,530-$1,590. The rent survey was conducted on 4-22 with the Belle Creek Apartments, 303-286-1439. The apartment’s management office is located at 9458 Longs Peak Drive, Henderson.

 

Property Location: Northeast corner of Interstate 25 & East 136th Avenue

Property Description: Misc. farm and residential improvements; land value

Land Size: 94.16 acres

Sales Price: $13M, or $3.17 per sf

Reception No: 2016000028770

Closing Date: 4/14

Grantor: EJW LP, et al., Agur Foundation, Eric S. White, director, 4 W. Dry Creek Circle, Suite 100, Littleton 80120-4457

Grantee: Denver Premium Outlets LLC, by: Simon Property Group, 317-636-1600

Comments: 01573-22-4-00-002 – 9.9 acres, 13971 Washington, 01573-22-4-00-001, 01573-22-0-00-023 – 45.616 acres, 441 E. 136th Ave. Plan to build 350,000 sf of retail outlet space and for occupancy in mid-2017. Buyer will use approximately 40-50 acres for the initial development.

Property Location: 5360 Zuni St., Denver, “Cielo Vista Apartments”

Property Description: 54-unit, three-story walk-up apartment building, 41,085 sf, YOC 1973, frame stucco & brick construction

Land Size: 1.35 acres

Sales Price: $5.65M, or $104,630 per door

Reception No: 2016000003956

Closing Date: 1/19

Grantor: Zuni Investment Group, Cary Cooper, manager, 310-899-9171

Grantee: Cielo Vista Acquisitions by: Haven Capital, John Moritz, 303-530-0700

Financing: Assumption of $2.8M note dated 4-13-07, payable to Wells Fargo

Comments: This property was listed and sold by Andy Hellman, Justin Hunt & Spencer Bradley of ARA Newmark, 303-260-4400. The average size unit is 761 sf with a lease rate average of $1.36 per sf. There are three one-bedroom units @ 554 sf that rent for $859 per month; 51 two-bedroom/one-baths @ 773 sf that rent for $1,046 per sf. Expenses for this building are estimated at $4,950 per unit plus capital reserves.

 

Arapahoe County

Property Location: 61 Inverness Drive East, Englewood

Property Description: 88,692 sf three-story office building, YOC 1982, masonry

Land Size: 5.02 acres

Sales Price: $10.8M, or $121.77 per sf

Reception No: D6036591

Closing Date: 4/14

Grantor: United Properties Associates LLC, Bill Katter, president, 952-837-8525

Grantee: 61 Inverness Associates LLC, Malcolm J. Tom, manager, 1860 Ala Moana Blvd., Honolulu, HI 95815, 808-955-1764

Financing: $8.2M, payable to Bancorp Bank, due 3-5-26

Comments: The property last sold in February 2013 for $5.3M. The Denver office phone number for the seller is 720-898-5870. Patrick Devereaux, 303-217-7977, of JLL handled the transaction. Brandon Basham of MB Basham & Associates represented the buyer.

 

Property Location: N/S E. Ottawa Place, approximately 300’ east of Smoky Hill Road, also fronts south side of East Calhoun Ave, Aurora

Property Description: vacant multifamily land

Land Size: 21.85 acres

Sales Price: $5M, or $5.25 per sf, or $14,793 per unit

Reception No: D6034841

Closing Date: 4/6

Grantor: PPF AMLI East Ottawa Drive LLC, Scott A. Koppelman

Grantee: Wheatlands Peak LLC, by Grand Peaks Inc., Simpson Housing, Luke Simpson, CEO, & Nick Simpson, president, 720-889-9200

Comments: Buyer plans to build 338 units with 15.4 dwelling units per acre. Buyer made application to the city of Aurora in September 2015. The 15-building complex will also include a clubhouse, swimming pool, dog park and trail system. There are 739 parking spaces proposed, including garages. The project manager for the buyer is Paul Herskowitz, 720-889-9209. There will be 119 attached garage spaces plus three handicap garage spaces, 121 detached garage spaces, 348 surface spaces, including eight handicapped spaces.

 

Property Location: 5570 DTC Pkwy., Greenwood Village

Property Description: 28,000-sf office building with two floors, YOC 1966, concrete construction

Land Size: 5.04 acres

Sales Price: $4.2M

Reception No: D6038612

Closing Date: 4/14

Grantor: NBH Bank, Zsolt K Bessko, 720-554-6680

Grantee: 5570 DTC Partners LLC, Redwood-Kairos Real Estate Partners: Chang Family, Michael Chang, president, & Jonathan Needell, chief operating officer, 949-709-8888.

Financing: Assumption of $2.8M note dated 4-13-07, payable to Wells Fargo

Comments: The listing brokers were Dave Buck, 720-528-6514, & Monica Wiley, 720-528-6513. Buck’s cell number is 303-358-1052. The buyer will continue to operate the building as an office investment as an interim use. The site, as if vacant, would be $19.23 per sf. As improved, the price reflects $150.89 per sf.

 

Property Location: 19330 E. Quincy Ave., Aurora

Property Description: 15,765-sf strip center, YOC 2006, masonry construction

Land Size: 72,007 sf

Sales Price: $4.05M, or $256.90 per sf

Reception No: D6036591

Closing Date: 4/11

Grantor: Spirit MT Aurora CO LLC, Mark Manheimer, EVP

Grantee: BAJ Property Investment LLC, Jujhar Singh Dhanoa, manager

Financing: Assumption of $2.8M note dated 4-13-07, payable to Wells Fargo

Comments: Tenants include Big 5 Sporting Goods, Quincy Liquor and Subway.

 

Property Location: 25650 E. Arapahoe Road, Aurora, “McDonalds ground lease”

Property Description: 5,125-sf fast-food restaurant, YOC 2014, masonry

Land Size: 1.31 acres

Sales Price: $2.6M

Reception No: D6038958

Closing Date: 4/14

Grantor: Evergreen-Arapahoe & Smoky Hill LLC, Laura Ortiz, EVP

Grantee: Sudduth Company LLC, c/o Sudduth Tire Company, Jeanne Sudduth & David Obenauer, 562-426-5544,

Comments: This is a fee-simple interest in the McDonald’s ground lease, which is absolute triple net. There is a 20-year primary term plus eight five-year renewal options with a 10% increase each five years throughout the primary term and renewal option periods. Jason Schmidt, 303-217-7953, & Matthew Berres, 213-239-6174, both of JLL, negotiated the sale. The in-place cap rate at the time of sale was 4%. The buyer is a principal with Sudduth Tire Company, 2690 Atlantic Ave., Long Beach, CA 90806. The seller’s Denver office is 303-757-0401.

 

Property Location: 7050 S. Broadway, Littleton, “Advanced Auto Parts”

Property Description: 6,124-sf retail building, single tenant, YOC 2010, masonry

Land Size: 37,592 sf

Sales Price: $2.1M, or $348.79 per sf

Reception No: D6037202

Closing Date: 4/13

Grantor: Peter Kunzler, 305-292-0707, & Mark Kunzler

Grantee: Capview Income Value Fund IV LP, Doug Colquitt, acquisitions, Real Estate Execution, 972-656-6071, corporate, 972-656-6066, ww.capviewpartners.com

Financing: Line of Credit with Bank of America, NA

Comments: Single-tenant building with Advanced Auto Parts as the tenant. The lease has 9.75 years remaining out of a 15-year lease. The property sold on an in-place cap rate of 6.26%. The listing broker was Stan Johnson Associates, Adam Jennings, 404-823-6743. He is based out of the Atlanta office. Kenneth M. Shulman, CRE, 972-656-6074, is signatory on the deed of trust.

 

Property Location: 82 Inverness Drive East, Units C & D, Englewood

Property Description: 22,336-sf, two-story industrial condo units: three dock-high doors w/levelers, one drive-in, 26’ clear, wet sprinkler system, YOC 1979, concrete, precast panels, includes 4,086-sf structural mezzanine area

Land Size: 1.09 acres

Sales Price: $1.8M, or $79.92 per sf

Reception No: D6036320

Closing Date: 4/11

Grantor: Arapahoe Warehouse Buildings Inc., J. Leon Fetzer, president

Grantee: Heirborn Partners, by: Mountain Man Nut & Fruit, Mike & Brad Connor, principals, 303-841-4100, 10338 S. Progress Way, Parker 80134

Comments: Property was listed by Steve Serenyi, 303-283-4578, & Tyler Ryon of Colliers International, 303-758-5800. The grantees, Mike and Brad Connor, are second generation of Mountain Man Inc., based in Parker. Their father, Dave Connor, started the company in 1977. Rick Egitto, 720-274-8374, & Jeremy Reeves of Inverness Properties represented the buyer in this transaction.

 

Property Location: 3025 W. Hampden Ave., Sheridan

Property Description: 10,800-sf industrial building, YOC 1982, masonry

Land Size: 32,234 sf

Sales Price: $1.1M, or $104.17 per sf

Reception No: D6036894

Closing Date: 4/12

Grantor: CWGAST Real Estate LLC, Clyde W. Gast, member

Grantee: International Union of Elevator Constructors Local 25, Mike Gleiforst & Eulalio Omar, business reps., 303-937-8039

Financing: $588,049 payable to Bank of the West

Comments: The APN numbers are: 1971-32-3-08-014, 020 & 021. Buyer will occupy this building. Greg Knott, 303-512-1156, Sam Flesner & Zach Smith of Unique Properties LLC-TCN Worldwide were the listing brokers on this property. The first level contains 5,400 sf with 5,400 sf lower level with drive-in door to lower level.

 

Property Location: 5898 S. Broadway, Littleton

Property Description: Vacant land

Land Size: 32,813 sf

Sales Price: $1M, or $30.48 per sf

Reception No: D6036426

Closing Date: 4/8

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

Grantee: 7-Eleven Inc., Dallas, TX

Comments: The Arapahoe County Assessor’s Office shows the property to be vacant but there was a Conoco c-store on the site at one time. The property is located at the northeast corner of East Orchard Road & South Broadway. A 7-Eleven convenience store with gasoline pumps is planned.

Property Location: 3344-3350 S. Washington St., Englewood

Property Description: Residential homes; land value

Land Size: 18,120 sf

Sales Price: $925,000, or $30.48 per sf

Reception No: D6035317

Closing Date: 4/6

Grantor: Carolyn Boucher

Grantee: Jaman Solutions LLC

Comments: Listing broker was Carie Boucher with Coldwell Banker Southeast Metro DTC, 303-224-0281, [email protected]

Property Location: 7960 S. University Blvd., Centennial

Property Description: 3,451-sf office condominium, YOC 2005, brick

Sales Price: $725,000, or $210.08 per sf

Reception No: D6036313

Closing Date: 4/8

Grantor: Colorado Pediatric Pulmonary LLC, Dr. Talat Z. Zhan, 303-869-2120

Grantee: Sixtus LLC, Dr. Edwin T. Anselmi, member, 720-344-2680

Financing: $400,000 payable to U.S. Bank, NA

Comments: Listed by Pete Foster of Pinnacle Real Estate Advisors, 303-962-9548 Grantee is principal of Our Lady of Hope Medical Clinic.

Property Location: 3020 S. Broadway, Englewood, “Wright Motel”

Property Description: 10-unit, two-story motel, 8,588 sf, YOC 1948, block

Land Size: 12,450 sf

Sales Price: $718,000, or $71,800 per room, or $83.61 per sf

Reception No: D6034729

Closing Date: 4/4

Grantor: Young Yi Choi

Grantee: Wright Motel LLC, Daniel Eugene Kim, manager

Financing: $605,500 SBA loan payable to BBCN Bank,

Comments: Motel contains two buildings, each with one & two stories, directly north of the Walgreens.

Boulder County

Property Location: 1860-1880 Industrial Circle & 1960 Ken Pratt Blvd., Longmont

Property Description: two 14,400-sf office/flex buildings, YOC 1984, masonry, 19,200-sf flex building, YOC 1983, three buildings total, 48,800 sf

Land Size: 3.5 acres

Sales Price: $4.4M, or $91.75 per sf

Reception No: 03512447, 03512445

Closing Date: 4/14

Grantor: Longmont Diagonal Investments LLC; Goff Capital Partners, Conrad Suszynski, 303-395-1890

Grantee: 1860 Industrial Circle LLC, et al., Seth Chernoff, manager, 303-350-3990

Financing: $3.8M payable to Colorado Business Bank

Comments: Hunter Barto & Dryden Dunsmore of Dean Callan & Co. represented the buyer. The Longmont Times-Call moved to 1860 Industrial Circle, into 4,800 sf in 2015. Scott Garel of Newmark Grubb Knight Frank, who represented the seller, indicated the lease was finalized at $11 per sf triple net for five years. The buildings were 70% occupied at the time of sale and tenants included Kidney Center of Longmont, Imagine!, Medically-Based Fitness, Bluip & iCardiac Technologies.

Property Location: 988 Dillon Road, Louisville, “Outback Steakhouse”

Property Description: 6,224-sf restaurant, YOC 1996,

Land Size: 1.52 acres

Sales Price: $2.72M, or $436.82 per sf

Reception No: 03511562

Closing Date: 4/14

Grantor: New Private Restaurant Properties LLC, by Blooming Brands Inc. Ronda L. Stoker is director of real estate for the seller.

Grantee: MDC Coast 4 LLC, by Realty Income, Cary Wenthur, SVP-acquisitions,

11995 El Camino Real, San Diego 92130

Comments: Seller is Blooming Brands, 813-282-1225, owner of several major chain restaurants, including Outback Steakhouse. Jeffrey Smith is president of Outback Steakhouse. Memorandum of lease effective date is March 30, 2016. The initial term is for 10 years with three 60-month renewal terms. Michael B. Pfeiffer is the executive vice president for the buyer.

 

Property Location: 3289 Airport Road, Boulder

Property Description: Vacant land

Land Size: 2.48 acres

Sales Price: $1.3M, or $12.03 per sf, or $18,571 per unit

Reception No: 03511456

Closing Date: 4/6

Grantor: City of Boulder, Jane S. Brautigam, city manager

Grantee: Airport Adventures LLC, Kyle McDaniel, manager, c/o Four Star Realty, Inc., & Louis J. DellaCava, manager

Financing: $850,000 payable to First National Bank, Fort Collins, due 4-6-17

Comments: Lot 1C, Airport South Replat C; property is located on the northwest corner of Airport Road & Kenosha Drive. Developer plans to build 70-unit apartment complex for middle-income residents.

 

Property Location: 1610 Canyon Blvd., Boulder

Property Description: 2,900-sf dental building, YOC 1972, masonry

Land Size: 7,314 sf

Sales Price: $999,000, or $344.48 per sf

Reception No: 03511587

Closing Date: 4/7

Grantor: Karen & David Louis

Grantee: Abboud Properties 1610 LLC, Dr. Danny Abboud, manager, 303-442-5000

Financing: $799,200 payable to UMB Bank

Comments: Boulder Dental Center, Dr. Danny Abboud, president, occupies the space and purchased the property from the landlord. See www.boulderdentalcenter.com.

Property Location: 5485 Conestoga Court, Unit 104, Boulder

Property Description: 5,287-sf industrial condo, YOC 1985, fluted- and fractured-block construction

Land Size: 1.24 acres for entire complex

Sales Price: $720,000, or $136.18 per sf

Reception No: 03512099

Closing Date: 4/13

Grantor: Randolph Enterprises LLC, Douglas Emerson, manager

Grantee: PWP Investments LLC, Ping Chen, 2143 Imperial Lane, Superior 80027

Comments: Suite A consists of 1,835 sf and is fully leased. Suite B was vacant at time of sale and contains 3,452 sf. Owner association dues, including gas, electric, water, snow removal, janitorial, are $1,449 per month. Ty Hart of Re/Max of Boulder, 303-882-7445, was the listing broker. Buyer’s phone number is 303-543-0037.

Property Location: West side of South Main Street at Colorado Avenue intersection, 127 S. Main St., Longmont

Property Description: Vacant land

Land Size: 31,229 sf

Sales Price: $430,000, or $13.77 per sf

Reception No: 03512068

Closing Date: 4/12

Grantor: 127 S. Main LLC, Ray M. Burgio, manager, 303-678-0300

Grantee: Burlington Neighborhood Inc., Kiki Wallace, manager, 303-684-9999

Comments: See rezoning from M-1 to M-U 03352854 & 03292913. Buyer purchased 125 S. Main St. for $597,000 on 9-28-15. The building is a 4,000-sf auto showroom/repair center; the lot is 28,768 sf. Buyer intends for interim hold until such time as the site becomes feasible to develop high-density residential and retail.

Denver County

Property Location: 3025 W. Floyd Ave., Denver, “Fielder’s Creek Apartments”

Property Description: 217-unit, three-story apartment: nine buildings plus clubhouse 170,713 sf, YOC 1983, frame construction

Land Size: 7.41 acres

Sales Price: $32.4M, or $149,309 per unit, or $189.79 per sf

Reception No: 2016037539

Closing Date: 3/23

Grantor: Foothills Apartments Investors LLC, Aukum Management LLC, Jason M. Fuchs

Grantee: STAR Fielders Creek LLC, c/o Steadfast Asset Holdings Inc.

Financing: Cash

Comments: Buyer is based out of Irvine, California, 949-852-0700, with Rodney F. Emery as CEO & Ella Shaw Neyland as president. Seller can be reached at Aukum Management LLC, Jason M. Fuchs, 415-408-7447, or Linton Young Sr., 415-408-7446. Seller renovated the property in June 2011, shortly after closing for $15.6M. The renovations included new appliances, flooring, paint, hardware, countertops, electrical fixtures and kitchens. Seller also installed washer and dryers for each unit. This transaction was negotiated by ARA Newmark. The nine studio units contains 535 sf @ rents of $827 to $905 per month, or $1.65 per sf; The 99 one-bedroom units contain 654 sf and rent for $881 to $970 per month; the 109 two-bedroom/1.75-baths contains 928 sf and rent for $1,083 to $1,180 per month. The higher range of the rental rates are those units that have been renovated. The average rental rate is $1.32 per sf with the average size unit 787 sf. There are 131 units that are fully renovated. There are 40 carports and 275 open parking spaces. The projected expenses for the units are $4,188 per door plus capital reserves.

Property Location: NWC Bannock Street & Speer Blvd.; NEC Cherokee Street & Speer Blvd., Denver

Property Description: Misc. Improvements; land value

Land Size: 96,566 sf, seven contiguous parcels

Sales Price: $14.8M, or $153.19 per sf; land value

Reception No: 2016050829

Closing Date: 4/19

Grantor: Bannock Associates LP, Seth P. Berger, treasurer, 970-544-9977

Grantee: GUGV Speer Bannock Denver Property Owning LLC, Greystar, Scott Wise, 713-479-8911, Houston, TX 77057

Comments: APN: 05037-12-003, 02037-07-032, 05037-07-031, 05037-07-030, 05037-07-026, 05037-07-025 & 05037-07-024. No building permit has been filed but buyer indicates it plans to build a 301-unit, 16-story apartment building with 12,500 sf of retail and rooftop amenities. Construction is scheduled to commence in September 2016.

 

Property Location: 600-624 Pennsylvania St., Denver, “Dwell Apartments”

Property Description: 53-unit, five-story walk-up style apartment building, 36,641 sf, YOC 1962, renovated in 2015, brick construction

Land Size: 31,250 sf

Sales Price: $11.75M, or $221,698, or $320.68 per sf

Reception No: 2016003960

Closing Date: 1/12

Grantor: Dwell Apartments LLC by: Baron Properties LLC, Jeffrey Riggs, manager

Grantee: JM Pennsylvania LLC, Jason McCool, manager

Financing: $8.8M @ 3.85% due 1-10-28, payable to FirstBank; $1.2M due 10-10-16, payable to FirstBank

Comments: This property was listed and sold by Andy Hellman, 303-260-4474, Justin Hunt, 303-460-4475, & Robert Bratley of ARA Newmark, 303-260-4400. The average size unit is 691 sf with a lease rate average of $1,489 per month, or $2.15 per sf. There are six studio units with 504 sf renting for $1,171 per month, or $2.32 per sf; 29 one-bedroom units @ 662 sf that rent for $1,482 per month, or $2.24 per sf; four one-bedroom units @ 715 sf that rent for $1,460 per month, or $2.04 per sf; 13 two-bedroom/one-baths @ 809 sf that rent for $1,616 per month, or $2 per sf; and one two-bedroom/one-bath penthouse containing 1,050 sf, renting for $2,090 per month, or $1.99 per sf. Expenses for this building are estimated at $4,025 per unit plus capital reserves, stabilized occupancy. There are 28 parking spaces that rent for $80 per month.

 

Property Location: 2901 Broadway, Denver

Property Description: 29,084-sf industrial building, YOC 1965, brick

Land Size: 2.44 acres

Sales Price: $6.3M, or $216.61 per sf

Reception No: 2016046234

Closing Date: 4/12

Grantor: Broadway 29 LLC, c/o Sun Communities Inc., Gary Shiffman, manager Grantee: BW-2901 Land LP, c/o Cypress Real Estate Advisors Inc.

Comments: See declaration of covenants for Denargo Market recorded 5-4-12, 2012059131. Buyer has assembled 29.55 acres, including 20 individual parcels with RMU-30 zoning. This site adjoins grantee’s other properties and may be considered an interim use.

 

Property Location: 3880 Holly St., Denver

Property Description: 40,388-sf industrial building, YOC 1965, brick

Land Size: 2.44 acres

Sales Price: $5M, or $123.80 per sf

Reception No: 2016040759

Closing Date: 3/31

Grantor: BI Commercial Management LLC, Kevin Daly, member

Grantee: William D. Moreland, et al.

Comments: Denver Canna Club is the tenant specializing in cultivation of marijuana. This is a licensed medical marijuana dispensary. The buyer is an investment group as this is a sale-leaseback. Kevin Daly owns Mindful, the MMJ tenant in the building.

 

Property Location: 4275 Tennyson St., Denver, “The Atomic Cowboy, home of Denver Biscuit Company & Fat Sully’s”

Property Description: 7,348-sf restaurant, YOC 1961, renovated in 2015, brick

Land Size: 19,169 sf

Sales Price: $4.4M, or $598.80 per sf

Reception No: 2016042937

Closing Date: 4/4

Grantor: KRF 4275 LLC, by: Kentro Group, George Balafas, manager

Grantee: Barrett LLC, 123 S. Third Ave., Suite 27, Sandpoint, ID 83864

Comments: Seller paid $1.2M for the 19,169-sf site on 10-28-13. See APN: 02193-16-006. This sale is a long-term investment for the buyer. The seller is a developer who has successfully developed several parcels of land in the Denver metro area.

 

Property Location: 3015 E. Colfax Ave. & 1500 Milwaukee St., Denver

Property Description: 50,000-sf+/-, four-story hotel building, YOC 1959, masonry

Land Size: 36,996 sf

Sales Price: $3.55M

Reception No: 2016050814

Closing Date: 4/18

Grantor: Morreale Hotels LLC, Tom H. Connolly, manager, as debtor-in-possession

Grantee: Inspire Colfax LLC, Brian Toerber, manager

Financing: $2.4M payable to Peoples National Bank, due 4-18-18

Comments: Seller, Jesse Morreale, filed bankruptcy on 5-28-13. Buyer is a developer and constructed the 50-unit Detroit Terrace apartment building. Deed of trust also encumbers 1504 Detroit St. Buyer’s plans are unknown, but this building may be either razed or totally renovated for multifamily or micro units.

 

Property Location: 411-419 24th St. & 2503 Tremont Place, Denver, “Sunnyside Apartments”

Property Description: Eight-unit, two-story apartment, 6,054 sf, YOC 1909, masonry, & 11-unit, two-story apartment, 13,572 sf, YOC 1913, stucco, total 19 units

Land Size: 24,470 sf

Sales Price: $3.6M, or $189,474, or $183.43 per sf

Reception No: 2016044419

Closing Date: 4/5

Grantor: Sunnyside Apartments LLC, Benjamin Agin, manager

Grantee: Tremont Row LLC, Bill Moore, manager, by Sprocket Design Inc.,

720-377-9690, 940 Lincoln St., Denver 80203

Financing: $3.45M @ 4.5% due 10-1-17, payable to FirstBank

Comments: The apartments at 411-419 24th St. are two-bedroom townhome style apartments with an average of 676 sf, while 2503 Tremont Place contains 11 three-bedroom units with an average of 1,167 sf. This transaction was handled by J.B. Hochman & Justin Brockman of Pinnacle Real Estate Advisors. Bill Moore is a principal with Sprocket Design. www.sprocketdb.com

 

Property Location: 2501 Syracuse St., Denver, “Primrose Preschool”

Property Description: 10,319-sf day care center, YOC 2005

Land Size: 93,619 sf

Sales Price: $3.36M, or $325.35 per sf

Reception No: 2016044799

Closing Date: 3/31

Grantor: Hasta La Vista LLC, Jesse Kaba, VP

Grantee: Roots to Wings Stapleton Development LLC, Beth Deasy, manager

Financing: $1.7M SBA loan payable to Wells Fargo Bank, NA,

due 3-31-36, $1.35M payable to Wells Fargo Bank, NA, due 3-31-17.

Comments: Beth Deasy owns the franchise for this school along with several others in Adams County. See transactions between same grantee and grantor located at 12899 Grant St., Thornton, for $2.9M, or $295.59 per sf.

 

Property Location: 1345-1363 Yosemite St., Denver, “Glory Apartments”

Property Description: 29-unit, three-story walk-up apartment building, 17,046 sf, YOC 1969, brick; 18-unit, three-story “center-hall” apartment w/11,055 sf, YOC 1959, brick

Land Size: 34,375 sf

Sales Price: $3.2M, or $68,085 per unit, or $113.88 per sf

Reception No: 2016041496

Closing Date: 3/31

Grantor: Cathy Dzung Tran, 11940 W. Alameda Pkwy., Lakewood 80228-2707

Grantee: UPC Yosemite LLC, by Urban Public Companies Inc., Ryan M. Lawless & Neil Shah, managers, 303-292-0095, 3200 Brighton Blvd., Suite 110, Denver 80216

Financing: $2.6M payable to Centerline Mortgage Partners

Comments: Matt Lewallen & Kevin Calame of Pinnacle Real Estate Advisors listed and sold this property. Buyer’s website is www.urbanpublic.net. Acute Property Management will manage the rehabilitation of this property. There are eight studio units containing 440 sf, 29 one-bedroom units with an average of 663 sf each and 10 two-bedroom units @ 775 sf each.

 

Property Location: 455 S. Platte River Drive, Denver

Property Description: 45,902-sf church, w/ 1,000 +/- seat auditorium, classrooms, office space, gymnasium, kitchen, bookstore. 10,681-sf building, YOC 1966

Land Size: 3.44 acres zoned I-A

Sales Price: $2.87M, or $62.53 per sf

Reception No: 2016046443

Closing Date: 4/12

Grantor: Red Rocks Church, Eric J. Parks, director, 303-455-5622

Grantee: Lifescape Development LLC, Michael J. Hupf & Phillip A Hupf, managers

Financing: $1.46M payable to Wells Fargo Bank, NA, SBA loan; $1.2M payable to Wells Fargo Bank, NA, due 4-11-17

Comments: This property is located at the northwest corner of South Jason Street & West Virginia Avenue. Buyer will occupy the space. The grantee’s website is www.lifecolorado.com and the business can be reached at 303-831-8310. The transaction was handled by Tom Mathews with CBRE.

 

Property Location: 2465-2475 S. Gaylord St., Denver, “Sunnyside Apartments”

Property Description: 17-unit, three-story apartment, 11,616 sf, YOC 1957, brick

Land Size: 11,875 sf

Sales Price: $2.75M, or $161,765 per unit

Reception No: 2016042928

Closing Date: 4/4

Grantor: 2465-2475 South Gaylord Street, LLC, Terry Papay & Albert Papay

Grantee: The Flats at Deboer Park LLC, Donald & Matthew Hamstra, members

Financing: $2.35M, payable to Valley Bank Trust

Comments: Matt Lewallen & Kevin Calame of Pinnacle Real Estate Advisors listed and sold this property. Terry Papay, grantor, is involved with Tavern Hospitality Group along with her son, Frank Schultz, 303-266-1555.

 

Property Location: 1380 S. Santa Fe Drive, Denver

Property Description: 15,381-sf office/medical building, YOC 1971

Land Size: 33,250 sf

Sales Price: $1.8M, or $117.03 per sf

Reception No: 2016047581

Closing Date: 4/13

Grantor: Medical Building Management LLC, Brian Lambden, manager

Grantee: Larry Curtis: 49.75%, Kevin Curtis: 17.75% & 1163 South Cherokee LLC, 32.5%, Joshua C. Ross, manager

Comments: Located at the southwest corner of South Cherokee Street & West Louisiana Avenue

 

Property Location: 4120 York St., Denver

Property Description: 58,246-sf industrial building, YOC 1954

Land Size: 90,013 sf

Sales Price: $1.4M, or $24.04 per sf

Reception No: 2016040830

Closing Date: 3/31

Grantor: North York Street LLC, Mark J. Di Stefano, manager

Grantee: York Street Partners LLC, David L. Karas, manager, 720-207-2001

Financial: $1.19M payable to seller @ 5.25%

Comments: The deed of trust is subordinate to first deed of trust with the approximate balance of $600,000 payable to U.S. Bank, NA. Buyer may replat the property into two separate units. Property may have had environmental issues.

 

Property Location: 680 Lipan St., Denver

Property Description: 14,906-sf office/warehouse, YOC 1963, brick

Land Size: 31,900 sf

Sales Price: $1.29M, or $86.30 per sf

Reception No: 2016042195

Closing Date: 3/31

Grantor: Estate of Erika Pozsonyi, by Melissa R. Schwartz

Grantee: 680 Partners LLC, Dave Cuesta, manager, Native Roots

Comments: Used by Native Roots Marijuana

 

Property Location: 5800 E. Evans Ave., Denver

Property Description: 13,214-sf office building, YOC 1963, brick

Land Size: 31,900 sf

Sales Price: $1.3M, or $97.15 per sf

Reception No: 2016042018

Closing Date: 4/1

Grantor: Cornerstone 5800 LLC, Daniel G. Van Eps, manager, 720-488-1199

Grantee: Rajiv Bansal & Sirisha Dinavahi by: Compass Property Management, 5777 E. Evans Ave., Unit 1, Denver 80222

Financing: $862,000 payable to Great Western Bank, due 3-26-21

Comments: Listed and sold by Matt Call of NavPoint Real Estate Group, 720-420-7530. Property was listed for $1.5M and was 100% occupied at time of sale. The in-place cap rate was 9.5%.

 

Property Location: 282-296 S. Pennsylvania St., Denver

Property Description: 3,800-sf, two-story retail/apartment building, YOC 1926, brick construction, 1,900-sf retail space on first floor & 22-space parking lot

Land Size: 10,935 sf

Sales Price: $1.15M, or $302.63 per sf

Reception No: 2016050795

Closing Date: 4/18

Grantor: A&R Properties LLC, Angela Lema & Robert J. Hawks, managers

Grantee: Penn Meda LLC, Keith D. Love, manager

Comments: Listed and sold by Todd Snyder, 720-881-7533, of NAI Shames Makovsky. The address of 296 S. Pennsylvania consists of 6,247 sf parking lot containing 22 spaces.

 

Property Location: 4795 Oakland St., Denver

Property Description: 11,695-sf manufacturing building, YOC 1973, concrete tilt-up construction.

Land Size: 38,240 sf

Sales Price: $1.14M, or $97.48 per sf

Reception No: 2016047313

Closing Date: 4/8

Grantor: 226 Commerce LLC, Deborah A. Gallery, manager

Grantee: Lee P. Graber & Susann L. Graber, trustees, Anaheim, CA 92808

Comments: This building was vacant at time of sale and is offered on the market @ $7.50 per sf triple net by Steve Serenyi, 303-283-4578, of Colliers International. The building has heavy power, floor drains, 100% AC, compression lines and storage yard in back. There is 5,670 sf of office space with two 10’x12’ drive-in doors. The building has 14’ clearance.

 

Property Location: 12075 E. 40th Ave., Denver

Property Description: 5,922-sf retail building, YOC 1969, brick

Land Size: 30,573 sf

Sales Price: $1.05M, or $177.31 per sf

Reception No: 2016040801

Closing Date: 3/31

Grantor: St. Thomas Baptist Church, nka Light of the World Praise & Miracle Church, Donald R. Batson, pastor

Grantee: 40th DD LLC, Jeff McGuire, manager, 818-444-4960, [email protected]

Financing: $435,750 payable to JSM Mizzou, due 3-31-26

Comments: Property was built as a bank but has been used as a church. The property was listed by Newmark Grubb Knight Frank. Property is located at the southwest corner of Interstate 70 & Peoria Street and is zoned I-B. Buyer is a principal with Lee & Associates, 818-335-4332.

 

Property Location: 4379 Tejon St., Denver, “Sweet Leaf”

Property Description: 3,800-sf retail building, YOC 1965,

Land Size: 15,625 sf

Sales Price: $800,000, or $210.53 per sf

Reception No: 2016041468

Closing Date: 4/2

Grantor: Neptune Real Estate & Investments LLC, Tuan Huynh, manager

Grantee: Tejon Property Partners LLC, 4379 Tejon St., Denver 80211

Financial: $515,000 payable to DWR LLC, private lender

Comments: Buyer is Sweet Leaf – Tejon Medical Marijuana. Buyer was a tenant in the building prior to closing. The buyers include Matthew Aiken, Christian Johnson & Anthony Suaro, members and owners of Sweet Leaf MMJ. Website for the buyer is www.dynamicgrowthllc.com.

 

Property Location: 7327 E. Colfax Ave., Denver “Subway”

Property Description: 1,141-sf restaurant, YOC 1942

Land Size: 12,600 sf

Sales Price: $770,000, or $674.85 per sf

Reception No: 2016044924

Closing Date: 4/8

Grantor: Newcorp Group LLLP, Gary Newcomb, manager

Grantee: JKO Investments LLC, 4775 Cassidy, Colorado Springs 80911

Comments: Triple-net lease, single-tenant “Subway” with the franchisee operating 36 stores in the Denver market. The franchisee has been operating for 28 years and has been a tenant in this area for 23 years. This property sold on an in-place cap rate of 5.2%. Listed and sold by Chris Wiedenmayer, 720-529-2889, & Peter Peluso, 720-529-2984 of Legend Partners.

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