Winslow Report 7-5-16

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.

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Adams County

Property Location: 8901 Colorado Blvd., Thornton, “Newport Village”

Property Description: 220-unit, three-story apartment complex w/165,714 sf, YOC 1988, frame construction, with 372 open spaces

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Land Size: 6.59 acres

Sales Price: $34.5M, or $156,818 per unit, or $208.19 per sf

Reception No.: 2016000045786

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Closing Date: 6/10

Grantor: Seagate Newport Associates

Grantee: Mitchell Newport LLC, et al.

Comments: There are 32 one-bed/one-baths @ 633 sf; eight renovated one-bed/one-baths @ 633 sf; 15 one-bed/1.5 –bath townhome-style units @ 633 sf; seven one-bed/1.5-bath THs, renovated, @ 633 sf; 54 two-bed/one-baths @ 727 sf, six two-bed/one-baths, renovated, @ 727 sf; 17 one-bed/one-baths + loft @ 804 sf, three one-bed/one-baths, renovated, @ 804 sf; 31 two-bed/1.5-bath THs @ 856 sf; 12 two-bed/1.5-bath THs, renovated, @ 856 sf; 24 two-bed/ two-bath THs @ 856 sf; 11 two-bed/two-bath THs, renovated, @ 856 sf. There are 25 townhouse buildings with two stories each, containing 100 units, & five three-story apartment buildings containing 120 units. The average unit size is 753 sf with an average rental rate of $1.56 per square foot. The listing brokers were Pamela Koster, 720-235-3262, & David Martin, 720-235-3261, both of Moran & Company.

 

Property Location: 855 W. 122nd Ave. & 995 W. 122nd Ave., Westminster, “Alliance Data Systems Card Services Group”

Property Description: 52,500-sf office building, YOC 2016, & 65,950-sf office building, YOC 2001, brick construction, total of 118,450 sf

Land Size: 13.63 acres

Sales Price: $25M, or $211.06 per sf

Reception No.: 2016000043687

Closing Date: 6/3

Grantor: Westminster LLC, c/o Westminster Capital, Matthew R. Van Wie, VP – asset management & Charles E. King, 847-234-1123, 270 Westminster, Suite 300, Lake Forrest, IL 60045

Grantee: CEGM Westminster LLC c/o Shelby E.L. Pruett, CEO, 312-573-5300

Comments: New leases rolled over early this year with bumps expected in near future. Property sold on an in-place cap rate of 6.25% as new building was not completed at time of marketing but leases calculated on the projected closing period. Property was listed and sold by CBRE Inc., Geoff Baukol, 303-628-1750. The buyer is a Chicago-based company located at 875 N. Michigan, Suite 3430, Chicago, IL 60611 with Dori C. Nolan partner and head of investments of Capri Capital Partners LLC.  

 

Property Location: SEC Boston Street & East 92nd Avenue, Henderson

Property Description: Vacant industrial land

Land Size: 4.04 acres

Sales Price: $2.9M, or $4.74 per sf

Reception No.: 2016000047647

Closing Date: 6/9

Grantor: Boston 9180 LLC, Michael Anthony Aragon, manager

Grantee: Hastings Family Holding, Thomas M. Hastings, manager, 402-332-4482

Comments: APN: 01721-22-005-001, 005, 006 – three parcels.

 

Property Location: NEC West 64th Avenue & Federal Boulevard, Denver

Property Description: Vacant land, proposed 7-Eleven convenience store

Land Size: 2.4 acres

Sales Price: $2.5M, or $23.92 per sf

Reception No.: 2016000044862

Closing Date: 6/14

Grantor: Rocky’s Auto Inc., David J. Rothrock, president

Grantee: 7-Eleven Inc., Jennifer Bridges, VP

Comments: See file plat 2016000042355, Lots 1 & 2, North Lawn Gardens – Correction Plat No. 1, see APN: 01825-05-4-08-032. Lot 1 contains 68,200 sf & Lot 2 contains 36,324 sf. This store is being marketed by 7-Eleven FranchisEASE, No. 37731, located at 6400 Federal Blvd. For more information, contact franchise sales representative @ 800-782-0711.

 

Property Location: 2801 W. 70th Ave., Denver, “North Gate Apartments”

Property Description: 23-unit, three-story apartment, 20,496 sf, YOC 1962, brick construction; 12 two-bedroom units @ 850 sf; six one-bedroom units @ 725 sf & five studio-units @ 600 sf

Land Size: 47,552 sf

Sales Price: $2.35M, or $102,174 per door, or $114.66 per sf

Reception No.: 2016000044862

Closing Date: 6/8

Grantor: Regis University, Salvador D. Aceves, SVP

Grantee: Flats at Midtown & Uvector North Gate LLC, 3595 S. Teller St., Suite 301, Lakewood, 80235, Benjamin O. Agin, manager

Financing: $1.98M, due 6-7-21 payable to TCF, NA

Comments: See APN: 1825-05-1-00-025.

 

Property Location: 7130 Lowell Blvd., Denver

Property Description: 18-unit, two-story walkup style apartment, 9,936 sf, YOC 1960, brick & frame construction; 12 two-bedroom units @ 850 sf; six one-bedroom units @ 725 sf & five studio units @ 600 sf.

Land Size: 19,602 sf

Sales Price: $1.66M, or $91,944 per door, or $114.66 per sf

Reception No.: 2016000044862

Closing Date: 6/8

Grantor: 71st & Lowell Apartments LLC, Ryan Lawless & Jason Koch, managers

Grantee: Pyne Investments LLC, Rawleigh W. Pyne, manager, 212-269-4888

Financing: $1.25M, due 7-1-21 payable to Sabal Capital II LLC

Comments: Property is near new light-rail station and has been renovated.   Property is managed by Acute Property Management, 720-949-3207. The one-bedroom unit rents for $850 per month, while the two-bedroom unit rents for $1,100 per month. The property was listed by Jason Koch, 303-512-1153, of Unique Properties LLC-TCN Worldwide. Ryan Lawless is a principal with Urban Public Inc. and can be reached at 303-292-0095. The grantor purchased the property April 15, 2015, for $995,000.

 

Arapahoe County

Property Location: 9110 E. Nichols Ave., Centennial, “Highland II”

Property Description: 143,958-sf, three-story office building, YOC 1984, glass aggregate siding panels

Land Size: 5.47 acres

Sales Price: $17.2M, or $119.48 per sf

Reception No.: D6059598

Closing Date: 6/8

Grantor: HUB Properties Trust c/o Equity Commonwealth, Chicago, IL, David S. Weinberg, EVP & COO, 312-646-2800

Grantee: Highland II CO LLC, c/o Sawgrass Cove Apartments LLC, Atlas Real Estate Partners, Joe Stampone, VP – Investments, 646-863-0909

Financing: $10M, due 6-7-23 payable to Guaranty Bank & Trust Company

Comments: See APN: 2075-34-3-12-001. Property manager for the seller was Mike Gagne, 303-292-4500. Atlas Real Estate Partners facilitated a 1031 exchange with the sale of a 336-unit garden-style apartment community in Bradenton, FL, for $39.3M to Inland Real Estate Corp. Anchor tenants for “Highland II” include National CineMedia, Cardel Homes, and Cattlemen’s Beef Board. There are approximately 464 parking spaces.

 

Property Location: Adjacent NEC Gun Club Road & East Sixth Avenue, Aurora

Property Description: Vacant land

Land Size: 100 acres

Sales Price: $11.76M, or $2.70 per sf

Reception No.: D6062405

Closing Date: 6/14

Grantor: Aurora Crossroads Investors Seven LLC, Tom Bobowski, VP of Professors Capital Inc., 858-755-0247

Grantee: JPMorgan Chase Bank, NA, 214-360-4300, Dallas, 75225

Comments: Part of 239.4-acre site owned by the grantor. The seller was represented by Eric & Marty Roth & Jim Bolt of CBRE Inc., 720-528-6322, who have the additional 139.4 acres available for sale. The buyer was represented by Frank Kelley of CBRE. JP Morgan Chase has been shopping for land in the Dallas Metroplex since early this year with rumors of a letter of intent to develop a new regional campus in West Plano, according to an article dated 1-7-16 by Candace Carlisle, 214-706-7121 of the Dallas Business Journal and Steve Brown of the Dallas Morning News, dated 2-2-16. CBRE’s Jeff Ellerman, Scott Hobbs and John Ellerman have been assisting JPMorgan Chase to acquire a 50-75 acre site in the West Plano area. Plans for the Aurora property were not revealed by the brokers involved in the deal, but the media calls the West Plano development a $2 billion dollar development in Legacy West, Plano. Proposed 6,000 jobs will be relocated to the new Plano project.

 

Property Location: SEC East Mineral Avenue & South Chester Street, Centennial

Property Description: Vacant land

Land Size: 207,025 sf

Sales Price: $6M, or $28.98 per sf

Reception No.: D6064647

Closing Date: 6/17

Grantor: Jones Business Park LLC, Glenn Jones & Timothy J. Burke, manager

Grantee: Jones I MNMA LLC c/o Opus Development Co., 10350 Bren Road West, Minnetonka, MN 55343, Peter Coakley, manager, 303-515-8800

Comments: Opus Development Co. LLC purchased the first portion, approximately 4.75 acres, of the 42 acres owned by Glenn Jones for development of 11 buildings totaling 1.86M sf of mixed-use, Class A development.  

 

Property Location: 10110 E. Dry Creek Road, Englewood, “Eddie Merlot’s”

Property Description: 10,749-sf restaurant, YOC 2015, masonry

Land Size: 1.26 acres

Sales Price: $5.7M, or $530.26 per sf

Reception No.: D6059598

Closing Date: 6/17

Grantor: BDFIF IV Eddie Merlot’s Englewood LLC by: Baceline Investments LLC, David C. Puchi, manager, 303-615-9544

Grantee: 11411 Limited LLLP, Uhrich Family Trust, partner, Castle Rock

Comments: Cash transaction. This property was sold by Riki Hashimoto and Dan Grooters of NGKF Capital Markets, 303-892-1111, based on a 7.65% in-place cap rate, with a 15-year lease. See APN: 2075-34-1-40-003. The developer/seller purchased the land for $1.04M, or $18.95 per sf ,in July 2014. There is a joint use parking agreement for this property; see Reception No. D4064520, dated July 18, 2014.

 

Property Location: 2295 S. Chambers Rd., Aurora, “Iliff Village Center”

Property Description: 19,910-sf shopping center, YOC 1978, brick/block

Land Size: 1.75 acres

Sales Price: $4.3M, or $215.97 per sf

Reception No.: D6059598

Closing Date: 6/6

Grantor: Howard Bass Iliff LLC, Michele Bodner, manager

Grantee: Sabat Partnership LLC, Davood Manshadi, DDS, 303-476-6233

Comments: See APN: 1975-30-1-02-011. Seller is based out of Aspen. Anchor tenant is 7-Eleven on the end, no gas pumps; other tenants are Lush Nail Spa, Cash 4 Gold, Maytag, El Lucerito Mexican Restaurant, Kid’s Dental. Property was updated in 2005. Buyer has several dental offices in the Denver Metro area. 7-Eleven executed the 10-year lease, which contains two five-year options, Oct. 7, 2010. This property is located on the northwest corner of East Iliff Avenue & South Chambers Road.

 

Property Location: 7991 Southpark Way, Littleton, “Primrose School”

Property Description: 10,280-sf day care center, YOC 2005, brick

Land Size: 1.99 acres

Sales Price: $3.5M, or $340.47 per sf

Reception No.: D6059598

Closing Date: 6/10

Grantor: Cookson Enterprises Inc., Kent B. Cookson, manager

Grantee: Pars Real Estate1 LLC, Mehran Farzaneh, manager, 7991 Southpark Way, Littleton, 80120

Financing: $3.65M, payable to Meadows Bank, Las Vegas, NV, SBA loan

Comments: See APN: 2077-33-4-03-035. Seller is based out of Centennial, and retired and sold the building and the franchise to the grantee. Buyer is based out of Frisco, TX, and will either run the business or have family or trusted employee facilitate the day-to-day operation of the Primrose School. The website for the school shows Farima and Reza Nemat are the new franchise owners of Primrose School of Littleton. The property is located at the northwest corner of West Campus Drive & Southpark Way.
Property Location: 350 Blackhawk St., Aurora    

Property Description: 41,657-sf office building, YOC 1982, masonry

Land Size: 6.13 acres

Sales Price: $4.4M, or $106.40 per sf

Reception No.: D6061293

Closing Date: 6/9

Grantor: 350-BH LLC, Raymond J. Suppa, manager, Honolulu, HI 96816-5410

Grantee: Colorado Springs Early Colleges Building Corp., Keith King, 719-955-4675,

Financing: $34.5M & 9.6M, payable to Public Finance Authority, 15 buildings*

Comments: This property is located on the southeast corner of East Fourth Avenue & Blackhawk Street. *This is a blanket mortgage encumbering multiple properties.

 

Property Location: 2767 S. Tejon St., Englewood, Arapahoe County  

Property Description: 20,455-sf manufacturing warehouse, YOC 1969, metal frame construction with 18’ ceiling clearance

Land Size: 0.96 acres

Sales Price: $2.5M, or $180.78 per sf

Reception No.: 2016076655

Closing Date: 6/9

Grantor: 2767 South Tejon LLC, Alfred John Amato, member; Amato is president of Chateau Shutter Company, 303-761-4084

Grantee: Alan S. Eber, 303-388-5319

Financing: 1031 exchange for proceeds of sale

Comments: This building is an upgraded manufacturing facility with oversized dock-high loading in front with drive-in door on the north side of the building, power boosters, paint room with exhaust system, outdoor storage, new roof, sprinkler systems with upgraded office finish. This building is currently home to Chateau Shutter Company, but it is unknown how long they will stay. Alan S. Eber facilitated a 1031 exchange for 3560 Chestnut Place in Denver County for $2.5M June 9, recorded via warranty deed No. 2016076655. This property was listed by Pete Foster, 303-962-9548, of Pinnacle Real Estate Advisors LLC. The buyer acquired the property 2-28-2001 for $971,500 and has occupied the property under the name 2767 South Tejon LLC, with the manager of this LLC being the same as the principal of the occupant, Chateau Shutter Company.

 

Property Location: 3325 S. Santa Fe Drive, Englewood, “proposed self-storage”

Property Description: Vacant older frame motel buildings on property plus nine-pad trailer park, surrounded by new apartments to the north.

Land Size: 1.51 acres

Sales Price: $850,000, or $12.92 per sf, land value

Reception No.: D6056685

Closing Date: 6/1

Grantor: JEV LLC, John A. Veno

Grantee: Terrapin Englewood CO LLC, Anthony “Tony” Sherman, founder, tony.sherman@terrapininvestments.com, 970-710-7932

Comments: APN: 1971-33-4-00-012, 013. Property was listed and sold by Tristan Sedbrook, 720-421-4971, of Fuller Real Estate. Rachel Bogel, 303-918-6334 or 303-333-4673, of Twin Peaks Real Estate represented the buyer. Property is located near the northwest corner of West Hampden Avenue & South Santa Fe Drive and will be redeveloped into quality self-storage units that will cater to the newer apartments developed in the area. Plans have been submitted for review to the Englewood Planning Department.

 

Property Location: 2686 W. Alamo Ave., Littleton

Property Description: 3,113-sf retail building conversion, YOC 1931, masonry, & 816-sf converted retail building, YOC 1916, frame, total 3,929 sf

Land Size: 18,731 sf

Sales Price: $791,730, or $201.51 per sf

Reception No.: D6062066

Closing Date: 6/13

Grantor: Littleton Group LLC, Stephen F. Elken & Michael Opatowski, managers, c/o Elkco Properties, 303-778-0380

Grantee: 2686 W Alamo LLC, Francois Safieddine, member, 720-282-1548

Financing: $697,500 @ 4.5%, due 6-10-18, payable to FirstBank

Comments: Seller is developer in Denver and buyer is president of Viewhouse and developer of restaurants in the Denver metro area. Property is located on the southeast corner of West Alamo Avenue & South Rapp Street.

 

Property Location: 1830-1840 W. Littleton Blvd., Littleton

Property Description: 2,959 sf on two floors, office/residential, with two office units, two apartment units, YOC 1952, brick, & eight parking spaces

Land Size: 6,490

Sales Price: $750,000, or $253.46 per sf

Reception No.: D6056177

Closing Date: 5/31

Grantor: David & Helen Day

Grantee: Ontario Gardens LLC, Kevin & Regina Valis, manager

Financing: $375,000, due 6-1-46, payable to Bank of Denver

Comments: APN: 2077-16-3-13-006. Property was listed and sold by Eric Shaw, 303-962-9551, of Pinnacle Real Estate Advisors LLC. The office space contains 1,126 sf and the residential contains 1,833 sf. If self-managed, the property sold on a 5.03% in-place cap rate, no management or reserves calculated.

 

Boulder County

Property Location: 5397 S. Boulder Road, Boulder, “Days Hotel”

Property Description: 74-room, 3-story hotel w/ 36,250 sf, YOC 1974

Land Size: 43,216 sf

Sales Price: $6.05M, or $166.90 per sf, or $81,757 per room

Closing Date: 6/15

Grantor: Zurek Real Estate LLC, Stefan & Darek Zurek, managers

Grantee: Boulder Lodging Associates LLC, Jeffrey G. Lamont, manager, 205 Sixth Ave. SE, Suite 300, Aberdeen, SD, c/o Lamont Companies, 605-225-1712

Financing: $8.1M, due 6-15-26, payable to Home State Bank

Comments: The buyer owns several hotels, including Holiday Inn Express & Homewood Suites in Davenport, IA; Fairfield Inn & Suites in Hendersonville, TN; Candlewood Inn & Suites in Longmont. Lamont executed a construction loan to update and renovate this property.

 

Property Location: N/S Chrisman Drive, approx. 400’ west of N. 107th Ave.,

550 Chrisman Drive, Longmont, “Proposed Chrisman Apartments”

Property Description: Vacant land, plan to build 114-unit, 3-story apartment

Land Size: 3.85 acres

Sales Price: $2.5M, or $14.91 per sf, or $21,930 per buildable unit

Reception No.: 03526167

Closing Date: 6/21

Grantor: The Terrace Apartments LLC, Joseph B. Bowers, manager, Boulder 80303

Grantee: Crisman Apartments LLC, dba Solvera, Lisa Mullins, manager, 303-554-0500

Financing: $3.7M, due 7-1-51, payable to the State of Colorado Division of Housing

Comments: See APN: 1205-272-16-001. The project is expected to be completed by June 2017. Once the property is constructed and occupied, the project will be turn-keyed to the Longmont Housing Authority for permanent ownership and management. The buyer applied and received approval for Private Activity Bond Cap, 4% Low Income Housing Tax Credits. A family of four that earns no more than $59,640 per year is eligible to occupy an apartment unit.

 

Property Location: 505 Stacy Court, Lafayette, 80026

Property Description: 11,000-sf office/warehouse, YOC 1996, masonry

Land Size: 1.33 acres

Sales Price: $1.4M, or $127.27 per sf

Reception No.: 03525947

Closing Date: 6/22

Grantor: 505 Stacy LLC, William G. Arnold III, manager

Grantee: Akesca RE LLC, 6655 Arapahoe Road, Unit A, Boulder, 80303

Financing: $3.7M, due 7-1-51, payable to the State of Colorado Division of Housing

Comments: See APN: 1575-101-35-001. Tenants include Timberline Adventures LLC, Odd13 Brewing Inc. & Boulder Blimp Company Inc. The building is 100% occupied with an in-place cap rate of 6.4%. Wade Arnold of the Colorado Group sold the property. Odd13 Brewing co-owner Ryan Scott leased 3,800 sf in this building in August 2015. The quoted lease rate in this building was $8.50 per sf triple net with expenses of $3.94 per sf.

 

Property Location: 304 Center Drive, Superior

Property Description: 3,518-sf vacant restaurant, formerly Wendy’s, YOC 2002,

Land Size: 1.16 acres

Sales Price: $788,413, or $244.11 per sf

Reception No.: 03524920

Closing Date: 6/16

Grantor: GE Capital Franchise Finance Corp., Tyler Sorenson, 972-830-6742

Grantee: SCFRC-HW-G LLC, Pete Mavoides, president of Stone Briar Commercial Finance Realty Trust, 469-609-8500

Comments: Property was listed for lease @ $70,000 per year triple net by Jim Lee, 720-528-6321, of CBRE Inc. The real estate taxes are $11.13 per square foot. There are 40 parking spaces. This was part of a 300-property portfolio that GE Capital Franchise Finance Corp. sold to the buyer.

 

Property Location: 239 Canyon Blvd., Boulder

Property Description: 2,064-sf office building, YOC 1966, frame construction

Land Size: 10,890 sf

Sales Price: $780,000, or $377.91 per sf

Reception No.: 03525947

Closing Date: 6/22

Grantor: Loan Tran & Michael H.B. Stowell

Grantee: BCC Studios LLC, David & Melinda Downey, managers, 303-447-7177

Financing: $624,000, payable to JPMorgan Chase Bank

Comments: Wade Arnold & Scot Smith of the Colorado Group, 303-449-2131, sold the property. The listing price was $800,000. Buyer’s company, Boulder County Communications, will occupy the space.

 

Property Location: 337 E. Simpson St., Lafayette

Property Description: 2,328-sf, two-story office/retail building, YOC 2015, brick

Land Size: 1,189 sf

Sales Price: $590,000, or $253.44 per sf

Reception No.: 03525545

Closing Date: 6/17

Grantor: Manhattan Project LLC, by Hansen Design & Development, Gregory J. Hansen, 720-201-3142, & East Simpson LLC, David Wein, manager, 303-443-5575

Grantee: Simpson Investments LLC, John Meyer, manager, Louisville, 80027

Financing: $472,000, payable to Colorado Business Bank

Comments: The property is located on the northwest corner of E. Simpson & N. Iowa Ave. in Lafayette. Listing broker shows 1st floor of 1,160 sf, 2nd floor of 1,194 sf and basement area of 1,194 sf, for a total of 3,548 sf. For this transaction, the Winslow Report did not calculate the basement area for total building size. Geoffrey E. Keys of Keys Commercial, 303-447-2700, was the listing broker.

 

Property Location: NWC Dogwood St. & Cherry St., Louisville

Property Description: Vacant land

Land Size: 3.62 acres

Sales Price: $554,960, or $3.54 per sf

Reception No.: 03524747

Closing Date: 6/17

Grantor: The Park at CTC LLC by: O’Connor Holding Company LLC, Christopher Rebich, manager, 303-926-4996 or chris@occonnor-group.com

Grantee: Comunale Rentals, 82.1%, John Comunale, president, 720-583-1024, Jeff Thomson, 8.9%, & J.R. Fowler, 9%

Comments: See APN: 1575-160-15-001. The property was listed by Ronan Truesdale & Ashley C. Overton of Keys Commercial Real Estate, 303-447-2700.

 

Broomfield County

Property Location: Vic. south of Anthem Ranch Rd. & west of Lowell Blvd.; SEC Fishers Peak Dr. & Puma Run, Broomfield

Property Description: Vacant residential lots

Land Size: 974,327 sf

Sales Price: $13.3M, or $125,348 per lot, or $13.64 per sf

Reception No.: 2016006319

Closing Date: 6/2

Grantor: Nash Anthem LLC, Newland Real Estate Group LLC, Walter Nelson, SVP

Grantee: Toll Co II LP by: Toll Co GP, Mark Bailey, div. president

Comments: Lots 254-299; Lots 327-378 & Lots 381-388, Anthem Filing No. 22, Replat B, Broomfield; see 2009003716 & 2016002569. This will be known as Anthem Ranch by Toll Brothers and will be 55-and-older community. There will be a fitness center, billiards room, hot tub, indoor and outdoor pool, library, tennis courts and massage therapy room. There are 106 lots totaling 974,327 sf with an average size of 9,192 sf, with the smaller size at 6,359 sf and the largest lot @ 13,827 sf. There are 28 lots that are 10,093 sf to 13,827 sf, with an average of 11,527 sf per lot ; 30 lots that range from 9,000 sf to 9,995 sf, with an average of 9,506 per lot; 18 lots that range from 8,014 sf to 8,986 sf with an average of 8,617 per lot; 13 lots that range from 7,007 sf to 7,934 sf with an average size of 7,395 sf per lot; and 17 lots between 6,359 and 6,984 sf with an average of 6,774 sf per lot.

 

Property Location: 6450 W. 120th Ave., Broomfield

Property Description: 7,370-sf retail building, YOC 2003, masonry

Land Size: 36,415 sf

Sales Price: $2M, or $271.37 per sf

Reception No.: 2016006167

Closing Date: 5/31

Grantor: Novation Properties LLC, David O. Larson, manager*

Grantee: Kobold 10 LLC by: Kobold Group LLC, Devon Arnold, manager

Comments: Seller is one of the founding partners of Legend Partners, which is the listing broker in this transaction. Blake Larson is the listing agent on this property, 720-529-2986. There are 40 parking spaces for this property.

 

Property Location: Northwest corner W. Midway & U.S. Hwy. 287, Broomfield, “proposed Starbucks coffee shop”

Property Description: 1,013-sf service station, land value

Land Size: 36,490 sf

Sales Price: $950,000, or $26.03 per sf

Reception No.: 2016006307

Closing Date: 6/6

Grantor: A-B Petroleum Inc., Brian Haldorson, president

Grantee: Confluent Development LLC, Marshall Burton, 303-704-8148, & Celeste Tanner, 303-803-4697, principals

Comments: Buyer demolished Conoco station to build a 2,200-sf drive-up Starbucks restaurant and coffee shop. See Resolution PZ-2016-14, Planning and Zoning Commission agenda memorandum. The parking and drives will contain 16,396 sf of paved area with 17,894 sf open space, includes patio and walks. There are 31 parking spaces, including two handicapped stalls. John Reinsma is VP of Real Estate, 303-339-5181.

Denver County

Property Location: 1000 Speer Blvd., Denver, “Joule Building”

Property Description: 224-unit, 16-story apartment building, w/239,232 sf, YOC 2015, plus six-story, 270 space parking garage

Land Size: 36,348 sf

Sales Price: $120M, or $535,714 per unit, or $501.61 per sf

Reception No.: 2016079246

Closing Date: 6/16

Grantor: 1000 Speer LLC c/o The Lynd Company, Sam Kasparek,

Grantee: Windsor at Speer 1 LLC c/o GID Investment Advisers LLC, 125 High St., 27th floor, Boston, MA 02110, Thad D. Palmer, EVP of real estate acquisitions, 617-854-6634, & Matthew P. Stuart, SVP – director of Western Region Acquisitions, 415-495-3000

Financing: $73M, payable to Prudential Multifamily Mortgage LLC

Comments: The average size unit is 1,068 sf, with the smallest consisting of a studio apartment at 485 sf. The first floor contains a fitness club, conference room, video conferencing area and a resident lounge. The sixth floor contains a 7,000-sf outdoor deck with a swimming pool. See APN: 05037-04-144

 

Property Location: West corner 17th St., extended, & Chestnut St., Denver

Property Description: Vacant land, plan to build 19-story, 420,000-sf high-rise office building that should be finished by August 2018

Land Size: 40,084 sf, zoned PUD

Sales Price: $18M, or $449.06 per sf

Reception No.: 2016076729

Closing Date: 6/10

Grantor: 16 Chestnut Development LLC, East West Partners Inc., Jay Lambiotte, manager, 303-623-1500

Grantee: Chestnut Denver Inc. c/o Invesco Real Estate, 972-715-7400

Comments: See APN: 02332-26-008. DaVita, a health care organization, will be the anchor tenant with 265,000 sf. The cost of the development is estimated at $190 million.

 

Property Location: 4825 Nome St., Denver

Property Description: 50,544-sf industrial building, YOC 1973, concrete tilt-up, with rail, & 7,140-sf separate parcel of vacant land

Land Size: 2.29 acres

Sales Price: $3.4M, or $66.77 per sf

Reception No.: 2016074563

Closing Date: 6/6

Grantor: The Realty Associates Fund X LP by: TA Realty LLC, James P. Raisades, SVP, www.tarealty.com , 617-476-2700

Grantee: 4825 Nome Street LLC, S.J. Jernigan Jr., member, 303-307-4500

Financing: $1.69M, payable to U.S. Bank, NA; $1.31M, payable to U.S. Bank; $1.34M, payable to Denver Urban, total $4.33M, in three loans

Comments: See APN: 01144-10-009 & 01144-10-018. Seller is principal of Western Innovations Inc., the tenant in the building. The tenant purchased the building from the landlord, TA Realty LLC. Seller’s acquisition contact is Rita Martineau, 617-476-2722, and its dispositions contact is Tracey Rice, 617-476-2745. This building was part of a portfolio that sold in January 2014 for $36.9M and included 18 buildings totaling 906,845 sf @ $40.69 per sf. The seller/landlord was Boston-based TA Realty Associates. The tenant of this building was desirous of acquiring the building for its long-term use. * Third deed of trust was an SBA loan in participation with the Denver Urban Economic Development Corp.

Property Location: 3560 Chestnut Pl., Denver  

Property Description: 13,828-sf industrial building, YOC 1951, brick

Land Size: 31,250 sf

Sales Price: $2.5M, or $180.78 per sf

Reception No.: 2016076655

Closing Date: 6/9

Grantor: Alan S. Eber, 303-388-5319

Grantee: Ironton LLC, Bobby & Eileen Lorimer, managers

Financing: $2M, payable to Kirkpatrick Bank*

Comments: Lots 1-10, Block 16, first addition to Ironton. This is a 1031 exchange handled by National Safe Harbor Exchanges, Paulo Sanchez, VP. Property is located at the south corner of 36th St. & Chestnut Pl. and if the highest and best use for this property is land value, the price reflects $80 per square foot. * The

note and deed of trust are a blanket trust deed and secured by 3555 Marion St., with the borrower known as Delganey Shop LLC, Bobby & Eileen Lorimer, managers. Alan S. Eber facilitated a 1031 exchange for 2767 S. Tejon St. for $2.5M June 9, recorded via warranty deed D6061262.

 

Property Location: 2440-2450 Ogden St. & 3501-3543 N. High St., Denver  

Property Description: 1) six-unit, two-story apartment building, 4,328 sf, YOC 1956, brick const.

2) 11-unit, one-story apartment building, 8,060 sf, YOC 1960, brick/frame construction, Total of 17 units, 12,388 sf

Land Size: 1) 6,250 sf 2) 33,700 sf

Sales Price: $2M, or $117,647 per door, or $161.45 per sf

Reception No.: 2016076544

Closing Date: 6/9

Grantor: Denver NE LLC c/o Hudson Grove, Ben Agin, president

Grantee: Westwood Apartments Investors LLC c/o GHC Housing Partners, R.J. Miller & Doris McDowall, VP of acquisitions and development, 818-808-0600

Financing: $1.44M, payable to Pillar Multifamily

Comments: Two properties are in different locations: 1) Lots 4-5 Block 8, Kountze Addition to Denver & 2) Lots 16-26, Block 23, Hyde Park Addition.

Monique Lawshe, 818-808-0600, Ext. 350, is also SVP of acquisitions. The website for the buyer is www.ghchousing.com. This property sold to the seller on 5-27-2015 for $1.45M. The seller realized a gain, before selling and closing cost of 37.93%, or 2.72% per month.

 

Property Location: 5071 S. Syracuse St., Denver, “Marriott hotel planned”

Property Description: Vacant land, proposed four-story, 94-unit Marriot Courtyard hotel

Land Size: 56,280 sf

Sales Price: $1.55M, or $27.54 per sf

Reception No.: 2016076743

Closing Date: 6/10

Grantor: The Alice Springs Land and Cattle Company LLC, David L. Liniger, member

Grantee: DIA DTC LLC c/o Baywood Hotels Inc., Keyur Naik, 720-708-5251

Comments: See APN: 07093-00-005, 033. The broker in the transaction was Brad Pech, SIOR,of Re/Max Commercial, 303-504-3444 or 303-748-7919. “The deal was under contract for nearly 18 months in order to secure a variance for an access easement. Due to the nature of the site, we had to downsize the number of units to meet the requirements of the site restrictions,” said Brad Pech. The property is an interior site and considerable planning was necessary to meet the requirements of the Denver Tech Center. Baywood, based in San Antonio, works with a number of hotel managers/users to provided their local expertise in the development and management of this new Marriott. There is a large 628-unit Marriott located within two blocks of this property, at 4900 S. Syracuse St., but the type of product proposed for the new 94-unit hotel is significantly different and will cater to different clientele who are loyal to the Marriott chain but don’t need the “bells and whistles” that the Denver Marriott Tech Center offers.

Property Location: Vic. NWC Wewatta St. & 20th St., 1905 Division St., Denver

Property Description: Residential improvements, YOC 1886, land value

Land Size: 3,318 sf

Sales Price: $1.34M, or $85.72 per sf

Reception No.: 2016079417

Closing Date: 6/15

Grantor: Mark Luedke & Trisha McCarty-Luedke

Grantee: 1905 Division LLC, 141 E. Meadow Dr., Suite 211, Vail, 81657

Comments: The property was listed by Gail L. Mead, CCIM, gail@ccrepros.com, & Michael Honc, CCIM, mike@ccrepros.com, both of Colorado Commercial CCRE Pros, 303-838-1111, along with Marcia Mueller of Westbrook Realty, 303-455-0711.

Property Location: 5470 E. Evans Ave., Denver

Property Description: 5,900-sf retail building, YOC 1969, brick

Land Size: 19,735 sf

Sales Price: $775,000, or $131.36 per sf

Reception No.: 2016076732

Closing Date: 6/10

Grantor: Bergin Holdings Inc., Michael J. Bergin, president, Aurora 80015-1180

Grantee: 5470 East Evans LLC, c/o Evans East Animal Hospital,

Dean Vicksman, DVM, 303-757-7881, drvicksman@evanseastvet.com

Comments: See APN: 06301-21-057. The tenant is Jerusalem Market and the property is located within one block of the buyer’s place of business.

Property Location: 2727 W. Alameda Ave., Denver, “Subway”

Property Description: 1,783-sf fast food restaurant building, YOC 1981

Land Size: 18,125 sf

Sales Price: $760,000, or $131.36 per sf

Reception No.: 2016076658

Closing Date: 6/10

Grantor: Newcorp Group LLLP, Gary Newcomb, manager

Grantee: Ammerman Business Property LLC, Ron Ammerman & Sherri Lynn Hartman, managers, 303-287-3333

Comments: The property was listed by Marc Lippitt, Scott Shwayder & Justin Herman of Unique Properties LLC, 303-321-5888. The property was listed for $660,000, which included a proposed 10-year lease, reflecting a 5.5% in-place cap rate. It is unknown if the additional $100,000 paid over the listed price was for the business also. Property sold in March 2016 for $465,000.

Property Location: 5106 Washington St., Denver

Property Description: 7,808-sf commercial building, YOC 1939 plus two homes containing 1,000 sf +/-, masonry & frame, 8,808 sf total

Land Size: 19,250 sf

Sales Price: $755,000, or $85.72 per sf

Reception No.: 2016079566

Closing Date: 6/17

Grantor: Mercado Rizo Inc., Jaime A. Rizo, president, 303-433-6403

Grantee: Larimer Garage & Salvage II LLC, c/o Atek Co Inc., Mark Osmanski, CEO, 10025 Valley View Dr., Suite 190, Eden Prairie, MN 55344, 763-553-7700

Comments: The property was listed by Jorge Saenz-Rico, 720-404-7469, for $785,000. Property is on the northeast corner of E. 51st Ave. & Washington St. and is zoned I-A. The grantor’s company, Westerkamp’s Steakhouse and Meat Market, formerly occupied the building.

Property Location: 2900 W. 26th Ave., Denver, “Araujo’s Restaurant”

Property Description: 1,787-sf restaurant building, YOC 1901, masonry

Land Size: 3,536 sf

Sales Price: $600,000, or $335.76 per sf

Reception No.: 2016076658

Closing Date: 6/9

Grantor: Rito Luna

Grantee: GBV Araujo LLC, Eva Adriana Araujo Hernandez, manager

Comments: The property was listed by Tim Finholm, Sam Leger & Michael Desantis of Unique Properties LLC, 303-321-5888. The property was listed for $650,000. The tenant purchased the property from the landlord.

Douglas County

Property Location: E/S Piney Lake Road, approximately ½ mile north of Inspiration Dr., Douglas County

Property Description: Vacant agricultural land for potential development

Land Size: 310 acres

Sales Price: $4.13M, or $13,306 per acre

Reception No.: 2016035931

Closing Date: 6/7

Grantor: Dougprop LLC, Sydney S. Macy & Patrick B. Shafroth, managers

Grantee: H20 Sub Piney Lake LLC c/o Walton International Group (USA) Inc., John Plastiras, EVP, & Doug Donald, SVP – real rstate acquisitions, 780-702-6601

Comments: Potential residential development

 

Property Location: 35 W. Springer Dr., Highlands Ranch, “Los Dos Potrillos”

Property Description: 5,574-sf restaurant building, YOC 1995, stucco

Land Size: 72,266

Sales Price: $2.73M, or $488.88 per sf

Reception No.: 2016034844

Closing Date: 6/1

Grantor: W.S.A Fraternal Life, Randy Foss, CEO

Grantee: Los Dos Potrillos HR LLC, Jose L. Ramirez, president, 720-529-0299

Financing: $1.94M, payable to Compass Bank

Comments: The property was listed by Brian Shorter & Courtney Key of SullivanHayes Brokerage, 303-534-0900. This property last sold in April 2013 for $2.84M. Buyer is expanding to its third location in south metro Denver. It will continue to operate at 8251 S. Holly St., Centennial, & 10065 W. San Juan Way, Littleton.

Jefferson County

Property Location: 1450 Lamar St. & 1430-1440 Kendall St., Lakewood,

“Lamar Station Apartments”

Property Description: 130-unit, two- & three-story apartment complex w/76,993 sf, YOC 1961, brick

Land Size: 4.49 acres

Sales Price: $11.6M, or $89,215 per door, or $150.63 per sf

Reception No.: 2016056160, 2016056161, two deeds combined

Closing Date: 6/10

Grantor: Lamar Kendall Investment Group LLC, by: G.H. Cooper Properties Inc., Sheryl Cooper, president, 310-899-9171

Grantee: CWP Lamar Station Apartments LLC, by: Coldwater Partners LLC, Marc Venegas, manager, 130 30th St., Manhattan Beach, CA 90266

Financing: $10.56M, payable to CBRE Multifamily Capital Inc.

Comments: See APN: 49-012-04-004, 49-012-03-011 & 49-012-03-012, 49-012-03-009, 49-012-03-010. Property was listed and sold by Justin Hunt, 303-260-4475, Andy Hellman, 303-260-4474, & Spencer Bradley, 303-260-4427, of ARA Newmark Inc. There are 18 studio-units @ 300 sf that rent for $807 per month; three studio-units @ 374 sf that rent for $533 per month; 11 one-bedroom units @ 408 sf that rent for $926 mo.; 34 one-bedroom units @ 542 sf that rent for $919/mo. 41 one-bedroom units @ 675 sf that rent for $990/mo.; 15 two-bedroom/two-baths @ 725 sf with rents at $1,189/mo.; six two-bedroom/two-baths @ 837 sf renting for $1,362/mo.; and two three-bedroom/two-bath units @ 2,000 sf, renting for $1,457 per month. The average rent is $977, which reflects $1.65 per square foot average. Lamar Station is one block from the Lamar light-rail station, offering tenants’ access to the CBD and other points in the metro area.

 

Property Location: 7500 W. Mississippi Ave., Lakewood, “Lashley Building”

Property Description: 49,152-sf, multistory office building, YOC 1976

Land Size: 2.26 acres

Sales Price: $2.1M, or $42.73 per sf

Reception No.: 2016053722

Closing Date: 6/3

Grantor: Jefferson Partnership II LLP, Gary & Patsy Autry, partners, 720-233-8282

Grantee: Covalt & Company MS I LLC, Scott Covalt, manager, 970-213-2400

Financing: $1.26M, payable to 7500 W. Mississippi LLC; $1.27M @ 8.5% payable to the grantor, due 6-3-18

Comments: Lease rates range between $11 & $12 per sf, full-service. There is 15,370 sf available, nine separate suites, listed by former owner GPA Enterprises, 720-233-8282. Buyer’s website is www.globalcarboncorp.com or scovalt@globalcarboncorp.com. The listing brokers were Matt Ritter, Jeff Johnson, Peter Sengelmann & Cody Stambaugh, all of Pinnacle Real Estate Advisors LLC.

 

Property Location: 2171-2181 Depew St., Edgewater

Property Description: Two four-unit, two-story apartment buildings with 6,068 sf, YOC 1961, brick, all two-bedroom units

Land Size: 6,490

Sales Price: $1.3M, or $162,500 per door, or $214.24 per sf

Reception No.: 2016053413, 2016053416, two deeds combined

Closing Date: 6/3

Grantor: IH Holdings One LLC, Ilan Reissner & Hugo Weinberger, managers

Grantee: 180 Investments Depew LLC, Jodi Robinson, manager

Financing: $1.1M @ 4.6%, payable to FirstBank, due 9-1-25

Comments: Property was listed and sold by Josh Newell, 303-962-9559, of Pinnacle Real Estate Advisors LLC.

 

Property Location: SEC W. 58th Ave. & Tabor St.; northeast corner W. 56th Ave. & Union St.; northwest corner & southwest corner W. 57th Ave. &Tabor St., 5685 Tabor St., Arvada, “proposed Timberline Farms”

Property Description: Unplatted site & 16 lots platted

Land Size: 26.53 acres zoned A-2, proposed PUD-R, Arvada

Sales Price: $4.12M, or $3.53 per sf

Reception No.: 2016030193, 2016030194, 2016054191

Closing Date: 3/31 & 5/24

Grantor: Timberline Gardens Inc., Arvada Outdoor Storage LLC

& Charles & Jill Richardson*, 303-810-1017

Grantee: CD – Timberline LLC, c/o Confluence Companies, Tony De Simone,

303-643-5775, tony@confluenceco.com

Comments: Three deeds commencing in March 31, APN: 39-084-00-005 for $1.8M containing 9.75 acres, or $4.24 per sf, located at 11600 & 11700 W. 58th Ave.; 39-084-00-004 for $1.4M containing 9.45 acres, or $3.40 per sf. The third deed sold May 24 for $917,700 and contained 5.51 acres, or $3.82 per sf. This sale included 16 lots at northeast corner of W. 56th Ave. & Union St. Tony DeSimone & Tim Walsh are the two principals of Confluence Companies. The buyer purchased the southeast corner of W. 58th Ave. & Tabor St., which consisted of 19.19 acres of land, for $3.2M, or $3.83 per sf. This property contained 44,250 sf of greenhouse space, which the seller has since vacated. *Also managing members for the first two deeds. The buyer purchased the property prior to rezoning and is planning 302 multifamily units on 18.95 acres; four 12-unit, three-bedroom duplex units on 1.81 acres and four single-family estate lots on 5.77 acres. The site will accommodate 663 vehicles, including 275 garage spaces in stand-alone and tuckunder garages attached to the building. The developer will also construct a public parking garage on the adjacent Stenger Soccer Complex that will total 276 parking spaces. The total development cost for the property is estimated at $61 million.

 

Property Location: 12305 W. Dakota Ave., Lakewood

Property Description: 18,517-sf office/warehouse, YOC 2005, brick

Land Size: 167,115 sf

Sales Price: $3.88M, or $209.50 per sf

Reception No.: 2016056543

Closing Date: 6/10

Grantor: Standridge I, Scott A. Standridge, member

Grantee: Gov Lakewood DOT LLC, Homewood Capital, Robert R. Kaplan Jr., 1819 Main St., Suite 212, Sarasota, FL 941-955-7900, Ext. 216

Financing: $2.44M, payable to CorAmerica Capital LLC, Clive, IA 50325

Comments: Single-tenant investment with lease with U.S. Department of Transportation Federal Highway Administration. The term and lease rate were not disclosed by the purchaser.

 

Property Location: 12725 W. 54th Ave., Arvada

Property Description: Vacant land

Land Size: 89,932 sf

Sales Price: $570,000, or $6.34 per sf

Reception No.: 2016057557

Closing Date: 6/14

Grantor: RGT@2 LLC, Robert G. Tointon, manager

Grantee: JMJC LLC, c/o Central Development, Jerome Record, manager,

303-628-0200, Ext. 106.

Comments: Property was listed by Pete Jessen of Mile High Development, 303-232-1171. There are three sites in this replat of a 4.69-acre site at the corner of W. 54th Ave. & Xenon St. This site that sold is located at 12725 W. 54th Ave. and fronts on the north side of the W. 54th Ave. terminus. The two other sites totaling 2.62 acres are under contract and are scheduled to close in September or October. Electrical contractor will occupy the building at 12725 W. 54th Ave.

 

Property Location: 5430 W. 73rd Ave., Westminster, “Proposed Hidden Lake Senior Housing”

Property Description: Vacant land, proposed 72-unit, three-story apartment building, affordable housing for 55 & up, containing 77,425 sf net rentable area with 110 parking space

Land Size: 4.51 acres

Sales Price: $1.73M, or $8.82 per sf, or $24,058 per buildable unit

Reception No.: 2016056085

Closing Date: 6/10

Grantor: Tepper Partners LLC, Jerry Tepper, manager, 720-244-1282

Grantee: Jefferson County Housing Authority, Alan Feinstein, director, 303-422-8600

Comments: There is a park development fee calculated at $1,031 per unit, or a total of $74,232, to be paid prior to certificate of occupancy. In lieu of a public land dedication, the developer is required to pay the fair market value as determined by the current appraisal of $258,315 per acre x 4.51, or a total of $334,776. Said fee is payable prior to final recordation of the final plat for the ODP.

Property Location: NWC W. 72nd Ave. & Sheridan Blvd., Westminster

Property Description: Vacant land, plans for 6,450-sf Denny’s Restaurant

Land Size: 1.54 acres, 0.65 acres usable

Sales Price: $705,000, or $10.51 per sf, $24.90 per usable sf

Reception No.: 2016059180

Closing Date: 6/19

Grantor: Cadence Development LLC, Greg B. Ham, COO

Grantee: Legend Lake 7211 N. Sheridan LLC, Jay R. Ufer, manager

Comments: Lot 8, Shoenberg Farms Commercial. Cadence originally purchased this property on 6-19-16 for $530,000 and resold it to the buyer for $705,000.    The net usable land area is estimated to be 28,314 sf as the detention pond located on the northwest corner of W. 72nd Ave. & Sheridan contains nearly 0.85 acres. According to the city of Westminster, this property has been in the works for the last eight years, with Cadence working on getting a restaurant approved.

Property Location: 12700 W. 44th Ave., Wheat Ridge

?Property Description: Vacant land, rezoned to PID.

Land Size: 1.79 acres

Sales Price: $550,500, or $7.08 per sf

Reception No.: 2016058059

Closing Date: 5/9

Grantor: Raleva Properties KNA Mangone Family, Vincent C. Mangone, manager

Grantee: Stor-All Youngfield Street LLC, Larry Anderson, CPM, managing partner, 954-421-7888, 1375 W. Hillsboro Blvd., Deerfield, FL 33442

Comments: Buyer has applied for approval to build a four-story, indoor self-storage facility containing approximately 109,200 sf. Approval has not been granted at time of closing. The listing was handled by Esther Kettering, and the buyer was represented by Terry Matthews, both of Cushman & Wakefield, 303-292-3700. There are two assessor parcels: 39-202-00-011 & 39-202-00-027, both in the city of Wheat Ridge. The plans are currently being heard by the city. There is approximately 406’ of frontage along Youngfield Street, with an access strip running westerly from Xenon St.