Winslow Report 9-21-16

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 Winslow Property Consultants and has more than 40 years’ experience in commercial real estate. He can be reached at 720-612-7878 or Colprop2012@gmail.com.

Adams County

Property Location: 1771 W 72nd Ave., 7251 Samuel Dr. & 1770 W 73rd Ave., Denver, “Revival on 72nd Apartments”

Property Description: 102-unit, three-story apartment complex with three buildings, 55,638 sf, 49,914 sf net rentable area, YOC 1968, brick/frame

Land Size: 3.37 acres

Sales Price: $9.15M, or $89,706/door, or $183.31/sf

Reception No.: 2016000063863

Closing Date: 8/16

Grantor: 68 Sherman St. Condos LLC, C. Edward Venerable, manager

Grantee: Revival 72 LLC, Stig Thu, manager, 913-961-5631

Financing: $6.86 payable to Banner Bank, due 9-1-46

Comments: APN: 01719-33-3-32-012, 013, 014. There are 66 one-bedroom units @ 467 sf that rent for $825/mo.; 30 one-bedroom units @ 497 sf that rent for $875/mo. and six two-bedroom/one-bath units @ 697 sf with a rental rate of $995/mo. There are 150 open parking spaces. The transaction was handled by ARA Newmark, Andy Hellman & Justin Hunt, 303-260-4400. This was a 1031 exchange.

 

Property Location: Adjacent NWC E. 140th Ave. & Colorado Blvd., Thornton

Property Description: 110 vacant lots

Land Size: 17.02 acres gross area, 13.77 acres net area

Sales Price: $3.48M, or $31,636/lot, or $4.96/sf

Reception No.: 2016000068696

Closing Date: 8/19

Grantor: 140th & Colorado LLC, Clarke D. Carlson, manager

Grantee: Calatlantic Group Inc., 303-486-5000

Comments: Lots 1-18, Block 1, Lots 1-46, Block 2, Lots 1-46, Tracts A-H, J, K, L, N, P, Q, R, S, T, U, V, W, X Y, Block 3, Fallbrook Subdivision Filing No. 3 new plat, 2016000068331, August. The lots range from 2,567 sf to 3,651 sf with an average size of 2,829 sf. There are 23 tracts totaling 5.61 acres plus 3.26 acres in right of way (roads) and 7.15 acres of platted lots.

 

Property Location: W/S Buckley Road, ¼ mile south of E. 120th Ave., Commerce City

Property Description: 138 vacant lots

Land Size: 34.08 acres

Sales Price: $2.76M, or $20,000/lot, or $1.86/sf

Reception No.: 2016000068664

Closing Date: 8/29

Grantor: 120th & Buckley Associates, Russel N. Waterson, general partner

Grantee: Lokal BR6 LLC, Ryan Luntz, manager, c/o Lokal Homes, 720-295-5818

Comments: Lots 1-65, Block 1, Lots 1-27, Block 2, Lots 1-25, Block 3, Lots 1-14, Block 4, Lots 1-7 Block 5, Tracts A-G, The Villages at Buffalo Run East, Filing No. 6, See new plat, 2016000024030, dated March 31. There are 49 lots between 8,000 sf and 8,499 sf, 17 lots between 8,500 sf and 8,999 sf; 14 lots between 9,000 sf and 9,999 sf; 35 lots between 10,000 sf and 10,999 sf; four lots between 11,000 sf and 11,999 sf & 17 lots between 12,000 sf and 14,999 and one lot between 16,500 sf and 16,999 sf. Tracts A-G contain 3.29 acres. Lots are paper platted only.

 

Property Location: West & south Corner Cherry Blossom Drive & Azalea Street, Brighton; vic. east side South 50th Ave., south of Baseline Road

Property Description: Vacant lots

Land Size: 39 residential lots

Sales Price: $2.54M, or $55,000/lot

Reception No.: 2016000071035

Closing Date: 8/29

Grantor: Brookfield Residential Colorado LLC, Ashley Taruferi, VP, & Shannon Robbins, agent

Grantee: Richmond American Homes of Colorado Inc.

Comments: Lots 1-4, Block 1, Lots 1-10, Block 2, Lots 5-8, Block 4, Lots 16-36, Block 5, Brighton Crossing Filing No. 2, 3rd Amendment, Brighton

 

Property Location: 8402-8406 Clay St., & 8403 & 8707 Bryant St., Westminster, “Front Range Medical Office Park”

Property Description: 12,720 sf, four medical office buildings, YOC 1973, masonry

Land Size: 2.17 acres

Sales Price: $2.99M, or $234.67/sf

Reception No.: 2016000069951

Closing Date: 8/23

Grantor: Regel Enterprises LLC, M. Jean Leger & Alfred S. Leger, managers

Grantee: Advanced Property Services LLC, Ty Correy, manager

Financing: $2.24M, payable to Bellco Credit Union

Comments: Listed and sold by Sam Leger of Unique Properties Inc.-TCN Worldwide, 303-321-5888. Buyer’s company is Advanced Exteriors, 303-756-7663. The building was recently renovated. Each building is 3,180 sf as per Adams County Assessor.

See APN: 01719-29-1-03-003, 01719-29-1-03-001 & 01719-29-1-03-004 &

1719-29-01-03-005. The in-place cap rate was slightly under 7% based on 100% occupancy.

 

Property Location: 2255 E. 104th Ave., “proposed Northglenn Self-Storage”

Property Description: Vacant land, proposed three-story building containing 811 self-storage units with 110,718 sf

Land Size: 2.31 acres, zoned I-2

Sales Price: $2M, or $19.85/sf

Reception No.: 2016000070652

Closing Date: 8/24

Grantor: Charles Ehmka & Teri Ehmka

Grantee: 2255 E. 104th Ave. LLC, D. Brent Wright Jr., president, & Josh Davis, VP

Financing: $9.81M, payable to Storage Lenders LLC, c/o Heitman Capital

Comments: The city of Northglenn has an easement with the owner of the property located on the north side of East 104th Ave. The buyer’s company is Pamlico Investments Inc. and can be reached at 303-839-5300, 1425 Brentwood, Suite 2, Lakewood 80214. Its company specializes in the development of self-storage facilities.

 

Property Location: 3465 Salida St., Aurora, “Del Taco”

Property Description: 2,491-sf fast-food restaurant, YOC 2006, masonry

Land Size: 41,121 sf

Sales Price: $1.88M, or $752.71/sf

Reception No.: 2016000068276

Closing Date: 8/17

Grantor: Brundage Land LLC, Diane R. Thomason, member

Grantee: Yim Ngor Luk & Chung Wan Leung, Highlands Ranch, 80129

Comments: Listed and sold by Drew Issac of Marcus & Millichap. Property sold on an in-place cap rate of 8%.

 

Property Location: 7170 Dahlia St., Commerce City

Property Description: 5,640-sf truck terminal with 15 dock-high doors, YOC

Land Size: 6.4 acres

Sales Price: $1.65M, or $292.04/sf

Reception No.: 016000070575

Closing Date: 8/4

Grantor: Robert B. Riss Revocable Trust, Loretta D. Riss, trustee

Grantee: ABW REOS LLC, James Flint, manager, 303-434-6629 (cell phone)

Financing: $1.24M, payable to Collegiate Peak Bank, due 8-26-17

Comments: Property was listed by Tim Gilchrist & Brian Wilkes of Cushman & Wakefield. See APN: 01823-06-1-04-005 = 13,068-sf land area;

01823-06-1-04-015 = 1.07 acres land area; 01823-06-1-04-011 = 27,442-sf land area; 01823-06-1-04-012 = 4.4 acres land area and 5,640-sf transit warehouse, YOC 1978. James Flint, grantee, is real estate agent for A Better Way Realty; see jim@abwr.net

 

Property Location: NE/S E. 40th Ave., 500’ east of Salida St. & E. 40th Ave. intersection, Aurora

Property Description: Vacant land

Land Size: 14.6 acres

Sales Price: $1.5M, or $2.36/sf

Reception No.: 2016000065911

Closing Date: 8/19

Grantor: KKAM LLC, Kedar Morarka & Keith R. Arnold, managers, 303-576-9477

Grantee: DCT Summit LLC, c/o DCT Industrial Trust, Mark Bowen, 303-597-2400

Comments: Buyer plans to build a 168,000-sf distribution center. Easement to the property is from East 40th Ave. via Declaration of Easement 1074641 recorded 1/2/2003. The actual legal description on the SWD for this sale includes Lot 1, Block 1, Gateway Park IV East, Filing No. 7. Land size was verified by the purchaser.

 

Property Location: 15151 Washington St., Thornton

Property Description: 1,532-sf house, YOC 1952, frame, land investment

Land Size: 9.79 acres

Sales Price: $727,500, or $1.71/sf

Reception No.: 2016000070575

Closing Date: 8/4

Grantor: Yvonne K. Schmidt, et al.

Grantee: E&E Enterprise LLC, William L. Elkins, member, POB 1146, Erie 80516

Financing: $702,500, payable to seller, due 6-1-21

Comments: See APN: 01573-27-2-01-005. Property is in path of growth with long-term development plans.

 

Property Location: 1540 El Paso Blvd., Denver

Property Description: 5,000-sf office building, YOC 1968, masonry

Land Size: 18,295 sf

Sales Price: $660,000, or $132/sf

Reception No.: 2016000071652

Closing Date: 8/29

Grantor: MG & MM LLC, Michael Gudenkauf, manager

Grantee: TandS EP LLC, Harvey Thoutt, Brian Thoutt & Ched J. Thoutt, managers, 1540 El Paso Blvd., Denver 80221

Financing: $574,000, payable to JPMorgan Chase Bank

Comments: See APN: 01719-33-4-13-001. Property was formerly occupied by Rocky Mountain Microfilm, which was the seller’s company.

 

Property Location: 280 W. 136th Ave., Westminster

Property Description: 3,520-sf bank building, YOC 2009, masonry

Land Size: 0.84 acres

Sales Price: $610,000, or $173.30/sf

Reception No.: 2016000071755

Closing Date: 8/30

Grantor: Compass Bank, Troy Lindsey, EVP

Grantee: PJM Inc., Peter J. Moody, manager, 303-321-2825, 147 Harrison St., Denver

Financing: $1.13M, payable to FirstBank, due 9-1-17, @ 4.76%

Comments: See APN: 01573-27-2-01-005.

 

Property Location: 12895 Buckley Road, Brighton

Property Description: 1,404-sf home, in path of future development

Land Size: 49.26 acres

Sales Price: $500,000, or $10,150/acre

Reception No.: 2016000072007

Closing Date: 8/26

Grantor: Buckley Road LLC, Mildred Jones, manager

Grantee: Timothy Mowery

Financing: $380,457, payable to Valley Bank & Trust

Comments: See APN: 01569-29-0-00-006.

 

Arapahoe County

Property Location: South side of E. Colfax Ave., approx. 500’ east of Sable St., Aurora, “Proposed Monterey Pointe Apartments”

Property Description: Vacant land

Land Size: 25.66 acres

Sales Price: $7.75M, or $6.93/sf, or $21,893/buildable unit

Reception No.: D6092362

Closing Date: 8/18

Grantor: Monterey Pointe Associates LLC, Sanford K. Metzel, manager

Grantee: Colfax & Sable LLC by: Northstar Commercial Partners, Don Marcotte, director of development, 303-893-9505

Financing: Cash

Comments: Lot 1, Block 1, Monterey Pointe Subdivision Filing No. 3, 18.87 acres, see file plat D1053383. The Granby Ditch traverses the northerly portion of the site, between Filing No. 2 and Filing No. 3. Lot 1, Block 1, Monterey Pointe Subdivision Filing No. 2, 6.78 acres; see B8030752.

 

Property Location: 3440 S Tower Road, Aurora, “Whole Foods”

Property Description: 15,052-sf retail building, YOC 2015, masonry with 64 parking spaces with 31,266-sf hard-surface area

Land Size: 1.33 acres

Sales Price: $6.48M, or $430.44/sf

Reception No.: D6099386

Closing Date: 8/29

Grantor: EVC South Aurora LLC, Luke R. Spellmeier, manager, 785-272-1398, Ext. 154, or Denver office 720-502-5190

Grantee: MCSI Properties Aurora LLC, Michael J. Swartz, manager

Financing: $4.65M, due 9-1-31, payable to Public Service Credit Union

Comments: Building size reflects Arapahoe County Assessor’s building size. This property was listed by Brad Lyons, 720-528-6351, & Matt Hendrichs, 720-528-6308, both of CBRE Inc. – Retail Division. The buyer was represented by Justin Brockman & Jules Hochman of Pinnacle Real Estate Advisors. There is a 15-year lease plus options.

Property Location: 15795 E. Arapahoe Road, Centennial

Property Description: 6,612-sf, three-tenant retail-restaurant building, YOC 2014, masonry

Land Size: 1.29 acres

Sales Price: $4.25M, or $642.77/sf

Reception No.: D6097350

Closing Date: 8/29

Grantor: Arapark 4 LLC, Donald E. Siecke, manager, 303-779-1800

Grantee: BIJ Edmond LLC, Melvin J. Hoeffiger, manager, Newport Beach, CA 92658

Financing: $2M, due 9-10-26, payable to Wells Fargo Bank, NA

Comments: See APN: 2073-20-3-14-003; parcel two is an undivided 6.99% interest in Tracts A, B, C, D, Centennial Center Subdivision Filing No. 1. The three tenants include Smashburger, Visionworks and Starbucks.

 

Property Location: 8080 S. Broadway, Littleton

Property Description: 2,309-sf convenience store plus 578-sf car wash, 4,809-sf auto service center building, YOC 1988, masonry, total of 7,696 sf

Land Size: 1.55 acres

Sales Price: $4.12M, or $535.08/sf

Reception No.: D6099053

Closing Date: 9/2

Grantor: Peninsula Holdings LLC, Baljit Nanda, manager

Grantee: Erie Partners II LLC, Robert T. Williams Jr., manager, 601 Corporate Circle, Golden

Financing: $8.3M, payable to Citywide Bank

Comments: See APN: 2073-20-3-14-003, Loaf N Jug has 15-year lease with four five-year options. In-place cap rate is slightly over 6.5%. Listed for $3.3M

Property Location: 8787 E Dry Creek Road, Centennial, “Pride Auto Care”

Property Description: 9,244-sf convenience store building, YOC 1988, masonry, total of 9,244 sf with seven fueling stations

Land Size: 41,429 sf

Sales Price: $2.89M, or $312.91/sf

Reception No.: D6099056

Closing Date: 9/2

Grantor: Peninsula Holdings LLC, Baljit Nanda, manager

Grantee: Erie Partners II LLC, Robert T. Williams Jr., manager

Financing: $8.3M, payable to Citywide Bank

Comments: See related sale at 8080 S Broadway

Property Location: Fronts east & west side of Southpark Circle, approximately 200’ north of W. County Line Road intersection, Littleton

Property Description: Vacant land

Land Size: 7.1 acres

Sales Price: $2.68M, or $8.80/sf

Reception No.: D6098179

Closing Date: 9/1

Grantor: Westcore Hilltop LP, Marc Brutten, 4435 Eastgate Mall, Suite 300, San Diego, CA 92121

Grantee: KWB LLC, Danny Amundson, manager, or damundson@kwbllc.com

1113 S Minnesota Ave., Sioux Falls, SD 57105, 605-275-9499

Comments: See APN: 2077-32-3-04-004. This property was sold by Eric Roth, 720-528-6322, & Martin Roth, 720-528-6367. Site development shows the first phase development of a 105-unit, four-story, 83,768-sf Staybridge Suites hotel on 3.34 acres. Buyer made application with the city of Littleton March 7. Galloway and Company Inc. is the site project manager; contact Tim Nelson, 303-770-8884.

Property Location: 3470 S. Marion St., Englewood, “South Marion St. Apts.”

Property Description: 20-unit, three-story walk-up-style apt. building, 10,728 sf, YOC 1969, brick/frame, 20 parking spaces

Land Size: 12,500 sf

Sales Price: $2.49M, or $124,250/door, or $231.64/sf

Reception No.: D6094384

Closing Date: 8/24

Grantor: 3470 South Marion Street LLC, Marsha Hennessy, manager

Grantee: South Marion Street Property LLC, Alben T. Myren & Amy C. Ducios

Financing: $1.75M, payable to JPMorgan Chase, due 9-1-46

Comments: The units are all one-bedroom units with upgraded hot water boilers, insulated roof, high-energy-efficient windows, steel front doors and 80% of AC window units have been replaced, all newer exterior metal staircases and concrete landing redone, parking lot redone and extensive landscaping completed. RUBS system is in effect for gas, water, sewer and trash. Units are individually metered for electricity. Cap rate of 6.7% is reflected in the purchase price. This property was listed by William Feinberg of the William Feinberg Companies Ltd., 303-861-4900.

 

Property Location: 3666 S Pearl St., Denver, “The Creekside Apartments”

Property Description: 17-unit, three-story walk-up-style apt. building, 10,077 sf, YOC 1973, brick/frame

Land Size: 16,335 sf

Sales Price: $1.95M, or $114,706/door, or $193.51/sf

Reception No.: 2016119768

Closing Date: 8/29

Grantor: Mainstay Investments LLC, Laura B. Peterson, manager, 303-994-8999

Financing: See 1031 exchange

Comments: There are 11 large one-bedroom units @ 509 sf that rented for $895/mo.; two small one-bedroom units @ 450 sf with a rental rate of $825/mo.; one studio unit @ 425 sf that rents at $695/mo.; and three two-bedroom units @ 662 sf renting for $995/mo. This property was listed and sold by John Laratta of BerkadiaREA.com. The boiler was replaced in 2011 and is located near Swedish Medical Center. This property is the down leg of a 1031 exchange; see 2456 S. York St., Denver.

 

Property Location: 6712 S. Potomac St., Centennial, “Burger King Restaurant”

Property Description: 2,885-sf fast-food restaurant, YOC 2001, brick

Land Size: 0.97 acres

Sales Price: $1.98M, or $686.31/sf

Reception No.: D6091641

Closing Date: 8/17

Grantor: Chung Wan Leung & Yim Ngor Luk

Grantee: Alberca LLC, Thomas E. Lowery, manager, 19135 Echo Pass Road, Portola Hills, CA 92679

Financing: $1M, payable to Bank West

Comments: The property was listed by Pat Kent, 949-585-7672, & Corey Olson, 949-585-7648, of Hanley Investments for $2.06M. The lease commenced May 8, 2002, and expires June 5, 2021, with four five-year option periods. The in-place cap rate is 7.02%. See APN: 2075-25-1-20-002. The triple-net lease rate is $48.15/sf.

 

Property Location: 2835 S. Raritan St., Englewood

Property Description: 9,600-sf office/warehouse, YOC 1977, masonry, five dock-high doors, one drive-in doors, three tenants, 16’ clear

Land Size: 13,068 sf

Sales Price: $760,000, or $79.17/sf

Reception No.: D6093591

Closing Date: 8/23

Grantor: Darrow Family LP, Allen Barton Darrow, general partner, 50%, & Sally Cayzer Trust, 50%

Grantee: Raritan Partners LLC, George Lee, manager

Financing: Cash

Comments: The property was listed by Bob Kaplan, 303-328-2034, Brandon Kramer, 303-328-2020, & Sean Gelson, 303-328-2032, all of Marcus & Millichap. Tenants include Accudyne, 4,800 sf @ $7.25/sf net; Age Old, 2,400 sf @ $6.30/sf net; Mountainside, 2,400 sf @ $7/sf. Two of the leases expire in approximately one year and one lease expires in two years. Effective gross income is $66,720, expenses are $18,961, or $1.99/sf; NOI, based on 100%, is $50,508 and in-place cap rate is 6.6%. According to the listing broker, there was a $10,000 credit to the buyer for driveway repair, reflecting a net sales price of $750,000.

 

Property Location: 10120 E. Dry Creek Road, Englewood

Property Description: Vacant land, proposed 9,070-sf, two-story medical building with 74 surface spaces plus 22 additional spaces for staff in underground garage, for a total of 96 proposed spaces.

Land Size: 44,658 sf

Sales Price: $736,857, or $16.50/sf

Reception No.: D6095373

Closing Date: 8/26

Grantor: VS Vallagio Holdings LLC, ValStone Partners LLC, Gerald C. Timmis III, manager, 248-646-9200, offices in Birmingham, MI, & Baltimore, MD

Grantee: Villagio Medical Holdings, Dr. Jim Lessig, 303-913-9222 or jmessig@gmail.com ,

Financing: $1.93M, payable to Bank of the West, SBA construction loan

Comments: See APN: 2075-34-1-40-002 for 1.04 acres of vacant land. Property is located on the south side of East Dry Creek Road, approximately 500’ east of South Clinton Street, aka Inverness Drive West. The buyer is a renowned oral surgeon with dental offices in Centennial, Littleton and Aurora, 303-768-8570, and will occupy a portion of the space upon completion.

 

Boulder County

Property Location: 4900 Nautilus Court North, Boulder

Property Description: 15,056-sf office/industrial building, YOC 1997, masonry

Land Size: 1.36 acres

Sales Price: $2.3M, or $152.76/sf

Reception No.: 03539244

Closing Date: 8/22

Grantor: CBI 4900 Nautilus LLC, Alan Mitchell, CEO

Grantee: TLEC LTD, Linda S. Byrd & Thomas I. Byrd, general partners

Comments: Property was listed for lease @ $12.50/sf for 10,174 sf, plus $5.77/sf expenses plus utilities. Susan Chrisman & Valerie Johnson of the Colorado Group were the leasing brokers.

Property Location: 1401 Main St. & 1402 Coffman St., Longmont

Property Description: 4,710-sf warehouse, YOC 1963; 1,200-sf warehouse, YOC 1975; 1,359-sf frame house, YOC 1922, total of 7,269 sf

Land Size: 1.06 acres

Sales Price: $1.02M, or $139.63/sf

Reception No.: 03539317

Closing Date: 9/7

Grantor: James E. Kreitman

Grantee: MCE LLC, Nicholas H. Sorensen, manager, 6765 Baseline Road, Boulder 80303

Comments: Lots 11 & 22, Block 2, & Lots 1-4 & 13, Block 5, Mountain View Addition to Longmont. Listing broker was Jeffrey Erickson of LIV Sotheby’s International Realty, 303-589-2741.

Property Location: 240 2nd Ave., “Old Town Niwot”

Property Description: 1,250-sf frame retail conversion, YOC 1913, caboose in the back of the property

Land Size: 17,500 sf

Sales Price: $810,000, or $46.29/sf, land value

Reception No.: 03539317

Closing Date: 8/22

Grantor: Jeff R. Lambert & Cynthia A. Lambert

Grantee: Postle Properties VI LLC, 8392 Niwot Meadow Farm Road, Niwot 80503

Comments: Highest and best use may be for redevelopment. Listed by Karlynn Spreder of Colorado Landmark Niwot, 303-443-3377. There are two water and two sewer taps.

Broomfield County

Property Location: NWC Sheridan Pkwy. & W. 160th Ave., also fronts SWC Sheridan Pkwy. & Preble Creek Pkwy., Broomfield
Property Description
: Vacant land

Land Size: 106.32 acres

Sales Price: $18,52M, or $4 per sf

Reception No.: 2016010765

Closing Date: 8/30

Grantor: McWhinney CCOB Land Investments LLC, Troy C. McWhinney, chief investment officer, 970-962-9990 or troym@mcwhinney.com

Grantee: JPMorgan Chase Bank, NA, J. Scott Bernardi,

Comments: Lot 1, Block 1, Northpark Filing No. 4; see 2011002006. Frank Kelley of CBRE was involved in the transaction but could not comment on the deal.

 

Denver County

Property Location: 2133-2173 S. Eaton St.; 2172 S. Eaton St., Denver

Property Description: 109-unit two & three-story walk-up-style apartment, YOC 1962, 85,731 sf, brick

Land Size: 3.07 acres

Sales Price: $12.05M, or $110,550/door, or $140.56/sf

Reception No.: 2016116623

Closing Date: 8/29

Grantor: Sheridan South LLC, Michael J. Swartz, member

Grantee: Sheridan South LLC c/o Hudson Grove, Benjamin O. Agin, president

Financing: $9.88M, payable to TCF National Bank, due 8-29-21

Comments: Jules Hochman & Justin Brockman of Pinnacle Real Estate Advisors represented the parties in this transaction.

 

Property Location: 833 Dexter St., Denver, “Gloria J Apartments”

Property Description: 20-unit, three-story walk-up-style apartments, 15,000 sf, YOC 1963, brick, with nine parking spaces

Land Size: 12,700 sf

Sales Price: $3.9M, or $195,000/door, or $260/sf

Reception No.: 2016108964

Closing Date: 8/17

Grantor: Bear’s Fortress LLC, Ryan D. Geiser, member

Grantee: Dexter Residential LLC by: Red Peak Inc., Michael Zoellner, manager

Financing: $2.54M, payable to JPMorgan Chase Bank

Comments: The building contains two studio units @ 380 sf with rents at $1,023/mo.; nine one-bedroom/one-bath units @ 620 sf and rents of $1,081/mo., nine two- bedroom/two-bath units @ 785 sf that rent for $1,297/mo. The current income and expenses as of March are as follows: effective gross income, with 3% vacancy, is $288,325; expenses reflect $3,263/door and are pro forma at $3,757/door, reflecting a 5.7% cap rate. Kevin Calame and Matt Lewallen of Pinnacle Real Estate Advisors handled this transaction. The buyer purchased the property July 17, 2015, for $2.83M and realized an appreciation of 37.81%. The property also sold in June 2011 for $1.19M. The property has appreciated 227.73% in five years, or 1.93%/month. The buyer owns several buildings within a 1-square-mile area of this property. Bobby Hutchinson is the acquisitions director for RedPeak, 303-321-7325.

 

Property Location: 425-455 Milwaukee St., Denver

Property Description: 1) 425 Milwaukee St. – 1,133-sf house, YOC 1916, 2) 452 Milwaukee St. – vacant land, 3) 1,178-sf house, YOC 1904

Land Size: 18,750 sf

Sales Price: $3.85M, or $205.33/sf, land value

Reception No.: 2016121820, 2016121821, 2016121822, three deeds combined

Closing Date: 9/6

Grantor: Cherry Creek North Capital LLC by: Legacy Capital Partners,

720-310-8988, Stephen Strawbridge, CPA-principal

Grantee: HDP 425 Milwaukee LLC, c/o Grass Lake Capital, Christopher Fiegen, manager, 847-868-8073, Evanston, IL 60202

Financing: Three $550,000 notes totaling $1.65, due 10-3-16, payable to seller

Comments: Two lots containing 12,500 sf are contiguous and 425 Milwaukee St. is on the west side of Milwaukee St. and contains 6,250 sf.

 

Property Location: 1965 W 38th Ave., Denver, “Bank of the West”

Property Description: 3,067-sf bank building, YOC 2015, masonry

Land Size: 17,598 sf

Sales Price: $3.78M, or $1,233.71/sf

Reception No.: 2016117220

Closing Date: 8/31

Grantor: 38th & Tejon Partners LLC, Rodney K. Jones, manager

Grantee: MCSI Properties Tejon LLC, Michael Swartz, manager, 171 S. Kilmer St., Golden 80401

Financing: $2.4M, payable to Public Service Credit Union, due 9-1-31

Comments: The property has a 12.5-year lease with the first five years at $198,650 and second five years @ $216,745/year. The in-place cap rate is 5.25%. The parties were represented by Justin Brockman & Jules Hochman of Pinnacle Real Estate Advisors.

 

Property Location: 3888 E. Mexico Ave., Denver

Property Description: 37,150-sf office building, twin-tee construction, YOC 1974, to be scraped and replaced with six-story self-storage facility containing 90,000 sf

Land Size: 33,600 sf

Sales Price: $3.3M, or $98.21/sf, land value

Reception No.: 2016091791

Closing Date: 7/12

Grantor: Office Dragon LLC, Martin Chernoff, manager

Grantee: ESS Storage Denver Cherry Creek LLC, David L. Rasmussen, manager

Financing: Cash

Comments: Property was under contract for two years as one of the tenants in the building sought a suitable replacement for its business. The listing brokers were Tim Finholm and Sam Leger of Unique Properties Inc. See APN: 05244-16-020. It is estimated the new self-storage building will be completed by third-quarter 2017. The buyer’s company is Extra Storage Space based out of Salt Lake City, UT, 801-562-5556

 

Property Location: 380-400 Quivas St., Denver

Property Description: 31,916-sf industrial building, YOC 1957, brick

Land Size: 41,281 sf

Sales Price: $2.65M, or $83.03/sf

Reception No.: 2016121942

Closing Date: 9/7

Grantor: Praxis Investment Company LLC, William H. Wall Jr., manager

Grantee: North Mountain Group LLC, Douglas Norberg, Paul Yaft & Jonathan Schlottman, managers, c/o Gelman & Norberg, 303-740-8494

Financing: $2.02M @ 9.15%, payable to Polycomp Trust Co., due 9-6-36

Comments: The financing was derived from a Trust Company that holds IRA accounts for several investors, including Evi Brock, Michael Ellis, Paul Ellis, Lena Ellis, et al. L’Eagle Services, the existing tenant, is a medical and recreational marijuana company.

 

Property Location: 2126-2130 Arapahoe St., Denver

Property Description: 4,047 sf, three-story commercial building, YOC 1898, brick; three-story retail building, YOC 1898, & 5,625-sf three-story industrial building, YOC 1905, masonry construction, total of 9,672 sf

Land Size: 6,263 sf

Sales Price: $1.1M, or $113.73/sf

Reception No.: 2016111008

Closing Date: 8/19

Grantor: Speakeasy Gold LLC, Peter Caciola, manager

Grantee: 2130 Arapahoe LLC, Anthony Franco, manager

Comments: See APN: 02342-33-007 & 02342-33-006. Property was listed by Scott Hershey, 303-587-8822, for $1.3M.

 

Property Location: 45 Harrison St., Denver

Property Description: Vacant land

Land Size: 11,400 sf

Sales Price: $900,000, or $78.95/sf

Reception No.: 2016116601

Closing Date: 8/24

Grantor: Campbell Family Trust Created Under Trust Agreement, Steven R. Campbell & Deana Darlene Campbell, trustees

Grantee: 45 N. Harrison LLC, Reid Phillips, manager, 8%, & Ryan J. McDermitt, 92%

Financing: $500,000, payable to Brelf II LLC

Comments: See APN: 05125-02-018

 

Property Location: 2456 S. York St., Denver, “The Campus II Apartments”

Property Description: Eight-unit, two-story walk-up-style apt. building, 3,504 sf, YOC 1955, brick/frame

Land Size: 7,813 sf

Sales Price: $950,000, or $118,750/door, or $271.12/sf

Reception No.: 2016119768

Closing Date: 8/29

Grantor: Campus Apartments II LLC, Lambros Gianos, manager, 303-994-8999

Grantee: CityLife LLC, William Griffith, manager

Financing: $570,000, payable to JPMorgan Chase, due 9-1-46

Comments: This property was listed and sold by John Laratta of BerkadiaREA.com.

Jefferson County

Property Location: 1665 Pierson St., Lakewood, “WestLink at Oak Station”

Property Description: 244-unit, three-story apartment complex with seven buildings plus clubhouse, 232,937 sf, YOC 2015, brick & frame

Land Size: 9.12 acres

Sales Price: $63.1M, or $258,402/unit, or $270.67/sf

Reception No.: 2016088575

Closing Date: 8/31

Grantor: Prospect Oak Street Associates LLC, Oak Hill Investment Group, Andrew R. Jones c/o North Star Partners, Westport, CT, & David A. Waldman, 203-341-7490

Grantee: Lakewood Multifamily DST c/o Inland Private Capital Corporation, Joseph E. Binder, SVP, 630-218-8000 & Mark Cosenza, SVP-acquisitions

Financing: $69.4M, payable to Capital One, NA

Comments: The unit mix is as follows: 32 one-bedroom/one-bath units with 667 sf that rent for $1,327/mo., with eight units available; 29 one-bedroom/one-bath units @ 1/1 with 742 sf that rent for $1,371/mo., with two units available; 69 one-bedroom/one-bath units with 804 sf that rent for $1,365-$1,415/mo., with eight units available; 11 two-bedroom/two-bath units with 1,037 sf that rent for $1,515/mo., with one unit available; 13 two-bedroom/two-bath units @ 1,134 sf that rent for $1,717/mo., with one unit available; 69 two-bedroom/two-bath units with 1,185 sf that rent for $1,777-$1,812/mo., with three units available; 6 two-bedroom/two-bath units with 1,200 sf that rent for $1,765/mo.; 15 three-bedroom/two-bath units with 1,303 sf that rent for $2,260/mo., with one unit available. The sale was handled by ARA Newmark, Doug Andrews, Jeff Hawks, Terrance Hunt, Shane Ozment, Anna Stevens, Amanda Meldrum & Mike Easter – Capital Markets. There are 444 parking spaces as follows: 32 breezeway garage spaces that rent for $150/mo.; 38 indirect-access garage spaces @ $125/mo., 61 detached-garage spaces @ $75/mo.; 87 tandem spaces in front of garages. The parking ratio is 1.82 spaces/unit. The average-size unit is 955 sf with an average lease rate of $1.64/sf. Rental rates range from $1.47/sf to $1.99/sf. The estimated expenses for this building range between $4,700 and $5,000/door. No information was verified regarding the cap rate, but contact with the leasing office indicated the vacancy was 9% as of 9-9-2016.

 

Property Location: W/S Owens St., 355’ north of W. Colfax Ave., Lakewood

Property Description: Vacant land, 230 senior apartment units planned

Land Size: 5.68 acres

Sales Price: $3.43M, or $13.86/sf, or $14,920/buildable unit

Reception No.: 2016089972

Closing Date: 9/6

Grantor: Colfax Owens LLC by: Zonapart, Bruce I. Shapiro, manager, 480-368-0111

Grantee: APDG Lakewood LP, Avenida Partners, Rob Muirhead, acquisitions, 949-357-1431, Irvine, CA 92612, rmuirhead@avenidapartners.com

Financing: Cash

Comments: Seller is AZP, See file plat 2015034634. The proposed unit mix is 92 one-bedroom units and 138 two-bedroom units with rents being projected to be slightly south of $2/square foot. The four-story building will contain 218,500 sf with 84 detached garages.

 

Property Location: NEC W. Coal Mine Road & S. Wadsworth

Property Description: Vacant land, plans for 7,373-sf Discount Tire store

Land Size: 33,541 sf

Sales Price: $1.19M, or $35.48/sf

Reception No.: 2016082695

Closing Date: 8/16

Grantor: CDev I LLC, c/o Cornerstone Capital, Chad Roach, manager, 303-956-3455

Grantee: Holdco 4 LLC c/o Discount Tires, 480-606-6000

Comments: The proposed five-bay Discount Tire store will contain 7,373 sf with 35 parking spaces. The site has certain cross easements that allow egress and ingress to the property.

 

Property Location: NEC W. Coal Mine Road & S. Wadsworth

Property Description: Vacant land, plans for 6,912-sf Advanced Auto Parts store

Land Size: 23,087 sf

Sales Price: $960,000 or $41.58/sf

Reception No.: 2016083329

Closing Date: 8/16

Grantor: CDev I LLC, Chad Roach, manager, 303-956-3455

Grantee: BTS Coal Mine AA LLC c/o Cadence Capital, William R. Rothacker, manager

Financing: $1.6M, construction loan, payable to Citywide Banks

Comments: 2016081304. The proposed 6,912-sf Advanced Auto Parts store will contain 24 parking spaces. The site has certain cross easements that allow egress and ingress to the property.

 

Property Location: NWC W. Alameda Drive & W. Virginia Ave., Lakewood

Property Description: Vacant land

Land Size: 2.72 acres

Sales Price: $700,000, or $5.92/sf

Reception No.: 2016088532

Closing Date: 9/2

Grantor: FDOT LLC, Keith Bednarowski, manager

Grantee: Green Mountain Terrace LLC, William Lyons, Jr., manager, 6143 S Willow Dr., Suite 300, Greenwood Village 80111, 720-488-1600

Financing: Cash

Comments: See APN: 49-172-02-006, Property was listed by Mike Kboudi, Jim Capecelatro & T.J. Johnson of Cushman & Wakefield, 303-292-3700. Preliminary development plans by the grantee indicate 28 townhomes for the site.

 

Property Location: 9690 W. 44th Ave., Wheat Ridge

Property Description: 4,206-sf retail building, YOC 1956 plus 1,408-sf finished basement area, brick construction

Land Size: 11,020

Sales Price: $475,000, or $112.93/sf

Reception No.: 2016087794

Closing Date: 8/30

Grantor: Trifecta Capital Inc., Renee Reid Wyatt, president

Grantee: MAE Properties LLC, Ryan M. Helseth, manager

Comments: Formerly occupied by Gunsmoke, a gun shop in Wheat Ridge

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 Colprop2012@gmail.com.

Adams County