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
