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May 6-May 19, 2015 — COLORADO REAL ESTATE JOURNAL — Page 17AA
planning construction of a new
251,617-sf building. The com-
pany owns and operates more
than 5.5 million sf of industrial
space in 31 buildings in the
Denver market.
Other News
n North Cherokee Inves-
tors paid $2.09 million for a
46,041-square-foot warehouse
at 10838 Highway 93, north of
Golden.
SkyFuel currently occupies
the building on a short-term
lease. Mike Wafer of New-
mark Grubb Knight Frank said
the buyer recognized the prop-
erty as “a very good quality
building in an area that hadn’t
received much attention,” and
it was priced lower than most
other available buildings. The
buyer is “confident that the
recovering industrial market
will generate more activity in
this corridor” and anticipates
taking advantage of rapidly
increasing rental rates, said
Wafer.
Located on just over three
acres west of Rocky Mountain
National Wildlife Refuge, the
building has three dock-high
loading doors, approximately
1,500 sf of office space, 20- to
22-foot ceiling clearance, a wet
sprinkler system and paved
parking.
Wafer is marketing the build-
ing for lease and is seeking a
long-term tenant.
Joe Dunn of Cresco Proper-
ties represented the seller, RAC
Development Corp. s Prologis has fully preleased its newest building at 10000 E. 56th Ave. in Denver.
The seven-unit Denver build-
ing is at 5545 E. Yale Avenue.
The sales price equates to
$87,458 per unit.
Jeff Johnson and Greg Bre-
slau, with the Johnson Ritter
Team of Pinnacle Real Estate
Advisors, represented the sell-
er and the buyer in the transac-
tion.
“This was a very successful
transaction for both the buyer
and the seller,” Breslau said.
“The buyer added two great
properties to their multifam-
ily portfolio and the seller
was able to achieve their 1031
exchange objectives and trade
into an agricultural property in
California,” he said.
n An unidentified buyer
paid $2 million, or $100,000 per
unit, for a 20-unit apartment
building built in 1960 at 5379
Estes St. in Arvada. The build-
ing is near Olde Town Arvada
and a light-rail station.
Jeff Johnson, with the John-
son Ritter Team at Pinnacle
Real Estate Advisors, repre-
sented both the buyer and sell-
er in the transaction.
“This apartment complex fit
nicely into the buyer’s Arvada
portfolio,” Johnson said.
Pinnacle Real Estate Manage-
ment will manage the property.
n An unidentified buyer paid
$740,000, or $92,500 per unit,
for an eight-story apartment
building at 4245 W. 70th Place
and 7115-71712 Stuart St. in
Westminster.
Scott Fetter, a senior adviser
at Pinnacle Real Estate Advi-
sors LLC, represented the buyer
in the transaction.
“We approached the sell-
er directly and put this deal
together off market,” Fetter
said. “The timing worked out
very well for the buyer as there
have been several very similar
properties that have come to
market and gone under con-
tract at higher prices in the
immediate area,” Fetter said.
“Clearly, that underscores the
strength of this market. But it
also shows buyers that there’s
still opportunities out there
for those willing to be patient
enough to uncover them,” Fet-
ter said.
n An unidentified buyer paid
$690,000, or $98,571 per unit,
for a seven-unit apartment
building at 1961 Upham St. in
Lakewood.
Matt Lewallen, a senior
adviser at Pinnacle Real Estate,
represented both the buyer and
the seller in the transaction.
“The property was in good
condition,” Lewallen said.
“However, the buyer intends
on renovating to further
improve the operations,” he
said.
n An unidentified buyer paid
$540,000, or $90,000 per unit,
for a six-unit apartment build-
ing at 2000 Elmira St. in Aurora.
Matt Lewallen and Kevin Cal-
ame, senior advisers at Pinna-
cle, represented the buyer and
seller in the transaction.
The new owner plans to reno-
vate the property and hold it
for the long term, Calame said.
Correction
n Cardinal Group Invest-
ments paid $61.5 million for
a portfolio of 554 apartment
units, or about $110,000 per
unit, not the $71 million report-
ed by the Colorado Real Estate
Journal in its April 15 edition.
The purchase price for the
340-unit Brittania Heights and
the 214 unit at Blake + Allison
equates to $110,000 per unit.
The $71 million price includ-
ed a separate apartment sale,
which was part of the portfo-
lio, but was not purchased by
Cardinal.s
viding corporate security
systems support for custom-
ers in metro Denver and
the Northern Front Range,
as well as Wyoming and
Nebraska.
• Boulder Organic Foods
crafts organic food using
garden-fresh ingredients,
many of which are sourced
locally. The firm employs 48
people in its Longmont area
facility in Niwot.
• Crackpots, a destina-
tion location and anchor
for downtown Longmont
for the past 14 years, offers
ceramic painting, glass fus-
ing and mosaics, classes and
summer camps intended to
give everyone the oppor-
tunity to be an artist for
a day. Crackpots has made
significant investments over
the years in improving its
downtown Longmont store-
front and employs 14 peo-
ple.
Updates…
n Three existing prima-
ry employers in Longmont
recently announced plans
for expansion.
BC Services Inc. is an
accounts receivable man-
agement company that pur-
chased 13 acres in the Clover
Basin Business Park in Long-
mont to construct a new,
30,000-square-foot building.
BC Services is looking to
employ up to 200 people
total over the next two years
as part of the expansion.
A-Tek Systems LLC makes
assembly equipment for
the surface-mount technol-
ogy industry and will more
than triple its square foot-
age in June, moving into a
new 6,631-sf facility at 410
S. Sunset.
Haystack Mountain Goat
Dairy also is expanding by
adding a second facility of
8,800 sf at 505 Weaver Park
Road.
n The city of Longmont
is now offering NextLight
broadband service and is
in the process of installing
gigabit service that will be
accessible to all businesses
and residents in the city.
More information is avail-
able on the city’s website,
.
gov. s
nomic Development Corp.
hosted its 11th annual Meeting
and Awards Luncheon to cele-
brate metro Denver’s econom-
ic achievements and regional
cooperation in the previous
year.
“In 2014, our economy expe-
rienced one of our greatest
growth periods,” said Tom
Clark, CEO of the Metro Den-
ver EDC. “Multimillions of
dollars in new hospitals, tran-
sit, DIA, and commercial build-
ing helped to rank us among
the top states for infrastructure
construction – a good sign to
national site selection consul-
tants that we are a region with
vision.”
to fund several, crucial initia-
tives over the next five years.”
Several awards were pre-
sented at the luncheon to
honor extraordinary efforts
and investment in the region’s
economy.
Special Recognition Awards
honored two area business
leaders whose exemplary work
has significantly enhanced eco-
nomic development activity
in the Metro Denver region:
Sueann Ambron, retiring Dean
of the University of Colorado
Denver School of Business,
received accolades for her
work to implement curriculum
and courses at CU-Denver that
closely align with Metro Den-
ver’s industry cluster strategy
and the workforce needs of
area companies.
Phil Washington, general
manager of the Regional Trans-
portation District, received
recognition for his efforts to
streamline processes, seek new
ideas, and pursue alternative
funding mechanisms in order
to keep the region’s FasTracks
program moving forward.
The Chairs’ Award paid trib-
ute to the dedication and efforts
of John Armstrong, president
of Enserca, to advance Colo-
rado’s balanced energy econ-
omy. Armstrong’s work and
financial backing created the
annual Colorado Energy Expo
in Denver.
The Metropolitan Coopera-
tion Award recognized four
individuals whose collective
work to develop and submit an
application to the U.S. Patent
and Trademark Office resulted
in the selection of Denver as
one of four new satellite offices.
Those receiving awards includ-
ed: U.S. Sen. Michael Bennet;
John Posthumus, shareholder
with Sheridan Ross; Monisha
Merchant, former senior poli-
cy adviser to Sen. Bennet; and
Pam Reichert, vice president of
the Metro Denver EDC.
Deal of the Year Awards
lauded three companies that
created significant economic
impact in the region through
new job creation and capital
investment. Three companies
received awards for plac-
ing new headquarters opera-
tions – along with hundreds
of new jobs – in metro Denver
in 2014: Ardent Mills, a new,
independent joint venture that
combined the milling opera-
tions of ConAgra Foods, Car-
gill and CHS, placed its newly
formed corporate headquarters
in Denver. Lockheed Martin
Space Systems located a new
Commercial Space headquar-
ters on its campus in southern
Jefferson County. The compa-
ny is moving 350 jobs from
Newtown, Pennsylvania, and
will hire several hundred addi-
tional staff locally in the years
to come. Panasonic Enterprise
Solutions Co. will place the
North American headquar-
ters of its fast-growing busi-
ness solutions division in Den-
ver. The company will be the
anchor tenant at Peña Station,
a new 400-acre, sustainable
development near DIA along
the new FasTracks East Line.s
ʻThe buyer added
two great properties
to their multifamily
portfolio and the
seller was able to
achieve their 1031
exchange objectives
and trade into
an agricultural
property in
California.ʼ
– Greg Breslau, Pinnacle Real
Estate Advisors