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Page 34 —
COLORADO REAL ESTATE JOURNAL
— December 7-December 20, 2016
Mike Statter
of
Cresa
repre-
sented the buyer in the transac-
tion.
n
Gruber also represented
Good Spirits Development
Company I
in the $555,000 sale
of a 1,875-sf industrial building
at 1445 S. Broadway in Denver,
near the Gates redevelopment.
The property received multiple
offers within days of being list-
ed for sale, Gruber said, adding
the buyer was able to pay cash
and perform quickly on the
transaction.
Tyler Ryon
and
Steve Sere-
nyi
of
Colliers International
represented the buyer,
Liminal
Developments LLC.
n
The Lands LLLP,
headed by
Ojala Family Limited Holdings
LLC, purchased a 2.48-acre lot
in NorthRidge at Park Centre
in Westminster for $500,000.
The property is located near
120th Avenue and Tejon Street.
The buyer plans a build-to-
suit flex building on the prop-
erty, according to
Eric Ruth-
erford
of
WK Real Estate.
Rutherford, along with WK
Real Estate’s
Tom Hill
and
Bill
Thompson
of
CBRE,
represent-
ed the seller,
David Noel.
n
Rabani Holdings LLC
paid
$485,000 for a 4,690-sf indus-
trial condominium at 14697 E.
Easter Ave., Units A, B and
C-ICO, in Centennial.
Eric Gold
of
Sheldon-Gold
Realty Inc.
represented the
buyer.
Mark Pyms
of
Re/Max
Commercial Alliance
rep-
resented the sellers,
Michele
Cushman
and
Terry Taylor.
s
Liquor and Old Chicago. Office
tenants are Envision, Edward
Jones, Loris andAssociates, Prop-
erty Info and Celero Optima.
Jim Koch and Robinson Invest-
ment Company Inc. represented
the buyer.
Other News
n
A 5,128-square-foot, net-
leased restaurant building on
0.21 acres at 592 S. McCaslin
Blvd. in Louisville sold for $1.62
million. Old Santa Fe Mexican
Grille occupies the property.
Lam & Ho Investments LLC
sold the property to
TH & IN LLC,
according to Boulder County
records. The buyer was in a 1031
exchange and paid cash for the
property.
“Thispropertysoldfor $970,000
in 2014, and the price apprecia-
tion from the last sale demon-
strates the strength of the net-
leased retail market and demand
for Boulder County investment
properties,” said
Justin Krieger,
senior adviser at
Pinnacle Real
Estate Advisors LLC.
The building is located within
Centennial Marketplace, which
includes a vacant Sam’s Club
building. “Once the property’s
major anchor is retenanted, I
believe the area will get even
better,” said Krieger, who repre-
sented the seller and procured
the buyer.
s
play,” Meranski said.
Western Centers has never lost
money on any shopping center
investment and Iliff Crossing is
no exception.
“I think our investors are
already getting a 9 percent or
10 percent return,” Meranski
said.
“We’re holding this one for
the long term.”
Other News
n
A private, California-based
group has paid $12.7 million
for real estate assets in Seren-
ity Ridge, a 23,801-square-foot
retail center at 25791 E. Smoky
Hill Road in Aurora.
Denver-based
Evergreen
Development
sold the center
to the unidentified group for
$9.9 million. The buyer was
represented by
Matthew Hen-
richs
and
Brad Lyons
of
CBRE’s
Real Estate Investment Ser-
vices
in Denver.
Earlier, the same buyer, also
represented by Henrichs and
Lyons, paid $2.86 million for
a 4,055-sf standalone Knead-
ers Bakery & Café in Serenity
Ridge.
“These Serenity Ridge Mar-
ketplace transactions are hall-
mark examples of what is driv-
ing the continued inflow of
West Coast private capital to
the Colorado retail market,”
said Henrichs, a first vice presi-
dent at CBRE.
Sixty-five percent of the 82
deals Henrichs and Lyons have
completed since 2011 have been
with out-of-state investors.
“Outside investors are on the
hunt for high-quality assets
that can offer a yield premium
to coastal markets,” Henrichs
said.
“Brand-new, Class A retail
developments like Serenity
Ridge with its roster of long-
term, triple-net leases and adja-
cent Kneaders Bakery & Café is
just the type of investment to
complement their portfolios,”
he said.
Built in 2015, Serenity Ridge
is shadow-anchored by a
120,000-sf newly constructed
King Soopers Marketplace.
The inline retail center was
100 percent leased at the time
of sale to a diverse mix of ten-
ants, including Subway, Papa
Murphy’s, Pacific Dental Ser-
vices, Supercuts and Serenity
Dry Cleaners.
Kneaders Bakery & Café is
adjacent to the center.
Its master franchisee, Four
Foods Group, operates 37
Kneaders Bakery & Cafes
across Colorado, Utah and Ari-
zona with plans to reach 57
restaurants by the end of 2017.
n
Melcor E470 LLC
recently
purchased 42.23 acres of land
at the southeast corner of E-470
and East Sixth Avenue in Auro-
ra for future retail develop-
ment.
E470 & 6th Avenue Realty
Partners LLC,
an affiliate of
Servicestar Capital Manage-
ment, sold the property for
$3.25 million.
Melcor is in the entitlement
process for development of
an approximately 1,100-acre
residential property close by
and wanted land to be able
to provide retail amenities to
residents in the future, accord-
ing to
Rick Egitto
of
Avison
Young,
who represented the
seller.
Tom Swan
of
Amcal South-
west
represented Melcor, a
Canadian company that does
business in the United States as
Melcor Developments Arizona
Inc.
Melcor also owns several
office properties in the Den-
ver area, including the Offices
at the Promenade, Inverness
Office Plaza, Centennial Air-
port Plaza and Syracuse Hill I.
n
Fuzzy’s Taco Shop, 5280
Burger Bar
and
Finley’s Bar-
ber Shop
have leased the
entire 11,200-sf Bradburn Vil-
lage Central retail center at
4301 S. Main St. in
Continuum
Partners’
mixed-use Bradburn
Village in Westminster.
The project recently broke
ground and is expected to open
next summer.
n
Paragon Fitness USA LLC
leased 2,403 sf of retail space
for five years at 5894 S. Zang
St., Units D and E in Littleton.
Matt Kulbe
and
Heather Tay-
lor
of
NavPoint Real Estate
Group
represented the land-
lord.
n
Astro Tap House LLC
leased 2,243 sf of retail space
for five years at 3911 Ambro-
sia St., Building B-1 in Castle
Rock.
Ian Elfner, Matt Call
and
Heather Taylor
of
NavPoint
Real Estate Group
represented
the landlord.
n
Frese Brothers Coins &
Collectibles LLP
leased 1,704
sf at Broadway Square at
5501 S. Broadway in Littleton,
announced
Prime Manage-
ment LLC,
a commercial real
estate leasing and management
firm.
n
Sprint
leased 1,500 sf of
retail space at 2045 Sheridan
Blvd., Unit K, in Edgewater
for five years.
Ian Elfner
of
NavPoint Real Estate Group
represented the tenant.
n
Sprint
leased 1,198 sf of
retail space at Block 6B - Space
D-130 in Castle Rock for five
years.
Ian Elfner
of
NavPoint
Real Estate
Group represented
the tenant.
s
Industrial
Superior
Meranski
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DENVER
•
DALLAS/ FORT WORTH
ENGINEERS
•
LAND SURVEYORS
ʻI think our
investors are
already getting a
9 percent or 10
percent return.ʼ
– Arnie Meranski,
Western Centers