Colorado Real Estate Journal - January 3, 2018
A 1031 exchange buyer paid $3.3 million, or $274.29 per square foot, for a newly renovated single tenant office building in Golden. Four Corners Petroleum, an oil and gas investment firm, recently signed a seven-year triple-net lease on the property, located at 607 19th St. The two-story building comprises 12,031 sf. The buyer, DS Real Estate LLC, was exchanging out of a Longmont RV property. The seller was Golden Investment Property LLC, which updated the 1985-built building after acquiring it for $2.45 million just over a year ago. “The property had been renovated beautifully and completely brought up to new office standards,” said Brett MacDougall of Unique Properties LLC-TCN Worldwide, who represented the buyer with Unique Properties’ Marc Lippitt. MacDougall said the buyer “really likes the Golden market and saw it as a great opportunity to purchase a nice property.” The building is located just outside of downtown Golden, three blocks from the Colorado School of Mines campus. The buyer also liked that the city’s vacancy rate is relatively low (10.6 percent, according to CoStar) as well as the property’s flexibility. “It’s currently leased as a single-tenant building but has a floor plan that lends itself to being anywhere from one to four tenants,” MacDougall commented. There also is a “quasi-retail” opportunity on the ground floor, so, “We thought it would be great for any of those uses,” he said, adding there also is future redevelopment potential for the building, which sits at the busy 19th and Ford street intersection and is right across from a high-end brownstone development that’s under construction. Matt Call and Matt Kulbe of NavPoint Real Estate Group represented the seller in the transaction.