Colorado Real Estate Journal - March 5, 2014

The Winslow Report: Highline church sells Arapahoe Co. site for $2.8 million

John Winslow

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Urban Inc., which has successfully developed and operated numerous assisted living projects in the Denver metro area, found an ideal site near deKoevend Park and adjoining the Goodson Recreation Center.

The 4.35-acre site comes with a 19,276-squarefoot church plus a 17,963- sf finished basement area. The price of $2.8 million equates to $14.78 per sf.

While the property has been under contract for more than 1½ years, floodplain issues nearly defeated the transaction. Half of the property was in the floodplain, and the remedy was not simple. The buyer’s solution was to remove a portion of the east knoll in the park and transport the soil and use it to build up the site where the new improvements will be constructed.

Of course, there is cost of removal of the church. The church was constructed in 1975 and was used by the Highline Community Church since February 2005. The sanctuary had more than 400 seats with a professional sound system, and the church had access to 230 spaces with a cross easement for another 120 spaces from the Goodson Recreation Center.

The site is irregular in shape, and some parking spaces may be lost as the new zoning is BP, city of Littleton. The access is a single shared traffic light on the west side of South University Boulevard. During church services, egress and ingress to the site was difficult as there may have been 300 to 400 cars for Sunday services and patrons of the Goodson Recreation Center. With the assisted-living use, the traffic flow will be considerably easier.

Amenities of the site include the Highline Canal, which extends over 20 miles going both directions, coupled with the deKoevend Park.

The number of assisted-living units planned was not available at press time.

The following map shows the 4.35-acre site, located north of the intersection of East Arapahoe Road and South University.

The property has good access to shopping, just south of the new Trader Joe’s, and adjoins deKoevend Park and the Highline Canal.

The church, which was home to Highland Community Church and St. Andrew Methodist Church prior to January 2005, will be torn down and site work will be completed to take the property out of the floodplain district. The seller now shares the church facility at 3651 S. Colorado Blvd.

Distressed condos sell for $1.29 million

Reggie Fowler attempted a career in both the NFL’s Cincinnati Bengals and the USFL’s Arizona Wranglers but decided on the business world as he began his career with Mobil Oil’s Chemical Division. In 1989, he started Spiral Inc. and became a major developer in Arizona and Colorado.

In 1996, Fowler began the acquisition of several parcels of land in Arapahoe and Douglas counties.

Having acquired 21.25 acres in the Cherry Creek Business Park, Fowler replatted the site in September 2002. This site is located on the northeast corner of Jordan Road and East Hinsdale Drive and was divided into six individual parcels, bounded by Jordan Road on the west, South Fraser on the east, East Hinsdale on the south and East Fremont on the north. The property known as Jordan Crossing Condominium was platted by Jorden-21, Reginald Fowler, in November 2005 from Lot 4, Cherry Creek Business Center, containing 6.02 acres.

He constructed several buildings, including four industrial self-storage buildings, a convenience store with gasoline pumps and a full-service car wash.

The project was not successful and a Notice of Election and Demand for Sale by Public Trustee was filed Jan. 10, 2013, by the Arapahoe County Public Trustee’s Office. The amount stated (the Original Principal Balance of the Evidences of Debt) was nearly $12.4 million. This includes the entire Jordan Crossing, but excluded those properties that had been sold since 2005.

Resolute Commercial Services, a firm specializing in distressed asset consulting, arranged for the sale of a 3,200-square-foot convenience store with gasoline pumps and a 3,200-sf car wash.

Both were brick construction and built in 2003 and sold for a total of $850,000 to Taramart Inc. The listing broker for this property was Car Wash Brokers Inc., with offices in Scottsdale, Ariz., and Denver.

Roger Pencek of Scottsdale sold the two properties for the receiver. The listing price was $1.2 million, and it was considered a distressed sale.

Resolute also was the receiver on Building F, which contains 21 individual self-storage condominium units on 43,344 sf of land.

The 8,800-sf building was in shell condition. It sold for $440,000, or $52.38 per sf. The buyer was Jenrick Properties LLC, headed by Rick Lyon of Parker.

Greg Knott and Brad Gilpin of Unique Properties LLC-TCN Worldwide sold the building, and have a 7,600-sf industrial building, Building E, located at 15055 E. Hinsdale Drive, listed for $456,000. Building G, which contains 10,100 sf, is listed for $775,000.

The buildings are brick and block construction.

From 2005 to the present, there were deeds of trust, certificates of treasurer’s purchase and liens that encumbered the entire Jordan Crossing Condominium complex. There were several liens, defaulted loans and several treasurer certificates of purchase for unpaid taxes on the Jordan Crossing Condominium plat. Jordan Crossing Condominium Association was headed by Fowler.

Village Inn in Aurora sells for $2.68 million

A 4,540-square-foot Village Inn located at 18601 E. Hampden Ave. in Aurora sold to Jenny Shuk Ling Leung of Highlands Ranch for $590.31 per square foot.

Jeffrey Yellen of Towne Industrial Park Inc. was the seller.

According to listing information obtained from Marcus & Millichap’s website, the property was sold by Nathan Holthouser of Marcus & Millichap in Irvine, Calif. The indicated cap rate was 7.08 percent, according to information obtained from the website.

Jason Ferdig from the Denver office of Marcus & Millichap also was involved in the transaction.

According to the Memorandum of Lease, as recited May 14, 2001, a 20-year lease was executed, which expires May 31, 2021. Village Inn has four successive fiveyear terms, thus, there is slightly more than 7.25 years remaining on the lease.

The property was constructed in 2000 and contained 1.09 acres of land. It first sold in May 2001 for $1.55 million, from Vicorp Restaurants Inc. to CNL Funding 2001-A LP.

Residential land deal fetches $16.1 million

Two major homebuilders kicked off 2014 with a bang in January. KB Homes acquired 121 acres at the southeast corner of York Street and Highway 7 in Thornton.

The site has been paper platted into 363 residential lots and 14 tracts, which include open space, parks and drainage retention area. The seller was Christopher Elliott of Cundall Farms LLC.

The sales price of $8.6 million equates to $71,074 per acre and $23,691 per lot.

Cundall Farms LLC submitted an application consisting of a service plan and related documents to create the Cundall Farms Metropolitan District. This site was annexed to the city of Thornton in December 2008.

Ryland Homes paid $7.5 million for 42.3 acres of residential land at the northeast corner of West 108th Avenue and Sheridan Boulevard. The site will contain 152 residential units, including 64 paired attached (duplex) patio homes, 56 mid-sized homes from 1,700 to 2,600 square feet and 32 larger homes that range from 2,200 to 3,000 sf. The development will be called Legacy Ridge and the final plat has not been finalized.

The sales price reflects a price of $49,342 per lot and $4.07 per sf. Interior road, infrastructure and site work has not been done.

Home pricing is projected to range between the mid-$300,000s to upper $400,000s, according to a company spokesperson.

The buyer began the planning application in May, according to Westminster Planner Walter Patrick. “Since there is a comprehensive land-use plan, which means the land density is reduced, City Council will have a second read on this hearing and approval should be completed in early April,” said Patrick.

The property was replatted in 2013 into a 42.3-acre parcel by the seller, Hewit Hawn Properties, based out of Dallas. This parcel lies directly south of a 9.9-acre open space site, which was purchased by the city of Westminster in October 2013 for $1.6 million, or $3.75 per sf. The Westminster Legacy Ridge Golf Course is approximately one mile east of the Ryland Homes development.

Richmond American Homes paid $1.68 million for 84 residential lots and seven tracts of open space land. This property is located near the intersection of Spruce Street and East 124th Avenue, including 7709-7779 E. 124th Ave.

The reflected price was $20,000 per lot. The community is known as Brantner Village.

Idaho investor lands leased Big O building

A 10-year-old Big O Tires retail store with 5,500 square feet in Castle Pines, just north of Castle Rock, sold for $1.94 million, or $351.82 per sf. Barbara J. Ross of Idaho acquired the property from San Diego-based REA Modesto LLC, managed by Genevieve Hendrick.

The property was on the market for approximately one year and the lease commenced Aug.

11, 2003, and has approximately six years remaining. As per listing information obtained by Winslow Property Consultants, the going-in cap rate was 7.87 percent, not including vacancy, management and reserves. The property was listed and sold by Marcus & Millichap’s Lior Regenstreif of Encino, Calif.

Brown’s Compounding acquires 6.13-acre site

Darby C. Brown of Parker, whose pharmaceutical company has thrived in the last decade, acquired a 6.1-acre site located at 13780 E. Compark Blvd., directly west of his new corporate headquarters that he moved into this February.

The seller, Compark Partners, headed by Don Weaver, manager of the Urban Group, based out of Houston, sold the 6.13-acre site to Brown’s limited liability company, 13796 Compark Boulevard LLC, for $4.50 per square foot.

The cash deal closed Feb. 11.

Brown opened Brown's Compounding Center as a one-person operation providing patients and doctors with allergy medications, BioNativus nutritional supplements and other homeopathic remedies. Its new facility was purchased by Brown for $4.2 million in July. Brown will occupy 38,000 sf of the 61,702-sf building with 7,000 sf of aseptic laboratory space and 9,000 sf of compounding lab space.

The building was listed for sale in 2010 by Jason Addlesperger and David Lee of Newmark Grubb Knight Frank, who were also involved in the land transaction. The additional 6.1 acres will allow for potential growth and additional parking

WinComps
Arapahoe County

Property Location: 3820 S. Jason
St., Englewood
Property Description: 8,738-sf
warehouse, YOC 1964, block construction
Land Size: 13,300 sf
Sales Price: $650,000, or $74.39
psf
Closing Date: 2/6
Grantor: Peter Zyblock
Grantee: K2 Common Properties (Kevin G. Sausker & Karen S.
Dammann, Mbrs.)
Financing: Buyer executed
$487,500 note payable to Bank of
the West.
Comments: Tenant has been
Central Trim and Supply since
2004. Central Trim and Supply
is owned by Kevin G. Sausker. It
appears Sausker was a tenant in
the building and he purchased
the building.
Property Location: 6325 S. University Blvd., Centennial
Property Description: 19,276-sf
church to be torn down (land
value)
Land Size: 4.35 acres
Sales Price: $2.8m, or $14.78 psf
Closing Date: 1/16
Grantor: Highline Community
Church (Bob Brooks )
Grantee: CHAL LLC (Al Blum,
Steve Shraiberg & Greg Wrench,
Mgrs.)
Financing: Buyer executed $2m
note payable to Guaranty Bank
& Trust
Comments: Property will be
used for assisted living. Buyer,
whose company is Urban Inc.,
has developed numerous assisted-living facilities and can be
reached c/o Chris Hines, 303-
850-7440. David Pasque of New
Height Real Estate Services represented the seller. David and
Tony Leuthold of Leuthold Commercial represented Urban Inc.
Property Location: 5425 S. Federal Blvd., Littleton
Property Description: 324 units
with 16 buildings totaling 253,712
sf, YOC 1984
Land Size: 12.16 acres
Property Location: 5341-5425 S.
Federal Blvd., Littleton
Property Description: 324 units
with 16 buildings totaling 253,712
sf, YOC 1984
Land Size: 12.16 acres
Sales Price: $39.1m, or $120,774
per unit
Closing Date: 1/29
Grantor: MFREVF–Terra Vista
LLC c/o Mesirow Financial REValue Fund LP
Grantee: Aukum-Terra Vista
Apartments LLC c/o Aukum
Mgmt., 415-408-7444
Financing: Buyer executed
$30.45m, due 2/1/21, payable to
NorthMarq Capital
Comments: Price of $39.13m
recited from deed and LTV is
77.8%; signer on deed of trust
was Jason M. Fuchs, Manager.
Property Location: 15095 E. Hinsdale Dr., Units A & C, Englewood
Property Description: 3,200-
sf C-Store with fuel, YOC 2003;
3,600-sf car wash, YOC 2005;
masonry construction
Land Size: 1.3 acres
Sales Price: $850,000
Closing Date: 1/16
Grantor: Jorden-21 LLC (Receivership)
Grantee: Taramart Peoria
Comments: C-Store listed for
$750,000; car wash @ $450,000
by Roger Pencek, 602-787-1100
or 602-770-4040 (cell), www.carwashbrokers.com
Property Location: 6455 S.
Yosemite St., Greenwood Village
Property Description: 202,158-sf
10-sty. office building, YOC 1984
Land Size: 5.3 acres
Sales Price: $25.05m, or $123.91
psf
Closing Date: 1/16
Grantor: Cognac Pacificare LLC
(Prudential Insurance Co., Kristin Paul, VP)
Grantee: BRI 1860 Yosemite LLC
by Gimmel Properties (Arier
Bentata, Dir.)
Financing: Buyer executed
$18.8m 10-yr. note payable to
JPMorgan Chase
Comments: Loan was 75% LTV;
buyer is located at 1140 E Hollandale Beach Blvd., Hollandale,
FL, and can be reached at 954-
454-4665.
Property Location: 1310-1320 S.
Abilene St., Aurora
Property Description: 23,300-sf
retail building, YOC 1978, metal
building
Land Size: 2.12 acres
Sales Price: $1.9m, or $81.55 psf
Closing Date: 2/13
Grantor: First Abilene LLC (Stephen F. Elken, Mgr.), 303-778-
0380
Grantee: Balsam GWG LLC
(Richard V. Wilsey, Mgr.), 303-
697-6127
Financing: Buyer executed
$1.425m 10-yr. note payable to
Bellco Credit Union.
Comments: Loan was 75% LTV;
listed by Gannon Roth of Unique
Properties LLC-TCN Worldwide
Property Location: 791 W. Prentice Ave., Littleton
Property Description: 12-unit, 2-
sty. apt. building, 7,524 sf, YOC
1974, brick
Land Size: 11,761 sf
Sales Price: $865,000, or $72,083
per unit
Closing Date: 2/14
Grantor: Best Apartments LLC
(Andres Osuna, Mgr.)
Grantee: Jerome B. Kelly, Centennial
Financing: Buyer executed
$612,500 30-yr. note payable to
JPMorgan Chase.
Comments: Loan was 71% LTV;
listed by Ryan Floyd, Kevin Higgins, Adam Riddle and Marc
S. Lippitt of Unique Properties LLC-TCN Worldwide for
$984,000 in May
Property Location: Vic. NW
quad of E. Hampden & Conservatory Pkwy., Aurora
Property Description: Residential lots
Land Size: 39 residential lots
Sales Price: $1.36m, or $35,000
per lot
Closing Date: 1/15
Grantor: Westside Conservatory
LLC (Andrew Klein, Mgr.)
Grantee: Richmond American
Homes of Colorado

Douglas County

Property Location: 10170 Bismark Dr., Lone Tree
Property Description: 15,532-sf
day care center, YOC 2008
Land Size: 1.24 acres
Sales Price: $4.085m, or $263 psf
Closing Date: 2/10
Grantor: Ridgegate RC LLC,
(Hank Spacone & Michael Lien)
Grantee: Brauvin Net Investments, (John Siragusa, Mgr.), 312-
759-7687
Comments: Property was listed
based on a 7.25% cap rate; no
confirmation was available for
transaction. Lease expires July 31,
2028.
Property Location: 7505 Village
Square Dr., Castle Pines
Property Description: 18,970-sf,
2-sty. office building, YOC 2000
Land Size: 1.35 acres
Sales Price: $2.98m, or $156.83
psf
Closing Date: 2/7
Grantor: I-25 LLC, c/o AMG
National Trust Bank (Earl Wright,
Pres.), 800-999-2190
Grantee: M&C Investments LLC
(Dr. Cynthia S. Classen, Mgr.),
303-800-5156
Financing: Buyer executed $2.4m
10-yr. note payable to Wells Fargo
(80.7% LTV)
Comments: Tim Price of Great
West Real Estate was the listing
broker, while Cyndi Stringham,
CCIM, of Health Connect Properties represented Classen. Classen
leased approximately 6,000 sf and
decided to acquire the property.
Property Location: NEC & SEC
Chambers Road & Grasslands Dr.
Property Description: Residential
lots
Land Size: 39 residential lots
Sales Price: $1.365m, or $35,000
per lot
Closing Date: 1/15
Grantor: Compark Land Co,
(Thomas Triplett, Pres.)
Grantee: Lennar Colorado LLC
Comments: Total plat contains
11.08 acres, with lot sizes ranging from 4,998 to 11,608 sf; 39 lots
totaling 240,633 sf with an average
lot size of 6,170 sf. There are 17
lots between 6,000 sf and 6,999 sf,
5 lots between 4,831 sf and 4,988
sf, 12 lots from 5,000 sf to 5,999 &
4 lots between 7,455 and 11,608 sf.
Property Location: SWC Double
Angel Rd. & Pelican St.
Property Description: residential
lots
Land Size: 60 lots plus 4 tracts
Sales Price: $1.8m, or $30,000 per
lot
Closing Date: 2/6
Grantor: Parker Homestead
Investments LLC (James E. Marshall, Mgr.)
Grantee: Lennar Colorado LLC
Comments: Total land conveyed
was 60 lots and 4 tracts. The lots
totaled 10.28 acres and the open
space (4 tracts) included 4.8 acres,
totaling 15.08 acres. The average
lot size was 7,464. The sales price
was reflected as $2.74 psf and,
based on just the size of the sum
of 60 lots, was $4.02 psf.
Property Location: 1623 Avenida
Del Sol, 2130 Avenida Del Sol,
2164 Avenida Del Sol, 1630 Via
Los Pinon, 1698 Via Los Pinon
Property Description: Residential
lots
Land Size: 5 upscale lots
Sales Price: $1.33m, or $265,328
per lot
Closing Date: 1/23
Grantor: Pinon Soleil Development Inc. (Lenn Haffeman, Pres.),
303-814-2460
Grantee: Melody Homes Inc.
Comments: Lot 3 is 1 acre; Lot 12
is 1 acre; Lot 13 is 1.1 acres; Lot 14
is 1 acre; Lot 15 is 1.1 acres, for a
total of 5.2 acres. The price equates
to 5.86 psf. The subdivision is
located at the SEC of Avenida Del
Sol & Founders Parkway.
Property Location: 13780 E. Compark Blvd., Englewood
Property Description: Vacant
industrial/flex land
Land Size: 6.13 acres
Sales Price: $1.2m, or $4.50 psf
Closing Date: 2/11
Grantor: Compark Partners
LLLP, Don Weaver, Mgr. of Urban
Group
Grantee: 13796 Compark Boulevard LLC, (Darby C. Brown, Mgr.)
Comments: Buyer will take occupancy Feb. 24 within the premises
of 13796 E. Compark Blvd., which
is directly east of this site. Brown’s
Compounding Center will occupy approximately 38,000 sf for its
RX pharmacy alternative medicine products and lab. It acquired
the 61,702-sf, 6-year-old building
located at 13796 E. Compark Blvd.
in July for $4.2 million.
Property Location: 7748 N.
Lavaun Dr., Louviers
Property Description: 5,250-sf
metal warehouse, YOC 1977
Land Size: 2.2 acres
Sales Price: $775,000, or $147.62
psf
Closing Date: 2/12
Grantor: Triple Crown Ventures
LLC (Wanda Wilson, Mgr.)
Grantee: WMC Development
LLC (Ken Byerly, Mgr.), 303-470-
3023
Comments: Buyer has occupied
this building since 2010 and purchased it from the landlord. Its
company is Riverbend Equipment and has offices in Grand
Junction and Louviers. Seller
acquired this property in January
2007 for $855,000 and borrowed
$684,000 from First Community
Bank.

Denver County

Property Location: 5075-81
Kingston St. – 59,927 sf, YOC 1971
with 3.03 acres;
4909 Kingston St. – 42,403 sf, YOC
1970 with 1.63 acres;
4901-07 Nome St. – 54,160 sf, YOC
1972 with 2.8 acres;
4707 Nome St. – 39,877 sf, YOC
1973 with 2.49 acres;
4825 Nome St. – 50,544 sf, YOC
1973 with 2.13 acres;
4900 Lima St. – 98,764 sf, YOC
1980 with 4.82 acres;
4905 Lima St. – 33,685 sf, YOC
1973 with 1.39 acres;
4850 Lima – 46,356 sf, YOC 1982
with 1.89 acres;
4945-85 Lima – 77,280 sf, YOC
1972 with 2.34 acres;
4959-65 Kingston – 48,813 sf, YOC
1972 with 2.05 acres;
4850-4870 Nome St. – 60,632 sf,
YOC 1973 with 2.84 acres;
4900 Moline St. – 62,080 sf, YOC
1974 with 2.71 acres;
5035 Oakland St. – 18,906 sf, YOC
1973 with 1 acre;
5095 Paris St. – 21,135 sf, YOC
1979 with 1.41 acres;
4700 Havana St. – (10555 E. 47th
Ave.) 35,275 sf, YOC 1969 with
2.42 acres;
11925-11945 E. 49th Ave. – 50,384
sf, YOC 1977 with 2.71 acres;
11809-11839 E. 51st Ave. – 55,519
sf, YOC 1982 with 2.65 acres;
11909 E. 51st Ave. – 38,384 sf, YOC
1982 with 1.93 acres
Property Description: 18 industrial buildings totaling 894,124 sf,
YOC 1969-1982
Land Size: 42.24 acres
Sales Price: $36.9m, or $41.27 psf
Closing Date: 1/27
Grantor: TRM-Montbello Corp.
c/o Invesco Real Estate, (Ron
Ragsdale, VP)
Grantee: Realty Associates Fund
X LP c/o TA Associates Realty,
Boston, MA
Comments: Property was sold by
Colliers International.
Property Location: 3200 Brighton Blvd., Denver
Property Description: 205-unit
luxury apt. complex w/187,837
sf, YOC 2012
Land Size: 4.14 acres
Sales Price: $43m, or $209,756
per door
Closing Date: 2/6
Grantor: Prospect RiNo Holdings LLC (Scott McFadden, Mgr.)
Grantee: Mountain View (RiNo)
LLC (Jeffrey K. Sanders, Mgr.),
303-862-8973
Comments: Land sold to seller in
October 2011 for $23 psf.
Property Location: 2727 W. 27th
Ave., Denver
Property Description: 38,003-sf
office/whse. building, YOC 1921
Land Size: 35,708 sf
Sales Price: $2.75m, or $77.01 psf
(land)
Closing Date: 2/6
Grantor: 2727 West 27th Avenue
LLC (Lavonne R. Plambeck, Mgr.)
Grantee: Riverpoint LLC (James
Reid Davis, Mgr.), 303-928-7147
Comments: Potential redevelopment site
Property Location: 5008-5030 &
5038-5060 Akron St., Denver
Property Description: 16 residential lots
Land Size: 52,651 sf
Sales Price: $1.2m, or $75,000 per
lot/$22.79 psf
Closing Date: 1/8 & 1/30
Grantor: FC Stapleton II LLC
(John Lehigh, Mgr.)
Grantee: Expressions at Stapleton LLC
Comments: Lots 4-11 Blk. 4 &
Tract AP sold 1/8 for $600,000,
and Lots 12-19 Blk. 4 & Tract AN
sold for $600,000, or a total of 16
lots for $1.2m.
Property Location: 273 S. Monroe (NWC E. Alameda Ave. & S.
Monroe St.), Denver
Property Description: vacant
land
Land Size: 6,250 sf
Sales Price: $350,000, or $56 psf
Closing Date: 2/10
Grantor: Russ Wehner, c/o Russ
Wehner Realty, 303-393-7653
Grantee: Imperial West Investments LLC (Jamie Beard, Mgr.),
303-726-5020
Comments: Listed by Russ
Wehner Realty for $375,000 and
zoned G-RH-3; Jamie Beard is a
broker with Brokers Guild Classic
Ltd. Buyer will build two townhomes on this site.
Property Location: 4800 Nome
St., Denver
Property Description: 38,194-sf
warehouse, YOC 1974
Land Size: 1.56 acres
Sales Price: $2.3m, or $60.21 psf
Closing Date: 2/11
Grantor: AWC Solar LLC (Lawrence A. Snyder, Mgr.)
Grantee: BCP – Nome I LLC,
Brue Capital Ptnrs., (Chad Brue,
Mgr.), 303-500-8977
Financing: Buyer executed $1m
note, due 3 years @ 10,000 per
month, 11% APR, payable to
Pinetree Financial Partners FF
Ltd.
Comments: Building was vacant
at time of sale. The property has
been renovated and has 6 dockhigh doors with 3 drive-in doors.
Buyer is licensed Colorado broker
and represented himself in the
transaction.
Property Location: NWC E. 50th
Ave. & Yosemite St.; SWC E. 51st
& Yosemite
Property Description: 6 residential lots
Land Size: 37,171 sf
Sales Price: $1.08m, or $180,000
per lot/$29.05 psf
Closing Date: 1/8 & 1/30
Grantor: FC Stapleton II LLC
(John Lehigh, Mgr.)
Grantee: Parkwood Homes Stapleton III, Gaithersburg, MD
Comments: Lots 22-27, Blk. 4,
Stapleton Filing 42, six fully finished lots
Property Location: 4725 Argonne
St., Denver
Property Description: 420-unit
luxury apt. complex w/452,548
sf, YOC 2000
Land Size: 24.12 acres
Sales Price: $49.7m, or $118,333
per door/$109.82 psf
Closing Date: 2/11
Grantor: Orchard Crossing III LP
(Paul Sween, Ptnr.), Dominium
Inc., 763-354-5500
Grantee: NALS Redstone-93, LP
(Henry M. Nevins, Ptnr.), 805-
679-8600
Financing: Assume two loans
totaling approximately $19.52m
Comments: Redstone Ranch has
630 open parking spaces and 212
detached garage spaces. There are
108 one-bedroom units with 829
sf; 36 2-bedroom, 1-bath units at
940 sf; 49 2-bedroom, 1-bath units
@ 997 sf; 143 2/2 units @ 1,146
sf; 36 2/2s @ 1,304 sf, and 48 3/2
units @ 1,450 sf. Property was
listed and sold by ARA brokers
Jeff Hawks, Doug Andrews, Terrance Hunt and Shane Ozment.
Property Location: 985 S. Logan
St., Denver
Property Description: 7,888-sf
warehouse, YOC 1927
Land Size: 29,214 sf
Sales Price: $1.7m, or $215.52 psf
Closing Date: 2/11
Grantor: Great Plains Rail and
Land Co. LLC (R. Dwight Arithson, Mgr.)
Grantee: Sterling Real Estate LLC
(Brandon S. Burnham, Mgr.)
Financing: Buyer executed
$500,000 note @ 7% with 60 payments of $7,000 per month, payable to seller; buyer executed 2nd
payable to James J. Domenico &
Pensco Trust, c/o Derek Shannon IRA, @ 12%, 60 payments of
$11,000 per month.
Comments: Building was purchased by the tenant, The Herbal
Cure, 303-777-9333. The property was listed by NAI Shames
Makovsky's Dorit Fischer in
December 2012.