Colorado Real Estate Journal -

DIA land activity comes to life with $3.13m acquisition

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DIA 56th Avenue LLC purchased 78 acres of land on the north side of East 56th Avenue, approximately 1.5 miles east of E-470 intersection, for $3.13 million. The seller and the buyer were not available for comment at time of publication.

The buyer acquired the property directly from the seller as he owns the adjoining 77 acres to the east, which fronts the northwest corner of the East 56th Avenue and Powhaton Road intersection. According to public records, the buyer paid $1.5 million for the site located on the northwest corner of East 56th Avenue and Powhaton Road extended north.

Said public records showed a recording date of Nov. 26, 2008.

Optimum Networking expands with purchase

The principals of Optimum Networking, consisting of Joe Turnbough, CEO, Tracy Huntzinger, president and chief operating officer, and Brett Ammerman, chief technology officer, took title as Ascent Commercial Partners LLC to their second building, containing 4,275 square feet, in the Southeast Business Commons in Aurora, 14180 E. Evans Ave., for $382,000, or $89.36 psf. They closed on this property Nov. 22. The same buyer acquired a 5,616-sf brick office building located at 14160 E. Evans Ave. for $400,000, or $71.23 per sf.

The seller of 14180 E. Evans was Greyhawk Properties (Foothills Commercial Builders, William “Rocky” Hollingsworth, president). It was represented by Cody Sheesley of Colliers International. There are 13 designated parking spaces. The buyer paid 10 percent cash down and the balance of $343,800 payable in a U.S. Small Business Administration loan to U.S. Bank.

Indigo Holdings LLC acquires office

Castle Rock-based Indigo Holdings LLC acquired the 8-year-old, 3,720-sf office condo in at 88 Inverness Circle East, Building J. It paid $669,420, or $180 per square foot. No comment was available from the listing broker regarding the use of the building as she represented the seller. Santa Fe, N.M.-based Office Court Cos., headed by Kenneth D. Joseph, was the seller.

Carole Schumacher and Sebastian Roesinger of BRC Real Estate represented the seller of 88 Inverness Circle.

Automotive Avenues deals on dealership

R and R LLC, Walid R. Maaliki, of Castle Rock sold the property at the northeast corner of East Warren Avenue and South Havana Street containing 6.28 acres and a 28,324-squarefoot auto dealership building to Aimbridge Commercial Real Estate II LLC (Automotive Avenues, headed by Stephen O. Bentley). They paid $3.85 million for the property Nov.

22 and borrowed $2.89 million from Bellco Credit Union. A spokesperson for the company indicated it will move into the new store in January. Automotive Avenues specializes in used car sales.

Maaliki acquired the property from BDH & R Investment Co., consisting of Terry S. Dixon and William H. Meiers Jr., for $2.5 million July 31, 2013. On June 1, 2010, Carmax Auto Superstores West Coast Inc. had an agreement to purchase the property from BDH & R Investment for an undisclosed amount; however this agreement was terminated July 29, 2010.

Thornton site will be Cheddar’s Restaurant

Riverside Restaurant Group – Thornton purchased 2.38 acres of land from the Thornton Development Authority for $603,383, according to the Adams County Clerk and Recorder’s office. Independent research from the Internet found Cheddar’s restaurant was founded by Aubrey Good, CEO, and Doug Rogers, president, in 1978. The sale closed Nov. 22.

According to Adam Krueger, manager of business attraction for the city of Thornton, there is significant activity happening on the 15-acre site, which was recently replatted into three lots and named 104th Avenue Redevelopment Site. Details of the site were not available. The property is bounded by Grant on the west, 104th Avenue on the north, Washington on the east and 102nd on the south.

Hearth and Home Inc.

finds new home

Greg Knott and Brad Gilpin of Unique Properties LLCTCN Worldwide represented the seller, Albrook Partners, in the sale of two industrial condominiums located at 3911 Norwood, Units E and F, in Douglas County. Hearth and Home Inc., headed by David M. Resmo, executed a $312,400 note payable to Wells Fargo.

The buyer will occupy the 4,550-square-foot space. The property contains 850 sf of office space with two 10-by- 12-foot drive-in doors and was remodeled earlier this year.

The seller subsequently closed on a $550,000 agricultural-zoned property located on the adjacent, southwest corner of 168th Avenue and Hudson Road in Hudson. The seller, Marvin D. Kremer, conveyed 278.94 acres to Albrook Partners LLC, headed by Andrew Kienitz as member.

Comparable Sales – Adams County

Property Location: North side of East 56th Ave., approx.
1.5 miles east of E-470
Property Type/Description: Vacant Land
Land Size: 78 acres
Sales Price: $3,133,200
Price Per Acre: $39,165
Grantor: SEII Sun Empire II
Grantee: D.I.A. 56th LLC
Closing Date: 11/20/2013
Comments: Five deeds comprising five separate
partnerships of Sun Empire II
Property Location: 10909 E. Colfax Ave. (NEC Joliet &
Colfax, Aurora)
Property Type/Description: 2,770-sf restaurant building
Land Size: 30,492 SF
Sales Price: $700,000
Price Per SF: $252.71
Grantor: Drake QSR Partners #8 LLC, (Jonathan H Hardy,
president of Sawbuck Inv)
Grantee: Mana 10909 LLC (Ampon Sanitkhum, Mgr)
Closing Date: 11/20/2013
Comments: Formerly KFC, vacant restaurant, listed by
Crosbie RE Group (Scott Steputis (720) – 287-6868; Rhonda
Coy (720) 287-6866, Aug. 23, 2013
Property Location: 8851 Washington St., Thornton
Property Type/Description: 4,000-sf retail store, YOC 1964
Land Size: 14,810 sf
Sales Price: $550,000
Price Per SF: $137.50 psf
Grantor: Tommy R. Nail
Grantee: 2247 Larimer LLC (Todd Hills & William Piper,
Mgrs)
Property Location: E/S Grant St, approx. 350’ N of E. 102nd
Ave., Thornton
Property Type/Description: Vacant land, proposed
Cheddar’s restaurant
Land Size: 103,674 sf
Sales Price: $603,383
Price Per SF: $5.82 psf
Grantor: Thornton Development Authority
Grantee: Riverside Restaurant Group – Thornton LLC
(Douglas Rogers, Mgr)
Closing Date: 11/22/2013
Property Location: SWC Washington & 104th Avenue,
Thornton
Property Type/Description: Vacant land, potential
automotive use
Land Size: 10 acres +/-
Sales Price: none stated
Grantor: Thornton Development Authority
Grantee: TT CO 1 (Sonic Automotive Inc.)
Closing Date: 11/22/2013
Comments: Part of redevelopment of old Target (which
was razed in June 2013), property, which Thornton
Development Authority purchased in 2008 for slightly
under $9M, according to sources.
Property Location: Adjacent SWC E. 168th Avenue &
Hudson, Hudson
Property Type/Description: Vacant land, zoned Agricultural
Land Size: 278.94 acres
Sales Price: $550,000
Price Per Acre: $1,972
Grantor: Marvin D. Kremer
Grantee: Albrook Partners LLC (Andrew Kienitz, Mgr)
Closing Date: 11/25/2013
Comments: Unconfirmed if this sale is the down leg of a
1031 exchange for a property in Douglas County located
at 3911 Norwood, Units E & F for $355,000.
Property Location: 8076 Oneida St., Commerce City
Property Description: 4,000-sf metal warehouse w/2
overhead doors, YOC 2005
Land Size: 24,151 sf
Sales Price: $439,900
Price Per SF: $109.98
Financing: Buyer executed $395,900 payable to U.S. Bank,
NA (90% Loan to Value)
Closing Date: 11/25/2013
Grantor: 8076 Oneida St LLC (James H Fairas, Mgr)
Grantee: J.L.C. Investments, LLC (Johanna L. Carson &
Gerald H. Carson Jr., Mgrs)
Property Location: 400 W. Bromley Lane, Brighton
Property Description: 4,000-sf metal warehouse w/2
overhead doors, YOC 1995
Land Size: 60,548 sf
Sales Price: $420,000
Price Per SF: $105.00
Grantor: Kirk D. Ewing & Susan K. Ewing
Grantee: WGM RE-COLORADO, LLC (W. Gordon Miller,
Marlette Michigan)
Closing Date: 11/15/2013

Comparable Sales – Douglas County

Property Location: 8484 S. Valley Hwy., Englewood
Property Type/Description: 37,250-sf office/industrial building, YOC 1977/1985
Land Size: 2.125 acres
Sales Price: $1,739,694
Price Per SF: $185.10 psf
Grantor: 8484 S. Valley Highway LLC, Kevin Ellis, Mgr)
Grantee: South Valley Hwy LLC, (MaxAir, Jim Worden, Pres)
Closing Date: 11/19/2013
Property Location: 9903 Titan Park Ct., Littleton CO
Property Type/Description: 2,366 sf office/warehouse, YOC
1999, metal construction
Sales Price: $269,000
Price Per SF: $113.69 psf
Grantor: Robert L. Pacheco
Grantee: IPC Investpros LLC (Paul & Carol Iwata, Mgrs)
Closing Date: 11/13/2013
Comments: Will use space for their company, KECI Colorado Inc.
Property Location NWC & SWC E. Stepping Stone Circle &
Artisan Lane, Englewood
Property Type/Description: 102 vacant residential lots
Land Size: 102 lots
Sales Price: $8,415,000
Price Per SF: $82,500 per lot
Grantor: Shea Homes LP (Jeff Kappes, Asst Sec)
Grantee: Richmond American Homes Inc.
Closing Date: 11/15/2013
Property Location: 3911 Norwood Drive, Units E & F, Littleton
Property Type/Description: 4,550-sf office/warehouse, YOC
1999, brick construction
Sales Price: $355,000
Price Per SF: $113.69 psf
Grantor: Albrook Partners LLC (Andrew Kienitz, Mgr)
Grantee: 3911 Norwood Investment Holdings (David
Resmo, Mgr)
Closing Date: 11/18/2013
Property Location: NWC & SWC White Wing Lane & Desert
Ridge Circle
Property Type/Description: 46 vacant residential lots
Land Size: 46 lots/8.96 acres
Sales Price: $3,413,200
Price Per SF: $74,200 per lot/$8.75 psf
Grantor: SLV Castle Oaks LLC
Grantee: Lennar Colorado LLC
Closing Date: 12/4/2013
Comments: Platted lots

Comparable Sales – Arapahoe County November

Property Location: 8101 E Prentice Ave, Greenwood
Village, CO
Property Type/Description: 161,787 sf
Land Size: 2.001 acres
Sales Price: $26,600,000
Price Per SF: $164.41 psf
Closing Date: 11/22/2013
Grantor: Gateway Canyon, Inc. (Invesco Real Estate)
Grantee: GPIPM, LTD (Granite Properties, Inc.)
Comments: This 161,313 net rentable square foot building
was offered for lease at $24.00 psf and has 3.5:1,000
parking
Property Location: 2150 S Havana St, Aurora , CO
Property Type/Description: 28,324 sf auto dealership, YOC
1994
Land Size: 6.279 acres
Sales Price: $3,850,000
Price Per SF: $135.931 psf
Closing Date: 11/22/2013
Grantor: R & R LLC (Walid R. Maaliki, Mgr)
Grantee: Aimbridge Commercial Real Estate II, LLC
(Stephen O. Bentley, Mgr)
Financing: Buyer executes $2,887,500 note payable to
BellCo Credit Union
Comments: Seller purchased property for $2,500,000
on July 31st 2013 and borrowed $1,250,000 payable to
Sunflower Bank, NA and flipped it to Aimbridge
Property Location: 88 Inverness Cir E, Units J101- J104,
Englewood, CO
Property Type/Description: (4) condo units containing
3,720 sf, brick, YOC 2005
Land Size: 14,898 sf
Sales Price: $669,420
Price Per SF: $180.00 psf
Closing Date: 11/25/2013
Grantor: Creekside Two on Inverness LLC (Kenneth D
Joseph)
Grantee: Indigo Holdings LLC
Financing: SBA Loan in amount of $569,100 due 11/25/38
to Wells Fargo Bank
Comments: Four condo buildings as follows: Unit 101
has 748 sf; Unit 102 has 866 sf, Unit 103 has 871 sf; Unit
104 has 1,235 sf. Carole Schumacher of BRC Real Estate
Corporation represented the seller.
Property Location: SWC E. Iliff Ave & S Dunkirk St
Property Type/Description: 119 vacant residential lots
Land Size: 34.02 acres
Sales Price: $1,320,900
Price Per SF: $11,100 per lot/$0.89 psf
Grantor: Iliff Commons LLC (Arthur Kleinstein, Mgr)
Grantee: KB Home Colorado Inc.
Closing Date: 11/26/2013
Comments: Property was re-platted on November 21,
2013 and part of 34.02 acres Inc.luding 6.19 acres of
common area/detention and buffer area.
Property Location: 14180 E. Evans Ave, Aurora CO
Property Type/Description: 4,275 sf office condo, YOC
1981, brick construction
Land Size: 4,792 sf
Sales Price: $382,000
Price Per SF: $80.85 psf
Grantor: Greyhawk Properties Inc. (William Hollingsworth,
Pres
Grantee: Ascent Commercial Ptnrs LLC, (Wm J. Turnbough
& Brett Ammerman)
Financing: SBA Loan in amount of $343,800 payable to US
Bank, NA
Closing Date: 11/22/2013
Comments: Grantee also owns 14160 E Evans Ave.
Property Location: 9100 E. Mineral Circle, Centennial CO
Property Type/Description: 156,792 sf 3 sty office building,
YOC 1988
Land Size: 8.210 acres
Sales Price: $11,250,000
Price Per SF: $71.75 psf
Grantor: Redus One LLC (Wells Fargo Bank)
Grantee: IBC Denver IX, LLC
Closing Date: 12/2/2013
Financing: Cash deal
Comments: Lender owned as property was conveyed
to Grantor by Pacific Mineral in June 2013 via Special
Warranty Deed ‘in lieu of agreement’. Prior sale was
February 2008 for $27,000,000.