Colorado Real Estate Journal -

California builder joins Village Homes on $19.66m deal

John V WInslow

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William Lyon Homes Inc., a California homebuilder, along with Village Homes, consisting of Lowe Development and Real Capital Solutions, acquired 221 platted lots in the Southshore at Aurora Subdivision at the northeast corner of Arapahoe and Powhaton roads.

The purchase price of $19.66 million was verified by Arapahoe County Clerk and Recorders records. Jim Capecelatro and Mike Kboudi of Cassidy Turley represented the grantor.

The seller was hedge fund billionaire John Paulson of Paulson Property Management in New York City. Public records listed his company as Southshore Recovery Acquisitions LLC, in care of Raintree Investment Corp. Paulson acquired the property from Residential Funding Co. in November 2009 for $14.5 million. Residential Funding acquired the property via a public trustee’s foreclosure sale (confirmation deed) in September 2009 from WL Homes.

“There was a one-month bid process, and then the best and final bid was awarded,” said Capecelatro.

Unique Properties negotiates office sale

A two-story office building located at 12353 E. Easter Ave., on the northeast corner of East Easter and South Quentin Street and containing 24,891 square feet, sold to HAB Properties, an investor from Anaheim, Calif., for $4.1 million.

The tenant, Dealer Information Systems, has been a tenant in the building since 2001, when the property was constructed, according to Arapahoe County Assessor records. The property contains 4.07 acres with 98 parking spaces.

The seller was once a principal in DIS who developed the property for the current tenant.

BAM Reed Family LLLP was the grantor, with TM Reed Inc.

(B. Anthony Reed, president) as the general partner, and is based out of Franktown.

The seller initially executed a one-year construction loan for $3.17 million in April 2000.

Permanent financing was later completed for a 20-year note in the amount of $2.42 million, dated Nov. 21, 2001 (a U.S.

Small Business Administration loan), payable to Wells Fargo Bank Minnesota. Said deed of trust was released in 2011.

According to a listing brochure on Unique Property’s website, the property was listed for $4.5 million, with a 20-year triple-net lease that commenced May 1, 2001. There are three, five-year options. The cap rate derived from the brochure with respect to the sales price was concluded to be 8.78 percent, based on actual cash.

Kurt Holzkamp, senior broker at Unique Properties LLC, was the listing broker.

While the lease runs through April 30, 2021, 18,520 sf, including 64 parking spaces, is available for sublease by KW Properties (Steve Hewson, broker) at $18 per sf triple net.

Heath Court sells 4,006-sf building

Heath Court LLC sold an office building at 19755 E. Pikes Peak Court in Parker to Rose Chateau Properties LLC for $750,000.

Rose Chateau Properties is a limited liability company owned by Kathleen M. Zaffore, CPA. Her firm offers accounting and a variety of consulting services, including web strategy, strategic planning and financial analysis. It occupies the first floor, which contains approximately 2,296 square feet.

The building is a Victorianstyle office property constructed in 2007 and, in addition to the first floor, features 1,709 sf on the second floor and a 2,296- sf finished basement. The property is near downtown Parker, one block south of Mainstreet and east of Pikes Peak Drive.

The buyer executed a $500,000 note payable to Adams Bank & Trust of Colorado Springs.

Tangs has taste for industrial real estate

Russell Gruber and Steve Fletcher of Newmark Grubb Knight Frank represented Tangs Investment LLC in the $1.82 million purchase of a 24,837-square-foot industrial building on 4.25 acres zoned IB in northeast Denver. The property is at 3770 Joliet St.

“The property serves well from an investment standpoint as well as a user facility because of its many amenities,” said Gruber, associate director of industrial services for Newmark Grubb Knight Frank. “Tangs Investment will have My Wireless Supply (Wai L. Tang’s company) as a tenant in the building.” Tangs Investments LLC executed a $1.71million SBA loan Nov. 7, payable to Wells Fargo Bank and due Nov. 7, 2038.

Doug Visuer and Murray Platt of CBRE represented the seller, Yesco Properties. Yesco will lease back for a short time and will subsequently relocate to another location, according to Viseur. My Wireless Supply, a division of Tangs Investment, will move into the building and share the space. Wai L. Tang is principal in both My Wireless Supply and Tangs Investment.

They have been located at 2879 S. Shoshone St., which his company purchased Aug. 25, 2011, for $610,000.

Golf Cars rides into Denver area

Houston-based Golf Cars of Houston acquired a 1.49- acre site on the east side of South Parker Road, a quartermile south of the Parkglenn Way intersection, in Parker for $530,000, or $8.16 per square foot, for a new store. The seller was the Board of County Commissioners of Douglas County and the sale closed Nov. 8.

According to Mike Kramer, manager of the Mile High Golf Car’s store in Frederick, “an 8,000-square-foot retail store will break ground in spring 2014.”

Cheesman Park apartments sell

Veteran apartment investor Michael Blackman of Denver purchased a 13-unit apartment property in Denver for $1.5 million.

Greg Johnson and Kyle Malnati of Madison Commercial Properties Ltd. negotiated the sale of the Kendall Arms Apartments at 1125 Marion St.

for $115,385 per unit.

“The property sold over our listing price of $1.48 million,” said Malnati, principal in Madison Commercial Properties.

According to the listing broker’s brochure, there are five studios with an average size of 447 square feet and eight onebedroom units averaging 663 sf. The 7,535-sf, two-story-plusbasement building is situated on 9,375 sf. The steam boiler was replaced in 2013 and is master-metered.

The units feature wood floors, and some have fireplaces. This classic building was constructed in 1925 and a new tile roof was completed in 2013.

There are private balconies on six of the apartment units.

The sellers were Robert L.

Greene and James T. Harvey and the transaction closed Nov.

12.

Blackman executed a note, secured by a deed of trust in the amount of $1.06 million, payable to JPMorgan Chase Bank, fully amortizing for 30 years.

Bellco Credit Union spurs retail activity

Bellco Credit Union has opened a new financial center at the northeast corner of East 128th Avenue and Holly Street in Thornton. The 3,607-squarefoot credit union received its certificate of occupancy Nov.

15. Bellco paid $750,000, or $16 per sf, for the 46,875-sf commercial site in March. The new address is 12820 Holly St.

The adjoining property to the east is a 10,875-sf strip center and was purchased Nov. 5 by SAB Properties for $2.9 million.

The buyer executed a loan for $337,000 payable to V-Square Inc., due Nov. 5, 2040. The principals of SAB Properties Inc.

are Simrat Kaur Sandhu, president, and Amritpual Bhullar, secretary. Rajkumar S. Patidar is the president of V-Square Inc. (the grantor) and also is a tenant (Boss Liquors). V-Square purchased the property from the developer, Peter Cudlip of Point Properties LLC, for $2.5 million in October 2009, according to the Adams County Clerk and Recorder’s office.

The Riverdale Retail Center is located at the northeast corner of East 128th Avenue.

and Holly and was originally purchased by PB-I (Point Properties LLC, Peter Cudlip, manager) in October 2005 for $970,000, or $3.07 psf. This single-lot parcel containing 7.26 acres was subsequently replatted into five individual parcels, with three of them improved.

Point Properties constructed the 11,200-sf retail center located at 12840 Holly in 2008 and leased space to Chang’s Restaurant, Community Pet Hospital and Fitness 19. This property was 100 percent occupied when it sold in August 2012 from PB-I (Cudlip, manager) to the Hyde Grandchildren LLC of Sonoma, Calif., for $2.7 million. The land area is 1.95 acres.

Two of the parcels, a 1.4-acre site located at the north end of the Riverdale Retail Park and the 1.54-acre pad located at the very east end of the Riverdale Retail Park, currently are listed by Jay Landt of Colliers International.