Colorado Real Estate Journal - September 3, 2014

Commercial real estate activity escalates in metro Denver

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While portions of the country are experiencing some gradual recovery from the Great Recession of 2008, Denver is a market that continues to gather momentum.

MonkeySports purchased a 3.35-acre site in August 2013 for $545,000, or 3.73 per square foot. The site is located at 8215 Valley Highway (being re-addressed to 2 E. 83rd Place). MonkeySports, based out of Corona, Calif., has filed a rezoning request to allow for retail on this site for its proposed 40,000-sf retail/warehouse building.

It purchased a second property located near the intersection of Interstate 25 and Arapahoe Road, referred to as 6578 S. Yosemite St., in Greenwood Village, for $1.2 million in November 2013. The building is 15,066 sf and originally was constructed for AB Dick Printing Co. in 1972; it is situated on 1.28 acres.

Monkey Team Sports, specializing in sporting equipment, including hockey, baseball and lacrosse, has gutted the building and will totally retrofit the building into a retail outlet. MonkeySports has two stores in the California market, including a superstore in Irvine and in Santa Ana; a store in Norwood, Mass., (Boston); a superstore in Woodbridge, N.J.; and a superstore in Sodertalje, Sweden. The company hopes to have the Greenwood Village store open this fall and the proposed 40,000-sf superstore in Thornton open by the spring.

In Douglas County, Culver Restaurants has purchased a 47,768-sf retail site for $650,000, or $13.60 per sf. The proposed 3,954-sf Culver’s restaurant will be located at the northeast corner of East Mainstreet Road and Twenty Mile Road. DHS 17 Ventures LLC, based out of Daphne, Ala., purchased a 5.5-acre site at the southwest corner of Plum Creek Parkway and Plum Creek Boulevard for $925,000, or $3.86 per sf. It subsequently borrowed $2.83 million, payable to Trustmark National Bank, a Jackson, Miss., financial institution. Hix & Snedeker, headed by Haymes Snedeker, constructed a 21,924-sf tractor supply building on the site. The property was completed Feb. 1; the building is 100 percent masonry (fractured block) exterior construction. It sold the property on a long-term investment to JRS Castle Rock LLC (John K. Lane, manager of the LLC) based out of Chicago. The purchase price was $4.4 million, or $200.69 per sf.

July and August were the strongest months this year in multifamily sales in the Denver metro area. The largest multifamily deal of 2014 occurred with the sale of the 21 Fitzsimons Apartments. This 600-unit, six-building complex contains 515,956 sf and an additional 17,462 sf of first-level retail space. This property is located at 2100-2200-2201 N. Ursula St. in the Fitzsimons Business Park, near I-225 and Colfax Avenue. The purchase price was $118.5 million, or $197,500 per unit, and $222.15 per sf, which reflects one of the highest-priced suburban apartment complexes in the Denver metro area. The ARA Colorado team led by Jeff Hawks and Doug Andrews negotiated this sale.

They also handled the sale of the 100-unit Sierra Vista Apartments, located at 9440 Hoffman Way in Thornton, for nearly $10.05 million, or $100,450 per unit. A California buyer headed by Todd Kaufman of Alta Community Investments acquired the 42-year-old building. Hawks believes in what he sells as he was a principal in the $17.2 million Vista Park Apartments.

Hawks and his investors acquired the property for $62,807 per unit in the middle of August from another longtime broker/owner team, Marc Lippitt and Scott Shwayder of Unique Properties LLC-TCN Worldwide. The 283 units, constructed in 1973, were renovated in 2012-2013 and the listing was handled by Kevin Higgins, Ryan Floyd, Adam Riddle and Jason Koch of Unique Properties.

While apartment activity remains strong, quality multitenant industrial and retail buildings have been difficult to find. The 26,672-sf warehouse located at 2601 W. Seventh Ave. sold for $2.3 million, or $80.22 per sf, while a two-tenant retail building on First and Broadway sold to restaurateur Francois Safieddine for $192.80 per sf. And quality retail and multifamily sites remain in high demand, reflected in the sale of 25,265 sf at the northeast corner of South Broadway and East Arizona Avenue for $50.27 per sf.

This site is two blocks from the Broadway light-rail station and is zoned R-MU-30.

And one of the key entry sites to the Denver Business Center was sold by the Rreef Corp., out of Chicago, to Houston-based Lion Gables Realty. This site commanded a price of $88.46 per sf, or $25,941 per buildable unit. The new owner plans to build 221 apartment units with this sixstory building.

WinComps Adams County

Property Location: 2100-2200-2201 Ursula St., Aurora, “21 Fitzsimons Apts.” Property Description: 600-unit, 4-story apartment complex (6 buildings), 515,956 sf (apartment space) and 17,462 sf of retail space, YOC 2008-2014 Land Size: 11.7 acres Sales Price: $118.5M, or $197,500 per unit, or $222.15 per sf Closing Date: 8/11 Grantor: Pauls Fitzsimons Land LLC Grantee: AIMCO 21 Fitzsimons LLC Comments: Phase 1 and II contain 427 units with 404,121 sf plus six ground level retail suites totaling 16,098 sf, built in 2008-2012. Phase III contains 173 units with 127,933 sf, plus 1,364 sf of retail space, constructed in 2014. Phases I and II were listed for $89.7M, or $210,187 per unit, and Phase III was listed for $33.5M, or $193,642 per unit. The average market rent ranges from $1.35 to $1.47 per sf. ARA of Denver handled the transaction. Tenants for the retail include Collegiate Peaks Bank, Coda Beer and ProCare Pharmacy, with lease rates ranging from $16 to 20 per sf. Expenses for this building are estimated between $4,257 and $4,520 per unit.

The brokers involved include Jeff Hawks, Doug Andrews, Terrance Hunt and Shane Ozment.

Property Location: 9440 Hoffman Way, Thornton, “Sierra Vista Apts.” Property Description: 100-unit 3-story apt., 94,995 sf, brick/frame const., YOC 1972 Land Size: 6.21 acres Sales Price: $10.05M, or $100,450 per unit, or $110.01 per sf Closing Date: 8/15 Grantor: CRP TBG Elmwood LP c/o the Carlyle Group, 202-729-5626 Grantee: Alta Sierra Vista LLC (Todd Kaufman, mgr.) 818-235-1444 Comments: There are 10 1-bed/1-bath units @ 660 sf; 30 2-bed/1-bath units @ 800 sf; 30 2-bed/1-bath units @ 760 sf; 30 3-bed/2-bath units @ 960 sf. The transaction was handled by ARA Colorado.

There are 179 open parking spaces with an average expense of $4,345 per unit.

Property Location: 8225 Valley Highway, Thornton Property Description: 30,000-sf, 2-story office/warehouse, 5 dock doors, YOC 1971 Land Size: 2.53 acres Sales Price: $2.2M, or $115.14 per sf Closing Date: 8/11 Grantor: 8225 Building LLC (Steven Levine, mgr.) Grantee: Miller Ranch Land LLC (Ron Schmitz, pres.) Comments: Buyer owns Miller International, Inc., 303-428-5696. Kittie Hook of Cassidy Turley handled the sale and the buyer will continue to use the space as warehouse.

Property Location: 9501 E. 104th Ave., Commerce City Property Description: 15,000-sf warehouse, 3 drive-in doors, 18-foot clear, YOC 2014 Land Size: 5.81 acres Sales Price: $1.8M, or $115.14 per sf Closing Date: 8/18 Grantor: Revex 127 Investments LLC Grantee: Blyst Holdings LLC Comments: Aaron Romero of Unique Properties sold this property.

Arapahoe County

Property Location: 12707 E. Mississippi Ave., Aurora, “Vista Park Apts.” Property Description: 283-unit apt. complex, 202,965 sf, brick construction, renovated in 2013, YOC 1973 Land Size: 9.24 acres Sales Price: $17.2M, or $62,807 per unit, or $107.67 per sf Closing Date: 8/14 Grantor: Vista Park I–J, et al., (Marc Lippitt, Scott Shwayder and James Murphy) Grantee: Capital Real Estate – Vista Park LLC (Jeffrey L. Hawks, mgr.) Financing: $12.9M payable to Walker & Dunlop LLC, due 9/1/24 (75% LTV) Comments: Listed by Kevin Higgins, Ryan Floyd, Jason Koch and Adam Riddle of Unique Properties, 303-321-5888; the buyer was represented by its company, ARA’s Jeff Hawks and Doug Andrews.

Seller purchased property in July 2010 for $3.75M from Brentwood Partners LP and borrowed $8.95 million from Vectra Bank to completely renovate the property.

Property Location: 13801-14157 E. Exposition Ave., Aurora, “Aurora City Square” Property Description: 142,095-sf shopping center, masonry const., YOC 1983 Land Size: 12.42 acres Sales Price: $11.25M, or $79.17 per sf Closing Date: 8/12 Grantor: Aurora City Square LLC Grantee: Core Aurora CS LLC (Adam Firsel, mgr.) 312-531-6886 Financing: $8.6M payable to Cantor Commercial Real Estate Lending LP, N.Y.

Comments: Listed and sold by CBRE’s Matt Henrichs, 720-528-6308. Tenants include Jo Ann, Better Bodies, Tuesday Morning, Denver School of Massage Therapy, Christian Fellowship Ministries, Army Reserve, Car Quest, Chuck E.

Cheese’s. Center was less than 3% vacant with NNN expenses at $4.67 per sf.

Property Location: 601 S. Forest St., Glendale Property Description: 57-unit, 3-story apt., 39,082 sf, brick const., YOC 1972 Land Size: 0.93 acres Sales Price: $4.5M, or $78,947 per unit, or $115.14 per sf Closing Date: 8/14 Grantor: N.M.S. Inc. & Heath-Spartan LLC (Max and Joseph Furer, mgrs.) Grantee: SSP MIR LLC (Peter A. Eklund, mgr.) 303-328-0008 Financing: $4.52M payable to Steele Street Bank & Trust Comments: Buyer plans to renovate apartments and owns properties at 4701 and 4747 E. Mississippi Ave. Buyer is principal for Slipstream Properties.

Property Location: NEC S. Ensenada St.

& E. Davies Ave., Centennial Property Description: 10 vacant residential lots Land Size: 11.05 acres Sales Price: $2.31M, or $231,000 per unit, or $4.80 per sf Closing Date: 8/7 Grantor: Estancia Development Inc. (Harvey B. Alpert, pres.) Grantee: Melody Homes, Inc. (Jon Wayne) Comments: Lots are fully entitled but did not have water and sewer permits.

Property Location: 12656 E. Jamison Pl., Englewood Property Description: 25,600-sf office/ warehouse bldg., 12 drive-in doors, outside storage, heated sidewalks, 18-foot clear, concrete tilt-up const., YOC 2002 Land Size: 2.71 acres Sales Price: $2.2M, or $85.94 per sf Closing Date: 8/7 Grantor: Greg L. New Grantee: Mountain States Lending LLC (Mark Goodman and Paul Schneider, mgrs.) Financing: $1.54M payable to First National Bank Arapahoe (70% LTV) Comments: Listed and sold by Mark Goodman and Paul Schneider of Pinnacle Real Estate Advisors, 303-962-9545. In place cap rate was 8.2% at time of closing.

Property Location: Vicinity of E. Crestline, West of S. Chambers Road, Aurora Property Description: 86 vacant residential lots Land Size: Approx. 5.9 acres Sales Price: $2.19M, or $25,172 per unit, or $8.50 per sf Closing Date: 8/7 Grantor: PH Investment Group LLC (Buzz Koelbel, mgr.) Grantee: The Ryland Group Comments: Lots are fully entitled but did not have water and sewer permits.

Property Location: 7050 S. Tucson Way, Units A & B, Centennial Property Description: 22,339-sf office/ warehouse bldg., 12-foot clear, concrete tilt-up const, YOC 1982 Land Size: 1.68 acres Sales Price: $1.43M, or $63.79 per sf Closing Date: 8/6 Grantor: DM Blackdog LLC (Douglas J.

Fisher, mgr.) Grantee: Southside Bible Church (Kenneth P. Murphy, pres.) 720-641-9414 Financing: $997,000 payable to Vectra Bank, NA, due 8/11/24 (70% LTV) Comments: Listed by T. J. Smith and Cody Sheesley of Colliers, 303-283-4576, and sold by Mark Goodman and Paul Schneider of Pinnacle Real Estate Advisors, 303-962-9545.

Property Location: 7076 S. Alton Way, Unit B, Centennial Property Description: 9,840-sf converted to church building, precast panel const., YOC 1979 Land Size: 0.23 acres Sales Price: $1.4M, or $142.28 per sf Closing Date: 7/28 Grantor: Southside Bible Church (Kenneth P. Murphy, pres.) 720-641-9414 Grantee: Cross point Community Church Financing: $910,000 payable to Guaranty Bank & Trust Comments: Previously sold in March 2005 for $980,000 to Southside Bible Church.

Seller will move into new location, 7050 S.

Tucson Way, in early 2015.

Property Location: 14200 E. Colfax Ave., Aurora Property Description: 22,572-sf industrial building (includes 5,000-sf office and showroom area), concrete construction, YOC 1973 Land Size: 2.72 acres Sales Price: $1.25M, or $55.38 per sf Closing Date: 8/7 Grantor: U.S. Bank NA, Trustee for Lehman Brothers Small Balance Grantee: Praetorian Capital, Scottsdale, Ariz.

Comments: Property was listed by Colliers International and was an REO transaction. Formerly occupied by Off Road Ltd. and was vacant at time of sale. There are floor drains and sand trap, with large fenced outside storage yard.

Property Location: 13276 E. Fremont Pl., Centennial Property Description: 19,882-sf warehouse/R&D building, YOC 1982 Land Size: 1.37 acres Sales Price: $1.2M, or $60.37 per sf Closing Date: 8/12 Grantor: Vukoslav E. Aguirre and Emma J. Aguirre Grantee: Contact Media LLC (Robert Sigg Jr.) 303-771-5552 Financing: $1M @ 6% interest-only payments, payable to Grantor, due in 3 years.

Comments: This property was listed by Mark Goodman and Paul Schneider of Pinnacle Real Estate Advisors for $1.3m.

Building has new roof and HVAC, with lab area, floor drains and security system.

Buyer will occupy space.

Property Location: SEC of E. Easter Ave.

& S. Joliet St., Englewood Property Description: vacant commercial land Land Size: 4.55 acres Sales Price: $843,200, or $4.25 per sf Closing Date: 8/7 Grantor: VH Dry Creek Sub LLC c/o Equity Office, (Matt H. Koritz, VP) Grantee: Joliet Street Building LLC Comments: Proposed mixed-use office.

Denver County

Property Location: 8000 E. 12th Ave., Denver “Advenir @ Lowry” Property Description: 326 units, 276,561 sf, 17 bldgs. plus clubhouse, YOC 1973 Land Size: 14.28 acres Sales Price: $35M, or $107,362 per unit, or $126.55 per sf Closing Date: 8/5 Grantor: CRP/TBG Heritage Estates LP c/o Carlyle Group Grantee: Advenir@Lowry LLC (Aventura, Fla.) Financing: $28M, 7-year note, Payable to CBRE Capital Markets Comments: Stephen L. Vecchitto is buyer contact, based out of Aventura, Fla., 305-948-3535. Property sold in 3/06 for $16.3M. Seller contact is David Daniel, VP, 202-729-5626. Property was listed by ARA, Terrance Hunt, Shane Ozment, Doug Andrews, Anna Stephens and Jeff Hawks.

There are 133 1-bed/1-bath units, 567- 770 sf; 157 2-bed/1-bath units, 812-837 sf; and 36 3-bed/2-bath units, 1,183-1,340 sf, with a $1.14 per sf per month rental average. There are 217 carports and 253 open spaces, or a total of 470 parking spaces.

Operating expenses are slightly less than $4,200 per unit (excluding reserves). The property was renovated in 2007.

Property Location: 1600 Champa St., Denver, “Remington Place” Property Description: 75,349-sf, 4-story office-retail building, YOC 1954 Land Size: 18,814 sf Sales Price: $21.75M, or $288.66 per sf Closing Date: 8/1 Grantor: 1616 Champa LLC (Michael Colohan, mgr.) 303-771-7500 Grantee: Kresher Holdings (Cindy Weisfisch, mbr.) 305-830-1000 Financing: $13.2M, 10-year note, Payable to Guaranty Bank & Trust (60.7% LTV) Comments: Sale was handled by Sam Leger and Tim Finholm of Unique Properties LLC. The seller completed a nearly $8M renovation on the building in 2010.

The in-place cap rate was 6.5% Property Location: 8000 E. Girard Ave., Denver, “Remington Place” Property Description: 120-unit, 7-story apt., 98,247-sf building, YOC 1970 Land Size: 2.18 acres Sales Price: $15.1M, or $125,833 per unit, or $153.69 per sf Closing Date: 7/31 Grantor: BG Remington Place LLC (Jason Busboom, mgr.) Grantee: Virtu Remington Association LP, Scott McWhorter, mgr.) Financing: $11.54M, 10-year note, payable to Walker & Dunlop Comments: Scott McWhorter, 415-398- 3959, based out of Larkspur, Calif., 415- 398-3935. Last sold 2/12 for $9.4M. There are 68 1-bed units, 672-736 sf; 2 2-bed/1- bath units @ 850 sf; 48 2-bed/2-bath units, 972-1,004 sf; and 2 studios @ 450 sf, with average rental rate @ $1.20 per sf. Property was listed and sold by ARA of Denver.

There are 79 covered parking spaces and 121 open spaces. Expenses average nearly $3,750 per unit (not including reserves).

Property Location: 255 E. Speer Blvd., “Proposed Speer Blvd. Apts.” Property Description: vacant land Land Size: 64,807 sf Sales Price: $5.73M, or $88.46 per sf Closing Date: 8/7 Grantor: 255 Speer, Inc. c/o Rreef, Inc.

(James E. Toney, VP) 312-537-7000 Grantee: LG Speer Boulevard LLC c/o Lion Gables Realty LP, 713-784-4144 Comments: 221-unit, 6-story apartments totaling 240,000 sf planned for the site.

Property Location: 1600 Downing St., Denver Property Description: 7-story office building, 35,000 sf, YOC 1973 Land Size: 19,148 sf Sales Price: $3.69M, or $105.29 per sf Closing Date: 8/14 Grantor: Mountain View Tower (Barbara Stoddard, mgr.) Grantee: Downing NP Tower LLC (Debra Bustos, VP, Urban Land Conservancy) Financing: $3.15M, 10-year note, payable to Steele Street Bank & Trust Comments: Listed and sold by Unique Properties, Tim Finholm and Sam Leger.

Property was listed for $3.85M and contained 70 spaces (47 open and 17 under the building with 6 visitor spaces), which leased for $45 per month. Building was 13.9% vacant at time of sale with asking lease rate of $15 per sf full-service. Buyer contact number is 303-377-4477, Aaron Miripol, pres., Urban Land Conservancy.

Property Location: 2373 15th St., Denver Property Description: 20,382-sf retail building, YOC 1965 Land Size: 44,974 sf Sales Price: $8.15M, or $108.59 per sf Closing Date: 8/1 Grantor: Platte Street Building Corp.

(Joseph C. Benetka, pres.) Grantee: HRA Goff 15 Platte LP (Allan Okabe, mbr.) Financing: $4.7M payable to Amolino Holdings Inc.

Comments: Buyer is Goff Capital Partners LP, 303-395-1890, with offices in Fort Worth, Texas, Centennial, Colo., and Stamford, Conn.

Property Location: 940 Fillmore St., Denver Property Description: 39,095-sf school, brick construction, YOC 1946 Land Size: 1.73 acres Sales Price: $4.18M, or $180.47 per sf Closing Date: 8/15 Grantor: Denver Waldorf School Association (Judith Lucas) 303-777-0531 Grantee: Sewall Child Development Center (Heidi Halssenbuttel, pres.) Financing: $3.6 payable to Steele Street Bank & Trust (86% LTV) Comments: Blanket deed of trust also encumbers 1360 Vine and 2114 E. 14th Ave. Denver Waldorf School has moved to 2100 S. Pennsylvania St. Buyer, 303-399- 1800, will relocate to the facility for the school year 2015-2016. See sale located at 2135 S. Pearl St. dated June 2014, where Denver Waldorf School purchased Denver Christian School for $7M.

Property Location: 2920 W. 32nd Ave., Denver Property Description: 41-unit, 3-story apt.

building, 22,718 sf, YOC 1963 Land Size: 19,774 sf Sales Price: $4.1M, or $100,000 per unit, or $180.47 per sf Closing Date: 8/8 Grantor: RHSW LLC (James P Harris and Maurice Bennett III, mgrs.) Grantee: 2920 W. 32nd LLC (David Burch, mgr.) Financing: $3.08M payable to JPMorgan Chase Bank, due 9/1/44 Comments: Property was sold by Kevin Calame and Jim Knowlton of Pinnacle Real Estate Advisors. The building has 38 1-bed units @ 485 sf and 3 2-bed units @ 650 sf.

Property Location: 12033 E. 38th Ave., Denver, “Stay Inn” Property Description: 108-unit, 4-story motel, YOC 1979, walk-up style Land Size: 46,906 sf Sales Price: $2.9M, or $26,852 per unit Closing Date: 8/6 Grantor: Coloradoan Hospitality LLC (Le Doan, mgr.) Grantee: Jesan, Inc. (Sang Hak Kim, pres.) Financing: $2.24M payable to BBCN Bank, SBA loan.

Property Location: 2601-05 W. Seventh Ave., Denver Property Description: 28,672-sf warehouse, brick const., YOC 1974 Land Size: 58,700 sf Sales Price: $2.3M, or $80.22 per sf Closing Date: 8/15 Grantor: Lantzy Investments LLC (Phillip and Loretta Lantzy, mgrs.) 303-573-3966 Grantee: 2601-2605 W. 7th Ave LLC (Katherine B. Dudden, Bret J Kaup, mgrs.) Financing: $2.01M payable to Colorado Business Bank Comments: Seller’s company, Unique Woodworking, is located in 2605 W. Seventh Ave.

Property Location: 117-139 Broadway, Denver Property Description: 8,169-sf retail building, brick const., YOC 1883 Land Size: 20,012 sf Sales Price: $1.59M, or $192.80 per sf Closing Date: 8/8 Grantor: Martin Baker Grantee: 117-139 Broadway LLC (Francois Safieddine, mgr.) Financing: $1.13M payable to Bank of Denver, due 9/1/44 Comments: Property is used for Crypt Adult Entertainment and Boyztown.

Property Location: NEC S. Broadway & E. Arizona Ave., Denver Property Description: vacant land Land Size: 25,265 sf Sales Price: $1.27M, or $50.27 per sf Closing Date: 8/1 Grantor: LUI Denver Broadway LLC (Thomas G. Bacon, mgr.) Grantee: South Broadway & East Arizona LLC (Christopher K. Wilson, mgr.) Financing: $889,000 payable to ANB Bank, due 4/18 Comments: 2 blocks from Broadway Light-Rail Station, zoned R-MU-30. Sold by Crosbie Real Estate Group.

Property Location: 3400 W. 18th Ave., Denver Property Description: 6-unit, single-story apt., 3,734 sf, YOC 1951 Land Size: 20,300 sf Sales Price: $1.15M, or $192,167 per unit, or *$308.78 per sf Closing Date: 8/8 Grantor: LGI, Inc. (Brandis Meeks, pres.) Grantee: 3400 W. 18th Ave. (David C. Burcham, mgr.) Financing: $922,000 payable to Commerce Bank Comments: Located on southwest corner W. 18th Ave. and Julian St. with a G-MUZoning. *Corner location plus high price per unit and per square foot may mean buyer purchased property for the land value, which would equate to $56.80 per sf.

Property Location: 2949 W. Alameda Ave., Denver Property Description: 3,303-sf retail building, YOC 1973 Land Size: 9,889 sf Sales Price: $1M, or $302.76 per sf Closing Date: 8/11 Grantor: Sophicoll LLC c/o Jack Fox, 303- 628-9500 Grantee: 2949 W. Alameda Ave LLC (Luis Uribe) 720-379-3615 Financing: $850,000 @ 11%, due 5 years, payable to Pensco Trust Company fbo William P. Vassil IRA; amortized over 20 years, payments of $8,773.60/mo.; 2nd deed of trust in amount of $150,000 @ 6%, due 2 years to Fox & Co. (Grantor) Comments: Buyer has been tenant under his company, VIP Wellness Center LLC, dba VIP Cannabis, for the last 2 years.

Property Location: 2066 S. Milwaukee St., Denver Property Description: 8-unit, 2-story apt., 5,000 sf, YOC 1944 Land Size: 7,500 sf Sales Price: $915,000, or $114,375 per unit, or $183.00 per sf Closing Date: 7/29 Grantor: Pencol, LLP (John Storb III, ptnr.) Grantee: Grant 150 LLC (Don Brennan and Chris Maley, mgrs.) Financing: $686,250 @ 3.75% payable to FirstBank Comments: Buyers are employed with Pinnacle Real Estate Advisors management team. Jim Knowlton of Pinnacle represented the buyer and seller in this transaction.

Property Location: 1201 W. Custer Pl., Denver Property Description: 8,432-sf officewarehouse, brick const., includes 3,513-sf office space, two drive-in doors, 10 parking spaces, YOC 1973 Land Size: 12,500 sf Sales Price: $820,000, or $106.64 per sf Closing Date: 7/25 Grantor: Custer Building LLC Grantee: Malcolm Burke McHugh Financing: $208,205 @ 6.5% payable to Grantor, due in 10 years Comments: The building was sold by Aaron Romero of Unique Properties LLC with the buyer represented by Eric Shaw of Pinnacle Real Estate Advisors Property Location: 670 Bryant St., Denver Property Description: 3,704-sf warehouse, brick const., YOC 1963 Land Size: 6,000 sf Sales Price: $395,000, or $106.64 per sf Closing Date: 7/25 Grantor: Donald R. Jeske Grantee: WBP Properties LLC (Brandon and Bill Cowhey, mbrs.) Financing: $208,205 @ 6.5% payable to Grantor, due in 10 years Comments: Buyer owns Green Grass Alternative Medicine in Central City, 303- 582-5088.

Douglas County Property Location: 950 Plum Creek Blvd., Castle Rock Property Description: 21,924-sf, singletenant retail building (Tractor Supply), fractured block const., YOC 2014, Land Size: 1.26 acres Sales Price: $4.4M, or $200.69 per sf Closing Date: 8/13 Grantor: DHS 17 Ventures LLC Grantee: JRS Castle Rock LLC (John K.

Lane, mgr.) 312-364-8889 Comments: This transaction was an offmarket sale.

Property Location: 5680 County Line Pl., Highlands Ranch Property Description: 22,000-sf retail building, YOC 2006 Land Size: 1.26 acres Sales Price: $3.3M, or $150.05 per sf Closing Date: 8/7 Grantor: G & D LLC (Glenn Anderson, mgr.*) 720-528-6382 Grantee: 56Ninty LLC (Arthur and Martha Pasker, Murray, Utah) Financing: $2.18M payable to Bank of the West (66% LTV)