Colorado Real Estate Journal - April 15, 2015
Property Location: 12120 Colorado Blvd., Thornton, “Fox Creek Apts.” Property Description: 287-unit apt. complex including 21 buildings, 265,904 sf rentable area, plus 1,408 sf clubhouse, YOC 1998 Land Size: 19.59 acres Sales Price: $36M, or $125,436 per unit, or $135.39 per sf Closing Date: 3/18 Reception No.: 2015000019441 Grantor: Fox 122 LLC and Berwyn Colorado Associates (Dr. Wilmer Asher, mgr.) Grantee: EMD Fox Creek LLC (Charles J. Gower and Cheryl J. DiPanfilo, partners) Financing: Assumption of $23.85M dated 3/3/14 payable to Wilmington Trust, NA, trustee of Barclays Commercial Mortgage Securities; $2.71M payable to CBRE Capital Markets Inc., c/o GEMSA Loan Services LP, due 4/1/21 Comments: Property was sold by David Potarf and Daniel Woodward of CBRE Inc. Under contract for 4 months and sold for a going in cap rate of 5%. Buyer is based out of Boulder. Property Location: 1545 Colfax Ave. (NWC Tower & Colfax Ave.), Aurora Property Description: 3,010-sf convenience store, YOC 2014 Land Size: 5.67 acres Sales Price: $3.02M Closing Date: 3/19 Reception No.: 2015000019221 Grantor: Colfax Real Estate Partners LLC (B. Jason Keen, mgr.) Grantee: Semantic Realty LLC, c/o Barry J. Haskell, mgr. Property Location: 740-750-880 S. Main St., Brighton Property Description: 16,188-sf automotive center, YOC 1977 (land value) Land Size: 3.27 acres Sales Price: $2.5M, or $17.55 per sf Closing Date: 3/19 Reception No.: 2015000019456 Grantor: Martelle Chapital-Smith, Scottsdale, AZ Grantee: David Fitzgerald subsequently resold to Brighton Urban Renewal Comments: Property is located on the NWC Hwy. 85 and Bromley; it fronts E/S of Brighton Road and contains 3 parcels. Former Ralph Schomp Chevrolet Oldsmobile. Property Location: 4251 E. 104th Ave. Thornton Property Description: 6,600-sf neighborhood center, brick const., YOC 2007 Land Size: 1.1 acres Sales Price: $1.55M, or $234.85 per sf Closing Date: 2/27 Reception No.: 2015000013756 Grantor: Little Insaf LLC (Fadi Sawaged, mgr.) and Small Dreams (Nazeeh Sawaged) Grantee: Johnson Estates LLC (Paul M. Johnson, mgr.) Financing: $750,000 due 3/1/45, payable to Bank of Denver Comments: Pinnacle Real Estate Advisors' Justin Krieger represented the seller while Scott Fetter represented the buyer. The property was a 1031 exchange. The single-tenant property is leased to Thornton Gym and Fitness Center. The property has approximately 1 year left on the lease and it sold on an in-place 6.5% cap rate. It can be easily converted to a multitenant retail building. The property previously sold in June 2013 for $1.08M as an REO transaction. Property Location: 4830 Monaco St., Commerce City Property Description: 9,800-sf warehouse, tilt-up and metal const., YOC 1973 Land Size: 0.9 acres Sales Price: $1.2M, or $122.45 per sf Closing Date: 3/13 Reception No.: 2015000017997 Grantor: Dover LLC (Nicholas Lynn, mgr.) Grantee: Wholesales Property Co., Dayton, OH Comments: Property was listed by Sam Curci at 1st Realty, Keller Williams. There are 3 drive-in doors and 1 dock-high door. Property Location: 5260 Lincoln St., Denver Property Description: 12,231 sf, YOC 1960 Land Size: 22,216 sf Sales Price: $900,000, or $73.58 per sf Closing Date: 3/20 Reception No.: 2015000020559 Grantor: Lightouch LLC (Michael S. Marano, mgr.) Grantee: 4350 Broadway LLC (Scot N. Smith, mgr.) Comments: Property was listed by Tyler Ryon of Colliers International and was vacant at time of sale. 1 dock door and 2 drive-in doors, 10% office space with 16-foot clear.
Property Location: 2695 Alcott St., Denver Property Description: Misc. improvements, zoned R-MU-30 Land Size: 116,900 sf Sales Price: $17.75M, or $151.84 per sf (land value) Closing Date: 3/20 Reception No.: 2015035318 Grantor: Jefferson Park Development LLC and William R. Brinkerhoff Grantee: L & L Developments LLC, 461 Park Ave. South, NYC, NY 10016 (Yitzchak Tessler, pres. of Tessler Development) 212-869-1900 Financing: $11.65M due 3/20/17, payable to ANB Bank Comments: Property contains full city block and is bounded by W. 27th Ave. on the north, Bryant St. on the west, W. 26th Ave. on the south and Alcott St. on the east. Property Location: 2301 Blake St., Denver, “Blake Street Tavern” Property Description: 50,614-sf restaurant/bar, brick const., YOC 1943 Land Size: 51,813 Sales Price: $10.05M, or $198.56 per sf Closing Date: 3/19 Reception No.: 2015035126 Grantor: 23rd Blake LLC (Richard J. Vigoda, mgr.) Bonita Springs, FL Grantee: 2301 Blake Partners LLC, c/o Oakwood RE Ptnrs. (Robert Barton Spaulding, mgr.) 303-595-7670 Financing: $9.6M payable to RCC Real Estate, NYC, NY (95.5% LTV) Comments: Can host up to 800 people, near Coors Field. Includes parking lot. Property Location: 2501 16th St., Denver, “Ale House” Property Description: 8,228-sf restaurant/bar, YOC 2010 Land Size: 9,487 sf Sales Price: $9.62M, or $204.86 per sf Closing Date: 3/19 Reception No.: 2015035185 Grantor: Breckenridge Ale House (Amato’s) LLC (Edward A. Cerkovnik Jr., pres.)Grantee: Jacquelyn A. Wonder Financing: $5.29M payable to Guaranty Bank & Trust, due 3/19/25 Comments: This property sold on an inplace cap rate of 5.5%, with approximately 20 years on the NNN lease with 2% increase in the rents per year. The tenant is Breckenridge Brewery “Ale House” and was a sale-leaseback/1031 exchange. The exchange property was a property owned by Ms. Wonder at 550 E. Third Ave., which sold in March 2015 for $5.25M, consisting of a 42-unit apartment building. Property Location: 4100 E. Mexico Ave., Denver, “Best Buy Store” Property Description: 23,939-sf retail building, masonry const., YOC 1992 Land Size: 76,225 sf Sales Price: $8.75M, or $365.51 per sf Closing Date: 3/16 Reception No.: 2015033430 Grantor: 4100 Mexico LLC (Robert K. Barth, mgr.) Grantee: 4100 South Bellaire LLC, c/o Cordia (Nick Nikoghosyan, acqs.) Comments: Long-term NNN lease property. Buyer is based out of California and can be contacted at 303-414-0006. Property Location: 2222-2234 Larimer St, Denver Property Description: Parking lot, zoned B-4 Land Size: 18,825 sf Sales Price: $3.5M, or $185.92 per sf Closing Date: 3/24 Reception No.: 2015038205 Grantor: Bohemian Holdings LP (Matthew D. Wolf, ptnr.) Grantee: 2200 Larimer LLC, c/o Valdoro (Mike Schilling) Breckenridge, CO Property Location: 1224-1232 E. 13th Ave., Denver Property Description: 18-unit, 3-story apt. bldg., 10,207 sf, brick const., YOC 1906 Land Size: 11,900 sf Sales Price: $2.75M, or $152,778 per unit, or $269.42 per sf Closing Date: 3/23 Reception No.: 2015035998 Grantor: Gypsy Partners LLC c/o Blueline Equity (W. Morgan Reynolds, mgr.) Grantee: 1224 13th LLC c/o Heartwood Prop. Inc. (Eric Mallon) 303-325-2606 Financing: $2M payable to JPMorgan Chase Bank, NA, due 4/1/45 (72.7% LTV) Comments: 18 parking spaces and building has been recently renovated. Buyer is with Element Properties, a brokerage company in Boulder. Seller is with Blueline Properties, 303-759-1500. Property Location: NWC E. Belleview Ave. & S. Niagara St., Denver Property Description: Vacant land, zoned B-4 Land Size: 2.42 acres Sales Price: $2.18M, or $20.67 per sf Closing Date: 3/24 Reception No.: 2015033917 Grantor: Belleview Land Group LLC, c/o Westfield Company XIV LLC (Randy M. Schwartz, mgr.) Grantee: HN Partners LLC (Frank Hutto, mgr.) 303-910-6734 Comments: Property has been surveyed by HCL Engineering and was brokered by Newmark Grubb Knight Frank. Property Location: 2715-2717-2721-2727 Clay St. Property Description: Misc. residential improvements zoned C-MX-5. Land Size: 21,666 sf Sales Price: $1.91M, or $87.95 per sf Closing Date: 2/10 Reception No (s).: 2015016422 & 2015016280 & 2015016280 & 2015016404 Grantor: BBRE Holdings LLC (Brady F. Meeks, et al.) ($465,000) (2727 Clay St.); Jennifer Rose Sweeney ($500,000) (2721 Clay St.); Brieana Speaker ($475,000) 2715 Clay St.); Lauren Atkins ($465,000) (2717 Clay St.) Grantee: RPDG Clay Street LLC (Reid Davis, mgr., Riverpoint) 303-586-3080 Financing: $1.33M @ 4% payable to FirstBank, due 8/1/16 Comments: Buyer assembled three parcels with two deeds. This property adjoins Riverpoint Partners’ 205-unit, 4-story building, located at 2700 Decatur. Riverpoint purchased this property plus 2734 W. 28th Ave. for $5.33M in January 2014 for a weighted average of $91.80 per sf. Property Location: 1306 Elizabeth St., Denver Property Description: 12-unit, 3-story apt. bldg, 6,055 sf, brick const., YOC 1906 Land Size: 6,250 sf Sales Price: $1.5M, or $125,000 per unit, or $247.73 per sf Closing Date: 3/17 Reception No.: 2015024886 Grantor: Micky’s Lighthouse LLC and BDJ Holdings LLC (Sharon B. Carr and Jan Bailey) Grantee: Roca Partida LLC (Christopher Himes, mgr.) Boulder, CO Financing: $900,000 payable to FirstBank (60% LTV) Comments: 10 1-bed containing 500 sf, rent for $825 per month, including heat and trash; 2 studios, rent for $725 per month. Property was listed and sold by Justin Brockman and J.B. Hockman of Pinnacle Real Estate Advisors. Anthony Irizarry of Associated Brokers was the cooperating broker. Property Location: 2711 Clay St. & 2709-2713 W. 27th Ave., (NWC Clay St. & W. 27th Ave.), Denver Property Description: Misc. residential improvements zoned C-MX-5. Land Size: 14,020 sf Sales Price: $1.6M, or $114.12 per sf Closing Date: 3/16 Reception No.: 2015036563 & 2015036468 Grantor: James V. DeJulio Grantee: 2700 Developers LLC, 12835 E. Arapahoe Road, Tower 1, Ste. 320, Centennial, CO (Glen Zahorka, mgr.), c/o Malibu Homes, 303-790-0909 Financing: $1.89M payable to Tungsten Bay LLC, due 3/16/17 Comments: Buyer assembled three parcels with two deeds. Property Location: 3860-3868 Tennyson St., Denver Property Description: 2,142-sf office, YOC 1972; 4,240-sf industrial bldg., YOC 1972 Land Size: 15,863 sf Sales Price: $1.69M, or $106.22 per sf (land value) Closing Date: 2/12 Reception No.: 2015017973 & 2015018080 Grantor: Wavia R. Tullar (3868 Tennyson St.) and Teresa Tullar (3860 Tennyson St.) Grantee: RPDG Tennyson Street LLC (Reid Davis, mgr., Riverpoint) 303-586-3080 Financing: $1.8M payable to Brown Water Investments LLC Comments: Buyer assembled this property in two deeds. Property Location: 2215-2223 Eliot St., Denver Property Description: 1,654-sf duplex, YOC 1954; 1,657-sf duplex, YOC 1954 Land Size: 14,190 sf Sales Price: $1.6M, or $112.76 per sf, or $133,333 per buildable unit Closing Date: 3/16 Reception No.: 2015035569 Grantor: John Ramirez Grantee: Eliot Partners LLC (Austin Witt Peterson, et al., mbrs.) c/o Apex Real Estate Solutions, 720-495-3516 Financing: $3.95M payable to Commerce Bank Comments: Property is redevelopment site located across from Jefferson Park and is zoned G-MU-3. Buyer plans to raze duplexes and build 12-unit townhome style. Property Location: 2122 E. Colfax Ave., Denver ‘Popeye’s” Property Description: 2,737-sf fast-food restaurant, brick const., YOC 1980 Land Size: 18,700 sf Sales Price: $800,000, or $42.78 per sf (land value) Closing Date: 3/25 Reception No.: 2015036915 Grantor: Sherry Redmond, Golden, CO, and Elverna Burchfield Trust, Las Vegas, NV Grantee: HZ Props CO LLC 4415 Highway 6, Sugar Land, TX 77478, 281-201-2700 Comments: Buyer’s company is Star Foods Inc. (Shoukat Dhanani, pres.). Property Location: 3718-3720-3730 Jason St., Denver Property Description: 1,460-sf house, YOC 1891 Land Size: 15,000 sf Sales Price: $830,000, or $55.33 per sf (land value) Closing Date: 3/26 Reception No.: 2015037791 Grantor: MKD Development LLC (Sean Kulzer, mbr.) 303-534-0900 Grantee: Westside Homes LLC, c/o Gallup (Stephen Latham, mgr.) 303-928-1001 Financing: $499,000 payable to Commerce Bank DV Aurora Banking Center Comments: Buyer’s company is Gallup Develop with Greg Latham and Jeff Latham as project managers. Land is zoned U-TU-B2. Seller is broker associate with SullivanHayes, skulzer@sullivanhayes.com. Property Location: 4100 E. Iliff Ave., Denver Property Description: 3,301-sf day care school, YOC 1946 Land Size: 32,762 sf Sales Price: $695,000 Closing Date: 2/27 Reception No.: 2015033173 Grantor: 4100 East Iliff LLC Grantee: Herbaline International Corp. (Chee Kwong Low and Kim Hwa Liu, mgrs.) Financing: $347,500 payable to FirstBank Comments: Listing broker was John Fairbairn and Rick Giarratano of Fairbairn Commercial. 21 parking spaces.
Property Location: 16910-17025 Carlson Dr., Parker, “Ranchstone Apts.” Property Description: 728-unit apt. complex, 886,541 sf gross building area, plus 11,000 sf in 2 clubhouses, YOC 2001 Land Size: 39.59 acres Sales Price: $127.4M, or $175,000 per door, or $143.71 per sf Closing Date: 3/24 Reception No.: 2015018181 ($63M) & 2015018180 ($64.4M) Grantor: GS Ranchstone LLC c/o LIVCor and GS Cherrywood LLC, c/o BRE/Greystar Equity Partners I (Nadeem Meghji, senior RE dir. of Blackstone) 212-583-5000 Grantee: Strata Equity Group Inc. (David C. Michan, pres.) 858-546-0900 Financing: $51.6M payable to Holliday Fenoglio Fowler LP; $49.73M payable to Holliday Fenoglio Fowler (total $101.33M) due 4/1/25 (79.5% LTV) Comments: Jordan Robbins, 303-515-8010, and Jeff Haag, 303-515-8004, of HFF negotiated the transaction. 32 buildings and 2 clubhouses. Property Location: 8310 S. Valley Highway, Englewood, “The Point at Inverness” Property Description: 195,654-sf, 4-story office bldg., YOC 2001 Land Size: 9.74 acres Sales Price: $39M, or $199.33 per sf Closing Date: 3/26 Reception No.: 2015018868 Grantor: MG-Point LLC (Peter W. Savoie, mgr.) Grantee: Artis HRA Inverness Point LP, c/o Hannay Realty Advisors (R. Craig Hannay, pres.) 2999 N. 44th St., Ste. 400, Phoenix, AZ 85018, 602-374-2000 Financing: $19.5M payable to Principal Life Insurance Co Comments: The Point at Inverness is the fifth Denver metro investment acquired by the Phoenix-based buyer. The Denver office is 303-799-8181. Property Location: NWC French Creek Ave. & Motsenbocker Road Property Description: Vacant land Land Size: 60 acres Sales Price: $5M, or $1.91 per sf Closing Date: 3/29 Reception No.: 2015020238 Grantor: Parker PA-11 LLC (Gary S. Elbogen, mgr.) Scottsdale, AZ Grantee: Anthology Recovery Acquisition, c/o Raintree Inv. (David Hewitt, mgr.) Comments: LLC to buyer is Paulson REF II West LLC (Jonathan Shumaker, signatory). Seller contact is Kurt F. Wolter. Property Location: 18721-18741 E. Ponderosa, Parker, “Parker Marketplace II” Property Description: 20,508-sf strip center, YOC 1998 Land Size: 1.85 acres Sales Price: $3.8M, or $185.29 per sf Closing Date: 2/27 Reception No.: 2015011719 Grantor: Terra West LLC (Greg Ham, mgr.) and IAO Properties Inc. Profit Sharing (Calvin J. Van Essen, treas.) Grantee: Apex Capital Investments Inc. (Parul Amin, pres.) Financing: $2.6M payable to Standard Insurance Co., due 3/1/40 Comments: Listed by Matt Call, 720-420-7530, and Heather Taylor, 720-420-7528, of NavPoint Real Estate, and sold on an in-place cap rate of 7.8%. Tract B is strip of land containing 1,776 sf. 84 parking spaces. Property Location: 10510 S. Progress Way, Units 100-104, Parker Property Description: Vacant land, plan to construct space for buyer’s company Land Size: 48,497 sf Sales Price: $1M, or $20.62 per sf Closing Date: 3/20 Reception No.: 2015018980 Grantor: Villages at Parker LLLP (Neil Moran, ptnr.) Glendale, AZ Grantee: Progress Way LLC (Stephen K. Tuska and Lisa M. Tuska) 303-841-7233 Financing: $500,000 payable to U.S. Bank, NA, SBA loan; $414,000 payable to Denver Urban Economic Development Corp., due 6/1/15 Comments: Nick Nickerson and Mitch Trevey of Trevey Company LLC negotiated the sale. Lot A2-15, D, Parker Tech Center, Amendment No. 3, was a new plat filed on March 16, 2015. Property is located on east side of Progress Way, approx. 300 feet south of Plaza Dr. Buyer owns Colorado School of Dance. Property Location: 18370 Cottonwood Dr. Property Description: Vacant land Land Size: 3.646 acres Sales Price: $875,000, or $5.51 per sf Closing Date: 3/25 Reception No.: 2015018798 Grantor: RAI Restaurants Inc. (Lisa Everroad, VP) Scottsdale, AZ Grantee: Crown Point Center II, 4729 E. Sunrise Dr., Ste. 464, Tucson, AZ 85718 Comments: Property is located on the east side of S. Parker Road, approx. ¼ mile south of Cottonwood Dr. intersection. Property contains two lots and was listed by Michael Kendall of SullivanHayes Brokerage.