Colorado Real Estate Journal - July 1, 2015
The office and retail space within a Golden Triangle apartment community recently sold for $2.5 million, or $253.16 per square foot. Lincoln Terrace’s four units totaling 9,875 sf sold to Plaza Chapel Hill Ltd. and Plaza Chapel Hill East Ltd. The Sperry Van Ness team of Troy Meyer, Kevin Matthews and Dean Corey represented the seller, Madrona Lincoln Terrace Commercial LLC. The fully leased property is located at 501 Lincoln St. in Denver. It’s a block south of Speer Boulevard, near the convergence of Speer, Broadway, Lincoln and West Sixth Avenue, one of the busiest intersections in Denver. Tenants include Hensel Phelps Construction, ThyssenKrupp, ATA Dental Center and Semion Barbershop.
Because the units are part of an apartment building, they weren’t every investor’s cup of tea, said Meyer. However, “Because of the location and the quality of the tenants and product, we got a ton of interest; 501 Lincoln St. was a very sought-after asset and was not on the market for very long,” he said. “The buyer was in a 1031 exchange and this property was a perfect fit,” said Meyer.