Colorado Real Estate Journal - September 2, 2015
Sidford Capital LLC, through subsidiary Grandview-Reno LLC, has acquired a trio of mixed-use buildings in busy Olde Town Arvada. Grandview Plaza and Reno Place comprise 35,052 square feet of fully leased office and retail space at 7600-7674 Grandview Ave. and 5601 Wadsworth Blvd., on the southwest and northwest corners of Olde Wadsworth and Grandview. They are a half-block from the Olde Town commuter rail station opening next year and a transit-oriented development that will include new apartments and retail. The properties sold for $9 million, or $256.76 per sf. “Arvada is growing and is a great market. With the TOD right there, we felt like there was a lot of upside and stability with these two properties,” said Sidford Senior Vice President Andy Wolf. “We felt like it was a good place to invest and look toward the future,” he said, adding Sidford plans to hold the properties long term. Landon Enterprises Ltd., through partnerships called Grandview Plaza Partners LLC and Reno Place Partners LLC, developed Grandview Plaza and Reno Place in partnership with the Arvada Urban Renewal Authority, which occupies space in the project. The buildings were completed in 2007. In addition to AURA, tenants include Silvi’s Kitchen, Cortado Inc., McMillan Claim Service and Britina Design Group Inc. The buildings are close to shops and restaurants in Olde Town, as well as larger retailers including Lowe’s, OfficeMax and Costco. “The goal was to create new buildings that blended in with the historic nature of the Olde Town Arvada area from the early 1900s and Landon did a wonderful job in accomplishing this goal,” said Riki Hashimoto of Newmark Grubb Knight Frank, who, with NGKF’s Dan Grooters, represented the Landon partnerships that sold the properties. “With the opening of the RTD Gold Line and Olde Town Arvada Station commuter line in 2016, this location is truly a Main and Main development site with connectivity to downtown Denver. The fundamentals of this real estate are really on an excellent trajectory and fit well for our investor groups seeking long-term investment opportunities,” Hashimoto said. “This is a class property in a prime location,” added John Winslow of Winslow Property Consultants, who was not involved in the deal but is familiar with the site. “Over the last 30 years, the Arvada Urban Renewal Authority has done a bang-up job in encouraging the regentrification of this neighborhood and has attracted some of the top developers in Colorado, such as Richard Landon of Landon Enterprises,” he said. Sidford Capital LLC is a local commercial real estate firm that owns and manages approximately 750,000 sf of retail, office and industrial properties across the Front Range.