Colorado Real Estate Journal - October 21, 2015
The Winslow Report
WinComps
Adams County
Property Location
: 10000 Grant St., Thornton, “Shoppes on Grant”
Property Description
: 19,320-sf strip center, YOC 2008, brick/stucco construction
Land Size
: 4.01 acres
Sales Price
: $6.36M, or $329.03 per sf Closing Date: 9/22 Reception No: 2015000079001
Grantor
: Steel Properties LLC
Grantee
: CH Retail Fund I Thornton Shoppes On Grant LLC, Matt Schildt, managing director for Trammell Crow
Comments
: The property is a shadow-anchored center of Wal-Mart. Seller was represented by Matt Ritter & Jeff Johnson of Pinnacle Real Estate Advisors LLC. The tenants include Buffalo Wild Wings, Qdoba, Firehouse Subs & Cricket, with 4,000 sf available for lease. The buyer was represented by SRS Real Estate Partners and the property is listed for lease; contact Eric Diesch or Molly Bayer @ 303-572-1800. Property last sold for $5.26M, or $272.39 per sf. The property showed a growth rate in value of 20.8% since the last transaction nearly 34 months ago.
Property Location
: 6400 Broadway, Denver
Property Description
: 70,141-sf warehouse, YOC 1984, twin-tee construction
Land Size
: 4.01 acres
Sales Price
: $5.55M, or $79.94 per sf
Closing Date
: 9/25 Reception No: 2015000080104
Grantor
: Westcore Broadway LLC, c/o Westcore Properties, Donald Ankeny, 858-625-4100, or Denver office, John Fefley,
jfefley@westcore.net
or 303-500-7134
Grantee
: 6400 Broadway Street Investors LLC, c/o UBS Realty Investors LLC, 415-538-4800
Comments
: This property sold two years ago for $4.28M, thus reflecting growth of 29.82% for the current sold price. The parties were involved in three transactions totaling $37.5M for 485,316 sf in six buildings located in Denver, Jefferson & Adams counties, reflecting a weighted price of $77.27 per sf or a cumulative growth of 28.9% for all three properties as of September.
Property Location
: 12900 E. Smith Road, Aurora
Property Description
: Vacant industrial land
Land Size
: 22.018 acres, zoned M-1
Sales Price
: $4.19M, or $4.37 per sf
Closing Date
: 9/28 Reception No: 2015000081271
Grantor
: Furniture Row Colorado LLC, Gregory A. Ruegsegger, mgr.
Grantee
: BCP Aurora LLC, c/o Brookwood Capital, Joseph McSweeney & Lindsay Sewell, mgrs., 919-239-4665
Financing
: $20.25M (construction loan) due 9-29-17, payable to UBS Realty
Comments
: Property is on the northeast corner of Baranmor Parkway & Scranton Street, fronting on the south side of Smith Road with 1242.7’ of frontage. Property was listed by Mike Wafer, SIOR, Bruce Mawhinney & Michael Wafer Jr. of Newmark Grubb Knight Frank. A 290,132-sf industrial building is proposed (BTS), with 37 dockhigh doors (9’x10’) and two drive-in doors (12’x14’), with 32’ clear height and 73 trailer parking spaces. Property has been replatted to Lot 1, MBT Subdivision Filing No. 7. See 2015000081272.
Property Location
: 2475 W. Second Ave., Denver
Property Description
: 152,890 sf; four warehouse buildings, YOC 1971, twin-tee construction
Land Size
: 7.12 acres
Sales Price
: $11.45M, or $74.89 per sf
Closing Date
: 9/25 Reception No: 2015135359
Grantor
: Westcore Broadway LLC, c/o Westcore Properties, Donald Ankeny, 858-625-4100, or Denver office, John Fefley,
jfefley@westcore.net
303-721-7600
Grantee
: 6400 Broadway Street Investors LLC, c/o UBS Realty Investors LLC, 415-538-4800
Comments
: The four buildings contain 20,930 sf, 41,004 sf, 50,240 sf & 40,716 sf. The seller’s website shows the building addresses to be: 2390 W. Fourth Ave., 2475 W. Fourth Ave., 2480 W. Fourth Ave., 2500 W. Fourth ve., Denver, Bryant Street Quad, while the Denver Assessor shows one address as 2475 W. Second Ave., Denver. This property sold for $8.75M, or $57.23 per sf, two years ago, reflecting an increase of 30.86% in the value.
Arapahoe County
Property Location
: 161 Inverness Drive East, Englewood
Property Description
: Four-story, 214,139-sf office building, YOC 1982, aggregate siding and glass panels with a two-story parking garage with 149,112 sf
Land Size
: 7.08 acres
Sales Price
: $35.98M, or $168 per sf
Closing Date
: 10/1 Reception No: D5112510
Grantor
: Legacy Partners II Inverness LLC, Rick Wada, VP
Grantee
: 116 Inverness Drive East LLC, c/o Cordia Capital Management LLC, Kathleen Briscoe, chief real estate investment officer, 310-414-0006
Comments
: Exterior upgrades completed in 2006, with on-site fitness center and 3.7:1,000 parking ratio with covered parking. Lease rates quoted at $22 to $24 per sf full service. Nick Nkioghosyan is involved with acquisitions for the firm. Most recent CBRE leasing brochure shows a vacancy rate of 6.3%.
Property Location
: NWC South Logan Street & East Dry Creek Road
Property Description
: Vacant land, 352 units planned
Land Size
: 7.48 acres
Sales Price
: $9.9M, or $30.39 per sf, or $28,125 per unit
Closing Date
: 9/17 Reception No: D5106416
Grantor
: WIP Littleton Village LLC, c/o Watt Investment Partners, Michael Downes, mgr., or mdownes@watt-ip.com, 310-314-2444, Santa Monica CA 90405
Grantee
: PPF AMLI Littleton Village LLC, 200 W. Monroe St., Ste. 2200, Chicago IL 60606, attn: Andrew Mutz, 303-225-2807 or
amutz@amli.com
Comments
: Lot 1 = 3.93 acres with 186 units allowed and Lot 2 = 3.554 acres with 169 units allowed for a total of 7.48 acres with 352 units proposed. There will be three residential buildings that front East Dry Creek Road and South Logan Street, which will be three and four stories high. The north building will contain 7,800 sf of retail space on the first floor with residential on the second and third floors. There will be 543 parking spaces, of which 412 are structured parking, 72 in parking garages, 52 surface spaces and seven spaces for prospective tenant parking. The unit mix will be 14 studios, 176 one-bedroom units, 144 two-bedroom units and 18 three-bedroom units.
Property Location
: 909-943 Telluride St. & 908-950 Salida Way, Aurora
Property Description
: 60,800-sf warehouse, YOC 1998, masonry construction
Land Size
: 3.28 acres
Sales Price
: $4.4M, or $72.37 per sf
Closing Date
: 10/5 Reception No: D5106416
Grantor
: Merritt Realty Capital LLC
Grantee
: Advanced Properties Services, Ty Correy, 303-756-7663
Financing
: $3.25M payable to Bellco Credit Union, due 10-5-25
Comments
: Tim Finholm & Sam Leger of Unique Properties LLC-TCN Worldwide represented the parties in this transaction, 303-321-5888. The property was 100% leased at time of sale. Using a stabilized vacancy of 5%, the cap rate is 7.5%. Buyer is the president of Advanced Exteriors.
Property Location
: NEC South Jordan Road & East Arapahoe Road, “Kneaders Bakery”
Property Description
: 4,062-sf restaurant, YOC 2015, brick/stucco construction
Land Size
: 1.33 acres
Sales Price
: $2.64M, or $649.03 per sf
Closing Date
: 9/17 Reception No: D5106416
Grantor
: FFG Development LLC, Andrew Smith, mgr.
Grantee
: 236 South Sierra LLC, Bainbridge Island WA 98110
Comments
: Sale-leaseback from grantor’s company, Kneaders Bakery & Café, and the grantee. The lease is 15 years with 10% bumps every year with four five-year renewal options. The tenant is Kneaders Bakery and Café. Similar Kneaders have had from 5.5% to 6.5% “in-place” cap rates. Boulder County
Property Location
: 950 28th St., Boulder, “The Province” (student housing)
Property Description
: 317 bedrooms with 146,516 sf, four-story student housing building with 50,626-sf basement parking garage, YOC 2013
Land Size
: 2.75 acres
Sales Price
: $48.8M, or $153,943 per bedroom, or $330.07 per sf (cash deal)
Closing Date
: 9/15 Reception No: 03473606
Grantor
: University Residences Boulder LLC, 495 S. High St., Suite 150, Columbus OH 43215, by: Edwards Associates Boulder, John A. Leibold, VP, 614-241-2070
Grantee
: Province Boulder CO LLC, 999 S. Shady Grove, Suite 600, Memphis, TN 38120. See
www.edrtrust.com
, c/o EdR, 901-259-2500.
Comments
: Four two-bedroom floor plans contain 830 sf and rent for $1,210 each; 11 three-bedroom floor plans contain 1,157 sf and rent for $1,045 each. There are 69 four-bedroom floor plans: 1,560 sf starting at $983/mo. each; 1,475 sf starting at $988/mo.; 1,399 sf starting at $980/mo. and 1,430 sf starting at $954/mo. See prior sale recorded 03239804, which sold for $3M July 27, 2012.
The parking rents for $70/mo. Jeffrey Resetco is VP of real estate development and construction, 901-259-2500, or jresetco@ edrtrust.com, & Scott Barton is VP of real estate acquisitions, sbarton@edrtrust.com, & Charles Harris is senior VP of real estate development and contact for the University of Colorado Boulder.
Property Location
: 3155 Sterling Circle, Boulder
Property Description
: 13,762-sf, two-story industrial building, YOC 1999, concrete panel construction, 26’ clear, sprinkled, three dock-high doors with levelers
Land Size
: 1.01 acres
Sales Price
: $2.36M, or $171.63 per sf
Closing Date
: 9/30 Reception No: 03476650
Grantor
: Harrison Realty Partners LP, Lewis Harrison & Marjorie Harrison, GP
Grantee
: WHC Holdings LLC, c/o Stephanie Carter & Lenya Shore Plavec
Financing
: $1.77M payable to Guaranty Bank & Trust Co.
Comments
: The building was listed by Jason Kruse, CCIM, of The Colorado Group, 303-449-2131, Ext 149. Buyer contact is Wallaroo Hat Co.,
www.wallaroohats.com
, 303-494-5949.
Property Location
: 455 W. South Boulder Road, Lafayette, “Wendy’s”
Property Description
: 3,396-sf fast-food restaurant, YOC 1984, updated 2015
Land Size
: 0.96 acres
Sales Price
: $2.78M, or $811.14 per sf
Closing Date
: 9/30 Reception No: 03477117
Grantor
: SP Colorado Food Service LLC, Paul Daneshrad, mgr.
Grantee
: Harry Vamos, trustee of the Harry Vamos 2012 Irrevocable Gift Trust, Santa Barbara CA 93109
Comments
: The building was listed by CBRE Inc., Patrick Wade, 213-613-3071. The in-place cap rate, not including vacancy or reserves, was 5.05%, with 10% increases every five years. This is a 20-year lease that expires June 25, 2035, and has four additional periods of five years each. See Memorandum of Lease via Reception No. 0345519. The tenant, Bodan Inc., Daniel K. O’Brien, has 42 retail stores and is considered a strong franchisee with personal guarantee. This was a cash transaction.
Property Location
: N/S Park Ridge Avenue, 847’ east of Main Street, Longmont
Property Description
: Vacant multifamily land, plan for 240 units.
Land Size
: 12.35 acres*
Sales Price
: $1.73M, or $3.22 per sf, or $7,219 per buildable unit
Closing Date
: 9/30 Reception No: 03476689
Grantor
: Wal-Mart Stores Inc., Jaime Howell, director of land development
Grantee
: Copper Peak Apartments LLC, c/o Inland Group, Spokane WA 99201, attn: Robert Ketner, 509-321-3204
Comments
: Inland Group will construct a 240-unit apartment complex totaling 243,732 sf, which includes 10 three-story buildings, nine garage buildings, seven carport structures, an outdoor pool and playground structure. There will be a total of 494 parking spaces. T.J. Baseler of Inland Construction is the project manager, 509-321-3227 or tjb@inlandconstruction.com. *Does not include ROW of 1.17 acres and detention area of 2.23 acres. The unit mix is as follows: There will be 48 one-bedroom/ one-bath units of 695-697 sf; 36 two-bedroo/one-bath units @ 866 sf; 66 two bedroom/two-bath @ 937 sf; 36 units @ 965 sf with two bedrooms, two baths; and 54 units @ 1,207 sf with three bedrooms, two baths.
Denver County
Property Location
: 1430 Wynkoop St., Denver
Property Description
: 44,604-sf, four-story office building, YOC 1890, brick construction, originally built as a warehouse and later renovated for office
Land Size
: 24,188 sf
Sales Price
: $21M, or $470.81 per sf
Closing Date
: 9/30 Reception No: 2015138846
Grantor
: Wynkoop Building LLC by: Messner Group, Bryant S. Messner, mgr., 303-623-1800
Grantee
: Unico BOP 1430 Wynkoop LLC, c/o Unico Properties LLC, Austin Kane, regional director and VP, AustinK@ unicoprop.com or 303-713-1900, Ext. 100.
Comments
: The building was used by the William Volker Company until 1974 and then sold to Karman Inc., a wholesale clothing manufacturer. They used the building until 2000, when it sold to the Messner Group. The building is listed as a contributing structure to the Lower Downtown National Register Historic District.
Property Location
: Northwest corner of East Second Avenue and Clayton Street, (2641-2645-2659 E. Second Ave. and 229 Clayton St.), Denver
Property Description
: 2641 E. Second Ave. building: 4,236-sf, single-story restaurant building, YOC 1968, updated recently; (2645 E. Second Ave. building): 5,795-sf, two-story office/retail building, YOC 1968, brick & masonry construction; 211 Clayton building: total of 11,679 sf; Deed 2: 1,648-sf, two-story office/retail building, YOC 1983, brick construction; 227-229 Clayton building: 1,600-sf retail building plus basement area, YOC 1968, brick constrution, total of 13,279 sf of space.
Land Size
: 25,000 sf
Sales Price
: $13.75M, or $1,035.47 per sf (improvements), or $550 per sf (land)
Closing Date
: 9/17 Reception No: 2015131507 & 2015131506
Grantor
: Cherry Cricket Land LLC, c/o Breckenridge-Wynkoop LLC, Lee F. Driscoll, CEO, 303-623-2739 or lee@breckenridge-wynkoop.com; Cherry Cricket Land II LLC, Cherry Creek Tailor LLC, Sinan Sahin, mgr., & Triple Y LLC, Ching Yun Lee, mgr.
Grantee
: Unico BOP Second & Clayton LLC, c/o Unico Properties LLC, Austin Kane, regional director and VP, AustinK@ unicoprop.com or 303-713-1900, Ext. 100.
Comments
: Buyer's corporate office is located in Seattle, Washington, and Ned Carner, 206-628-5050, is signer on documents, as well as Jonas Sylvester. The buyer will hold property for long-term investment with potential development purposes in the future. The seller, Cherry Cricket Land LLC, regarding 229 Clayton St., executed a license agreement for the seller for parking for this building. There is a triple-net lease dated 9/17/2015. The property at 229 Clayton St., sold to Cherry Cricket Land III LLC from Cherry Creek Floral LLC (Edward Kim) for $1.2M on 12-18-13.
Deed No. 1 shows a sales price of $10.34M, which included 2641-2645-2659 E. Second Ave., containing 18,671 sf of land with 11,679 sf of retail/office space. There are 30 parking spaces plus two handicapped spaces included with this transaction. Deed No. 2 shows this same property was part of the transaction to Unico BOP 229 Clayton LLC that closed for $3.41M and contains 6,329 sf of land area and a 1,600-sf building (plus a 1,600-sf basement, which is not included in the building size tabulation) with six parking spaces.* There is a discrepancy between WinComps building and land calculations and the press release that was submitted on Oct. 7, as our calculations were derived solely from the legal description of the deed, coupled with building sizes as recited in the declaration of condominium for 2641-2645-2659 E. Second Ave. and 211 Clayton St. Also, verification of the condo map was researched and parking spaces were tabulated and totaled to be 38 spaces, including two handicapped.
Property Location
: 2475 W. Second Ave., Denver
Property Description
: 152,890 sf, four warehouse buildings, YOC 1971, twin-tee
Land Size
: 7.12 acres
Sales Price
: $11.45M, or $74.89 per sf
Closing Date
: 9/25 Reception No: 2015135359
Grantor
: Westcore Broadway LLC, c/o Westcore Properties, Donald Ankeny, 858-625-4100, or Denver office, John Fefley or jfefley@westcore.net, 303-721-7600
Grantee
: 2475 W. Second Avenue Investors LLC, c/o UBS Realty Investors LLC, 415-538-4800
Comments
: The four buildings contain 20,930 sf, 41,004 sf, 50,240 sf & 40,716 sf. The seller’s website shows the building addresses to be: 2390 W. Fourth Ave., 2475 W. Fourth Ave., 2480 W. Fourth Ave., 2500 W. Fourth Ave., Denver, “Bryant Street Quad," while the Denver Assessor shows one address as 2475 W. Second Ave., Denver. This property sold for $8.75M, or $57.23 per sf, two years ago, reflecting an increase of 30.86% in the value. The parties were involved in three transactions totaling $37.5M for 485,316 sf in six buildings located in Denver, Jefferson & Adams counties, reflecting a weighted price of $77.27 per sf or a cumulative growth of 28.9% for all three properties as of September.
Property Location
: 4200 Jackson St., Denver
Property Description
: 48,902-sf warehouse, YOC 1978, twin-tee construction, eight dock-high doors & three drive-in doors
Land Size
: 2.14 acres
Sales Price
: $5.28M, or $62.66 per sf
Closing Date
: 9/21 Reception No: 2015133293
Grantor
: 4200 Jackson Properties LLC, Brad Knepper, mgr.
Grantee
: EAT-1514, Richard L. Levy, as intermediary for Next Millennium Properties LLC, c/o Thomas H. Roberts III, mgr., 303-713-1588 Financing: $5.25M payable to Tercero Properties LLC (buyer)
Comments
: Property is down-leg of 1031 exchange. The property is near the southwest corner of Colorado Boulevard & Interstate 70 and has rail and sprinklers. It is located adjacent to 40th & Colorado Station.
Property Location
: SWC Fox Street & West 14th Avenue (1337-57 Fox St. & 600 W. 14th Ave.)
Property Description
: Parking lot, zoned D-GT,
Land Size
: 36,375 sf
Sales Price
: $4.49M, or $123.68 per sf
Closing Date
: 10/1 Reception No: 2015138874
Grantor
: S&K Parking LLC, Helen Valdez, mgr.
Grantee
: Paradise Investment Properties LLC, Richard Geller, mgr.
Comments
: There is an option agreement to purchase this site plus 1306-1380 N. Speer Blvd., currently owned by the grantee and leased to Central Parking. This site contains 63,515 sf and the site sold to Paradise contains 36,375 sf. Legacy Partners Residential (Spencer R. Stuart Jr., based out of Dallas, 972-728-7200) has an option to buy both properties totaling 2.29 acres, which is scheduled to close between now and no later than 2-9-16. There are plans for a seven-story building with 322 apartments and a two-story parking garage on the first two floors. The density reflects 140.6 units to the acre on the 2.29-acre site.
Property Location
: 6300 E. Evans Ave., Denver
Property Description
: 40,296-sf warehouse, YOC 1963, brick construction, 10 dock-high doors & two interior docks, includes 5,250 sf of office space, 51 parking spaces, 13’-16’ clearance, zoned I-MX-3
Land Size
: 1.76 acres
Sales Price
: $2.53M, or $62.66 per sf
Closing Date
: 9/21 Reception No: 2015133293
Grantor
: L2A Investments LLC, c/o Matt Lewan & James L. Arnold, mgrs.
Grantee
: Capra Investment Company LLLP, Anthony & Barbara Capra, ptnrs.
Comments
: Property was listed by Matt Lewan of Integrated Property Services, 720-272-0267 or mlewan@integratedprop.net.
Property Location
: 2625 Walnut St., Denver
Property Description
: 22,295-sf, two-story office/industrial building, YOC 1926, brick construction
Land Size
: 9,394 sf
Sales Price
: $2.6M, or $116.62 per sf
Closing Date
: 9/18 Reception No: 2015132091
Grantor
: 2625 Walnut Street LLC, Richard Mark Fitzpatrick & Michael T. Mayberry, mbrs., c/o Magpul Industries, 877-462-4785
Grantee
: Callinectes LLC, c/o TurnCommerce, Andrew & Jeffrey Reberry, mbrs.
Financing
: $1.95M, due 9/17/25, payable to Wells Fargo Bank, NA
Comments
: Buyer’s company is TurnCommerce Inc., located at 2635 Walnut St., Denver 80205, 303-893-0404. Buyer also owns 2635 Walnut, a 9,632-sf commercial office building constructed in 1961. The last sale of 2625 Walnut occurred 5/31/12 for $1.65M. The sellers own Magpul Industries of Austin, Texas, a leading firearms manufacturer that relocated to Texas and Wyoming in 2014 due to political differences regarding gun control laws in Colorado.
Property Location
: 2366 S. Linden Court & 2337-51-67-87 S. Locust St., Denver
Property Description
: Five two-story, fourplex buildings totaling 20 units (all twobedroom units, w/16,170 sf, YOC 1966, brick construction
Land Size
: 33,550 sf
Sales Price
: $2.1M, or $105,000 per unit, or $129.87 per sf
Closing Date
: 9/1 Reception No: 2015131542
Grantor
: Linden and Locust LLC, Hal Naiman & Howard L. Snyder, mgrs.
Grantee
: Linden Locust LLC, Martha Page, mgr.
Financing
: $1.58M, due 10/1/45, payable to JPMorgan Chase Bank, NA
Comments
: These five buildings are not adjoining and were listed by Greg Price & Clayton Primm of Marcus & Millichap.
Property Location
: 8154 E. Martin Luther King Jr. Blvd., or 2979 Uinta St., Denver
Property Description
: Vacant land,
Land Size
: 67,885 sf zoned C-MU-20
Sales Price:
$1.57M, or $23.05 per sf
Closing Date
: 9/21 Reception No: 2015133327
Grantor
: Stapleton 8L26R LLC, Charles Johnson, mgr., 720-350-4680 or cjohnson@ wcjre.com, or Bill Johnson @ 720-891-7715 or bjohnson@wcjre.com
Grantee
: Stapleton Senior Living LLC, Brian Watson, mgr., 303-893-9500
Comments
: Property is located on the SWC of East Martin Luther King Jr. Boulevard & Uinta Street, and has been amended (see Reception No. 2015133239) to be a licensed assisted-living facility, a licensed memory care facility and/or a licensed skilled-nursing home facility. The seller purchased the property in June 2014 for $750,000. Property was fully entitled and the $1.57M included seller’s plans.
Property Location
: 4630 E. Asbury Circle, Denver
Property Description
: 12-unit, three-story walkup apartment, YOC 1962, 8,649 sf, brick construction
Land Size
: 6,870 sf
Sales Price
: $1.41M, or $117,083 per unit, or $162.45 per sf
Closing Date:
9/17 Reception No: 2015131542
Grantor
: PK Asbury Arms LLC, Jeffrey P. Kramp & Thomas M. Payn, mbrs.
Grantee
: Asbury House LLC, Ari & Sam Mark, mbrs., c/o SMI RE, 310-278-5009
Financing
: $1.05M, due 10/1/45, payable to JPMorgan Chase Bank, NA
Comments
: There are 11 two-bedroom units and a one-bedroom unit. Property was listed by Joe Hornstein & Scott Fetter of Pinnacle Real Estate Advisors LLC. The property last sold in June 2013 for $1.05M.
Property Location
: 4080 Globeville Road, Denver
Property Description
: 8,350-sf warehouse, YOC 1963, brick/block construction, & 5,950-sf warehouse, YOC 1989, metal construction (total of 14,300 sf)
Land Size
: 35,831 sf
Sales Price
: $1.25M, or $87.41 per sf
Closing Date
: 9/18 Reception No: 2015123205
Grantor
: Globeville Road LLC
Grantee
: 4080 Globeville LLC, Joseph Ramos, 801 E. 17th Ave., Denver 80218
Financing
: $1.13M due 9/1/20, payable to SR LLC
Comments
: Property sold in May 2014 for $950,000 by Colliers International, Tim Shay & Geoff Kreusser, SIOR.
Property Location
: 2150 S. Cherry St., Denver, “former Jones/Kaplan RE School”
Property Description
: 12,139-sf school, YOC 1974, brick/frame construction
Land Size
: 37,404 sf
Sales Price
: $1.23M, or $75.56 per sf
Closing Date
: 9/18 Reception No: 2015132023
Grantor
: Norwood L. Robb Grantee: The House Worship Center Inc., Delford Phillips, pastor, 303-355-0297
Financing
: $943,000 due 9/18/40, payable to Key Bank, NA
Comments
: Property was listed by Peter Sengelmann, Cody Stambaugh & Matt Ritter of Pinnacle Real Estate Advisors for $1.4M. Updated parking lot, HVAC updated in 1997, cell tower included with $22K income. Buyer will occupy the building from its existing location at 195 S. Monaco Parkway.
Douglas County
Property Location:
483 Scott Blvd., Castle Rock
Property Description:
220-unit, three-story apartment complex, 200,516 sf, with 11 buildings and a 2,837-sf clubhouse, YOC 1998, frame construction
Land Size:
11.02 acres
Sales Price:
$37.2M, or $169,091 per unit, or $185.52 per sf
Closing Date:
10/5 Reception No: 2015072468
Grantor:
Lo Bluffs at Castle Rock LLC, c/o The Lynd Company, Samuel J. Kasparek, VP, 210-733-6125 Grantee: JSP Lantana LLC, c/o Jackson Square Properties LLC, Thomas J. Coates & Curtis S. Gardner, mgrs., 415-354-9900 Financing: $27.52M, due 10/1/22, payable to CBRE Multifamily Capital
Comments:
This transaction was negotiated by ARA Newmark, Jeff Hawks, Doug Andrews, Shane Ozment, Terrance Hunt & Anna Stevens. The last sale was in August 2012 for $22.6M. There are 85 1/1 units @ 736 sf renting for $900-$953; 47 2/1 @ 925 sf renting for $1,017 to $1,074/mo.; 39 2/2 @ 1,026 sf renting for $1,147 to $1,226/ mo.; 41 2/2 units @ 1,087 sf renting for $1,211-$1,315/mo.; four 3/2 units @ 1,207 sf renting for $1,315 to $1,400/mo. & four 3/2 units @ 1,268 sf renting for $1,410-1,460/ mo. There are 88 units renovated, which reflects an increase in rent from 5.5% to 6.5% over non-renovated apartments. The average unit is 911 sf and rents for $1,057/ mo., or $1.16 per sf.
Property Location
: 18951 E. Main St., Parker, “Twenty Mile Depot
Property Description
: 14,770-sf retail center, YOC 2002, masonry construction
Land Size
: 1.39 acres
Sales Price: $3.25M, or $220.04 per sf Closing Date: 10/1 Reception No: 2015071357 Grantor: May’s Realty Inc., Patricia May, VP
Grantee
: Kathy and Johnny Inc., Hiep Ngoc Nguyen, mbr.
Financing
: $1.46M due 10/15/25, payable to FirstBank
Comments:
This transaction was negotiated by Trevey & Company, Mitch Trevey and Nick Nickerson, 303-841-1400. The lease rates are quoted at $20 per sf triple net. Based on listing broker's brochure, the NOI is $275,371. Based on actual numbers with 1,700 sf vacant, which equates to 11.5%, the "in-place cap rate" is 7.5%.
Jefferson County
Property Location:
16600 Table Mountain Parkway, Golden
Property Description:
261,825-sf warehouse, YOC 1997, concrete panel construction
Land Size:
13.7 acres
Sales Price:
$20.5M, or $78.30 per sf
Closing Date:
9/25 Reception No: 2015000080104
Grantor:
Westcore Table Mountain LLC, c/o Westcore Properties, Donald Ankeny, 858-625-4100, or Denver office, John Fefley,
jfefley@westcore.net
or 303-721-7600
Grantee:
Table Mountain Parkway Investors LLC, c/o UBS Realty Investors LLC, 415-538-4800
Comments:
This property sold for $16.07M in September 2013, thus reflecting an appreciation of 27.55% over the last two years.
Property Location:
12155 W. 58th Ave., Arvada “Village West”
Property Description:
58-unit, three-story apartment, 60,208 sf, YOC 1972
Land Size:
2.36 acres
Sales Price:
$7.95M, or $137,069 per unit, or $132.04 per sf
Closing Date:
9/21 Reception No: 2015100535 Grantor: Village West Investment Group, c/o G.H. Cooper Properties Inc., Sheryl Cooper, mgr.
Grantee:
29SC Village West LP, Stan Beraznik, 312-548-8589, 29th Street Capital
Financing:
$6.4M, due 10/1/22, payable to Holliday Fenoglio Fowler
Comments:
There are 10 units with one bedroom/one bath @ 725 sf that rent for $950 per mo. and 48 units with two bedrooms/two baths @ 975 sf, renting for $1,175/mo.