Colorado Real Estate Journal - November 4, 2015
A local investor traded a single tenant, net-leased office building for $5.03 million and used $4.4 million to exchange into a multitenant industrial property. Advanced Property Services LLC sold the 13,852-square-foot office building on 1.8 acres at 1750 Pierce St. in Lakewood to a California buyer, Hallmark Investments LLC. DaVita Dialysis occupies the property and has 11 years remaining on its initial lease. “The DaVita Dialysis Center was a single-tenant, triple-net lease, which is in pretty high demand right now,” said Sam Leger, senior broker at Unique Properties LLC-TCN Worldwide. There were numerous offers for the property, said Leger, who represented the seller with Tim Finholm, also a senior broker at Unique. Constructed in 1985, the building is located just north of West Colfax Avenue, near the Rocky Mountain College of Art and Design. The sales price was $363.12 per sf. Advanced Property Services completed the up-leg of a 1031 exchange with the acquisition of Springhill Business Center, a twobuilding, 60,480-sf warehouse portfolio on 3.3 acres at 908-950 Salida Way and 909-943 Telluride St. in Aurora. The property was 100 percent leased to 17 tenants and also received numerous offers, according to Leger. Leger and Finholm handled both sides of the transaction. Springhill Business Center was built in 1998. Many of the leases are below market, offering upside potential to the new owner. Merritt Realty Capital LLC sold the property. The price was $72.75 per sf.