Colorado Real Estate Journal - April 6, 2016

Downtown Denver parking lot trades at $496 per square foot

by Jill Jamieson-Nichols

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A local company that bought a downtown parking lot not quite three years ago recently sold the property at nice return.

Greenwood Village-based NexGen Properties sold the 6,250-square-foot property at 1440 Stout St. for $3.1 million, or $496 per sf. The buyer is affiliated with Dikeou Realty.

Denver-based Dikeou owns neighboring property. Phone calls to Dikeou were not returned; a CoStar listing says the site is proposed for an office building.

Matthew Vandal of NexGen Properties said NexGen purchased the property for $1.78 million, or $284 per sf, in June 2013. “Obviously we liked the stability of the parking lot cash flow and thought it was an opportune time to purchase an infill lot like that.” With regard to its reasons for selling, “It was just a matter of the offer being strong enough to warrant that consideration,” he said.

Other News

Independent Electrical Contractors Rocky Mountain recently purchased a 26,000-square-foot building at 11429 Pearl St. in Northglenn.

The trade association paid $1.3 million for the property and will spend an additional $2.6 million on construction and equipment to turn it into a school campus for apprenticeship training for aspiring electricians.

Classes will begin in August, with the capacity to accommodate more than 250 students per evening.

“The city is very pleased to welcome IECRM and their students to Northglenn. We appreciate the investment they are making in assuring a healthy workforce and look forward to building a good working relationship with them,” said Northglenn Mayor Joyce Downing. Given a shortage of skilled trade workers, “The training program IECRM is offering is invaluable and necessary to sustain economic growth in the metro area,” said Debbie Tuttle, Northglenn economic development manager. “The program will provide job skills that will last a lifetime and help people earn a living wage while simultaneously increasing the supply of electricians needed. It’s truly win-win.” IECRM has been in Adams County for more than 18 years.

The organization represents more than 200 member companies and educates more than 1,100 electrical apprentices and licensed electricians annually.