Colorado Real Estate Journal - August 17, 2016
A company that cashed in on its property in River North earlier this year will move to a warehouse/distribution building near the Mousetrap. Hunt Family Partnership purchased the 38,853-square-foot building at 5285 Fox St. from Adco Pro Cleaning Supply for $3.7 million. Amen Packaging Inc. will occupy the property by the end of the year, according to Daniel Close of CBRE, who represented the buyer with CBRE’s Murray Platt. Paul Kluck, also of CBRE, represented the seller in the off-market deal. Close said the building, constructed in 1982, offers Amen Packaging ample parking and good loading. The buyer will install a new roof and HVAC and will reconfigure the existing office space. The property sold at $95.23 per sf, which Close said is a “healthy number for the market.” Close and Platt sold Amen Packaging’s existing location at 4201 Brighton Blvd. to Westfield Development for $5.3 million earlier this year. The packaging company is spread out over four buildings on the 2.92-acre site, which Westfield likely will incorporate into its Midtown Industrial Center development across the street. Other News A 20,400-square-foot industrial building at 2767 S. Tejon St. in Englewood recently sold for $2.5 million, or $122.55 per sf. Alan S. Eber purchased the property from 2767 S. Tejon LLC. The building is 100 percent occupied by an owner-user, according to Pete Foster of Pinnacle Real Estate Advisors, who handled both sides of the transaction. A 10,019-sf warehouse at 2909 Shoshone St. in Englewood sold for $653,600, or $65 per sf. Mitchel E. Rhoads sold the property to 2767 South Tejon LLC. “This was a great find for the buyer, who was on a quick timeline to find a replacement property for his business,” said Pete Foster of Pinnacle Real Estate Advisors. Foster represented the buyer. Nick Schill, also of Pinnacle, represented the seller. A small-user industrial building at 2000 S. Osage St. in central Denver recently sold for $575,000, or $101.95 per sf. Gentala Investments LLC, which is affiliated with a plumbing company, sold the property to FDG Products, a specialty subcontractor of architectural products. FDG “plans to do some renovations which should sustain the property value over the next 10 to 15 years,” said Gary Garcia of Pinnacle Real Estate Advisors, who represented the buyer. The buyer will occupy approximately two-thirds of the building and offer about 2,500 sf for lease on a three- to five-year term, until it needs the entire building, Garcia said. Sam Leger of Unique Properties LLC-TCN Worldwide represented the seller.