Colorado Real Estate Journal - September 7, 2016
A soon-to-be-vacated office building in Golden sold for $2.45 million in one of three separate deals that, coincidentally, involved credit unions. Golden Investment Property LLC purchased the 12,031-square foot Credit Union of the Rockies building at 607 19th St. from the credit union, which is relocating to another facility. The deal included a neighboring 14,818-sf lot. Peter Sengelmann of Pinnacle Real Estate Advisors said the buyer plans to update the finishes and offer the building for lease as multitenant space. It also will be exploring potential uses for the lot. “The seller in the transaction will lease back the space for a short period while their new business location is made ready. This was a win-win for the buyer and seller as they were able to accommodate each other’s needs post-closing,” he said. The two-story building sits at the signalized intersection of 19th and Ford streets. Sengelmann represented the buyer with Pinnacle’s Jeff Johnson, Cody Stambaugh and Matt Ritter. Matt Call and Matt Kulbe of NavPoint Real Estate Group represented the seller. In another deal, Denver Fire Department Federal Credit Union bought a Lakeside area building for its offices. The credit union paid $2.1 million, or $120.49 per sf, for the 17,428-sf building at 12 Lakeside Lane in Denver. The building was vacant at the time of the sale, according to Jeff Kummer, a principal at Altitude Commercial Realty who represented the seller. Kummer said the deal offered the credit union a rare single-story office building with visibility to Interstate 70. The seller, 12 Lakeside LLC, originally acquired the building as an investment. The property formerly was net-leased to Heritage College, which has since vacated the building. Mike Christensen of Aspen Gold Realty Inc. represented Denver Fire Department Federal Credit Union in the transaction. The third deal involved an approximately 17,500-sf office building anchored by Westerra Credit Union. Scottyo LLC, a local 1031 exchange investor, paid $1.95 million for the building at 8906 W. Bowles Ave. in Littleton, across the street from Southwest Plaza. First National Denver was the seller. The two-story multitenant building was 100 percent leased to a diverse group of tenants and offered strong cash flow, according to John Becker of Fuller Real Estate. Becker and Mike Haley, also of Fuller, were transaction brokers on the deal. Other News A Golden area office building sold for $815,000, or $116.44 per square foot. Rocky Mountain Fiber Arts sold the 7,000-sf building at 2081 Youngfield St. to 2081 Youngfield LLC. The buyer, an internet marketing company currently leasing space in Littleton, plans to move its offices into about half of the building and offer the remaining space for lease, according to Heather Taylor of NavPoint Real Estate Group, who represented the buyer. Located just off Interstate 70, the building was constructed in 1972 and renovated in 2012. Esther Kettering of Cushman & Wakefield represented the seller in the transaction. Frisco-Nica Properties LLC sold a 4,140-sf office building at 9201 W. 44th Ave. in Wheat Ridge to Mabel Acres LLC for $479,750. Heather Taylor of NavPoint Real Estate Group represented the buyer. The building was constructed in 1928 and is a mile off of Interstate 70 at 44th and Garrison Street.