Colorado Real Estate Journal - December 7, 2016
A California buyer completing a 1031 exchange paid $13.51 million for an office/retail building along U.S. Highway 36 in Superior. Edward Heyman and Co. LLC bought 100 Superior Plaza Way from Superior Plaza LLC. The seller is a local group of investors that developed the 56,000-square foot building in 2000. “We had strong interest in the property,” said Chris Boston of Gibbons-White Inc., who represented the seller. “Buyers were engaged because of all of the development in the works in the town of Superior. They like what is happening in the area and thought that the investment would perform well for the long term,” Boston said. The two-story building was fully leased at the time of the sale. Retail anchors include Superior Liquor and Old Chicago. Office tenants are Envision, Edward Jones, Loris and Associates, Property Info and Celero Optima. Jim Koch and Robinson Investment Company Inc. represented the buyer. Other News A 5,128-square-foot, netleased restaurant building on 0.21 acres at 592 S. McCaslin Blvd. in Louisville sold for $1.62 million. Old Santa Fe Mexican Grille occupies the property. Lam & Ho Investments LLC sold the property to TH & IN LLC, according to Boulder County records. The buyer was in a 1031 exchange and paid cash for the property. “This property sold for $970,000 in 2014, and the price appreciation from the last sale demonstrates the strength of the netleased retail market and demand for Boulder County investment properties,” said Justin Krieger, senior adviser at Pinnacle Real Estate Advisors LLC. The building is located within Centennial Marketplace, which includes a vacant Sam’s Club building. “Once the property’s major anchor is retenanted, I believe the area will get even better,” said Krieger, who represented the seller and procured the buyer.