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APRIL 15-MAY 5, 2015

by Jill Jamieson-Nichols

Appliance Factory & Mat-

tress Kingdom is boosting

its profile with the $16.02

million acquisition of a long-

vacant building on Inter-

state 25 in Thornton.

The appliance retailer

bought the former Ultimate

Electronics building at 321

E. 84th Ave. from Wattles

Real Estate Partners LLC,

according to public records.



building has been empty

since Ultimate Electronics

vacated it in 2011.

Colorado-based Appli-

ance Factory & Mattress

Kingdom will move its

warehouse and Thornton

showroom to the build-

ing, creating a new flagship


“It’s going to be a huge

game-changer for us,” said

John Higgins, Appliance

Factory’s media director.

“Our new warehouse and

flagship store will really

set the stage for the future

growth of our organization

and solidify our place as the

leading appliance retailer in


There will be showroom

space for various divisions

of the company as well as

for Contract Appliance, an

affiliated company that spe-

cializes in high-end prod-

ucts. The company also will

relocate some office func-

tions to the building, main-

taining its corporate offices

at 6005 E. Evans Ave. in

Denver, Higgins said.

Appliance Factory & Mat-

tress Kingdom has 13 loca-

tions on the Front Range

and another in Grand Junc-

tion. It is among the larg-

est appliance dealers in the


The new warehouse will

dramatically expand its

capabilities, Higgins said.

“We’ve been trying to make

do, but it’s an ongoing strug-

gle because of the inventory

we have and the volume we

produce,” he said.

According to Appliance

Factory, the company sells

one of every four appliances

Appliance Factory buys flagship location

Appliance Factory & Mattress Kingdom will occupy the former Ultimate Electronics building on

Interstate 25 in Thornton.

by John Rebchook

A private, local investor

recently sold his portfolio of

three small apartment build-

ings with a total of 80 units

near Washington Park for a

total of about $10.8 million

The investor, a Denver law-

yer who does not want to

identified by name, then used

the proceeds to buy the condo

interest of two high-profile

Denver restaurants.

He bought the two retail

floors (and basement) of the

Wynkoop Brewing Co. in

Lower Downtown and the

Ale House at Amato’s in

Lower Highland for about

$19.6 million, as part of a 1031





launched by now-Gov. John

Hickenlooper in 1988, before

he entered politics, although

he is no longer an owner.


LLC, the seller of the two res-

taurants, signed a long-term

lease with the new owner in a

sale-leaseback deal.

The apartment sale is not

huge in the Denver-area mul-

tifamily market, in which it

is not uncommon for institu-

tional investors to pay north

of $40 million for apartment

communities. Even transac-

tions that top $100 million are

not as rare as they once were.

However, the transaction

does illustrate a number of

macro trends in the Denver

area, said Justin Hunt, who

handled the apartment sale

with fellow ARA Newmark

brokers Shane Ozment, Ter-

rance Hunt, Andy Hellman

and Kevin Jewitt. Justin and

Terrance Hunt are executive

managing directors at ARA,

as is Ozment. Hellman is a

director at ARA and Hewitt is

a transaction manager.

First, the apartment trans-

action illustrates how much

demand there is for value-add

apartment buildings in Den-

ver, Justin Hunt said.

“There was huge demand

for this value-add portfo-

lio,” Hunt said. More than 12

offers were received for the

three small apartment build-

ings, he said.

“ T h e

owner had

o w n e d

them for

years and

ba s i ca l l y



done any-



i mp r o v e

them dur-



time, creating an opportunity

for a buyer that could capi-

talize on their excellent loca-

tions,” Hunt said.

The apartment properties


•A42-unit apartment build-

ing built in 1953 at 550 E.

Third Ave.;

•A 22-unit building built in

1960 at 50 Corona St.; and

•A 16-unit building built in

1958 at 25 Emerson St.

The Emerson and Corona

properties sold for a total of

$5.55 million, or $146,053 per

unit and $243.31 per square


The Third Avenue prop-

erty sold for $5.25 million, or

$125,000 per unit and $224.36


The buyer, he said, was a

private group from Manhat-

tan, New York.

The buyer is an example of

ARA, NGKF team up to sell apts., brewpubs

Wynkoop Brewing, founded by now-Gov. John Hickenlooper, recently sold in a sale-leaseback deal.

Justin Hunt

Please see Appliance, Page 6 Please see ARA, Page 10 In this issue…


Loads of loans

Chase’s Catherine Murphy arranges

26 loans for more than $45 million


Cardinal Group Investments

buys two apartment

communities for $71 million


Stream Realty Partners buys

a landmark office tower at Interstate

25 and Colorado Boulevard


A landlord picks a publicly

traded company to fill 92,670 square

feet of industrial space in Denver


Greater Denver 4 Boulder County 12 Larimer & Weld Counties 14 Colorado Springs 15 Finance 16 Law &Accounting 20 Property Management 22 CDE 26 Office 2AA Health Care 3AA Industrial 6AA Retail 8AA Multifamily 12AA Who’s News 19AA 16 1AA 2AA 6AA