Colorado

NorthPeak Commercial Brokers $4.1M Sale of Apartment Complex in Denver

by Amy Works January 3, 2024

DENVER, COLO. — NorthPeak Commercial Advisors has arranged the sale of a multifamily property, located at 1000 S. Logan St. in Denver. The asset traded for $4.1 million, or $206,250 per unit. Greg Johnson, Connor Piretti and David Barocas of NorthPeak Commercial Advisors represented the undisclosed seller, while Jason Koch of Capstone Communities represented the undisclosed buyer in the deal. Built in 1938, the property features 20 courtyard apartments and 15 individual garages situated on a 30,430 square feet lot. The buyer plans to develop a new multifamily project on the site that is scheduled for completion in 2026.

January 3, 2024

Acquisitions Colorado Industrial Western

Malman Commercial Arranges $4.9M Acquisition of 22 Industrial/Flex Condos in Denver

by Amy Works January 3, 2024

DENVER — Malman Commercial Real Estate has arranged the purchase of 22 industrial/flex condominiums at 5475 Peoria St. in Denver. Peoria Condos LLC acquired the assets for $4.9 million. Jake Malman of Malman Commercial represented the buyer, while Mark Alley and Paul Scheider of Pinnacle Real Estate Advisors represented the two sellers in the transaction. The seller of Building 2, Units 104 and 105 was Slang Colorado RE1 LLC. The sellers of 20 units in Building 1 and Building 2 were 5475 Building I LLC and 5475 Building II LLC.

January 3, 2024

Colorado Loans Retail Western

Essex Arranges $87.5M Refinancing for Five-Property Retail Portfolio Near Denver

by Amy Works January 2, 2024

DENVER — Essex Financial Group has secured an $87.5 million loan to refinance a five-property retail portfolio totaling 689,599 square feet across the greater Denver area. King Soopers, a subsidiary of Kroger, anchors each of the neighborhood centers. Essex worked on behalf of AmCap Inc., which has owned the properties since 1987. The grocery-anchored portfolio is currently 98 percent leased, with King Soopers accounting for more than half of the net rentable area. Other tenants in the portfolio include a mix of national and local retailers focused on daily needs, service uses and restaurants. Essex secured the fixed-rate, nonrecourse loan with an institutional investment manager that was funding on behalf of a separate life insurance company account. Paul Donahue, Cooper Williams, Matt Perigard and Andrea Mehlem of Essex’s Capital Markets team arranged the financing.

January 2, 2024

Acquisitions Colorado Net Lease Restaurant Retail Western

1031 Exchange Buyer Acquires Shake Shack-Occupied Property in Colorado Springs for $5.3M

by Amy Works December 22, 2023

COLORADO SPRINGS, COLO. — An Oregon-based 1031 exchange buyer has purchased the ground lease of a restaurant asset located at 9723 Federal Drive in Colorado Springs. An undisclosed developer sold the asset for $5.3 million. A new double-drive-thru Shake Shack occupies the asset on a 15-year absolute triple-net ground lease. The property is adjacent to a 115,000-square-foot Scheels at the intersection of Interstate 5 and Interquest Parkway. Drew Isaac, James Rassenfoss and Ian Hicks of Marcus & Millichap’s Denver office represented the seller in the deal.

December 22, 2023

4475-Forrest-Hill-Rd-Colorado-Springs-CO

Acquisitions Colorado Net Lease Retail Western

Marcus & Millichap Brokers $3.3M Sale of Retail Building in Colorado Springs

by Amy Works December 22, 2023

COLORADO SPRINGS, COLO. — Marcus & Millichap has arranged the sale of a retail building located at 4475 Forrest Hill Road in Colorado Springs. A developer sold the asset to an individual/personal trust for $3.3 million. Bank of America occupies the building on a 13-year absolute triple-net ground lease. Drew Isaac and James Rassenfoss of Marcus & Millichap’s Denver office represented the seller, while Rich Merryman, Ryan Wilmer and Bill Schofield of Marcus & Millichap’s San Francisco office represented the buyer in transaction.

December 22, 2023

Acquisitions Colorado Office Retail Western

John Propp Commercial Brokers $2.3M Sale of Office Building in Denver

by Amy Works December 21, 2023

DENVER — John Propp Commercial Group has arranged the sale of an office building located at 15 E. Iowa Ave. in Denver. South Gate Masonic Building Association acquired the asset from 25W BKM LLC for $2.3 million. The two-story, 21,258-square-foot building features ground-floor retail space, second-story office space and a single apartment. The buyer plans to renovate and reposition the property both for its own business occupy and to retain existing retail tenants. Joshua Cohen of John Propp Commercial Group represented the seller in the deal.

December 21, 2023

Colorado Loans Multifamily Western

KeyBank Arranges $16.7M Refinancing for Edge DTC Multifamily Property in Denver

by Amy Works December 18, 2023

DENVER — KeyBank Real Estate Capital has arranged a $16.7 million Fannie Mae fixed-rate loan to refinance existing debt secured by Edge DTC, an apartment community in Denver. Brian Caudel and Allison Loftsgordon of KeyBank Real Estate Capital structured the five-year loan featuring full-term interest-only payments through Fannie Mae for the borrower, Grand Peaks Properties. Built in 1986, Edge DTC features 204 apartments spread across eight two-story residential buildings. Community amenities include a swimming pool, fitness center, business center, dog park and picnic area.

December 18, 2023

Arizona Colorado Development Industrial Multifamily Western

StarPoint Properties Plans Two Opportunity Zone Projects in Arizona, Colorado

by Amy Works December 15, 2023

MESA, ARIZ., AND DENVER — StarPoint Properties is developing two Opportunity Zone projects totaling $115 million. StarPoint has started vertical construction on Lotus Point, a $79.2 million multifamily development in Mesa, and Point Central, a $36.7 million industrial project in Denver. Located at 139 N. Dobson Road, the four-story Lotus Point will offer 245 apartments. The community will benefit from a property tax abatement agreement with the City of Mesa for eight years after construction, which will generate significant property tax savings. Point Central, located at 1051 and 1161 E. 73rd Ave. in Denver, will offer 157,473 rentable square feet split across two industrial buildings with access to Denver’s major highways. Completion of both properties is slated for 2025. StarPoint expects Lotus Point to be stabilized by fourth-quarter 2025 and Point Central by the second quarter of 2025.

December 15, 2023

Acquisitions Colorado Multifamily Western

NorthPeak Commercial Brokers $8.2M Sale of Apartment Community in Glenwood Springs, Colorado

by Amy Works December 15, 2023

GLENWOOD SPRINGS, COLO. — NorthPeak Commercial Advisors has arranged the sale of a multifamily property located at 228 Auburn Ridge Lane in Glenwood Springs, a resort city approximately midway between Denver and the Utah border. The property traded for $8.2 million, or $171,875 per unit. The 30,376-square-foot asset features 48 apartments. Kevin Calame and Matt Lewallen of NorthPeak handled the transaction.

December 15, 2023

Acquisitions Colorado Industrial Western

NavPoint Negotiates $3.2M Sale of Multi-Parcel Industrial Asset in Castle Rock, Colorado

by Amy Works December 13, 2023

CASTLE ROCK, COLO. — NavPoint Real Estate Group has brokered the sale of 1609 and 1713 Park St. in Castle Rock. JGC2M LLC sold the asset to Four Square Properties II LLC for $3.2 million. The asset consists of four commercially zoned parcels totaling 1.6 acres. Two of the parcels are fenced outdoor storage and two parcels have buildings, totaling approximately 12,000 square feet combined. Matt Call of NavPoint represented the seller, while Jeff Brandon of NavPoint represented the buyer in the deal.

December 13, 2023

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