Page 24 - February 19-March 4, 2025 www.crej.com annual rental escalations are increasingly drawing interest from private investors, particularly those in 1031 exchanges,” Zach Wright said. “These properties often have strong unit-level financials and lower price points.” Built in 2009, the property is positioned within a densely populated area, with 140,000 people living within a 3-mile radius. Other News n LAKEWOOD – A former recording studio in the Cedar Place neighborhood sold for $600,000. Albrook Partners LLC acquired the 7,134-squarefoot frees t a n d i n g building, situated on 0.82 acres at 1111 S. Pierce St., from FTM Studios LLC in January. Fuller Real Estate’s Brian Baker and Jason Russ represented the seller, while the buyer was unrepresented. The property features 28 parking spaces, 3-phase power, two studios and 2,300 sf of office or retail showroom space, according to a listing brochure. The property was designed and constructed as a recording studio in 1984 and had exclusively been home to the state’s oldest commercial recording studio prior to the sale. Due to changes in the music industry and the commercial recording model, the sellers decided to list the property as a retail/office asset. The site has a history as one of the premier studios within the Rocky Mountain region, having recorded artists including Tony Bennett, Kenny Rogers, Kenny Loggins, The Fray and more, according to a statement from Fuller Real Estate. The buyer will renovate the property and address deferred maintenance before placing the property back on the market for a lease or sale opportunity. n DENVER – A mixed-use block of buildings in the West Washington Park neighborhood sold for $1.5 million in January. Alland Properties LLC sold the properties at 369 and 373375 S. Pearl St. to 300Pearl Group LLC, according to Denver County public records. The properties, totaling 5,070 square feet, include a residential building constructed in 1892 and two retail spaces built in 1952. Zoned U-MS-2, the properties are positioned south of East Alameda Avenue in the bustling West Washington Park neighborhood, surrounded by numerous dining, retail, cultural and recreation options. The single-family residential home at 369 S. Pearl St. is two stories and includes three bedrooms, two bathrooms, and two off-street parking spaces. The recently renovated 1,642sf building sits on a 3,118-sf lot. The single-story retail building at 373-375 S. Pearl St. measures 3,428 sf on a 5,735-sf lot and includes two off-street parking spaces. The retail property was formerly home to McMahan Cleaners and Finley’s Pub. The sellers, a husband and wife, had worked at the cleaners and pub, respectively, and acquired the property in 2006 when the McMahan family retired. Kyle Malnati with Kentwood Commercial facilitated the transaction on behalf of both parties. “This portfolio of properties offered an interesting mix of possibilities to the right buyer,” Malnati said. “We implemented a detailed marketing plan that generated 15 qualified showings and produced three competitive offers. The real work began over a lengthy, 125-day contract period. We navigated through four contract amendments, a notice to terminate, revived the contract, and facilitated a Phase 2 environmental drilling and soil test before closing.” The buyer is a real estate investor that owns several similar projects in the area, as well as its office near the asset. It financed the acquisition with a loan from ANB Bank that includes 6.5% interest-only payments for the first year. The seller funded an $80,000 escrow for deferred maintenance that will be drawn by the buyer over a 180-day period post-closing, Malnati said. n WHEAT RIDGE – A twoproperty retail portfolio near Edgewater traded hands for $1.15 million in January. Chermet LLC sold the properties, totaling 4,791 sf at 5500 and 5540 W. 29th Ave., to an undisclosed buyer, according to Jefferson County public records. Peter Sengelmann of Pinnacle Real Estate Advisors LLC represented the seller in the transaction, while the buyer did not have a broker. “The seller approached me in early 2024 with the goal of selling this asset,” Sengelmann said. “We implemented a comprehensive marketing strategy, which included sending hundreds of thousands of targeted emails, distributing direct mail campaigns, and making extensive cold calls. The buyer noticed our brokerage sign while biking past the property, which ultimately facilitated the sale.” The buildings feature a central patio and a new roof, according to a LoopNet listing. The buyer plans to renovate the buildings, constructed in 1900 and 1953, and lease them out, Sengelmann said. n KEENESBURG – A new 7-Eleven property off Interstate 76 traded hands in January. Denver-based Horizon Sky LLC purchased the property at 245 Market St. from Chicago-based 245 Market St LLC for $8.69 million, according to Weld County public records. Built in 2023, the asset totals 4,732 sf on 2.42 acres and features a fueling canopy, according to county records. The property is directly off the Market Street exit on Interstate 76, on the northwest side of town. n AURORA – A global energy company acquired a land parcel along the Interstate 70 corridor for $1 million. BP Products of North America Inc. acquired the 1.12-acre site at 16911 E. 32nd Ave. from Apco Capital Investments Inc. in January. The site will be developed into an electric vehicle charging station. Heath Honbarrier and Nick Beach of Trevey Commercial Real Estate represented the seller. Chad Knoth of Broad Street Realty represented the buyer. First American Title helped to execute the closing.s Veterinary Continued from Page 22 Brian Baker Jason Russ Kyle Malnati tough market," Schaefer said. “The market gave us multiple challenges with rising interest rates, rising insurance costs, and winter leasing difficulty.” NorthPeak’s marketing platform helped the team source an undisclosed 1031 exchange buyer from California after a 12-month listing process, Schaefer said. n LYONS – A 14-unit apartment and mobile home property in central Lyons sold for $1.7 million in an all-cash transaction in January. The property at 224 Seward St. includes six apartments totaling 2,450 sf and eight mobile homes that sit on 0.75 acres. Wade Arnold of The Colorado Group represented the buyer in the transaction. Matthew T. Berk and Clayton Primm of Marcus & Millichap had the exclusive listing to market the property on behalf of the seller. The team generated nine written offers from a diverse range of investors, including out-of-state mobile home park investors, regional multifamily investors, local private clients, and developers. “This outcome highlights the strength of our marketing strategy and the broad appeal of this opportunity to various investor groups,” Berk said. “We’re especially proud to have facilitated a transaction that supports the community’s affordable housing needs.” An undisclosed local housing group ultimately purchased the property with the intention to preserve affordable housing in Lyons, which has experienced significant rental rate, and land and housing price increases in the past five years. The buyer appreciated that the asset was older product and that the rents are “very affordable,” so it thought it would be good to keep it that way as opposed to having a developer do something else with the property in a limitedsupply area, Berk said. The town of Lyons – located within 20 minutes of Longmont, Boulder and Estes Park – has historically been a low-vacancy rental market. The town has three apartment buildings and only two vacant units across all types of housing, according to Berk. n BOULDER – A multifamily investment property in the University Hill neighborhood sold for $1.71 million, or $604.39 per sf. Mark and Chantal Kovach sold the 2,830-sf property at 929 11th St. to an undisclosed buyer in January, according to Boulder County public records. Phil Dankner and Daniel Feenstra of Unique Properties Inc./TCN Worldwide were the exclusive agents for the transaction. The property is located in one of the most competitive student housing markets in the country. The asset is approximately five blocks from the University of Colorado Boulder campus. The property last sold in 2005 for $570,000, according to Boulder County public records. s Lakewood Continued from Page 18 wood-style flooring, quartz countertops, stainless steel appliances, double-sink vanities, deep-soaking bathtubs, walk-in showers with rainfall showerheads, walk-in closets, designer kitchen pendant lighting, stacked washers and dryers, private patios or balconies, kitchen breakfast bars or islands, and more. Amenities at the pet-friendly community include a pet spa and large dog park, a coffee bar, a Zen garden, grilling stations, a 24-hour fitness center, a bike and ski repair shop, 24-hour package lockers, a clubhouse with a fireplace, landscaped courtyards, an outdoor lounge with TVs, a business center with coworking spaces, a resort-style pool and hot tub with a pool deck, and an outdoor entertainment and game area. Attached and detached garages and additional storage spaces are also available to residents. The property is located near the 61st & Peña light-rail station and offers access to Peña Boulevard and Interstate 70 via East 56th Avenue, providing connectivity to the Denver metro area. The property is near several parks, including the Rocky Mountain Arsenal National Wildlife Refuge, as well as dining and retail options within the Green Valley Ranch and Montbello neighborhoods. Since its founding in 2000, Eaton Vance’s Real Estate Investment Group has acquired 430 properties including 75,000 multifamily units, and 40 million sf of office, industrial and retail properties nationwide. s Argonne Continued from Page 1
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