Arvada Retail Sold for $6,515,000
Pinnacle Real Estate Advisors, LLC is pleased to announce the sale of 9000-9180 West 88th Avenue in Arvada, Colorado. The building contains 21 retail tenants and sold on May 22, 2018 with a contract price of $6,515,000 or $159.77 per square foot.
Lake Plaza is a thriving neighborhood retail center in Westminster, located between Standley Lake and the Westminster Mall redevelopment. Peter Sengelmann, Advisor, represented the seller in the transaction and Eric Veith, Associate Advisor, represented the buyer in the transaction.
“The sellers had recently achieved 100% occupancy across the entire asset, including an additional, previously untapped income stream. We were excited to help them achieve a strong value on their exit of the asset,” stated Sengelmann.
According to Veith, “the buyer was completing a 1031 exchange after the sale of an apartment building elsewhere in Colorado. He saw this as an opportunity to profit from an unprecedented run in multifamily values and take advantage of the superior cash flow and returns offered by retail.”