Justin Krieger Sells the Shops on Sheridan in Denver, Colorado
Justin Krieger, Senior Advisor at Pinnacle Real Estate Advisors, LLC, is pleased to announce the sale of the Shops on Sheridan at 708-716 Sheridan Boulevard in Denver, Colorado today. The property, comprised of four buildings totaling 19,121 SF on a 2.02 acre lot, sold for $2,600,000. The property was 100% occupied by local tenants at closing. The buyer purchased the property as part of a 1031 exchange after selling an out-of-state hotel property.
“The demand for infill retail properties in Denver remains strong, particularly in areas like west Denver that are quickly changing. One of the biggest challenges on this deal was obtaining financing. The majority of our conversations with traditional lenders ended when they saw that one of the tenants was a marijuana dispensary, and private lenders quoted rates in the 10% range. After a lot of digging, we found a local bank that was willing to do the deal. ” said Krieger.