Krieger, Schneider, and Goodman Sell Asphalt Plant in Denver, Colorado
Justin Krieger, Paul Schneider, and Mark Goodman, Senior Advisors at Pinnacle Real Estate Advisors, LLC, are pleased to announce the sale of the Premier Paving, Inc. asphalt plant at 690 W. 62nd Avenue in Denver, Colorado today. The transaction closed at a sale price of $5,400,000 and included the real estate, 10.19 acres of I-3 industrial land, as well as the asphalt plant itself and related equipment. The seller and buyer were both local, and the buyer will continue to operate the property as an asphalt plant.
“The deal was very complicated and involved 10 attorneys and three banks. It was an interesting deal to work on because we marketed it as a net leased sale/leaseback opportunity as well as an owner/user opportunity (so long as the new owner would enter into a long-term asphalt supply agreement with the seller) and got a lot of action from both types of buyers.” said Krieger.
“Both parties saw value in doing the deal. The seller will continue to run its asphalt paving business, one of the biggest in Colorado, and achieved its goal of simplifying its business and focusing on the asphalt paving, not the manufacturing, side. We were able to negotiate a favorable long-term asphalt supply agreement , which both the seller and the buyer will benefit from.” said Schneider.