Pinnacle Announces the Sale of 1 Oakwood Park in Castle Rock
Pinnacle Real Estate Advisors, LLC is pleased to announce the sale of 1 Oakwood Park located in Castle Rock, Colorado. The 9,860 square foot office building traded hands on May 7th, 2015 and sold for $1,600,000 or $162.27 per square foot. The property went under contract within 30 days of it being listed and was 100% occupied at the time of sale. Rob Edwards and Tom Ethington, both Senior Advisors, represented the seller in the transaction, and Eric Shaw, Senior Advisor, represented the buyer.
“Our marketing produced a lot of in-state and out-of-state buyer interest. A local buyer group ended up winning the deal. They plan to increase the below market lease rates and hold for the long term. They also secured favorable long term financing with Bank of the West,” stated Rob Edwards, Senior Advisor.
“The buyer liked this deal because it is 100% lease with several small tenants with staggered lease expirations. They see an opportunity to increase rents as leases roll. The buyer also likes the future growth potential of Douglas County and Castle Rock in particular,” stated Eric Shaw, Senior Advisor.