Pinnacle Announces the Sale of 15200 E Girard Avenue
Pinnacle Real Estate Advisors, LLC is pleased to announce the sale of the Hancock Park office building located in Aurora, CO. This 39,474 square foot class B office building was built in 1986 and sold for $3,200,000 ($81/SF). Robert Edwards and Tom Ethington of the Edwards Ethington team, represented the seller in the transaction. Scott Fetter of the Hornstein Fetter Apartment Group, represented the buyer.
“The local seller had a smart plan when we helped him purchase the four-story Aurora office building in 2015 for $2,650,000. It was to increase the occupancy and to sell the Verizon roof tower antenna income. The plan was accomplished in less than two years. The seller successfully increased the occupancy from 88% to 96% and Tom Ethington and I were able to quickly find, negotiate, and sell the tower income to Landmark Dividend a couple months after the 2015 closing,” stated Edwards. “The new owner from New York City has a plan as well. Their plan is to invest money in capital expenditures and to push the lease rates up to market. This was a win-win transaction for all parties, including the lender. The lender has pleased to re-issue their existing debt to the new buyer.”