Pinnacle Announces the Sale of Applewood Shopping Center in Lakewood
Pinnacle Real Estate Advisors, LLC is pleased to announce the sale of 2010 Youngfield Street located in Lakewood, Colorado today. This retail property underwent an extensive renovation in 2015, and long-term tenants recently signed new triple net leases. The building is located just off the Youngfield Street exit on I-70. The property sold on September 18, 2015 for $2,000,000 or $198.41 per square foot. Jeff Johnson and Matt Ritter with the Johnson Ritter Team, represented the buyer and Justin Krieger represented the seller in the transaction.
“This turn-key retail center was a perfect fit for the buyer who sold a residential property to 1031 exchange into Applewood Shopping Center,” stated Jeff Johnson, principal at Pinnacle Real Estate Advisors.
“My client purchased the property last year and was able to quickly add tremendous value through his renovation expertise and his ability to sign tenants who had previously been on month-to-month gross leases to long-term NNN leases,” stated Justin Krieger, Senior Advisor at Pinnacle Real Estate Advisors.