Pinnacle Announces the Sale of Lake Plaza in Arvada
Pinnacle Real Estate Advisors, LLC is pleased to announce the sale of Lake Plaza located at 9000-9180 W 88th avenue in Arvada, Colorado. The 40,778 square foot retail strip center sold for $6,150,000 or $150.82 per square foot. The property quickly solicited multiple offers and went for 96% of the list price. The property was 92% occupied at the time of sale with below market rents.
Rob Edwards and Tom Ethington, both Senior Advisors, represented the local seller in the transaction. Pete Foster, Senior Advisor, represented the Arizona buyer.
“We were able to increase the Seller’s net proceeds by $388,000. The seller received an unsolicited offer prior to listing the property and our effective marketing was able to meet our client’s expectations,” stated Rob Edwards, Senior Advisor.
“The Denver Metro is experiencing strong rent growth and the opportunity to acquire a value-add play drew interest from many investors across the United States. There is a lot of demand for these types of deals. Lake Plaza was 92% occupied with below market lease rates at the time of sale,” said Rob Edwards, Senior Advisor.