Pinnacle Announces Sale of Multi-Tenant Retail Center in Littleton
Pinnacle Real Estate Advisors, LLC is pleased to announce the sale of Broadway Square, 5501 & 5549 S. Broadway, Littleton, Colorado. This retail center consists of 72,002 SF on approximately 6.19 acres and was built in 1984. The center has a great mix of local and national tenants and is less than a mile from a new Sprouts development and recently renovated King Soopers. The property sold on March 1, 2016 for $7,200,000 or $100 per square foot. Matt Ritter and Peter Sengelmann, with the Johnson Ritter Team, represented the buyer, Sidford Capital, and Jamie Mitchell represented the seller in the transaction.
“The buyer is a local owner who likes the location and long‐term opportunities of the deal, so when we presented the asset, prior to it being on the market, he acted quickly to get it under contract,” stated Peter Sengelmann, Advisor at Pinnacle Real Estate Advisors, LLC.
“The group of four sellers, who were represented by Jamie Mitchell of Pinnacle REA, were motivated to sell this asset and move their 1031 proceeds into a predetermined tax deferred exchange,” stated Jamie Mitchell, Senior Advisor at Pinnacle Real Estate Advisors, LLC.