Pinnacle Announces Sale of 501 and 511 Broadway in Denver
David Barocas, Joe Hornstein and Scott Fetter of the Hornstein Fetter Apartment Group at Pinnacle Real Estate Advisors, LLC are pleased to announce the sale of 501 & 511 Broadway in Denver, Colorado. 511 Broadway is a creative office space that was built 1920 and fully renovated in 2007. 501 Broadway is a parking lot located adjacent to 511 Broadway and was under different ownership than the office site. The central Denver building is located at the intersection of 6th Avenue & Broadway and sold for $4,500,000 ($241/square foot). 501 Broadway is a 11,400 SF parking lot that sold for $1,950,000 ($171.05 /SF) David Barocas, Joe Hornstein and Scott Fetter of the Hornstein Fetter Apartment Group represented the seller in the transaction.
“The Seller of 511 Broadway completely renovated the property in 2007 and most recently converted the space into a creative office workspace,” Barocas said. “When the Buyer approached us one of his concerns was that the building had somewhat limited parking. We were able to establish a contract with the owner of 501 Broadway via a sale/leaseback that will allow the new owner the extra parking he wants at 511 Broadway moving forward. This was a complicated sale requiring two different Sellers working on identical timelines and it’s a credit to all parties involved that we reached this outcome.”