Pinnacle Announces Sale of Castle Rock Medical Office
Pinnacle Real Estate Advisors, LLC is pleased to announce the sale of Elk Crossing, a 35,908 square foot office park for $9,260,000 located at 1161 & 1175 S Perry St in Castle Rock, Colorado. Corey Sandberg, Vice President on the Johnson Ritter Team, represented the seller in the transaction.
“We were beyond pleased to complete the sale of the final two buildings, that were originally built by our client, in the Elk Crossing Office Park. Even though the sale achieved a record cap rate for the market, the purchasers are set up for success with an excellent mix of medical tenants, a long tenured state government tenant, and a slight value-add component that had significant momentum at the time of sale. There were some unordinary opportunities that all parties had to overcome that led to a marathon escrow period. We are thankful to have been able to help our clients navigate these with the collaboration of the entire buy side team. After many years of construction and hands on management, our clients will be able to exchange into hands-off assets and enjoy the more passive cash flow they will acquire through their 1031 Exchange,” stated Sandberg.