Pinnacle Announces Sale of Medical-Executive Office in Arvada
Pinnacle Real Estate Advisors, LLC is pleased to announce the sale of a 10,349 SF multi-tenant medical office investment for $1,330,000 located at 5400 Ward Rd Building II, Arvada, Colorado 80002. Keith Lenz – Associate Advisor, Dallas Sandberg – Senior Advisor, and Corey Sandberg – Vice President, assisted both the Seller and the Buyer in the transaction.
“We were pleased to complete the sale of Building II in the Aspen Business Park. Not only was this the upleg of our clients’ successful 1031 exchange, but the Seller will also be completing an exchange of their own, making this a win-win scenario for all parties involved. The Sale achieved an as-is cap rate of 6.7%, which is relatively low compared to recent suburban office sales but fully supported by the Seller’s excellent upkeep of the investment, and the long term, “anchor” tenants in this mid 80’s building. This an attractive investment for our Buyer and the Seller was able to fully capitalize on his years of careful management,” stated Lenz.