Denver-based commercial real estate firm, Pinnacle Real Estate Advisors finished the year strong and posted its best year since the company was founded seven years ago.
Pinnacle’s 2013 sales volume is up 38.7 percent from 2012. Pinnacle brokers closed 265 sales and lease deals, up 26 percent from the 211 they completed in 2012. “We had a record breaking fourth quarter this year, up 32 percent from last year,” stated Jeff Johnson, principal and co-founder of Pinnacle.
“Denver’s commercial real estate market has officially rebounded,” said Matt Ritter, principal and co-founder of Pinnacle. “Denver’s multi-family investment properties have done particularly well in 2013 and we have seen aggressive growth in the office, industrial and retail sectors as well.”
Senior Advisors Josh Newell and Joe Hornstein closed the largest transaction of the year. Villages by the Park closed in March and sold for $19.6 million or $68,269 per unit. Josh Newell, who received Pinnacle’s Top Producer Award of 2013, represented the Seller in the transaction and Joe Hornstein represented the buyer.
“As reported by Costar, for apartment transactions between $1-$10 million in the 5 county metro Denver region, data shows that 2013 was the best year in terms of sales volume by almost $100 million, reaching over $300 million for the first time,” stated Matt Ritter, principal and co-founder of Pinnacle.
Pinnacle’s record-breaking year pushed gross income up 30 percent compared with 2012.
Pinnacle Real Estate Advisors, LLC would like to congratulate Josh Newell in receiving this year’s top producer award. Josh has been Pinnacle’s top producer five out of the last six years. In the last eight years, Josh has completed over 134 multifamily investment transactions totaling over $180,000,000. In 2013, he closed 26 deals with a sales volume of $55,456,800. Josh’s largest transaction this year was the sale of 10701 Pecos Street, which sold for $19,661,400. Josh Newell also earned the top multifamily award. “Josh is committed to growing and improving his business each year. This year his average deal size increased 11 percent year-over-year, while the number of deals increased by 18 percent,” stated Jeff Johnson, principal at Pinnacle Real Estate Advisors.
Mark Goodman was awarded the top industrial broker award. In 2013, Mark completed 16 sales and 7 commercial leases. His largest deal this year was 20100 E 32nd Parkway which sold for $2,995,000. Mark has been awarded the top industrial broker award three years in a row.
The top office broker award goes to Eric Shaw. Over the past year, Eric has completed 6 sales and 6 commercial leases. His largest deal of the year was the sale of 9595 E Arapahoe Road located in Greenwood Village, Colorado. Eric Shaw also won the top office broker award in 2011.
Justin Krieger won the top retail broker award. His largest transaction of the year was the sale of 5891 Tennyson Street which sold for $5,125,000. Justin has won the top retail broker award the last two out of three years.
The most improved broker award goes to Jim Knowlton, a multifamily broker. Jim has been in the business for over 4 years. In 2013, Jim closed 25 deals with an average deal size of $1,889,648.
Pinnacle Real Estate Advisors, LLC is pleased to announce that Bryce Ballew has joined our team as an Associate Advisor. Prior to Pinnacle, Bryce worked with Jordy construction where he completed over 200 projects worth approximately $28 million. Bryce graduated from Colorado State University and is a licensed Colorado contractor as well as a LEED accredited Professional. He brings his knowledge as a design build project manager to Pinnacle, where he focuses on retail, office, and restaurant leasing, purchasing and sales. His knowledge, spanning from interior tenant improvement projects to multi-million dollar ground up construction, is available to every client as he explains not only the building lease, but also the site and consultant selection process.
Click Here to View Bryce's Bio
Pinnacle Real Estate Advisors, LLC is pleased to announce that Justin Brockman has joined our team as a Senior Advisor. Justin has over 15 years of real estate experience working with municipalities, developers, owners, and tenants in Colorado and throughout the country. Prior to Pinnacle, Justin served as the Managing Director at the Miller Frishman Group in Denver and worked as a Senior Leasing representative at THF Realty. Justin has extensive experience in retail development, retail leasing and commercial and multifamily investment sales.
Justin is a graduate of University of Michigan, and relocated to Denver from St. Louis, MO in 2009.
Click Here to View Justin's Full Bio
Pinnacle Real Estate Advisors, LLC is pleased to announce the sale of 301 E. Kentucky located in Denver, Colorado. The 5-unit apartment building, which was in below average condition, sold for $515,000 ($103,000/unit and $124.10/sf). Thomas Graeve, commercial real estate broker at Pinnacle Real Estate Advisors, LLC worked with the Buyer, 301 E. Kentucky LLC, and Dave Drahn worked with the Seller, Eugene Gabaldon.
The 4,150 square foot apartment building was built in 1952 and has 4 1Bd/1Ba units at 600 sf and 1 2Bd/1Ba unit at 700 sf. The Buyer intends on extensively renovating the entire building to preserve and enhance the vintage-modern appeal of the property and bring it up to the quality of other premiere West Wash Park properties.
The Shoppes at Denver West
14025 W Colfax Drive
Lakewood, CO 80401
- Regional trade area with strong demographics
- Class A retail building 100% occupied by Noodles & Company, Sleep Number and Genghis Grill
- Outparcel to Colorado Mills Mall with over 212,000 VPD on I-70, US Hwy 6 & Colfax
Contact: Tom Ethington or Rob Edwards for more information at 303.962.9555
Triple-Net Investment Trades for $5.8M
By: Christine Dorr, CoStar
AR Capital purchased a freestanding retail property at 355 S. Wilcox Street in Castle Rock, CO from Riley Properties, Inc. for $5.8 million, or about $404 per square foot.
The single-story, 14,490-square-foot retail building is on a three-acre parcel located in the Southeast Outlying Retail submarket. The single-tenant structure was constructed in 2002 and has a long term lease with Walgreens.
Read Full Article | CoStar
Pinnacle Real Estate Advisors is pleased to announce that Jeff Daily has joined our team as Senior Advisor. Jeff’s primary focus is the Southeast Denver office market, including Highlands Ranch and downtown. Jeff focuses his business on tenant representation and works with companies that have 25 employees or greater. Prior to joining Pinnacle, Jeff worked as a Corporate Real Estate Advisor for Avison Young. Jeff’s strength is acquiring office space that is provides the greatest value and benefit to his client’s.
Click Here to Read Jeff's Full Bio
1302 Columbine Street
- 18 unit apartment building
- Located near Cheesman and City Park
- Recently renovated with high quality finishes
Contact Matt Lewallen or Kevin Calame for more information at 303.962.9555.
Our 2Q Multifamily market report offers useful information to investors and sellers in the Denver market.
The number of new units to be added to the inventory in 2013 is expected to increase in the fall, as seasonal construction will be complete.
The vacancy rate decreased during the second quarter ending at 4.2 percent. Historically, vacancy rates are lower in the second and third quarter compared to the first and fourth quarters. Two counties had slightly higher vacancy rates from the first quarter, three were down, and one remained the same.