Pinnacle Announces the Sale of a Large Mixed-Use Building in Arvada
Pinnacle Real Estate Advisors, LLC is pleased to announce the sale of 5573-5777 Olde Wadsworth Boulevard located in Arvada, Colorado. The 1938 vintage mixed-use asset consists of 17 residential units and 8 retail units. The building is located just west of Wadsworth Bypass and Ralston Road in the historic district of Olde Town Arvada. The property sold on January 5, 2018 for $6,000,000 or $304.99 per square foot at a 5.87% cap rate. Jeff Johnson and Peter Sengelmann, with the Johnson Ritter Team, represented the buyer in this transaction.
“With the sale of 5773-5777 Olde Wadsworth Blvd, our client was able to finish the down-leg of their 1031 exchange, positioning them to expand and diversify their portfolio,” stated Johnson.
“This was a very unique asset with lots of upside, in a submarket which we expect to experience lots of growth in the near future,” added Sengelmann.