Pinnacle Announces the Sale of Sherman Village Retail Center in Longmont
Pinnacle Real Estate Advisors, LLC is pleased to announce the sale of Sherman Village located at 1225 Ken Pratt Boulevard in Longmont, CO. The 62,000 square foot retail building sold for $7,400,000 or $119.35 per square foot. Matt Lewallen, Principal, represented the buyer, Silver Leaf Development, LLC in the transaction. The property was sold by Sherman Village II, LLLP.
“The buyer was very excited to transition money from a multifamily asset they were able to reposition and sell at an in-place 5.8% cap rate and roll that money into a 7.3% cap with upside opportunities in both rent and vacancies,” stated Lewallen.