Pinnacle Announces the Sale of 14740 W Colfax Ave in Lakewood
Pinnacle Real Estate Advisors, LLC, is pleased to announce the sale of one building at The Promenade at Denver West located at 14740 West Colfax in Lakewood, Colorado. This newly constructed property is adjacent to Colorado Mills Mall. The building is 6,529 square feet and has two national tenants that include: Panera Bread and Garbanzo.
The sale closed on December 27th and traded for $4,500,000 or $689 per square foot. Tom Ethington and Rob Edwards worked with the Seller, Indiana DW, LLC, and Billy Riesing, Advisor at Pinnacle Real Estate Advisors, represented the Buyer, Saint Marina LLC.
“Equity continues to be attracted to Class A retail investments in Colorado. The yield spreads from debt to CAP rates remain at all time highs generating returns that are excellent for long term portfolio diversification.” stated Ethington.
“The Panera/Garbanzo property is a Class-A, trophy retail asset that shines brightly as part of The Promenade at Denver West, the development that won the Retail Project of the Year award at the 2013 Rocky Mountain Commercial Real Estate Expo and Forecast,” stated Riesing.