Pinnacle Real Estate Advisors, LLC is pleased to announce the sale of Parker Station, a 74,607 SF multi-tenant retail & office property built in 2001 for $18,500,000, at a 7% cap rate, located in Historic Downtown Parker on Mainstreet at 19751 E Mainstreet, Parker CO 80138. Jeff Johnson and Andrew Monette, represented the Buyer, in the transaction.
“Our clients had built up a significant amount of equity in a 70’s vintage apartment building in Cheyenne, WY, resulting in a very low return on their equity. The 1031-Exchange into the acquisition of Parker Station delivered a radical increase in their cash flow, and overall returns, along with obtaining a long-term trophy asset with pride of ownership”, said Jeff Johnson, Co-Founder and Principal at Pinnacle Real Estate Advisors. Andrew Monette, Advisor, at Pinnacle added, “In contrast to their previous apartment property, our clients are now able to operate a high-profile commercial asset under a full-time management company and pass through significant expenses to their tenants, like taxes, insurance, and management, which really made the deal appealing to them.”
For more information on this sale please contact Jeff Johnson or Andrew Monette. JJohnson@PinnacleREA.com; 303-962-9556, AMonette@PinnacleREA.com; 303-962-9554.
