May 18-May 31, 2016 —
COLORADO REAL ESTATE JOURNAL
— Page 15
Self Storage
Hotel
by Jill Jamieson-Nichols
One of the country’s largest
self-storage owners and opera-
tors paid $11.35 million for a
533-unit property in Centen-
nial.
CubeSmart, which owns
numerous self-storage facilities
in Colorado, bought the Extra
Space Storage facility at 7059
S. Kenton St. from CEBFA Stor-
age I LLC, according to public
records.
Marcus & Millichap handled
both sides of the deal.
“The sale of Extra Space Stor-
age presented investors with
the opportunity to acquire a
Class A facility in a prominent
Denver suburb,” said Adam
Schlosser, vice president of
investments in Marcus & Mil-
lichap’s Denver office. “The
property’s location, along with
its exceptional quality, allows
for the new
investor to
build
on
an already
thriving and
stable asset.”
There were
n u m e r o u s
offers
for
the property,
which was
more than 95
percent occu-
pied. Con-
structed in
2009, it is one
of the newer
self-storage
facilities in
Centennial.
“ W i t h
any of these
new, Class
A facilities,
there’s a high
demand,” said Charles “Chico”
LeClaire, who handled the
transaction with Schlosser and
Brett Hatcher, a vice president
of investments in Marcus &
Millichap’s Columbus, Ohio,
office.
The storage facility is next
to a Walmart and the Top Golf
facility. Approximately 215,892
people live within a 5-mile
radius.
Extra Space Storage, a self-
storage real estate investment
trust, manages the property.
The property features drive-
up and interior-access units,
507 climate-controlled units
and 26 nonclimate-controlled
units. There is a digital surveil-
lance system, perimeter fenc-
ing, a leasing office and elec-
tronic gate access.
CubeSmart is the fourth-larg-
est owner and operator of self-
storage properties in the coun-
try, according to its website.
s
by Jill Jamieson-Nichols
A trio of Denver area Marriott
Fairfield Inn & Suites hotels sold
to anArizona buyer.
“The hotels are all located in
stable submarkets within the Den-
ver metropolitan statistical area,
which is one of the top-perform-
ing hospitality markets in the
country,” said Neville Rustomjee
of Marcus & Millichap’s National
Hospitality Group. “The proper-
ties’ geographical separation and
prominent locations capitalize on
a diverse array of demand gen-
erators, and the entire MSA is
supported by a large employment
base that attracts young, educated
professionals from around the
country,” he said.
Rustomjee
represented
the seller, a
Wy o m i n g -
based hotelier,
and procured
the buyer.
The portfo-
lio included
the:
• Fairfield
Inn & Suites
Denver Aurora/Medical Center,
an 82-room property at 13851 E.
HarvardAve. inAurora;
• Fairfield Inn & Suites Den-
ver Tech Center/South, which
includes 61 rooms and is located
at 7056 E. County Line Road in
Highlands Ranch; and
• Fairfield Inn & Suites North/
Westminster, which has 82 rooms
and is located at 12080 Melody
Drive inWestminster.
All are accessible from nearby
interstate highways and existing
or future light-rail stations that
connect to downtownDenver and
Denver International Airport.
The portfolio’s current Marriott
franchise agreement runs through
2027.
“The new owner will benefit
from Marriott’s market-leading
brand recognition, which pro-
vides significant room nights
from some of the most brand-
loyal guests in the lodging indus-
try. All three hotels will undergo
a property improvement plan
this coming winter and will be
refreshed under the new owner-
ship,” Rustomjee said.
Terms of the sale were not
released, but public records show
the totalpricewas$20.49million.
s
A real estate investment trust bought the Extra Space Storage facility at
7059 S. Kenton St. in Centennial.
The Fairfield Inn & Suites Denver Aurora/Medical Center was among
three Denver area Fairfield Inn & Suites that recently sold.
Adam Schlosser
Charles “Chico”
LeClaire
Neville Rustomjee
bought a 45,999-sf warehouse
that J.R. Butler formerly occupied
at 2452 W. Second Ave. in Denver
for $2.49million. It is in the process
of turning the building into mult-
itenant space andhas leases out for
signature. Slaton, Trone andHager
are the leasing brokers.
“It’s a great location,” said
Records, noting that redevelop-
ment in central Denver, especially
River North, has put “a real pinch
on that inner-city industrial space.”
The building was constructed
in 1962, and J.R. Butler had main-
tained it well, he said. “We were
comfortable with buying some-
thing of that vintage, knowing
that it had good prior ownership,”
Records said.
n
Martz Supply,
a wholesale
plumbing company, leased 78,000
sf of industrial space at 5000
Moline St. in Montbello Industrial
Park in Denver.
The deal represents a significant
expansion from the company’s
current location at 5330 Pecos St.
Tyler Carner, Jim Bolt
and
Mike
Camp
of
CBRE Inc.
represented
the tenant in the transaction.
Tom
Stahl
of
Colliers International
was the listing broker.
n
An industrial investment
property at 6535 York St. in Den-
ver sold for $2.15 million in a deal
that drew multiple offers within
the first two weeks of marketing,
according to listing broker
Jeff
Kummer
of
Altitude Commercial
Realty.
Emerald Isle LLC
sold the
34,850-sf multitenant building to
6535 York LLC,
a local investment
group. The building, whose unit
sizes range from 1,000 to 3,750 sf,
was 100 percent occupied at the
time of sale. Constructed in 1999, it
includes some ministorage units.
Kummer attributed the inter-
est to a lack of industrial invest-
ment properties in the market
and a wealth of 1031 exchange
money looking for opportunities.
Although most of the offers were
from 1031 buyers, 6535 York LLC
was not satisfying an exchange
requirement.
ChaseGrimes,MarkGoodman
and
Paul Schneider
of
Pinnacle
Real Estate Advisors
represented
the buyer in the transaction.
n
Red Brick LLC
sold a 14,250-sf
industrial building at 3845 Forest
St. in Denver to
Advantex Inc.
for $1.11 million.
Russell Gruber
of
Newmark
Grubb Knight Frank
repre-
sented the seller.
Steve Sere-
nyi
of
Colliers International
represented the buyer.
n
Gruber also represented
Rocky Crest Enterprises LLC
in the purchase of 3.21 acres of
Industrial 2-zoned land at 8871
Yosemite St. in Henderson.
Rocky Crest Enterprises
plans to construct a build-
ing on the site, which sold for
$525,000, Gruber said.
Scott Patterson
and
Alex
Ringsby
of
Ringsby Realty
Corp.
represented the sellers,
Frank
and
Karen Rossi.
s
Industrial
