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Parkside I & II Office Building Sells as a Colorado 1031 Tax Exchange, Multi-Tenant Investment

Posted by Unique News Team on May 28, 2015
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Arvada, CO  (May 22, 2015) — Unique Properties, Inc., Colorado’s most experienced, privately held, full-service commercial real estate brokerage firm, recently represented both sides of Parkside I & II located at 5255 & 5275 Marshall Street in Arvada, Colorado. This 18,514 square foot multi-tenant, office building is located in Jefferson County, just north of Interstate 70 between Sheridan and Wadsworth on approximately 45,000 square feet of land.

Unique Properties brokers, Jerry Kempf, represented the Seller, a Colorado Limited Liability Company, and Brian McKernan, represented the private Buyer, Tai Dan Hsu and Ding-Wen Hsu. Parkside I & II, which was purchased in 2003 by the Seller, an acquisition represented by Mr. Kempf, is currently 77 percent leased. Prior to the acquisition of the Property, the 1985 built property’s roof and rooftop HVAC was replaced.

“This was a great opportunity for the Buyer to capitalize on the active office leasing market,” said Mr. McKernan. “Additionally, they were eager to take full advantage of an opportunity to increase the property’s value and income through the lease up of almost a quarter of the building,” he concluded.

Parkside I & II was purchased for $1,185,000. Working in partnership together, Mr. Kempf and Mr. McKernan were able to structure the purchase of the Property as a Colorado 1031 tax exchange to ensure that the Buyer was able to reduce the recognized tax gain and provide more cash to the Seller at the closing table. Mr. Kempf and Mr. McKernan became aware of the deal opportunity at Unique Properties’ weekly brokerage meeting where new opportunities and needs are often matched in-house for clients.
“This was a fast, 45-day cash-close,” noted Mr. Kempf. “Having a 1031 exchange involved in this transaction was majorly significant to the Seller because it allowed them to sustain incentive to sell at the offering price with full confidence of a secure close.”

Tenants of the office building enjoy close proximity to highways and the direct two street entrances from W. 52nd Avenue and Marshall Street. At closing, there were 4 units or 4,357 square feet available and ready to occupy.

To schedule an interview with a Unique Properties Broker regarding this transaction, or for more information about Unique Properties, Inc., from a corporate standpoint, please contact: Natalia Griffin at ngriffin@uniqueprop.com, or 720.881.6320.