(To read more on the TIC market, click here.)
AURORA, CO-A private TIC from Denver recently paid $2.5 million for a 30,695 sf building at 14901 E. Hampden Ave. in Aurora. That equates to a sales price of about $81 per sf.
Neither the buyer nor the seller were identified, but public records obtained by GlobeSt.com show that the property was owned by the Thomas H. Roberts III Trust. According to records, the trust bought the property, built in 1985, for $1.35 million in 1997. The sales price is an 85% premium above the purchase price. The property is assessed at $1.3 million for tax purposes, so the sales price is about 92% higher than the assessed value.
Dean F. Corey, Troy D. Meyer and Suni Devitt of Sperry Van Ness in Denver represented the seller, a private investor from the Rocky Mountain city. Tim Shay of Colliers Bennett & Kahnweiler represented the buyer.
This is the second deal between this buyer and seller. The first transaction occurred in May at a 9.2% cap rate. The latest transaction closed at a 7.42% cap rate. Originally built in 1985, the property is 86% occupied by local tenants.
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