Parker Station, a multitenant office/retail investment property located in the heart of downtown Parker, Colo., has sold for $18.5 million.
The buyer was a venture between Mountain Elk Ridge, LLC and CAIS Futures, a local partnership of private investors.
The seller was TD Commercial Investments, LLC, a local family office.
“The seller meticulously maintained Parker Station inside and out using sophisticated management, organizational and accounting systems, which resulted in high occupancy throughout the seller’s period of ownership, and for these same reasons the asset drew substantial investor interest,” said John Witt of NavPoint Real Estate Group, which represented the seller. Interest came from family offices, California 1031 exchange buyers, local private investors and more. “The buyer was a private investor coming out of a multifamily asset in a 1031 exchange, and they were immediately attracted to the location and physical condition of the property, resulting in a swift offer, contract and closing.”
Parker Station is the largest mixed-use building in Parker. The asset hosts 50-plus community events throughout the year, and boasts a strong mix of retail and office tenants. The building is currently 99 percent occupied by 47 tenants comprising local business owners.
