New owner arrives at Parker Station
Wednesday, October 02, 2019
A new owner has arrived at Parker Station, the most prominent office/retail building in Old Town Parker.
Mountain Elk Ridge LLC and CAIS Futures LLC, a local partnership of private investors, paid $18.5 million, or $247.97 per square foot, for the three-story office/retail building. The 74,607-sf building is located at 19751 E. Mainstreet, in the heart of Old Town.
TD Commercial Investments LLC, a local family office represented by John Witt and Matt Call of NavPoint Real Estate Group, was the seller.
“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 Witt. 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,” said Witt.