Colorado City Warehouse
4038 Dover Dr, Colorado City, CO
Description
Purchased the former Columbia House distribution facility for 20% of replacement cost. Kroger occupied the entire building on a two-year lease, eventually extending for one additional year. Property generated a $700,000 NOI. Used excessive cash flow to pay down 90% of the loan before distributing profits to the investors.
Details
| Cost PSF $9.68 | Sale Price $4,650,000 | Total Cost $2,400,000 |
| Acquisition Date April, 2003 | Add. Capital Costs $50,000 | Sale Date March, 2005 |
| Total Project Size 248,000 SF | Sale Price / SF $18.75 | Avg Annual Return 98% |
| Acquisition Price $2,350,000 |