What’s the Big Deal: Aspen office building goes for $3.85 million

Editor’s note: “What’s the Big Deal?” runs Sundays and is based on the most expensive property transaction recorded in Pitkin County each week.

Address: 420 W. Main St.

Price: $3.85 million

Buyer: 420 W. Main LLC

Seller: Northway LLC

Sale date: Aug. 24

Property type: Commercial

Year built: 1985

Total heated area: 5,462 square feet

Property taxes: $20,700

Worth noting: The non-historic property most recently was listed for $4.95 million. Its current tenants include a dentist, an orthodontist and an alternative-medicine and holistic-healing practice.

Buzzworthy

• Aspen commercial developer Mark Hunt did some financial maneuvering last week, according to county records. Hunt took out what’s called an assignment of leases and rents against his eight downtown properties for a grand total of $83.35 million. That means the lender will collect rent from Hunt’s tenants in the event that Hunt defaults on the loan. Hunt, asked about the development Monday, said it’s a fairly common procedure in his line of work.

• Squaw Valley has no desire to become another Aspen or Vail. That’s what some residents and visitors to the Tahoe-Truckee region in California have indicated to officials regarding the proposed Village at Squaw Valley.

“I come for the natural beauty, world-class snow sports and the great atmosphere. (The developer’s) proposal would lessen all of these, irrevocably, making Squaw Valley just another copy of Aspen or Vail,” a Tahoe visitor wrote to Placer County, which was soliciting comments about the development for an environmental impact report, according to the Sierra Sun.

• An auction for a Woody Creek property — billed as “a modern mountain compound” in marketing materials — will be held Friday. The no-reserve auction, put on by Concierge Auctions, will be held at noon at the site of the estate, which is located at 7950 Upper River Road. In its 2015 evaluation, the Pitkin County Assessor’s Office gave the property, owned by Keven L. Patrick, an actual value of $2.8 million. Patrick bought the property in June 2007 for $2.3 million and built the four-bedroom, four-bath home, which also includes an artist studio and equestrian facilities, in 2009.

Shane Aspen Real Estate has the listing for the 5,100-square-foot residence, which was designed by Lipkin Warner Design & Planning and sits on 2.75 acres.

rcarroll@aspentimes.com