Denver-based Home Treasure Finders, a licensed real estate brokerage focused on real estate lead marketing, has acquired 4.38 acres of industrial land at 8350 Rosemary St in Commerce City, CO, where it plans to construct and lease up to 125,000 square feet of grow space for the state’s licensed cannabis growers.
The land sold for $420,000, according to the contract. Terms of the contract provide for a cash payment of 25 percent of the purchase price at closing by April 20, 2014, with the balance due carried by the Seller on a 6% secured note to be amortized over 15 years with a five year balloon payoff provision.
The contract provides for assignment. Home Treasure Finders has taken an assignment from JDONE LLC, the original purchaser in the purchase contract.
The broker on the deal is listed as Tim Gilchrist.
Home Treasure Finders now plans to complete due diligence and close the purchase with cash raised through the private placement of restricted shares of its common stock.