200 Josephine St. Image courtesy of CommercialEdge
Unico Properties has sold a four-building office and retail portfolio in Denver’s Cherry Creek submarket, for $54 million, according to Denver County public records.
Totaling 101,203 square feet of space, the property collection last traded in 2015, for $42 million, and now Altus Properties is the new owner, according to the same source.
This marks Altus Properties’ first acquisition in Denver, and the second one in the state. CBRE‘s Senior Vice Presidents Jenny Knowlton, Charles Will and Chad Flynn, together with Vice Chairman Timothy Richey brokered the deal. With two recent leasing deals, now the portfolio is at 100 percent occupancy, according to the Denver Business Journal.
The portfolio consists of a six-story office, a two-story and three-story office and retail buildings and a one-story retail one located at 2401 East Second Ave., 220 Josephine St., 201 Columbine St. and 2415 East Second Ave. The four office and retail buildings are originally built in 1969, completely renovated in 2004 and feature 11,787-square-foot floor plates, passenger elevators and 265 parking spots, according to CommercialEdge.
Situated on a 1.4-acre lot, close to Interstate 25, the portfolio is 3.6 miles from downtown Denver, 8 miles from Aurora, Colo., and within 20 miles of Denver International Airport. Tenants present at the asset include Merrill Lynch Wealth Management, Guardian Title Agency, Coldwell Banker Realty, Edison Interactive, USPS and others, CommercialEdge data shows.
Other high-profile office deals in Denver includes North Beacon Capital’s acquisition of Cole Center, a 155,610-square-foot office building. Bancroft Capital and Viking Partners sold the asset for $32.7 million in September 2022. Menashe Properties Inc. paid $50 million for a 370,000-square-foot Class A office property. The 17-story office building last traded in 2007.
The post Altus Properties Pays $54M for Denver Portfolio appeared first on Commercial Property Executive.
Denver, Investment, News, Office, Retail, West, CBRE, Unico Properties
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