A small Cherry Creek workplace constructing fetched $4.7 million in its first sale because it was constructed twenty years in the past.
The 55 Adams St. constructing is 9,500 sq. ft, in line with advertising supplies, so the deal works out to about $491 a sq. foot.
The constructing on 0.29 acres, which features a small car parking zone, was bought by OGRE LLC, an entity that lists a Greenwood Village workplace deal with comparable to that of Westside Funding Companions.
Westside founder Andy Klein declined to remark. The agency is a serious actual property participant domestically. It lately closed its Park Hill Golf Course land swap cope with Denver and has purchased quite a few workplace buildings at deep reductions in recent times.
Phillip Lee, a JLL dealer who represented the client alongside his father David Lee, mentioned the client plans to maintain the present constructing.
The 55 Adams constructing was bought by Oklahoma Metropolis-based MidFirst Financial institution. It which acquired the property as a part of its 2015 acquisition of Denver-based Steele Avenue Financial institution & Belief, which erected the constructing in 2006 after paying $945,000 for the land the earlier 12 months, information point out.
MidFirst didn’t reply to a request for remark.
Jeff Caldwell of Pinnacle Actual Property, who represented the vendor together with Lincoln Property Co.’s Scott Caldwell and Mark Dwyer., mentioned MidFirst used the constructing minimally through the years, and it was bought empty. The property was initially listed for $5.2 million.
“Cherry Creek continues to be such a dynamic, lively and optimistic market,” Caldwell mentioned.
Learn extra from our associate, BusinessDen.
Get extra enterprise information by signing up for our Economic system Now publication.