''It's probably the lowest price we've auctioned anything in Colorado since the '80s, when we used to auction a lot of (bank repossessed properties),'' says Jim MacDonnell, who heads the Denver office for the auction house.
Sheldon Good took on the assignment on such a small property because he hopes to generate more business in the area, MacDonnell says. He says he can't release the name of the buyer until she closes in June.
''The buyer is a lady who has a human resources company and wants to use the building for an administrative headquarters,'' MacDonnell tells GlobeSt.com. ''She was very happy. She looked at buildings in Downtown, just across I-25 and felt prices were too high. She thought this provided more value.''
She paid about $159 per sf in a neighborhood where a lot of buildings are selling north of $200 per sf.
''The sellers were a bit disappointed,'' MacDonnell says. ''But buyers always want more.''
One of the more unusual bidders for the project was someone who wanted to operate an Irish pub from the building. Sheldon Good also received interest for a law office, real estate offices, and a mortgage broker's office. An architect also considered moving there with his family and operating his office in a portion of the building.
''The location is absolutely prime,'' MacDonnell tells GlobeSt.com. ''You have immediate access to the highway and great access to downtown.''
The current owners never listed it for sale.
''They had two immediate family members who were Realtors and they had a tough time putting a price on it,'' MacDonnell says. ''They knew if they listed it too low, they would leave money on the table, and if they listed it too high it would languish. They needed to sell it before they moved to the East Coast this summer. So an auction was a very logical decision.''
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