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Arthur Hill Buys Office Next To Hotel

DENVER-The federal Office of Personnel Management leases 38,000 sf of the 107,000-sf building for a training facility and houses its trainees stay at the hotel next door.

By Brian K. Miller | Updated on May 26, 2008

DENVER-Arthur Hill & Co. of Chicago has made the first acquisition for its third private equity fund. The company’s director of asset management Rob Gilbert tells GlobeSt.com the fund paid $9.3 million for Cherry Creek Place, a 107,000-sf building at 3151 Vaughn Way in Aurora, CO., near the regional light rail line.

The acquisition was financed by Private Bank Corp., which put up 75% of the cost of the acquisition. The loan floats over LIBOR and is currently just under 5.35%, Gilbert says.

The seller was Cherry Creek Place Associates III Ltd., whose general partner is Angelo Mariani, according to public documents. The limited partner is listed as Cherry Creek Equities, which includes Bill L Walters.

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