SEATTLE-Unico Properties LLC has purchased one property in Seattle and one in Denver. Unico purchased the Lenora Apartments, a class-A, mixed-use, 107-unit residential apartment property located at 211 Lenora St. in Seattle’s Belltown neighborhood. Unico also purchased Belleview Tower, a 195,627-square-foot, class-A office building, which is located at 7887 E. Belleview Blvd. in Greenwood Village, at the entrance of the Denver Technology Center.
Jonas Sylvester, Unico Properties senior vice president of investment and development, sees “multiple market indicators that demonstrate that this is the right time to invest.” He points out that “these assets represent the best opportunities we’ve seen to capitalize on our outlook.”
He continues that the company is “taking advantage of cyclically low prices and investing in quality properties such as these.” He adds that Unico continues to actively look for more investment opportunities in Seattle, Denver and beyond.
The Lenora is a six-story building that offers 7,400 square feet of street-level retail space which is currently leased to three tenants including Starbucks Coffee and a 101-stall, below-grade parking garage. The apartment property was designed and built for traditional market tenancy and is currently 100% master-leased by the Art Institute of Seattle for student housing.
The developer, SRM Development, completed construction in 2000 and Unico purchased the Lenora from SRM Development. SRM Development worked with Jeff Williams of Moran & company who brokered the transaction. Williams tells GlobeSt.com that Unico purchased Lenora for $24.1 million.
“The location of the Lenora, along with the master lease agreement, makes this an ideal investment for Unico,” Sylvester says. “It provides a solid cash flow now and will continue to provide a dependable yield for years to come.”
The Lenora features studio, one- and two-bedroom apartment units that offer nine-foot ceilings, white on white appliances, birch cabinetry, and a bed, desk and chair for student use. Many of the units offer full-size washers and dryers, step-out balconies, walk-in closets, kitchen pantries, and linen closets. The studio apartments have access to common area laundry facilities.
Built in 1984, Belleview Tower is a 12-story building that offers professional office space, a fitness center, nearby amenities and restaurants, and convenient access to I-25, I-225 and the Belleview Light Rail Station. Belleview Tower also offers a two-story, 400-space parking garage plus 365 surface spaces.
Unico purchased Belleview Tower from Indiana-based developer Lauth, which purchased Belleview Tower in 2007 and completed a lobby remodel during its ownership. Currently, the building is 57% leased. Unico purchased Belleview Tower as a cash transaction with no financing.
Sergio Casteneda and Mitch Bradley from CB Richard Ellis manage the leasing efforts for Belleview Tower. Bradley tells GlobeSt.com that the purchase price was $14.6 million.
“As the owner and manager of Belleview Tower, we see this as a long-term investment in the property and in the Denver market,” adds Sylvester. Common area upgrades are planned for the building in 2011.
“The Denver market is an important one and Belleview Tower is now a key asset in our Denver portfolio.” says Dan Preisler, Unico Properties general manager in Denver. “Unico is well-capitalized and our on-site management team is ready to welcome new tenants to the building who want great space and a reasonable lease rate.”
In Denver, Unico owns or operates a 900,000-square-foot-portfolio of properties including Belleview Tower, Centerpoint II, 1660 Lincoln St., Cherry Creek Business Park and Syracuse Hill I.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
