DENVER, CO – City Office REIT Inc. has sold its three-building, Cherry Creek property in Denver, CO, in a transaction totaling $95 million, before customary closing and transaction costs.
The 356,000-square-foot campus was 100% occupied by the State of Colorado, at the time of sale.
The transaction represented a capitalization rate of 5.8% based on in-place cash net-operating income.
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"The Cherry Creek sale metrics highlight the inherent value of our portfolio," states James Farrar, CEO of City Office REIT. "Cherry Creek is a great example of buying well-located real estate, enhancing the value of the property through a focused leasing and reinvestment strategy and monetizing at an attractive valuation."
Farrar adds, "We remain focused on unlocking further value across our portfolio and positioning City Office to take advantage of acquisition opportunities as market conditions improve."
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Ingrid Tunberg
Ingrid Tunberg sits on the editorial team as a coordinator and reporter for Real Estate Forum and GlobeSt.com. She is responsible for writing stories, assisting with industry awards and marketing nomination events. Previously, Ingrid worked as a copywriter across various industries throughout New York City and Chicago.
