Denver Mixed-Use Property Trades for Nearly $68M
The 140,832-SF office and retail property at 210 University has been acquired by Corum Real Estate Group and Koch Real Estate Investments.
DENVER, CO – The joint-venture partnership of Corum Real Estate Group and Koch Real Estate Investments has purchased a 140,832-square-foot, mixed-use property in Denver for $67.7 million.
Located within the city’s Cherry Creek North district, the office and retail development, 210 University, is more than 89%-leased to tenants such as Baird, US Bank, Cherry Creek Imaging, Western Veterinary Partners, Little Ollie’s and Paradise Cleaners. The property also features one of the largest parking garages in the district.
JLL capital markets marketed the property on behalf of the owner, closed the sale and arranged the acquisition financing. The firm worked on behalf of the new owner the secure a five-year, interest-only, fixed-rate loan with a national balance sheet lender.
“210 University is the gateway to Cherry Creek North,” says Corum Real Estate Group EVP Jane Fletcher, who spearheaded the acquisition. “The partnership is thrilled to succeed to ownership of this high-performing asset in this high-performing submarket, especially in Corum’s backyard.”
Situated along University Blvd. and Josephine St., 210 University is located 10 minutes from downtown Denver. The 16-block business improvement district of Cherry Creek North boasts an average household income of $178,000, and it has the lowest vacancy rates and highest office, retail and multi-housing rents in the entire Denver metropolitan area.
The JLL capital markets investment sales and advisory team representing the seller was led by managing director Peter Merrion, senior managing director Mark Katz and senior director Hilary Barnett. The JLL capital markets debt advisory team representing the borrower was led by senior director Kristian Lichtenfels, director William Haass and senior managing director Leon McBroom.
“Cherry Creek is one of the best performing submarkets in the country, and 210 University’s location at Cherry Creek’s front door drove substantial interest from both buyers and lenders,” says Merrion. “The new ownership’s long-term strategy in this premier market is very exciting, and JLL is grateful to have worked with all parties on this opportunity.”