Site Sells For 62% Premium In Office-Starved Cherry Creek
An office property in the heart of Cherry Creek North has sold for $3.4M, a healthy 62% price gain from its previous sale in 2007.
Located at 180 Adams St., it was purchased by ID One of Denver and sold by Adams Street Properties, according to Denver County public records. CBRE represented the seller in the transaction.
The three-story, 6.8K SF building was built in 1985. The sale price was approximately $500 per SF, far greater than the previous sale’s $307 per SF, according to public records.
The price gains are consistent with Cherry Creek’s growing status as a popular office destination, and one that has limited supply. CBRE’s Denver Office MarketView Q4 2019 said that despite 3.1M SF of office space under construction at the end of 2019, none were located in the Cherry Creek submarket.
“Cherry Creek is an in-demand submarket for office tenants, but there are very few undeveloped sites available for office,” CBRE Capital Markets’ Jeff Woof said. “This adds to the appeal of existing properties that offer redevelopment.”
The same CBRE team who sold this property, Wood and Monica Wiley, sold the property across the street last year, 3250 East Second Ave. It will be redeveloped into a 60K SF office with ground-floor retail, four floors of office and two underground parking levels, according to CBRE.
Bisnow recently reported on Cherry Creek's success as a business destination, and spoke to local experts about the possibility of it attracting a large, public company.