Center Point Pays $13.6M For Glendale Office Building
Center Point Properties LLC has acquired The Forum at Cherry Creek office building for $13.6M.
At 425 South Cherry St. in Glendale, the 88,268 SF building is 88% leased to a diverse tenant base of office and medical tenants. The property has a parking ratio of 3.83 per 1K rentable square feet.
The building, near the intersection of Colorado Boulevard and Alameda Avenue, is surrounded by some of Denver’s more affluent neighborhoods, including Cherry Creek, Country Club, Hilltop and Washington Park. The property is 5 miles from Denver’s central business district and less than 2 miles from Cherry Creek North. The Cherry Creek Athletic Club, King Soopers, a Super Target and the CitySet retail development are within walking distance.
“The Forum at Cherry Creek provides significant value-add opportunity with a stabilized asset, where the current lease rates are as much as 30% below market,” said Cushman & Wakefield Capital Markets Group Managing Director Aaron Johnson, who, with Jon Hendrickson, represented the seller, Denver-based Millice Group. “With occupancy costs in Cherry Creek and Denver’s CBD continuing to rise, The Forum at Cherry Creek will continue to cater to a diverse office and medical tenant base servicing this central location.”