LoHi's Hot; Here's Why
The latest deal in the hot Lower Highland area: the sale of the Wheeler Block Building, a rare Denver structure dating from the late 19th century but updated a few years back for the 21st.
"The property's positioned in one of Denver’s most desirable urban neighborhoods and has no immediate competition," Cushman & Wakefield senior director Jon Hendrickson tells us. Jon repped the private seller with senior director Aaron Johnson; the buyer was Centrepoint Properties, which paid about $7.7M.
"The historic and boutique atmosphere appeals to a wide range of tenant profiles, as represented by technology, medical and energy companies occupying the property," Jon adds. Mobile Accord vacated a full floor recently, knocking the building down to about 77% occupancy, making it a lease-up opportunity. Other tenants include Prima Healthcare and Family Tree Oil and Gas, which each have a full floor.
The sale comes not long after the developer of a proposed 165-room hotel in LoHi, St. Charles Town Co, inked a deal to be part of Starwood's Tribute Portfolio, a collection of hotels with access to Starwood's distribution, loyalty and sales platforms. The property, slated to open in 2018, will be at 2525 16th St, a block from the retail hub anchored by the revitalized Olinger Mortuary complex.