Rialto Capital Management Buys 410 17th St.
Renovated in 2018, the 24-story building has 18,500 SF floor plates and an attached eight-level, 325-space parking garage. The building is 81% leased. Steelwave LLC is handling property management, construction management and leasing for the building.
“The buyer has some incredible plans of ground-floor renovations and amenity enhancements at the building, and we look forward to seeing these transformational improvements take place at 410 17th St.,” said JLL Capital Markets Senior Director Peter Merrion, who, with Senior Managing Director Mark Katz, represented seller Ivanhoé Cambridge.
JLL Capital Markets Senior Managing Director Eric Tupler and Senior Director Leon McBroom represented the borrower to secure a five-year, floating-rate acquisition bridge loan through Ares Management.
The building is in an area that has seen a wave of development in recent years, including multifamily, hotel, retail and office projects. It is within minutes of residential areas and dozens of restaurants and shops on the 16th Street Mall and the light-rail station at 18th and California.
CORRECTION, JULY 23, 8:30 A.M. MT: A previous version of the story incorrectly stated Steelwave LLC's role in the transaction. The story has been updated.