The Latest In A Busy Market: SE Suburban Denver Office Trades For Nearly $11M
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Locally based KORE Investments acquired Republic Park I, a 91K SF office building at 9250 East Costilla Ave. in Greenwood Village for $10.8M, the latest in a string of investment sales in Denver's southeast suburban market. The seller was Lakewood-based LNC Investments.
Built in 1983, the six-story brick-and-glass building was most recently renovated in 2015, with upgrades in its common areas and lobby. The property, which sits on 4.1 acres, is 96% leased.
During the second quarter, the big kahuna among office investment sales in southeast suburban Denver was the sale of INOVA Dry Creek I for $67.5M, but there were other sales as well. The Centre of Lone Tree traded for $7.8M and Panorama Place sold for $5M.
According to CBRE data, the southeast suburban submarket posted a record high overall direct average asking rate of $24.86/SF in Q2 2017, up 4.6% year-over-year. Construction activity remained above 1.6M SF, the largest total of any submarket in metro Denver.
Monica Wiley and Dave Buck with CBRE’s Denver office repped the seller in the Republic Park I deal. The buyer plans to rebrand the building KORE 9250.