A Houston-based value-add property buyer has picked up a big Metro Denver office building off the Internet. (So next time you order a cat sweater, maybe dream bigger.)
Boxer Properties has picked up 685 Citadel Dr, a 104k SF office building called The Citadel in Colorado Springs from Auction.com. (It's not even Cyber Monday yet.) The building was in special service at the time, and the purchase price was undisclosed.
We chatted with Boxer's acquisitions chief David Kayle (on right with partner Andre Pereira), who says even with the heightened interest in Denver office investments, "We see great opportunity" for value-add plays there. The Citadel was 45% occupied at the time of its buy. And now with fresh capital, David says they expect to lure tenants who overlooked the building before because of troubled ownership. As for future value-add buys in Denver? "I think the market is tightening up around the country, so it's a little harder to come by," he says. "Do we have our sights set on other opportunities though? Absolutely."
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