Transwestern kings of REO Brad Cohen and Larry Thiel(doing their best Law and Order DVD cover pose) helped close another distressed mixed-use project, this time in Cherry Creek. The team brokered the sale of 3003 E Third Ave, a 25k SF retail and office building for CWCapital. According to public records, the property sold for $4.7M to a Californian investor. The property is 82% leased to Garbarini, The Squires Clinic for Plastic Surgery, and North Canyons, among other retailer and office tenants.
Finding distressed assets in Denver is becoming a challenge: The market is in such a strong recovery," Larry says. "Assets that looked like they were going to be distressed a year ago are not distressed now." Market fundamentals and an influx of debt have aided distressed owners in seeing pre-crash values, he says.Example: Hilltop Plaza, a 25k SF, mixed-use project on the Hill in Boulder, which was bought in 2006's boom. Having just signed Chase Bank to the property, Brad tells us the owner tapped the duo to market it for $6M-- a value even greater than what it traded for in 2006.
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