City Office REIT Sells Denver Property for $95M
The company has sold a three-building, 356,000-square-foot campus, occupied by the State of Colorado, in the city’s Cherry Creek neighborhood.
DENVER, CO – City Office REIT Inc. has sold its three-building, Cherry Creek property in Denver, CO, in a transaction totaling $95 million, before customary closing and transaction costs.
The 356,000-square-foot campus was 100% occupied by the State of Colorado, at the time of sale.
The transaction represented a capitalization rate of 5.8% based on in-place cash net-operating income.
“The Cherry Creek sale metrics highlight the inherent value of our portfolio,” states James Farrar, CEO of City Office REIT. “Cherry Creek is a great example of buying well-located real estate, enhancing the value of the property through a focused leasing and reinvestment strategy and monetizing at an attractive valuation.”
Farrar adds, “We remain focused on unlocking further value across our portfolio and positioning City Office to take advantage of acquisition opportunities as market conditions improve.”