Built around 1900, the 119,454-sf structure is actually five individual buildings that abut one another across from the Market Street Transit Station. Occupancy was 90% at the time of sale.
The seller, Triumph Real Estate Corp., acquired the property in 2004 for $13.2 million and proceeded to invest another $800,000 to upgrade the fire- and life-safety systems and common areas. The building was 90% occupied when Triumph acquired it, but 70% of the building rolled over during its ownership, Triumph president Paul Ruff tells GlobeSt.com.
The company initially pursued a program to convert the structure into for-sale office condominiums in order to capitalize on the low interest rate environment and the recovering Downtown office market. "But when market conditions changed, in particular the surprising pace of the recovery in the leasing market in LoDo, we determined that the best thing for the property was to embark on a program to take advantage of the increasing rents…," says Ruff.
Mike Winn, Tim Richey and Chad Flynn of Cushman & Wakefield had the disposition assignment.
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