The office park covers 9.53 acres at 7808 Cherry Creek S. Drive,about 25 miles southwest of Denver International Airport. It wasdeveloped between 1984 and 1996 and is 93% leased to 29tenants.

SKB sees potential revenue growth at the park as leases expirebecause in-place rents are approximately 10% below estimated marketrates, according to Todd Gooding, principal and chief investmentofficer of SKB. "On the back end, the property can be sold as oneinvestment, or buildings can be subdivided and sold as separateinvestments," Gooding says.

The sale of the office park, brokered by David Danick of Grubb& Ellis Co., translates to $105 per sf and an 8.11% cap rate onthe projected first year net operating income. SKB plans to holdthe property for between six and eight years, expecting afirst-year cash-on-cash return of 7% and a projected IRR of 16.4%to 17.8%.