A three-story office/retail building in Lower Downtown Denver fetched $418 per square foot in a sale to California buyers.
JHB Properties LLC and WSJ Associates LLC bought 1925 Blake St. for $6.43 million. Webb Properties LLC was the seller.
The 15,375-sf, brick-and-timber building is a half-block from Coors Field. Built as a warehouse in 1890, it features high ceilings, natural lighting, exposed brick and heavy timber columns. It was transformed into office space in 1934 and is 100% leased to a retailer and three office tenants, including QuoteWizard and AXS.
Jon D. Hendrickson and Aaron D. Johnson, managing directors with Cushman & Wakefield’s Denver Capital Markets Group, handled the transaction with Cushman & Wakefield’s Harrison Archer.
Hendrickson said, “1925 Blake has been a relevant location and building since its construction in the late 1800s, but the location only continues to improve. Coors Field has a new, 30-year lease, which anchors the submarket, and transformative developments such as McGregor Square, Dairy Block, Market Station and Union Station provide enormous stability and value drivers for years to come.”