Centre Point buys office building

Share this Article
Facebook Twitter LinkedIn Google Pinterest StumbleUpon Email

Centre Point Properties acquired Clear Creek Office Park at 4251 Kipling St. in Wheat Ridge for $7.8 million. The five-story building historically averages 85 percent or higher occupancy, but was 75 percent leased due to the loss of a large tenant while it was under contract, according to Centre Point President Tucker Manion.

“We placed the asset under contract when it was about 85 percent occupied and lost a tenant during due diligence. The buyer elected to continue to purchase the asset, and it became a very unique value-add opportunity for them,” said JLL’s Patrick Devereaux, who represented the seller with JLL’s Jason Schmidt.

See the entire article in CREJ’s Dec. 16-Jan. 5 issue.

In this article