Centre Point buys office building

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.

Jill Jamieson-Nichols has been an Editor with the Colorado Real Estate Journal for more than 15 years, providing coverage of office, industrial, hospitality and mixed-use development news in the Denver metro area, plus all property types in Northern Colorado, Boulder County and along the Highway 36 corridor. Prior to joining CREJ, Jill was Editor of Golden's community newspaper, The Golden Transcript. Jill earned a bachelor’s degree in mass communications from Colorado State University-Pueblo. When she's not keeping you up-to-date on the latest happenings in Colorado's commercial real estate market, Jill can be found cross-country skiing, exploring the outdoors with her dog, playing piano, reading, or hanging out with family and friends.