CIM Group acquires LoDo office towers for $189 million

435
435
Share this Article
Facebook Twitter LinkedIn Google Pinterest StumbleUpon Email

Denver County

Property Location: 1401 17thSt. & 1331 17thSt., Denver

Property Description: 191,151-sf, 16-story office building, YOC 1983, & 218,906-sf, 13-story office building, YOC 1983 (renovated in 2007), total of 410,057 sf

Land Size: 50,060 sf & 50,060 sf (total of 2.298 acres)

Sales Price: $86M, or $449.91 psf, & $103M, or $470.52 psf (total of $189M, or $460.91 psf)

Reception No.: 2018055749 & 2018055708

Closing Date: 5/9

Grantor: 1401 Property LLC, Paul M. Zeller, mgr., 312-640-7600

Grantee: 1401 17thSt. (Denver) Owner LLC & 1331 17thSt. (Denver) LLC, c/o CIM Group 323-860-4900

Financing: $112M due 6-1-23, payable to Bank of America, NA

Comments: 1401 17thSt contains approximately 55,000 sf available for lease at $22 to $26 psf gross; 1331 17thSt contains approximately 52,000 sf of available space. The sale included adjoining parking garages totaling 1,140 stalls.

Comp of the Day is provided by John V. Winslow, president of Winslow Property Consultants. Winslow has more than 40 years’ experience in commercial real estate. He can be reached at 720-612-7878 or Colprop2012@gmail.com.

In this article