Address: 5075 S. Syracuse St., Denver
Improvements: 231,475-sf, 12-story office building, YOC 2007, & 10,052-sf restaurant located at 5085 S. Syracuse St., built in 2009
Land Size: 5.403 acres
Date of Recording: 3/13
Reception No.: 2018030017
Price: $115.19M, or $476.91 psf
Grantor: EQC Operating Trust by: David S. Weinberg, EVP
Grantee: KORE 5075 Syracuse LLC, Jack Kim, mgr., 303-779-8200
Financing: $65.55M payable to Ladder Capital Finance LLC, due 4-6-2028
Comments: The property was represented by CBRE Inc. – Mike Winn, Tim Richey, Chad Flynn & Charley Will. Guy Ponticiello, 312-861-7814, of CBRE Chicago office also was involved in the sale. There are 610 covered parking spaces and 215 surface parking spaces. There are five passenger elevators and one freight elevator. Re/Max International has 10 years remaining on the lease, with two additional 10-year options to renew the lease. There is also a ground lease for 99 years that expires September 11, 2107, with a small portion of the land. Goldsmith Metropolitan District, c/o Shea Homes, is the landlord in that lease. There is also a memorandum of lease entered 9-12-2008 between BMFB LLC (Re/Max International) and Mooney Enterprises, which includes 10,500 sf of parking structure. This lease is five-year term with nine five-year renewal option periods. The fee simple interest transferred in the sale include: APN include: 7093-00-142, 143, 144. The leasehold estate transferred is a part of APN: 7093-00-148.
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.