DPC Cos. already is at work on its latest acquisition in Cherry Creek – the 122,788-square foot office building at 400 S. Colorado Blvd. in Glendale.
“Literally the day we closed we went in and started demoing the tired, obsolete spaces,” said DPC President Chris King, whose company has repositioned three other Cherry Creek assets.
Known for its largest tenant, Wells Fargo, 400 S. Colorado was 88 percent leased at the time of sale. DPC and partner Bridge Investment Group bought the property from Westcore Properties and American Realty Advisors for $20.6 million.
As is its practice, DPC will update the lobby and common areas, and build out speculative suites. A training room also will be added – “but the real needle-mover will be the addition of retail on the first floor,” said King.
DPC plans to expand existing retail at the northwest corner of the building, facing Colorado, to around 5,000 sf, providing a restaurant space with a second floor patio looking toward the west. The expansion is targeted for delivery in mid- to late 2020.
King noted that 400 S. Colorado is an “iconic” building in Cherry Creek. “It’s a very solid building. It’s got a diverse rent roll with multiple tenants,” he added, noting the building houses medical, financial and other service providers.
“We really like the Glendale market, and understand it and what advantages it offers over other buildings and areas in southeast Denver. So, it was a natural for us to buy it,” King said.
The CBRE Capital Markets, Institutional Properties team of Tim Richey, Mike Winn, Jenny Knowlton, Chad Flynn and Charley Will handled the sale. CBRE declined to discuss the transaction, but released the following statement: “400 S. Colorado is a high-quality Class A, multitenant office asset in the coveted, supply constrained Cherry Creek area.
“The property is within a short drive to the city’s strongest amenities, including the Cherry Creek Shopping Center, Cherry Creek North, and some of Denver’s most prestigious restaurants and retailers. Comprised of 122,788 square feet, the property features timeless finishes, a continuous glass line, unobstructed 360-degree views, and retail with frontage to one of Colorado’s busiest roadways and most important retail corridors.”
DPC’s previous Cherry Creek projects included Cherry Creek Corporate Center, 950 S. Cherry St. and 501 S. Cherry, a