Genesee Point office building sells off market

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Genesee Point
Genesee Point is a Class A office building within Genesee Business Park.

Real Capital Solutions sold the Genesee Point office building for $5.98 million, a significant increase from the price it paid for the asset in 2012.

The Fellowship of Catholic University Students bought the 59,693-square-foot building. The organization has outgrown its existing space in Genesee and will expand into the building.

Louisville-based Real Capital Solutions bought Genesee Point, a three-story building at 523 Park Point Drive in Golden, for $1.85 million.

“It’s probably the highest-quality building in Genesee,” said Graham Riley, RCS vice president of commercial acquisitions.

Built in 2000, the building sits on 9.37 acres and offers covered parking, Class A finishes, downtown views, a first-floor conference room and storage.

Wowza Media Systems is the largest tenant. Its headquarters occupy a large portion of the second floor.

The building was around 70 percent occupied at the time of the sale. Real Capital Solutions was focused on leasing up the vacancy when it received an unsolicited offer from the buyer and elected to sell.

Wade Fletcher of Newmark Grubb Knight Frank represented the buyer.

“I think it was a good deal for the seller and the buyer,” said Riley.

Given that the building once sold for $8.13 million, I think the buyer will have some additional upside as far as value, but we felt like we had a good opportunity to exit the building and make a profit and continue our capital recycling strategy.”

Riley said Real Capital Solutions is looking for new value-add investment opportunities and commercial development opportunities.

Featured in CREJ’s Feb. 1-14, 2017, issue

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