A pair of investors bought a 50,403-square-foot office building in Littleton with some loyal and growing tenants.
Bridle Dale LLC, led by a Denver investor, paid $5.7 million, or $113.09 per sf, for the Columbine Office Building at 6901 S. Pierce St. Columbine Valley Corp. was the seller.
“At the time it went under contract, it was about 86% occupied, but by the time we got to closing, it was on the verge of 97%,” said Bob Pipkin of Fuller Real Estate, who represented the seller with Fuller’s Jeff LaForte.
An existing, credit tenant, BNZ Materials, expanded into 3,000 sf that had been vacated by Centura Health and signed a new five-year lease, bringing its footprint in the building to 7,872 sf, Pipkin said. “We had similar things happen with two other tenants, so it changed the building considerably,” he commented.
The building houses approximately 40 tenants, including a number of insurance companies. BNZ, a manufacturing company, has been there about 30 years, as has Vectra Bank.
Vectra Bank is the only tenant in the building that relies on contact with the public, but it has a drive-thru facility, said Pipkin, adding he doesn’t expect most tenants to be heavily impacted by the pandemic.
The Columbine Office building is located just south of West Coal Mine Avenue. It was built in 1984.
Pipkin, who represented the seller when it acquired the property in 1991, said he is not aware of plans for any changes to the asset. Fuller will continue to handle leasing, and the building engineer will be retained.
“The building engineer was a big reason why that building had almost no turnover in tenants,” he said. “The landlord and the building engineer were very good to the tenants. They did a good job managing the property.”
The investors who bought Columbine Office Building also own Ken Caryl Executive Plaza in Littleton, which they acquired late last year.