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Lower Highland office/retail building draws investors

2930 Umatilla
Newmark Knight Frank brokers Riki Hashimoto and Dan Grooters saw more interest in 2930 Umatilla than any listing over the past 18 months.

A California buyer paid $533.68 per square foot for a highly sought-after Lower Highland office/retail building.

Miller Brothers Umatilla LLC, a high-net-worth family partnership, bought the 22,894-sf building at 2930 Umatilla St. from Gravitas-2930 Umatilla LLC for $12.22 million, according to Denver County records.

Riki Hashimoto

Riki Hashimoto

“Due to the location, unique building construction and overall demand for infill urban projects, 2930 Umatilla received the most interest we’ve seen on a listing in the past 18 months,” said Newmark Knight Frank Executive Managing Director Riki Hashimoto. Hashimoto and NKF Executive Managing Director Dan Grooters represented the seller. A California broker represented the buyer.

Built in 2014, the building features a distinctive design with lots of glass, along with tuck-under parking and two restaurants, Sushi Ronin and El Five, on the first floor. Office tenants are Connekt Media Inc., Medical Solutions and B Public Relations.

The weighted average least term is 5.3 years. The buyer acquired the asset as a long-term, cash-flowing investment.

“Our client did a wonderful job of positioning this property to fit within the fabric of the Highland neighborhood community,” said Hashimoto. “The property sits at the apex of the Highland commercial neighborhood and offers what I consider the best views of the downtown skyline from the top floor.”

Featured in CREJ’s May 2-15, 2018, issue

Jill Jamieson-Nichols has been an Editor with the Colorado Real Estate Journal for more than 15 years, providing coverage of office, industrial, hospitality and mixed-use development news in the Denver metro area, plus all property types in Northern Colorado, Boulder County and along the Highway 36 corridor. Prior to joining CREJ, Jill was Editor of…