A six-story office building off U.S. Highway 36 and Pecos Street in Denver traded for $6.95 million, or $109.69 per square foot.
GPA Tower LLC sold the 63,357-sf building on 3.53 acres at 7475 Dakin St. to 7475 Dakin LLC, according to Adams County records.
The building was 100 percent leased, with Pima Medical Institute occupying approximately three-quarters of the space.
“The seller has owned the property since 2001. It has always provided strong cash flow during their ownership,” said Peter Sengelmann of the Johnson Ritter Team at Pinnacle Real Estate Advisors. “Given the large, national credit tenant, which occupies roughly 75 percent of the building, this asset should provide the buyer with strong and safe cash flow for the near future.”
Sengelmann and Greg Titus, also with the Johnson Ritter Team, co-listed the property and represented the seller in the transaction.
Titus said the listing drew a “good amount of investor interest” due to the cap rate and stability of Pima Medical. In addition, there is income from a cellular tower on the property.
“The seller had done a good job of maintaining the property,” which facilitated the transaction, Titus said.
The building was constructed in 1974. Rob Spooner of Covalt Real Estate represented the buyer.
