An owner who created a great turnaround story for an office/retail building in Aurora sold the property for $6.75 million, or $193 per square foot.
Point Belleview, located at 5001 S. Parker Road, is a 34,806-sf, two-story building with excellent visibility along South Parker Road. The developer who completed the project in 2006 lost it to a lender during the recession.
The property traded but never gained traction until the seller, PIII Parker Road LLC, invested heavily in repositioning the asset, according to Newmark Grubb Knight Frank Executive Managing Director Riki Hashimoto.
The retail space was 100 percent occupied at the time of the sale with a mix of tenants including Parkside Animal Clinic, Lunch on the Go, Gracious Paws and El Chubby’s Mexican Grill. The office suites were 87 percent occupied, with only two small vacant suites.
“It really is nice to see this property come full circle,” said Hashimoto, who represented the seller with NGKF Executive Managing Director Dan Grooters. “The seller had purchased this property when nearly the entire second-floor office space was still in grey-shell condition. The property was in good physical condition, and with an ownership group committed to turning around the property, they invested a significant amount of time and resources in positioning the second floor for tenancy.”
Point Belleview’s office tenants include several medical-related groups, including University of Colorado Nurses, Theresa Shaver Orthodontics, Zmily Health, Power-House Chiropractic and Envision Eye Care.
CWC Incomes Properties 5 LLC purchased the property.
“The buyer was seeking a stabilized investment opportunity, and Point Belleview had attractive return parameters that fit well with their investment goals,” Hashimoto said.