A Denver company picked up a 17,930-square-foot office building at the edge of the booming Cherry Creek North Shopping District with plans to fully update it and make it available to one or more users.
Sidford Capital LLC bought 100 Garfield from Midland States Bank for $4.4 million. Midland will continue to occupy 5,300 sf of office space on the fourth floor and an approximately 4,300-sf first-floor retail space until early next year.
Andy Wolf
“We have a very unique opportunity to offer the market a stand-alone building with signage for potential full-building users, medical tenants, financial institutions or traditional office users,” said Andy Wolf, Sidford Capital senior vice president.
The building has parking – a rare commodity in Cherry Creek – as well as signage and access to Colorado Boulevard via the East First Avenue corridor. The parking ratio is 1.93:1,000, and Wolf noted the city is considering doing away with the two-hour on-street parking limit, which would be an added amenity for tenants.
Amidst thriving new development in Cherry Creek, “This a very good sized building for someone to have a great sign, access and be on the First Avenue corridor at the eastern entrance of Cherry Creek,” Wolf commented.
Sidford intends to offer 100 Garfield at rates in the low to mid-$30s per sf gross. Office lease rates for new construction in Cherry Creek can be anywhere from the high $30s into the $50s.
While Sidford Capital intends to offer the building for lease, if the right owner-user comes along, “we would at least examine that possibility,” said Wolf.
The building was constructed in 1982 and renovated in 2007.
Matt Vandal of Sognare Partners handled both sides of the transaction. MidFirst Bank provided financing for the acquisition.
Midland States Bank acquired the property through its purchase of Heartland Bank in late 2014.
