An office building leased to a government agency sold to a 1031 exchange buyer for $7.72 million, or $279.31 per square foot.
The 27,638-sf building at 13356 E. Briarwood Ave. in Centennial was built in 2017 for the Arapahoe County branch of the Office of the Colorado Public Defender. It is located off the intersection of Briarwood and Potomac Street, down the street from the Arapahoe County Courthouse.
BBF Enterprises LLC sold the property to a family investment group.
“The buyer is a local family whom we assisted in the disposition of their apartment portfolio earlier this year,” said Peter Sengelmann, an adviser with Pinnacle Real Estate Advisors. “The subject asset was their up-leg in a successful 1031 exchange where the buyer was able to double their cash flow,” he said.
“We are very excited to be able to help our clients reposition their real estate portfolio with such a positive outcome,” commented Jeff Johnson, Pinnacle Real Estate principal.
Troy Meyer and Kevin Matthews of SVN/Denver Commercial were the listing brokers.
“We received a tremendous amount of interest for this high-quality asset, resulting in over 10 competitive offers,” said Meyer. “This was a very attractive property for the successful purchaser.”
The building sits on 3.74 acres, offering potential for future expansion.
