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COLORADO REAL ESTATE JOURNAL
— October 21-November 3, 2015
Greater Denver
by Jill Jamieson-Nichols
Unico Properties expanded into
the Cherry Creek submarket with
the $42 million acquisition of a
101,725-square-foot office/retail
portfolio at Second and Josephine
streets in Denver.
“This location is absolutely
irreplaceable,” said Austin Kane,
Unico vice president and regional
director of Denver and Boulder.
“The opportunity to own such
high-quality office and retail space
near the epicenter of Cherry Creek
was incredibly appealing,” he
said.
The four buildings, whichUnico
acquired in a direct deal with
Charmar LLC, a small, privately
owned real estate interest, brings
Unico’s Denver portfolio to more
than 2 million sf of owned and
managed properties. The ability
to acquire the portfolio off market
made the pur-
chase “practi-
cally irresist-
ible,”
said
Kane.
Mary Sulli-
van and John
Jugl of HFF
handled the
transaction.
The build-
ings sit on
a single 1.4-acre parcel of land
along Second Avenue between
Josephine and Columbine streets
in Cherry Creek North, which is
undergoing a construction boom.
Unico Properties plans to
improve the property and already
has leased a large, vacant retail
space.
“We are proud to have leased
the entirety of the 7,000-square
foot vacant retail space on the pre-
mier corner of Second andColum-
bine to The Thirsty Lion simulta-
neously with our purchase of the
property,” said Kane.
The portfolio includes 2401 E.
Second, a six-story office tower;
220 Josephine, a two-story retail/
office building; 201 Columbine, a
three-story retail/office building;
and 2415 E. Second Ave., a single-
story retail building occupied by
Ink! Coffee.
The buildings are in great condi-
tion; nevertheless, Kane said, “We
will invest in the property to fur-
ther elevate the buildings’ image
and be a premier address for busi-
nesses and retail shops seeking
a location on a dynamic corner
in Cherry Creek.” The project is
approximately 80 percent leased
with a prime block of 24,000 sf of
office space, or 6,000-sf full-floor
opportunities, at 2401 E. Second.
Unico Properties, in partnership with HFF, acquired the Second and Josephine portfolio for $412.88 per square
foot in an off-market transaction.
Austin Kane
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