April 6-April 19, 2016 —
COLORADO REAL ESTATE JOURNAL
— Page 11
Office
by Jill Jamieson-Nichols
Denver-based Centre Point
Properties has acquired theWheel-
er Block Building, a historic gem in
an alluring Denver neighborhood.
CentrePoint bought the six-story
structure at 2150 W. 29th Ave. in
Lower Highland from a local pri-
vate partnership for $7.77 million.
A city-designated landmark, the
32,855-square-foot building was
constructed as apartments in 1892
and later converted to office use.
“We were attracted to the invest-
ment because of the incredible
uniqueness of the property and
the neighborhood it resides in,”
said Tucker Manion, Centre Point
Properties founder and president.
“We are truly excited about the
opportunity to own such a historic
office building in one of Denverʼs
strongest urban neighborhoods,”
he said.
The building also offers the
opportunity to add value by leas-
ing up the 23 percent of the space
that currently is vacant, he said.
“Wedidhaveitexclusivelylisted,
andwe ended up selling the prop-
erty before it was even brought to
market,” said Jon Hendrickson of
Cushman&Wakefield,who repre-
sented the seller with Cushman &
Wakefield’s Aaron Johnson. Both
are senior directors in the com-
pany’s Capital Markets Group.
“Wheeler Block is an incredibly
unique office building,” Hendrick-
son said. “The property benefits
from convenient interstate access,
great surrounding restaurants
and close proximity to everything
downtown Denver has to offer,”
he said.
“Market rents have escalated
dramatically in Lower Highland
and the Platte Valley,” added Hen-
drickson, who believes Centre
Point will be able to draft off that
momentum.”
A century after it was built, the
Wheeler Block was gutted and
renovated from the foundation up.
An elevator and lobbywere added
at that time, andadditional renova-
tions occurred in 2008.
“The property is in excellent con-
dition,” saidManion.
It houses a good mix of tenants,
includingmedical, energy and real
estate-focused companies, said
Hendrickson. “There will always
be a market for the Wheeler Block
Building,” he said.
Other News
n
A 12,480-square-foot office
building on the Union Boulevard
corridor in Lakewood sold for
$2.08 million, or $166.66 per sf.
E. Clarkson Shaw
purchased
the two-story building at 735
Xenon Court from
West Alam-
eda Drive LLC.
The property
was 100 percent leased to three
tenants – a medical laboratory,
mechanical engineer and architec-
tural firm – at the time of closing,
according to
Mike Haley
of
Fuller
Real Estate.
Haley represented the seller.
Eric
Shaw
of
Pinnacle Real Estate
Advisors
represented the buyer.
“The buyer was looking for a
stabilized asset with a strong ten-
ant mix. During the due diligence
period, we were able to extend
the leases of two existing tenants,
making the deal more attractive
for the buyer,” said Shaw.
The building was constructed
in 2004 and sold at a 7.96 percent
cap rate.
n
Pima Medical Institute
recently renewed a lease for
48,434 sf in the building it occu-
pies at 7475 Dakin St. in Denver.
Dottie Regas
of
MC Commer-
cial Real Estate
represented the
landlord,
GPA Tower LLC. Matt
Hermsen
of
Flinn Ferguson Cor-
porate Real Estate
represented
the tenant.
The Pima Medical building,
which has a single vacancy of
2,559 sf, is leased predominantly
to medical users.
n
Birner Dental Management
Services
renewed its lease for a
full floor at Centerpoint II, located
at 1777 S. Harrison St. in Denver.
The company has its corporate
headquarters in 14,000 sf in the
building and is one of the largest
tenants in the Colorado Boule-
vard submarket.
Birner Dental is a publicly trad-
ed company that operates as Per-
fect Teeth. It is the largest provider
of comprehensive dental care in
Colorado and New Mexico, with
a growing presence inArizona.
Matt Edgar
and
Chris Riedl
of
Community First Commercial
Real Estate
represented the com-
pany in the transaction. “We were
able to help BDMS achieve the
right economics on the transac-
tion, and
Unico Properties
was
able to retain a large, credit ten-
ant,” said Riedl.
Community First Commercial
Real Estate is a tenant/buyer rep-
resentation company that gives 10
percent of its commissions to its
clients’ favorite charities.
s
The Wheeler Block is situated in the hot Lower Highland neighborhood.
An office building on Lakewood’s Union Boulevard corridor sold for
$166.66 per square foot. (See Other News)
