Colorado Real Estate Journal - January 21, 2015
A 24,065-square-foot office building suited to an owner-user will provide a local nonprofit with a new location from which to serve clients. The multitenant building at 20971 E. Smoky Hill Road in Centennial was about 56 percent occupied at the time of its sale, and buyer Aurora Community Mental Health Center Inc. will use most of the vacant space to serve clients in the vicinity. “They needed a clinic in that area,” said Monica Dirom Wiley of CBRE, who represented the buyer with CBRE’s Paul Kluck. “It just felt like this building was the one they needed to have.” The two-story building, known as Bridges Professional Plaza, is located within The Bridges at Smoky Hill office and retail development. It sold for $2.4 million, or $99.73 per sf. “We had really good activity on it. We were really searching for an owner-user because we felt like that would be the best purchaser for the property,” said colisting broker Troy Meyer of Sperry Van Ness. That’s because , “The price per square foot was far below what replacement cost would be,” but the property wasn’t producing a ton of income because of the vacancy. Nevertheless, there was investor interest, and a 1031 buyer was negotiating for the deal when Dirom Wiley saw an opening for Aurora Community Mental Health to submit a full-price offer. “I kept after it because it was a good fit and there was nothing else in that area,” she said. The seller was an affiliate of Colony Capital, which acquired the property as part of a portfolio of loans it bought from the Federal Deposit Insurance Corp. “It was a smooth transaction, and Aurora Community Mental Health was great to work with,” said Meyer, who represented the seller with SVN broker Kevin Matthews. Dirom Wiley said Aurora Community Mental Health Center will provide group and family therapy in the building and offer about 5,500 sf of the available space for lease. Tenants include Carino Coffee, a periodontist, orthodontist, insurance company and others. The building was constructed in 2001.