Colorado Real Estate Journal - December 17, 2014
An affiliate of KBS Real Estate Investment Trust II has sold Crescent VIII, one in a series of Denver Tech Center buildings that curve around the intersection of East Belleview Avenue and DTC Boulevard. KBSII Crescent VIII LLC received $17.25 million for the 82,265-sf building at 8350 E. Crescent Parkway in Greenwood Village. KBS acquired the building for $12.5 million in 2010 and spent $2 million on capital improvements, lease commissions and other expenses, according to a U.S. Securities and Exchange Commission filing. The sale price, net of concessions and credits, but excluding closing costs and expenses, was approximately $199 per sf, compared with a cost per sf of $176, the filing states. American National Insurance Co., advised by PM Realty Group, bought the fours t o r y b u i l d ing in a deal that d r e w “ v e r y , v e r y robust” activity, accord ing to Mike Winn of CBRE. Deals like Crescent VIII – a newer-vintage, highquality, Class A building under $20 million – don’t come around often, he said, adding most DTC properties are either on the small side and older, or newer and larger. “It’s very difficult to find a high-quality property like that in the Denver Tech Center,” said Winn. “Several institutional investors, including the one that purchased it, were eager, eager to buy it. It’s a little jewel box.” Crescent VIII was built in 1996. Its tenants are Verizon Wireless and ClearChoice Dental Implant Center. Occupancy was approximately 90 percent at the time of the sale. Located at a gateway to the DTC with quick access to Interstates 25 and 225, the building is right next to the Crescent Amphitheater. It has immediate access to restaurants, hotels and retail, including Belleview Promenade and MarinaSquare. The parking ratio is 4:1,000, which includes a small subterranean parking structure plus 310 surface parking spaces, 46 of which are covered. Winn, along with CBRE’s Tim Richey and Chad Flynn, handled the transaction.