Colorado Real Estate Journal - October 21, 2015

Central Platte Valley office bldg. trades for $434.35 per sf

by Jill Jamieson-Nichols

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A Central Platte Valley office building under the same ownership for two decades sold to private equity investor for $434.35 per square foot.

Riverpoint Investments LLC, an affiliate of Goff Capital Partners, paid $21.38 million for the Riverpoint Building at 2300 15th St. in Denver. The four-story, 49,212-sf brick building is 100 percent leased, predominantly to technology tenants.

It is surrounded by restaurants and retailers, including REI’s flagship store and Natural Grocers by Vitamin Cottage, and sits alongside the South Platte River and Platte River Trail.

Garvin Partners was the seller. It has owned the building for 20 years.

“Garvin Partners is thrilled to have Riverpoint Investments as the new owner, and we’re really excited to see where they take this property that has been so dear to us for so long,” said Nick Garvin of Garvin Partners. “We love that area.”

Garvin Partners is a local company that invests in real estate, startups and technology, mostly in the Denver area.

Goff Capital Partners didn’t return a phone call about the transaction. The company owns the Natural Grocers building across the street from Riverpoint, according to CoStar Group. It also owns approximately 2 million sf of office and industrial properties in Boulder and Longmont.

The Riverpoint Building was constructed in 1901 and underwent a major renovation in the late 1980s.

Other News

A 12,139-square-foot office building at 2150 S. Cherry St. in Denver sold for $1.23 million, or $100.91 per sf.

The House Worship Center Inc. purchased the building from Robb Norwood.

“This well-maintained property was originally built to meet the needs of a real estate school and is now an excellent fit for a local church,” said Jeff Johnson of Pinnacle Real Estate Advisors, who represented the seller with fellow Johnson Ritter Team members Matt Ritter, Greg Breslau, Cody Stambaugh and Peter Sengelmann. Corey Murray, also with Pinnacle, represented the buyer.

BKD leased approximately 19,000 sf on the 29th floor of 1801 California St. in downtown Denver. It will move into the space in 2016.

The building will provide for more efficient use of space, better public transportation access and greater parking than the firm’s existing downtown offices.

“This move will energize our partners and staff,” said Travis Webb, manager of BKD’s Denver and Colorado Springs offices. “It will be a lot of work, but it’s also exciting. Our new office space will bring with it positive changes in workspace updates, which will help us serve clients better and make a more enjoyable environment for our staff.

The office will house approximately 100 partners and staff.

BKD is a national certified public accounting and advisory firm that has had a downtown Denver presence for nearly 20 years. “We’re glad that they’ll continue growing their business in the vibrant downtown Denver core,” said Tami Door, president and CEO of the Downtown Denver Partnership.

Greg Bante and Ryan Arnold of JLL, along with Michael VanBuskirk of Newmark Grubb Zimmer in Kansas City, Missouri, represented BKD in the 11-year lease.

Erlynne Properties LLC, a local investor, purchased a fully occupied, 5,357-sf office building at 5590 S. Windermere St. in Littleton for $960,000, or $179.20 per sf.

The property is occupied by five tenants and sold at a 6.65 percent cap rate, according to Eric Shaw of Pinnacle Real Estate Advisors LLC, who represented the seller. The buyer intends to keep the property as a long-term investment, Shaw said.