Colorado Real Estate Journal -
A local group with 1031 exchange money made a $3.39 million investment in a Lakewood office complex.
Kensington LLC bought 7550 S. Yale Ave. and 2750 S. Wadsworth Blvd. from California-based Coral Management Group. The 62,172-square-foot property includes two pairs of office buildings that are attached by courtyards, or a total of four buildings. New West Physicians, Pelican Publications and Digital Data Services are among the largest tenants in the property, which was 80 percent leased. There were multiple offers for the office complex, which sold at an approximately 8 percent cap rate and close to the listed price of $3.65 million, according to Scott Fischer of Unique Properties LLC-TCN Worldwide. Fischer was the transaction broker on the deal. The price per sf was $54.55. Fischer said the buyer intends to update the buildings’ common areas.