Colorado Real Estate Journal - March 2, 2016
The historic Elephant Corral in Lower Downtown Denver has traded for the second time in a year at what appears to be a nice profit for seller Stoltz Real Estate Partners. Records show Seattle-based Unico Properties LLC purchased the property, which includes two office buildings, an apartment and two surface parking lots, for $22.58 million. Stoltz Real Estate bought the 66,200-sf property for $17 million a year ago. “Elephant Corral is a longterm investment and a well located asset in this vibrant and thriving neighborhood. In this market, we continue to be focused on high-quality real estate in top locations,” said Ned Carner, Unico Properties senior vice president of development. Unico declined to discuss the acquisition further at this time. The main, u-shaped office building, totaling approximately 57,200 sf, is located at 1444 Wazee St. It comprises three stories, including a garden level with a large courtyard that faces the street. The smaller, approximately 9,000-sf, building is at 1408 Wazee, and the parking lots are located at 1401 and 1406 Wazee. The property wasn’t listed for sale, nor was it listed when Pennsylvania-based Stoltz Real Estate Partners acquired it in early 2015. Located a half-block from the Cherry Creek Regional Trail and within a short walk of Denver Union Station, it houses predominantly small, local companies. The Elephant Corral is significant to Denver history because it occupies a site that served as a wagon train depot during the 1858 Gold Rush. Oxen, horses and mules were traded there, giving rise, according to some accounts, to the National Western Stock Show. The original log and canvas-roofed structures were destroyed in an 1863 fire. The Lower Downtown District dates the oldest portion of the existing structure to 1902. “It’s a phenomenal opportunity for Unico to own a historic Lower Downtown asset,” said Geoff Baukol, executive vice president with CBRE Inc.’s Denver Investment Properties group. “True brick-and-timber assets are rare and clearly in demand from both tenants and investment capital,” said Baukol, who handled the sale. Unico Properties owns more than 2 million sf of office properties in Denver, plus 1.4 million sf in Boulder.