Colorado Real Estate Journal - April 6, 2016
Denver-based Centre Point Properties has acquired the Wheeler Block Building, a historic gem in an alluring Denver neighborhood. Centre Point bought the six-story structure at 2150 W. 29th Ave. in Lower Highland from a local private partnership for $7.77 million. A city-designated landmark, the 32,855-square-foot building was constructed as apartments in 1892 and later converted to office use. “We were attracted to the investment because of the incredible uniqueness of the property and the neighborhood it resides in,” said Tucker Manion, Centre Point Properties founder and president. “We are truly excited about the opportunity to own such a historic office building in one of Denver's strongest urban neighborhoods,” he said. The building also offers the opportunity to add value by leasing up the 23 percent of the space that currently is vacant, he said. “We did have it exclusively listed, and we ended up selling the property before it was even brought to market,” said Jon Hendrickson of Cushman & Wakefield, who represented the seller with Cushman & Wakefield’s Aaron Johnson. Both are senior directors in the company’s Capital Markets Group. “Wheeler Block is an incredibly unique office building,” Hendrickson said. “The property benefits from convenient interstate access, great surrounding restaurants and close proximity to everything downtown Denver has to offer,” he said. “Market rents have escalated dramatically in Lower Highland and the Platte Valley,” added Hendrickson, who believes Centre Point will be able to draft off that momentum.” A century after it was built, the Wheeler Block was gutted and renovated from the foundation up. An elevator and lobby were added at that time, and additional renovations occurred in 2008. “The property is in excellent condition,” said Manion. It houses a good mix of tenants, including medical, energy and real estate-focused companies, said Hendrickson. “There will always be a market for the Wheeler Block Building,” he said.