Colorado Real Estate Journal - September 21, 2016

Investors buy pair of creative office buildings in River North

Denver investors bought neighboring creative office buildings in Denver’s white-hot River North area.

Walnut 29 LLC paid $2.4 million, or $313.19 per square foot, for a 7,663-sf office/showroom building at 2901 Walnut. Littleton Group LLC, a group with the same majority ownership, subsequently bought 1141 29th St., a 4,655-sf building directly to the west. That building sold for $1.27 million, or $272.29 per sf.

Phil Yeddis, an executive vice president at Unique Properties Inc.-TCN Worldwide, was marketing the property at 2901 Walnut for lease and was getting “really good activity” when it was approached about a possible sale.

“I said, ‘Make us an offer we can’t refuse.’ So they did,” he said.

The buyer reportedly has a tenant for the recently vacated building, but the tenant hasn’t been identified.

Had it been listed for sale, Yeddis said the property would have received “tons” of interest, as is the case with most properties that come to market in RiNo.

The building is located down the street from Epic Brewing. It features a unique, 24-foot-high barrel-roof design. The structure was built in 1927, and as the area began to shift from an industrial area to an emerging mixed-use neighborhood, the previous owner, Walnut Street Property Holdings LLC, transformed it into creative office/showroom space with “gorgeous” office space.

The building at 1141 29th was built in 1948 and also offers creative space, with exposed brick and a 24-foot bow truss. Yeddis, who represented the buyer in the transaction, is marketing the property for lease at $30 per sf triple net.

CCT Ventures LLC was the seller.



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Evans Ave. Venture LLC purchased an 11,976-square foot office building at Interstate 25 and East Evans Avenue in Denver from Alexander Speros for $1.39 million. The buyer of the building, located at 5840 E. Evans Ave., is an owner user.

The three-story building was constructed in 1972 and renovated in 2015.

NAI Shames Makovsky brokers Hayden Hirschfeld and Dorit Fisher represented the buyer. Tim Finholm and Sam Leger of Unique Properties Inc.-TCN Worldwide represented the seller.