DevelopmentOffice

Aurora Office Buildings Cherry Creek Place I and II Sell for $39.7M

DENVER Two Aurora office properties Cherry Creek Place I and II, totaling 399,967 square feet, have sold for $39,700,000.

Northstar Commercial Partners — a privately-held commercial real estate investment company headquartered in Denver that focuses on buying vacant/distressed buildings — purchased the properties, located at 3131 and 3190 S. Vaughn Way in Aurora along the I-225 corridor, in 2014 and in 2009. The company made high-quality building improvements to both locations and worked to identify and secure top-tier local and national tenants.

“The sale of CCP I & II truly represents a success story, acting out the core of our company’s mission of ‘Creating Opportunity, Empowering People, and Strengthening Communities,” said Brian Watson, Northstar’s Chairman & CEO.

Cherry Creek Place I (3131 S. Vaughn) was purchased as a distressed asset by Northstar for $13,550,000 at a 69.93 percent occupancy rate. Since its acquisition, Northstar has signed multiple leases to bring the property up to 95 percent occupancy. Larger tenants include TransFirst Holdings, Inc., Avitus, and Edward Jones.

Cherry Creek Place II (3190 S. Vaughn) is a six story, multi-tenant office building. This asset was acquired for $4,600,000, at approximately 12 percent of its replacement cost value. It was purchased as a completely vacant asset, and Northstar has since secured eight tenants to occupy 97 percent of the building, which has significantly increased the asset’s value. These tenants include ADT Security Systems, Nationwide Insurance, and the State of Colorado.

“Being able to take these two office assets, place them fully back into productivity, and turn for a successful sale is truly beneficial for everyone involved. We’re honored to play the role we have in provided space to meet the needs of our tenants and truly grateful for a successful sale,” Watson concluded.

Photo courtesy of Google Maps Screen Shot

 

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