Medical Office Building Sold $4.6M Littleton
Littleton, CO – Marcus & Millichap announced the sale of a 30,447-square foot Class B medical office building located in Littleton, Colo., according to Richard A. Bird, regional manager of the firm’s Denver office. The asset sold for $4,607,843.
Brian C. Smith, CCIM, an associate director of the Healthcare Real Estate Group and National Office and Industrial Properties Group, and Lee Blackburn, both investment specialists in Marcus & Millichap’s Denver office, procured the seller, 20-20 Vista, LLC and Smith also procured the buyer, BC3 Properties I, LLC. Smith stated, “The seller was able to take advantage of excellent market conditions with the sale, while the buyer purchased a premier asset in the southwest corridor.”
The property was financed by Phillip Gause, Senior Director with Marcus & Millichap Capital Corporation (“MMCC”), also in Denver. Gause placed the financing with a regional bank who structured a seven-year fixed rate loan at 3.70%, amortizing over 25 years. The loan was underwritten at 76.5% of purchase price and does not require tenant improvement, replacement reserve or leasing commission escrows.
The property is located at 7761 Shaffer Parkway in the Ken Caryl Business Park of Littleton, Colo. It is situated in close proximity to major highways including C-470, I-25, and Highway 285 and has great views of the mountains and a local golf course. The multi-tenant building is occupied by various office and medical office tenants, all with staggered lease expirations.
Photo courtesy of Marcus & Millichap