Altus Properties Acquires 2nd & Josephine Portfolio in Cherry Creek
Altus Properties, a real estate investment firm with over 4.3 million square feet of office, industrial, retail and multifamily properties, has acquired the 2nd & Josephine portfolio, a four-building, 105,253-square-foot mixed-use property in Cherry Creek North, from Unico Properties. Altus paid $54 million for the portfolio, according to Essex Financial Group.
Essex worked on behalf of Altus to source a $32 million seven-year, fixed-rate acquisition loan with a prominent life insurance company. Essex’s Capital Markets team was led by Paul Donahue, Cooper Williams, Nate Schneider and Andrea Mehlem.
The property is currently 100% leased and anchored by Bank of America and boasts an average historical occupancy of 93% since the last building was built in 2004, speaking to the desirability of the asset and Cherry Creek. The property is comprised of Class A office (~78%) and high-end, street-level retail (~22%), and ±260 parking spaces in a five-story garage, providing one of the highest parking ratios in the Cherry Creek market.
Situated on a single 1.4-acre parcel of land, 2nd & Josephine comprises four contiguous Class A buildings:
2401 East 2nd Avenue is a T-shaped six-story tower with a garden level, constructed in 1965, and completely renovated in 1998/1999. The building is a concrete framed structure, with poured-in-place concrete flooring with a façade consisting of granite panels and fixed window systems.
220 Josephine Street is a two-story retail and office building with two subsurface parking levels that are part of the adjacent parking garage. Built-in 2002, the building features retail space along Josephine Street.
201 Columbine Street is a three-story retail and office building with two subsurface parking levels that are part of the adjacent parking garage. Built-in 2002, the building features distinct architectural details with several fountains, sculptures, and outdoor artwork.
2415 East 2nd Avenue consists of a single-story retail building facing 2nd Avenue. Built in 2004, the building is a CMU and steel framed structure with a distinct exterior that consists of a large storefront window system.
The highly diversified rent roll of 16 tenants includes companies in financial services, real estate, wealth management, reproductive health and medical aesthetics. These tenants benefit from the unparalleled walkable amenities including the city’s best restaurants, boutiques and hotels. Whole Foods is located directly across the street from the property and the 160-store, 400,000-square-foot Cherry Creek Shopping Center is within walking distance.