2280 South Albion Street, an 8,007-square-foot, single-story office building on 0.71 acres in the University Hills neighborhood of Denver, has sold for $2.245,000.
Monica Wiley and Jeff Wood of CBRE’s Denver office represented the seller of the building, The Arthritis Foundation, Inc. Matt Vandal and Jonathan Schneider of Sognare Partners represented the buyer, a local investor.
“This office property garnered a lot of interest from developers and users in the market looking to own rather than lease,” said Wiley. “We ultimately found a local investor who intends to hold the property for lease and redevelop later. The zoning and the location were very attractive to both types of buyers.”
The Arthritis Foundation received the property as a donation years ago. The organization was no longer in need of the square footage and decided to relocate to a smaller suite elsewhere and use the proceeds from the transaction to fund their cause.
The property is zoned S-CC-5x, or Suburban Commercial Corridor — allowing for up to five stories. The location is close to the RTD light rail and one block from Colorado Blvd., where many properties are being redeveloped into residential townhomes and apartments. The City of Denver has also recently purchased a greenhouse property on approximately 1.6 acres two blocks to the east to be used as a public park, increasing the draw to this neighborhood.
Photo courtesy of CBRE