BrokerageOffice

Centennial Airport Plaza Sells for $7.3M

Denver-based KEW Realty Corporation has acquired Centennial Airport Plaza, located in the Centennial Airport Business Park, from Melcor Centennial LLC. KEW paid $7.3 million for the 63,112-square-foot, multi-tenant, low-rise suburban office asset.

Avison Young Principals Rick Egitto and David Tilton, based in the firm’s Denver office, represented the seller in the transaction which closed on December 31, 2019.

“We are very happy about the sale and enjoyed working with the Denver Avison Young team as we have for years here in Canada,” said Greg Stevenson, general manager, Acquisition & Asset Management at Melcor Developments Ltd.

Built in 1982, Centennial Airport Plaza is a two-story, Class B office property. Located one block southeast of the Peoria Street and Arapahoe Road interchange affords the property access to a multitude of surrounding retail, dining and entertainment destinations. This two-story office building was 95 percent leased at the time of the sale.

“We found the Centennial Airport Plaza deal attractive for many reasons, but most importantly we liked this asset as it fits with our other office buildings in the submarket, Wells Fargo Arapahoe and the Rampart Office Plaza. We can now easily accommodate our tenant’s growth needs within the submarket” said KEW Realty Corporation president, David Spira.

Avison Young is a 2019 winner of the Canada’s Best Managed Companies Platinum Club designation, having retained its Best Managed designation for eight consecutive years.

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