Denver Stapleton Plaza Office Center Sells for $12.5M, Renovations Planned
Stapleton Plaza Office Center, a 10-story office building totaling 131,949 square feet, located at 3401 Quebec Street in Denver, has sold for $12.575 million. Denver-based Ogilvie Properties purchased the office building and is planning an extensive capital improvement campaign that includes renovations to tenant spaces, HVAC systems, parking garages and common areas.
CBRE’s Patrick Devereaux represented the seller, Holualoa Companies of Tucson, Ariz.
“Stapleton Plaza Office Center is a unique in-fill value-add investment opportunity. The property combines walkable Stapleton amenities with rare underground suburban parking and a small tenant mix that provides risk diversification,” said Patrick Devereaux, senior vice president, CBRE.
Built in 1975, Stapleton Plaza Office Center s proximate to a growing executive housing base and is connected to a recently remodeled Holiday Inn hotel. Ogilvie Properties has also announced plans to leverage the hotel amenities for its tenant base.
The building was 74 percent leased at the time of sale to 36 tenants representing the real estate, professional services, airline, medical, legal and insurance industries, among others. With no single tenant occupying more than eight percent of the building, some of the larger tenants include the Denver School of Science & Technology, SkyWest Airlines, AmCheck and H.C. Peck & Associates.
Stapleton Plaza Office Center is directly across Quebec Street from Quebec Square, a power center that traded last month and is home to over 40 restaurants and retailers including Smashburger, Panera Bread and Buffalo Wild Wings, providing tenants numerous walkable dining options.