Calif.-based Dornin Investment Group has sold its office property Highland Place I, located at 8085 S Chester St, in Centennial. The pristine building was sold to Bridle Dale LLC on Wednesday, February 16 for a contract price of $22.2 million.
Built in the 1980s, Highland Place I features 138,771 square feet of office space on 6.2 acres within the Panorama/Highland Business Park, a 115-acre master-planned business park. The property features a full-height atrium lobby, fitness center, outdoor seating area and Rocky Mountain views.
“Our client was able to successfully satisfy their 1031 Exchange requirement by trading out of a multiple property office portfolio and consolidating into a single office asset with fewer tenants. Additionally, the property forecasts significantly higher cash flow than the relinquished portfolio. We were pleased our client was able to utilize the many resources of our team to accomplish a transaction that seemed impossible from the start and encountered difficult roadblocks on the way to its ultimate success.” stated Sandberg.
Jon Hendrickson, Aaron Johnson, Eric Wichterman and Mike Coover of Cushman & Wakefield represented the seller in the transaction.
