Investor Takes Advantage of Low Rates, Acquires Centennial Office Building
Arapahoe Plaza East II, located at 7955 East Arapahoe Court in Centennial, has sold for $3,525,000. The 29,140-square-foot multi-tenant office building was 96 percent occupied at the time of sale with a diverse tenancy of professional office tenants who were attracted to the building’s ideal location and recent improvements to the interior suites and common areas.
Built in 1981, the three-story building offers both large and small suites to accommodate a variety of tenants. Ideally located just south of the Denver Tech Center, Arapahoe Plaza East II is a short walk from the Arapahoe at Village Center Light Rail Station and the Arapahoe Marketplace retail shopping center, providing the office building access to public transportation as well as shopping and dining options for the tenants.
The buyer was represented by Lon Welsh of Your Castle Real Estate. John Witt, principal of Quiver Investments, represented the seller alongside Matt Kulbe of NavPoint Real Estate Group. This transaction successfully closed in April 2020.
“We went under contract at the beginning of February after receiving significant interest in the asset. As the impacts of COVID-19 were escalating, stay-at-home orders were initiated, and the stock market was experiencing severe volatility, Matt Kulbe and I quickly found ourselves in rapidly changing environment that ultimately lead to successful closing with a final sales price of $3,525,000,” said Witt.
“Amidst all of the impact from the COVID-19 pandemic, the buyer is a long-term holder and recognized this asset met their investment goals. The buyer took advantage of low interest rates to acquire a great asset with a strong tenant mix that had already collected 93 percent of the rent for April upon closing early in the month. With unprecedented lender and appraisal hurdles, the buyer and seller negotiated a very fair deal for both parties,” Kulbe added.