Littleton Office Building Sells for $12.1M
Quiver Investments, a Denver-based investment sales brokerage, announced today the successful closing of Viewpoint I & II located at 7901-7921 Southpark Plaza in Littleton. The sale demonstrates, what Quiver believes to be, a strong opportunity in Class B suburban office product given the changing office dynamic. Pantheon Viewpoint, LLC purchased the 2-building asset from IBC Denver VII, LLC for $12.16 million.
The 93,069-square-foot property was 72 percent occupied at time of closing, providing a stable cash flow with additional upside through management and lease-up for the buyer. The seller recently invested significant capital back into the buildings with new RTUs and roof systems. The buyer has plans for continued reinvestment into the building, yielding increased energy efficiency, HVAC optimization, and improved common areas. These capital improvements together with a re-energized leasing strategy is anticipated to attract businesses throughout the southwest submarket.
The family office who purchased the asset was represented by John Witt and Ben Swanson of Quiver Investments. Overall, we were very impressed with the collaborative effort on behalf of the seller, buyer, tenants and Riki Hashimoto’s team at Newmark Knight Frank. As everyone is well aware, COVID presents a unique set of challenges for the commercial real estate industry, but working together with a group of professionals as we did on this transaction made it a great experience for all involved.