Mixed-Use Development at Cherry Creek’s Most Trafficked Intersection Trades for $67.7M
A joint venture led by Corum Real Estate Group and Koch Real Estate Investments (KREI) has acquired 210 University, a mixed-use development with office and retail space totaling 140,832 square feet in Cherry Creek North.
JLL marketed the property on behalf of the owner in the sale. In addition, JLL worked on behalf of the new owner to secure a five-year, interest-only, fixed-rate loan with a national balance sheet lender.
“210 University is the gateway to Cherry Creek North. The partnership is thrilled to succeed to ownership of this high-performing asset in this high-performing submarket, especially in Corum’s backyard,” added Jane Fletcher, executive vice president of Corum, who spearheaded the acquisition.
210 University is 89.4%-leased to a variety of tenants, including Baird, US Bank, Cherry Creek Imaging and Western Veterinary Partners among others. The building includes two ground-floor retail spaces occupied by Little Ollie’s and Paradise Cleaners. The property also includes one of the largest parking garages in the parking-constrained Cherry Creek North district.
210 University prominently sits 10 minutes from downtown Denver at the most trafficked intersection in all of Cherry Creek North. The property is flanked by University Blvd. and Josephine Street, two of the area’s major commuter and pedestrian arterials. The property is surrounded by Denver’s most affluent neighborhoods, attracting a strong tenant demand and employee base to the area.
Cherry Creek North has the lowest vacancy rates and highest office, retail, and multi-housing rents in the entire Denver metro area, making the market highly desirable to investors and lenders alike.
The JLL Capital Markets Investment Sales and Advisory team representing the seller was led by Managing Director Peter Merrion, Senior Managing Director Mark Katz and Senior Director Hilary Barnett.
“Cherry Creek is one of the best performing submarkets in the country, and 210 University’s location at Cherry Creek’s front door drove substantial interest from both buyers and lenders,” said Merrion. “The new ownership’s long-term strategy in this premier market is very exciting, and JLL is grateful to have worked with all parties on this opportunity.”
The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Director Kristian Lichtenfels, Director William Haass and Senior Managing Director Leon McBroom.