The Liberty Center, a 23,575-square-foot office property located in Grand Junction, recently sold for $6,295,000.
Brandon Kramer and Spencer Mason, investment specialists in Marcus & Millichap’s Denver office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The investor, a limited liability company, was secured and represented by Greg Price and Kent Guerin, investment specialists in Marcus & Millichap’s Denver office.
Phillip Gause, first vice president of Capital Markets in Marcus & Millichap’s Denver office, secured the financing.
The Liberty Center is located at 114 N Spruce St in Grand Junction. At closing, the price per square foot was $267.02 with a cap rate of 6.28 percent.
“This closing further exemplifies the success of the Marcus & Millichap platform with the seller, buyer, and financing all being represented in-house. Our best-in-class marketing process enabled us to receive a lot of interest early on and within just a few short weeks after bringing the property to market, we went under contract at the full list price. The investor was drawn to this office property because they were searching for a stabilized asset local to Grand Junction to fulfill the upleg requirement in their exchange. This made for a perfect fit as the property is in a downtown core location that required minimal management responsibilities with the state-credited anchor tenant recently extending its lease term through the late 2020s,” Mason commented.
Adding a further comment to the significance of the sale, Mason remarked, “Even though the office sector overall has warranted more caution from investors since the COVID-19 pandemic began, this transaction goes to show that stabilized offices in core locations with strong credit and a long lease term are still trading for prices similar to before the pandemic.”
Gause added, “Lender interest was very robust for this opportunity given continued strong fundamentals in the Grand Junction market and exceptional quality of the asset. This enabled us to negotiate extremely competitive terms on behalf of our client.”
