Suburban Office Property Fetches $13.35M
SF Partners, a real estate investment firm based in Miami, has purchased Yosemite Office Plaza, located at the intersection of South Yosemite Street and East Hampden Avenue in Denver, for $13.35 million sale.
CBRE’s James Brady, Campbell Davis, Mike Winn, Jenny Knowlton and Tim Richey represented the seller, Sperry Properties of Irvine, Calif. CBRE’s John Marold, Mitch Bradley and Lindsay Gilbert were awarded the leasing assignment. The property was 97 percent occupied at the time of sale.
“Yosemite Office Plaza appealed to investors because it combines a diverse tenant mix with extensive recent renovations, rare covered parking, unobstructed western views and a premier Southeast Denver location surrounded by amenities,” said James Brady, First Vice President, CBRE.
According to CBRE’s latest Denver office market report, the suburban submarkets dominated office sales activity in Q3 2019. Twenty-eight office properties changed hands last quarter across the metro area, recording a total sales volume of $781.6 million, with suburban markets claiming 98 percent of the total volume.
Built in 1974 and renovated most recently in 2018, Yosemite Plaza is a 10-floor, mid-rise office building encompassing 126,436 rentable square feet on approximately 6.05 acres. The building also includes underground parking and surface parking. As part of the 2018 capital improvement campaign, Sperry Properties repainted the exterior and renovated the lobby, common areas and parking garage. Other amenities include a fitness facility and outdoor building terrace. Yosemite Office Plaza is leased to 26 tenants from a variety of industries, including Advance HOA Management, Grynberg Petroleum Company, Colorado District Attorneys Council and KeyBank.