The Citadel Building in Cherry Creek Sells for $44M
LA-based CRE investment firm Commonwealth Avenue Capital Partners, LLC (CAC Partners) has acquired The Citadel at Cherry Creek, a 131,000-square-foot, 7-story Class A office property, for $44 million.
The building, previously owned by Denver-based Amstar, was fully leased at the time of sale, with anchor tenant New York Life Insurance Company occupying more than 20,000 square feet of space. The property features an impressive granite-clad lobby and curtain wall system, in addition to outdoor balconies with stunning Front Range views.
“Despite the ongoing impact of a global pandemic, Cherry Creek remains a highly desirable submarket from an ownership perspective, offering a mix of strong, secure cash flow at a relatively low risk,” said Brad Cummings, partner at CAC Partners. “With a variety of stable long-term tenants and one of the most accessible office locations of any office property in Cherry Creek, we’re confident The Citadel is well positioned to withstand the challenges of the present real estate environment.”.
Founded in 2020, CAC Partners continues to explore core-plus and value-add acquisition opportunities in markets like Denver and throughout the Western United States. ColeTaylor will oversee property management and building operations.
Photo courtesy of CAC Partners