DENVER – The Forum at Cherry Creek, a 10-story, 83,268-square-foot, multi-tenant office building located at 425 S. Cherry Street in Glendale, has sold for $13.6 million or approximately $165 per square foot to a private company.
Aaron D. Johnson and Jon D. Hendrickson, managing directors, of Cushman & Wakefield Denver’s Capital Markets Group had the exclusive listing to sell the property on behalf of Denver-based Millice Group.
“The Forum at Cherry Creek provides a significant value-add opportunity, with a stabilized asset, where the current lease rates are as much as 30 percent below market. This iconic asset benefits from a central location surrounded by numerous walkable amenities and some of Denver’s premier, most affluent neighborhoods,” said Johnson. “With occupancy costs in Cherry Creek and Denver’s CBD continuing to rise, The Forum at Cherry Creek will continue to cater to a diverse office and medical tenant base servicing this central location,” added Johnson.
The Forum at Cherry Creek is located near the intersection of Colorado Boulevard and Alameda Avenue, surrounded by Denver’s premier, most affluent, neighborhoods including Cherry Creek, Country Club, Hilltop, Washington Park and among others.
The Property was 88 percent leased at the time of sale to a diverse tenant base of office and medical office tenants with approximately 40 percent of the existing tenants having some medical use. The property provides an outstanding parking ratio of 3.83 per 1,000 rentable square feet, higher than any other building within the competitive set.