Union Terrace Office Building in Lakewood Sells for $11.3M
Bancroft Capital Advisors, Inc. of Manhattan Beach, Calif. has acquired Union Terrace office building, a four-story, 84,145-square-foot office building located at 12596 West Bayaud Avenue in Lakewood. According to CBRE, Bancroft plans to amenitize the asset and upgrade the property’s common area, enhancing the asset’s value and tenant demand.
Patrick Devereaux, James Brady and Campbell Davis with CBRE Capital Markets in Denver represented the seller, Presidio Property Trust from San Diego, California.
“Union Terrace offered the chance to acquire an in-fill office building in the supply-constrained West Denver submarket. Adding to the asset’s appeal is the property’s proximity to the amenity-rich Union Boulevard retail corridor and surrounding executive housing,” stated Mr. Devereaux, senior vice president, CBRE.
Built in 1982, Union Terrace is located on 3.484 acres and 86 percent occupied by 13 tenants representing a range of industries, including engineering, government contract, environmental, healthcare, technology and professional services.
According to CBRE’s Denver Office MarketView Q4 2019 report, in Q4 2019 the West submarket had no new office construction, a direct vacancy rate of 11.6 percent and upward pressure on rental rates.
Union Terrace is proximate to the Denver Federal Center, a Light Rail Station, St Anthony’s Hospital and is a short commute to the Colorado Mills Regional Mall, which offers more than 1.4 million square feet of retail shopping and over 20 dining options.