Denver, CO (October 29, 2015) — Unique Properties announces that Denver Office Investment Property, Bellaire Place sells twice in one year. Located at 1780 S. Bellaire Street in Denver, Colorado, Unique Properties provided brokerage services on behalf of Bellaire Place 1-2-3 LLC and closed on October 28, 2015. The Buyer is undisclosed. Marc Lippitt, Scott Shwayder, and Justin Herman of Unique Properties exclusively handled the transaction. The property sold for $8,500,000.
Marc Lippitt, Scott Shwayder, and Justin Herman of Unique Properties were instrumental in the sale of Bellaire Place by setting a bid date, and doing a call for offers on the property. They were able to secure multiple offers for the property before Peter J. Weber LLC won the bid in the end to secure the property.
A year ago, Unique Properties assisted Bellaire Place 1-2-3 LLC in the acquisition of the three building portfolio as a package. Subsequently, Unique assisted in the disposition of two of the three buildings (1777 & 1805 S. Bellaire) in June. With the successful closing of 1780 S. Bellaire, this concludes the resale of the entire portfolio twice in 12 months.
The property is 79,508 square feet and was constructed in 1973. The property is situated in the Colorado Boulevard / I-25 submarket which has quickly become a cost effective alternative for tenants who are seeking to be close to downtown without the price.
“With its aggressive pricing, superior location, and upside in rents, the Property garnered interest from numerous prospects, resulting in multiple Buyer’s offers” stated Marc Lippitt. “The purchaser acquired a well-positioned real estate asset in a highly sought after area”.
At the time of marketing, the property was 86% occupied and the CAP rate was 7.74%. While the property was under contract, additional space was leased. This property is a great value –add play as the future owner can increase rents as leases turn and benefit from the rising lease rates across the metro area.
The Lippitt / Shwayder team has sold 17 buildings ranging from 10,000 square feet to 130,000 square feet, totaling just under one million square feet in the last 18 months. Please call today for a FREE property valuation, and let our success become your success!
To schedule an interview with a Unique Properties Broker regarding this transaction, or for more information about Unique Properties, Inc., from a corporate standpoint, please contact: Natalia Griffin at ngriffin@uniqueprop.com, or 720.881.6320.
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