Denver, CO (August 2, 2017) —Unique Properties, Inc. / TCN Worldwide, Colorado’s most experienced, privately held, full-service commercial real estate brokerage firm, is proud to announce the sale of 4705 Paris St, located in Denver, Colorado. The Office Center Property sold for $3,280,000, which constitutes an 8.34% cap rate. The transaction was exclusively represented by Marc Lippitt, Scott Shwayder, Tom Myers, Justin Herman, Brett MacDougall, and Jake Cook from Unique Properties.
The 63,493 square foot office center is composed of six individual buildings. These buildings encircle a beautiful courtyard on a 5.33 acre lot. Pinecreek Office Center was one of the true value-add properties available in the metro area, as current lease rates average $12.92 per square foot gross, while market rents average $14 per square foot gross. In addition to the low rents in place, the property was approximately 80% occupied at the time of sale. Pinecreek sold for $51.66 per square foot, while the replacement cost is over $150 per square foot.
To schedule an interview with a Unique Properties Broker regarding this transaction, or to receive a FREE valuation of your property, please contact: Natalia Griffin at ngriffin@uniqueprop.com, or 720.881.6320.
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