Crescent Real Estate Sells Denver Office Center for $65M
- Dec 06, 2019
Tuscany Village Center, a 257,875-square-foot office property in the Denver suburb of Greenwood Village, Colo., has changed hands for $64.9 million. Yardi Matrix data shows, Crescent Real Estate sold the asset to America’s Capital Partners after roughly three years of ownership.
Additionally, Pacific Coast Capital Partners originated a $51 million loan for the new owner to finance the acquisition, with a maturity date set for 2023. This summer, the company provided financing for the $35 million sale of The Johnston Building, a 172,382-square-foot asset in downtown Charlotte, N.C.
Located at 6312 S. Fiddlers Green Circle adjacent to Interstate 25, the six-story building is within walking distance of several dining and retail options, as well as entertainment options such as Fiddler’s Green Amphitheater and the Museum of Outdoor Arts. The office property is roughly one mile from the Arapahoe at Village Center RTD light rail station.
The John Madden Co. completed the property in 1984 on an 8.7-acre site and the building includes nine-foot finished ceiling heights, 13-foot slab-to-slab heights and, per Yardi Matrix information, underwent cosmetic renovations in 2009 and 2019. Tuscany Village Center comprises two wings connected by an atrium lobby. The tenant roster includes Redus, Cornerstone Real Estate Advisers, Alliant Insurance Services and One Touch Intelligence.
JLL Senior Managing Director Mark Katz and Senior Director Peter Merrion represented America’s Capital Partners, while Senior Director Leon McBroom worked on closing the financing.