Cress Capital Snags CO Office Asset
- Feb 15, 2018
Cress Capital, in a partnership with Revesco Properties, has acquired Orchard Pointe, a multi-tenant office property in Greenwood Village, Colo. The partnership purchased the building from TA Realty for $16.6 million, according to Yardi Matrix, and the sale was subject to a $13.2 million loan held by Zions Bank. In December, Cress also purchased Union Tower, a 210,000-square-foot office building in Lakewood, Colo., from TA Realty.
Cress sourced and led the transaction and will oversee asset management, while Revesco will provide property management services through its subsidiary, Revesco Property Services.
Booming Office Submarket
Located in the Denver Technology Center at 8480 East Orchard Road, the six-story building was originally constructed in 1984. Comprising 120,873 square feet, the property offers 295 parking spaces, common area Wi-Fi and three passenger elevators. Current tenants include Pinnacle Plus Financial, Regus, Jewell Insurance, Doida Law, PRO Group and more.
The property was purchased by TA Realty in 2011 from Guggenheim Real Estate for $13.6 million, according to Yardi Matrix. The company invested more than $1.3 million in capital improvements and the new owners plan on continuing that plan by making cosmetic enhancements to the lobby, corridors, elevators and improving asset amenities.
“Differentiators are key in any market, but especially in the largest office submarket in the Denver Metro,” said Tom Parnell, partner at Cress, in prepared remarks. “The location and ease of access of Orchard Pointe really set it apart from its competition. Flexible and efficient floor plates combined with incredible views, covered parking and walkable amenities were also big factors in our investment decision.”
Orchard Pointe offers close access to the Interstate 25/Orchard Road interchange, two light rail stations and nearby retail such as Starbucks and Del Friscos steakhouse.
Image courtesy of Cress Capital