Northstar Commercial Partners Sells Denver Office Property
- Feb 28, 2019
Northstar Commercial Partners has sold Northfield Business Center, an office property in Denver, for $4.3 million. The firm purchased the building back in January 2015 from DSP for $2.5 million, as a value-add investment. Since then, the company has increased occupancy from 29.6 percent to 94.8 percent.
Located at 12000 E. 47th Ave., the 1973-built property features 56,610 square feet across four stories. According to Yardi Matrix, current tenants include Trio Credit Care, DSP Builders, Hydro Gate and Academy 360, which Northstar secured a 10-year lease with through 2025.
The asset is within close proximity to Interstate 70, Denver’s largest highway, situated between Denver International Airport and downtown Denver. David Martin of Martin Co. Commercial Real Estate Inc. and Steve Mimnaugh of Olympic Partners LLC represented Northstar in the deal.
“Prior to purchasing Northfield, our team was able to identify Northeast Denver as a reasonable area for growth. While Denver vacancy rates were hovering around 13 percent in the metro area, this asset was clearly being underused—especially given the condition of the building,” said Brian Watson, chairman & CEO of Northstar Commercial Partners, in a prepared statement.
Back in December, the company sold its interest in Potomac in Aurora, a 113,568-square-foot building in Aurora, Colo., for $34.8 million.
Image courtesy of Northstar Commercial Partners