Private Investment Group Snags Denver Office Asset

Red Tail Acquisitions sold Belcaro Place, a 154,000-square-foot property, to private investment group F6F. The property was 97 percent occupied at the time of sale.
Belcaro Place in Denver
Belcaro Place in Denver

F6F, a private investment group, acquired Belcaro Place from Red Tail Acquisitions. The 154,000-square-foot office building in Denver changed hands for $20 million.

The nine-story asset located at 3801 E. Florida Ave was 97 percent occupied at the time of sale. Tenants include United Surgical Partners International, Financial Services Network and the Colorado Alliance of Research Libraries. The building is situated within walking distance of multiple restaurants and hotels, including Noodles and Co., Courtyard by Marriott and Hyatt Place.

Marcus & Millichap’s Brian Smith, vice president of investments, procured the buyer, while Barry Higgins, senior vice president of investments, negotiated the transaction on behalf of the seller. According to Yardi Matrix data, Red Tail Acquisitions purchased the asset as an REO in 2012 from U.S. Bank for $3 million.

The new deal comes a few months after Amstar acquired The Citadel, a 131,000-square-foot Denver office building located 1.5 miles from Belcaro Place.

Image courtesy of Yardi Matrix