Unico unloads two office buildings for $60M

 

 

centerpoint towers

Unico sold the two towers near I-25 and Colorado Boulevard for $62 million. Photo by Burl Rolett.

Correction: a previous version of this article incorrectly stated that Investcorp sold a portfolio of flex properties near the Centennial Airport in June. Investcorp bought that portfolio along with Griffin Partners, Inc.

Just three weeks after buying  $79 million of flex space, a Bahrain-based investment firm has closed an eight-figure Denver office real estate acquisition.

Investcorp bought the two Centerpoint towers near Colorado Boulevard and Interstate 25 from Unico last week for $62 million. The property includes 373,000 square feet of rentable space, according to Unico’s website.

Using those figures, the building traded for about $165.50 per square foot. The buildings are about 90 percent leased.

The Centerpoint complex, built in the early 1980s, comprises two office towers at 3900 E. Mexico Ave. and 1777 S. Harrison St.

centerpoint towers - centerpoint I

Centerpoint I, the smaller tower, comprises 168,000 square feet of rentable space. Photo by Burl Rolett.

Centerpoint I is the smaller tower, at 14 stories and 168,000 rentable square feet. It accounted for $29 million of the portfolio’s sale price, according to Denver city records. Unico bought Centerpoint I in 2012 for $11.75 million.

Centerpoint II has 17 stories and 205,000 rentable square feet. It made up the majority of the sales price at $32.7 million. Unico bought that building for $26.3 million in 2006, Denver city records show.

Tenants at Centerpoint include Icon Lasik, Tuff Shed, Your Castle Real Estate and Smashburger.

Both Unico and Investcorp have been active in Denver real estate recently. In June, Investcorp bought nearly $80 million of 10 office and flex space buildings near the Centennial Airport.

Unico, meanwhile, has gobbled up downtown office space over the past year. The firm has bought the Denver Club Building at 1430 Wynkoop St., the Elephant Corral Building and a cluster of Cherry Creek buildings along Josephine Street since the beginning of 2015.

The Seattle-based company also has land and office buildings along Platte Street, where it plans to build an office building at the former Money Barrel bar at 1615 Platte St.

centerpoint towers

 

 

centerpoint towers

Unico sold the two towers near I-25 and…

You must be a member to access BusinessDen's exclusive reporting.

Your subscription has expired. Renew now by choosing a subscription below!

For more informaiton, head over to your profile.

Profile


SUBSCRIBE NOW

TERMS OF SERVICE:

ALL MEMBERSHIPS RENEW AUTOMATICALLY. YOU WILL BE CHARGED FOR A 1 YEAR MEMBERSHIP RENEWAL AT THE RATE IN EFFECT AT THAT TIME UNLESS YOU CANCEL YOUR MEMBERSHIP BY LOGGING IN OR BY CONTACTING AARON@BUSINESSDEN.COM.

ALL CHARGES FOR MONTHLY OR ANNUAL MEMBERSHIPS ARE NONREFUNDABLE.




Return to Homepage

Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments