Cherry Creek office building trades owners for $4.4 million

Sidford Capital purchased the office building at 100 Garfield St. for $4.4 million. (Thomas Gounley)

A corner office building in Cherry Creek has changed hands.

Denver-based Sidford Capital LLC purchased 100 Garfield St. last week for $4.4 million in an off-market transaction.

The seller was Illinois-based Midland States Bank, which gained control of the property in 2014 when it acquired Missouri-based Heartland Bank FSB. Heartland Bank purchased the property for $3.48 million in January 2007.

Midland has been operating a branch on the building’s first floor, and using the fourth floor for office space. It will vacate both spaces. The branch – Midland’s only one outside Illinois and Missouri – will close at yearend.

Ken Whitelam, the bank’s market president for Denver, said the company is negotiating a lease for a new branch “in very close proximity to our existing location.”

He said the sale was “an opportunity for us to focus on our core business, which is banking,” and prompted in part by the robust real estate market.

Andy Wolf, senior vice president at Sidford Capital, said the only other tenant is a nearby frame shop that rents about 930 square feet. The building is 41 percent vacant, including the entire second and third floors.

“It was kind of a rare opportunity to purchase that size of an office building along First Avenue, with the great access to Colorado Boulevard,” Wolf said, noting the property also has parking.

Matt Vandal of Sognare Partners represented both the buyer and the seller.

Wolf said Sidford is open to renting the building to tenants, and would consider selling to an owner-user. He said the company will do some interior work to modernize the space, but didn’t have an estimate of the cost.

Sidford owns and manages about 750,000 square feet of office, retail and industrial space in Denver. That includes one other property in Cherry Creek, a small retail center at 101 Adams St.

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