After five years, it was time for Stuart Ogilvie to move on.
The self-described value-added real estate developer last week sold a Cherry Creek office/retail building at 3300 E. First Ave. for $37.5 million, or $388 per square foot.
“We try to go after something we can fix. Then we fix it. Then we sell it,” said Ogilvie, who heads up Ogilvie Properties. “We’re not really income investors.”
Ogilvie paid $10.5 for the building in 2013 and finished a $6.5 million facelift in 2016, creating room for 3 retail bays leased to Olive & Finch, Tru Fit Athletic Clubs and Kohler.
The buyer was Chicago-based real estate firm GEM Realty Capital, which borrowed $24 million from Goldman Sachs, according to Denver property records. GEM did not return a call seeking comment.
The building’s 97,000 square feet of office space is leased mostly to professional services and doctors’ offices. Ogilvie said he raised annual rents from $19 to $37 per square foot.
NKF Capital Markets brokers John Jugl, Riki Hashimoto, Dan Grooters and Paul Donahue represented Ogilvie Properties in the sale.