Buyer of East Colfax office building plans to build apartments behind it

Denver office building sold

The four-story Upper Colfax Business Center is at 1245 E. Colfax Ave. (Thomas Gounley photos)

An office building along East Colfax in City Park West has sold, and the buyer wants to build on the parking lot behind it.

An entity managed by Leon Cisneros, of Denver-based CRE Development Investments, paid $9.3 million last week for the 1245 E. Colfax Ave. property, according to public records.

The corner property is home to a four-story building known as the Upper Colfax Business Center, with retail space on the ground floor and office space above. But about half the 0.86-acre lot is currently a surface parking lot.

Cisneros couldn’t be reached for comment by press time. Earlier this year, however, he submitted plans to the city indicating he wants to renovate the lobby of the existing building but otherwise keep it as office and office space.

Secondary scaled

The building’s new owner wants to build an apartment building in the parking lot to the north.

Cisneros then wants to build an apartment building on the parking lot to the north of the existing building. The plans call for 82 units, and a total of 60 parking spaces serving both structures.

Cisneros’ previous development work includes two apartment buildings in the 1200 block of Santa Fe Drive in Lincoln Park.

Existing retail tenants at the Upper Colfax Business Center include Doppio Coffee and a poke restaurant, both of which face Lafayette Street. Colfax-facing units previously occupied by a pharmacy and dentist are being marketed for lease.

The property was sold by Pacific Dynamic LLC, managed by Karla Barlow, and Road King Enterprises LLC, managed by Cesare Morganti. The sellers paid $5.1 million in June 2012, records show.

Denver office building sold

The four-story Upper Colfax Business Center is at 1245 E. Colfax Ave. (Thomas Gounley photos)

An office building along East Colfax in City Park West has sold, and the buyer wants to build on the parking lot behind it.

An entity managed by Leon Cisneros, of Denver-based CRE Development Investments, paid $9.3 million last week for the 1245 E. Colfax Ave. property, according to public records.

The corner property is home to a four-story building known as the Upper Colfax Business Center, with retail space on the ground floor and office space above. But about half the 0.86-acre lot is currently a surface parking lot.

Cisneros couldn’t be reached for comment by press time. Earlier this year, however, he submitted plans to the city indicating he wants to renovate the lobby of the existing building but otherwise keep it as office and office space.

Secondary scaled

The building’s new owner wants to build an apartment building in the parking lot to the north.

Cisneros then wants to build an apartment building on the parking lot to the north of the existing building. The plans call for 82 units, and a total of 60 parking spaces serving both structures.

Cisneros’ previous development work includes two apartment buildings in the 1200 block of Santa Fe Drive in Lincoln Park.

Existing retail tenants at the Upper Colfax Business Center include Doppio Coffee and a poke restaurant, both of which face Lafayette Street. Colfax-facing units previously occupied by a pharmacy and dentist are being marketed for lease.

The property was sold by Pacific Dynamic LLC, managed by Karla Barlow, and Road King Enterprises LLC, managed by Cesare Morganti. The sellers paid $5.1 million in June 2012, records show.

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