An office and retail property at the western entrance to the Cherry Creek business district has sold for the first time in 15 years.
The 210 University Blvd. property sold last week for $67.7 million, according to brokerage JLL, which marketed it for the seller.
The property, which comprises nearly a full city block, includes a nine-story office building on the southern end. To the north of that is a parking garage and one-story retail buildings that face 3rd Avenue.
The buyer was a joint venture led by Denver-based Corum Real Estate Group and Koch Real Estate Investments, according to JLL.
“The partnership is thrilled to succeed to ownership of this high performing asset in this high performing submarket, especially in Corum’s backyard,” Corum Vice President Jane Fletcher said in a statement.
The property was sold by Offices at University LLC, which paid $38.8 million for it in June 2007, records show.
The property is 89.4 percent leased, according to JLL. Office tenants include Baird and US Bank, both of which have signage on the exterior of the building, as well as Cherry Creek Imaging and Western Veterinary Partners. The retail space is occupied by Chinese restaurant Little Ollie’s and Paradise Cleaners.
A marketing brochure prepared by JLL stated that most leases signed at the property since 2020, whether a new lease, renewal or expansion, were in the range of $39.50 to $45.50 per square foot annually. The one exception was US Bank, which agreed to a rental rate of $68.55 when it renewed its lease of 14,950 square feet last year, according to the marketing materials.
JLL’s marketing materials also played up the site’s redevelopment potential. The northern retail portion of the site is zoned for up to five stories and has a footprint of about 19,000 square feet, according to the brochure. Leases for the restaurant and cleaners can be terminated with one year’s notice.
“There are two primary development options on this parcel,” JLL’s brochure stated. “First, the existing footprint can accommodate roughly 52,000 SF within existing zoning. The second option would be to build on the existing footprint and integrate that into the existing parking structure to achieve more scale, as the zoning for the garage parcel increases to 8 stories.”
Asked if the company was interested in redeveloping the site, Corum President Eric Komppa said in an email: “We are currently studying a wide variety of ideas but have no concrete plans as of yet. “
Corum recently purchased land in Curtis Park from bus company Greyhound for a planned apartment project. The company is also building apartments at the corner of 17th Avenue and Clarkson Street in Uptown and working to reposition a former Macy’s store in Boulder.
JLL brokers Peter Merrion, Mark Katz and Hilary Barnett represented the seller in the 210 University deal.
Editor’s Note: This story has been updated with a comment from Eric Komppa.