Two office buildings in unincorporated Douglas County have sold for roughly 30 percent less than they fetched six years ago.
San-Francisco-based Graham Street Realty was the seller of both buildings, at 9777 Pyramid Court and 384 Inverness Parkway.
Graham purchased the 120,449-square-foot office building on Pyramid Court for $13.9 million in 2017. The company sold it for $9.9 million, or about $82 a square foot, this month, according to public records.
The buyer was Broomfield-based Certus. The building was 78 percent leased at the time of the sale, according to Cushman & Wakefield.
The situation at 384 Inverness Parkway was similar, just on a smaller scale.
Graham bought the 51,527-square-foot building there for $5.5 million, also in 2017, records show. It was 58 percent leased when the company sold it for $3.4 million, or about $65 a square foot, last month to Greenwood Village-based NexGen Properties, records show.
Both buildings are south of Denver between Centennial and Lone Tree, off the I-25 corridor.
Cushman & Wakefield brokers Aaron Johnson and Jon Hendrickson represented the seller in both deals. Johnson said the lower sale price was due to a combination of many market trends right now, such as office occupancy and construction costs.
Johnson said both properties had slightly higher occupancies when Graham Street Realty purchased them.
“They (Graham) did lease them up and had better occupancy over their ownership period; it was just a combination of the market and times when they sold them,” Johnson said.
NexGen President Travis McNeil said in a news release the group plans to improve the building’s facade and add spec suites. It hired Hospitality at Work as the new property manager.
The sales leave Graham with six Colorado properties, most of which are in Denver suburban areas like Centennial and Aurora. The company has eight other properties in California, Arizona and Washington.