The entrance to the Vista 25 building at 8300 E. Maplewood Ave. in Greenwood Village. (Google Maps)
Three office buildings along Interstate 25 in Greenwood Village have sold for nearly half what the seller paid.
Miami-based SF Partners purchased the Vista 25 complex at 8100, 8200 and 8300 E. Maplewood Ave. on Dec. 19 for $9.16 million, according to public records.
The seller, California-based Harbor Associates, bought the property in February 2019 for $17.93 million, records show. That’s a drop of 48 percent in just under six years.
Two of the Vista 25 buildings are three stories, and the third is four stories. Together, they total 197,000 square feet, according to SF Partners President Daniel Stuzin. His firm paid about $46 a square foot.
Stuzin said the buildings are 54 percent occupied.
“I feel good about that number at the price we’re paying,” Stuzin said. “We feel cautiously optimistic — I think that’s the right term — that the office market will improve.”
Stuzin said Vista 25’s seller made common area renovations, so he’s focused on the units themselves. He plans to build out some spec suites, and to take on the cost of tenant finishes.
“We are prepared to do turnkey buildout for tenants,” he said.
SF Partners owns office properties in Colorado, Florida, Georgia, Pennsylvania and Virginia, according to its website. Besides Vista 25, its Colorado holdings include the 126,000-square-foot Yosemite Office Plaza at 3600 S. Yosemite St. in Denver, which it purchased in 2019, as well as a similarly sized building in Colorado Springs bought a year prior.
SF Partners is one of the first non-local companies to buy discounted Denver office space. That market, newly created coming out of the pandemic, has to this point been dominated by local firms like Westside Investment Partners and Koelbel & Co.
Seller Harbor Associates, meanwhile, still owns the Vault building at 821 17th St. and the George/Symes building at 820 16th St. in downtown Denver. The firm is exploring a residential conversion of the latter.
The entrance to the Vista 25 building at 8300 E. Maplewood Ave. in Greenwood Village. (Google Maps)
Three office buildings along Interstate 25 in Greenwood Village have sold for nearly half what the seller paid.
Miami-based SF Partners purchased the Vista 25 complex at 8100, 8200 and 8300 E. Maplewood Ave. on Dec. 19 for $9.16 million, according to public records.
The seller, California-based Harbor Associates, bought the property in February 2019 for $17.93 million, records show. That’s a drop of 48 percent in just under six years.
Two of the Vista 25 buildings are three stories, and the third is four stories. Together, they total 197,000 square feet, according to SF Partners President Daniel Stuzin. His firm paid about $46 a square foot.
Stuzin said the buildings are 54 percent occupied.
“I feel good about that number at the price we’re paying,” Stuzin said. “We feel cautiously optimistic — I think that’s the right term — that the office market will improve.”
Stuzin said Vista 25’s seller made common area renovations, so he’s focused on the units themselves. He plans to build out some spec suites, and to take on the cost of tenant finishes.
“We are prepared to do turnkey buildout for tenants,” he said.
SF Partners owns office properties in Colorado, Florida, Georgia, Pennsylvania and Virginia, according to its website. Besides Vista 25, its Colorado holdings include the 126,000-square-foot Yosemite Office Plaza at 3600 S. Yosemite St. in Denver, which it purchased in 2019, as well as a similarly sized building in Colorado Springs bought a year prior.
SF Partners is one of the first non-local companies to buy discounted Denver office space. That market, newly created coming out of the pandemic, has to this point been dominated by local firms like Westside Investment Partners and Koelbel & Co.
Seller Harbor Associates, meanwhile, still owns the Vault building at 821 17th St. and the George/Symes building at 820 16th St. in downtown Denver. The firm is exploring a residential conversion of the latter.
