Aurora Corporate Plaza sits at the southeast corner of Iliff Avenue and Peoria Street. (Google Maps)
A distressed office complex in southern Aurora is poised to be auctioned off with a reserve price of $4.5 million.
Arapahoe County District Judge Heidi Kutcher approved the planned auction of the three-building Aurora Corporate Plaza at 12100-12250 E. Iliff Ave. earlier this month.
The complex at the southeast corner of Iliff and Peoria Street is 220,000 square feet. It was purchased in December 2016 for $17.4 million by an affiliate of San Francisco-based Graham Street Realty, records show.
Graham Street subsequently defaulted on the property’s loan, issued by Independent Bank. As a result, the property has been overseen since November by Cordes & Co., the court-appointed receiver.
Cordes & Co. proposed the auction, which will be held on the website Ten-X.
Cordes Director Suni Devitt told BusinessDen that the auction will be held May 5 to 7.
She disclosed the $4.5 million reserve price in a court filing this month. While properties are generally not sold if the auction reserve price is not met, Devitt wrote that she could lower the reserve price during the auction if it becomes clear it will not be met.
Ten-X has a “Buy Now Price” feature that ends an auction if a party agrees to pay that price. That price will be set at $5.8 million for Aurora Corporate Plaza, Devitt wrote.
She has hired Jules Sherwood, a broker with Kenai Capital Advisors, to help facilitate the sale.
Devitt wrote that an auction makes sense given a previous attempt to sell the property the traditional way was unsuccessful.
Cushman & Wakefield marketed the complex in late 2023 and early 2024, Devitt wrote, and received three nonbinding letters of intent: two for $1.5 million and a third for $6.5 million.
The higher LOI was from a group that had never closed on a transaction and that wanted to explore a residential conversion of the buildings. The process, which took place before the property went into receivership, did not result in a sale.
Aurora Corporate Plaza was 38% occupied as of November, Devitt said.
A sale at $5.8 million would represent a discount of 66% from the last time the property sold in 2016. A sale at $4.5 million would be a 75% discount.
Aurora Corporate Plaza sits at the southeast corner of Iliff Avenue and Peoria Street. (Google Maps)
A distressed office complex in southern Aurora is poised to be auctioned off with a reserve price of $4.5 million.
Arapahoe County District Judge Heidi Kutcher approved the planned auction of the three-building Aurora Corporate Plaza at 12100-12250 E. Iliff Ave. earlier this month.
The complex at the southeast corner of Iliff and Peoria Street is 220,000 square feet. It was purchased in December 2016 for $17.4 million by an affiliate of San Francisco-based Graham Street Realty, records show.
Graham Street subsequently defaulted on the property’s loan, issued by Independent Bank. As a result, the property has been overseen since November by Cordes & Co., the court-appointed receiver.
Cordes & Co. proposed the auction, which will be held on the website Ten-X.
Cordes Director Suni Devitt told BusinessDen that the auction will be held May 5 to 7.
She disclosed the $4.5 million reserve price in a court filing this month. While properties are generally not sold if the auction reserve price is not met, Devitt wrote that she could lower the reserve price during the auction if it becomes clear it will not be met.
Ten-X has a “Buy Now Price” feature that ends an auction if a party agrees to pay that price. That price will be set at $5.8 million for Aurora Corporate Plaza, Devitt wrote.
She has hired Jules Sherwood, a broker with Kenai Capital Advisors, to help facilitate the sale.
Devitt wrote that an auction makes sense given a previous attempt to sell the property the traditional way was unsuccessful.
Cushman & Wakefield marketed the complex in late 2023 and early 2024, Devitt wrote, and received three nonbinding letters of intent: two for $1.5 million and a third for $6.5 million.
The higher LOI was from a group that had never closed on a transaction and that wanted to explore a residential conversion of the buildings. The process, which took place before the property went into receivership, did not result in a sale.
Aurora Corporate Plaza was 38% occupied as of November, Devitt said.
A sale at $5.8 million would represent a discount of 66% from the last time the property sold in 2016. A sale at $4.5 million would be a 75% discount.
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