Newly renovated office building in West Denver trades for $32.7M

DENVER – September 14, 2022 – JLL Capital Markets, on behalf of Bancroft Capital and Viking Partners, announced today that it has brokered the $32.7 million sale of Cole Center, a 155,610-square-foot, recently renovated office building in Denver, Colorado to North Beacon Capital, LLC.

JLL represented the sellers, Bancroft Capital and Viking Partners, in the transaction.

Renovated in 2021, Cole Center is a four-story, multi-tenant office building offering a re-imagined lobby and upgraded building features. On-site amenities include an outdoor plaza with covered seating, 201 subterranean parking spaces, a brand-new fitness center with showers and lockers and on-site bike storage. The property is 88% leased with 75% of those tenants being investment-grade.

The property is located at 1687 – 1707 Cole Blvd. in Denver’s West submarket, which is approximately 15 minutes outside of Downtown Denver. The 5.73-acre site is positioned just off the intersection of Interstate 70 and Denver West Pkwy. offering connectivity to the entire Denver metro area.

The JLL Capital Markets team representing the seller was led by Managing Directors Larry Thiel and Jason Schmidt. 

“After a thoughtful renovation, Cole Center became recognized as a top-tier asset in the West Denver submarket,” Thiel said. “Even in a challenging leasing and sales market, Cole Center attracted the highest quality tenants and premium investor pricing.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Bancroft Capital was founded in 1992, bringing integrity and intelligence to real estate investment partnerships. Bancroft focus’ its efforts in the western United States, where it has formed investment vehicles totaling over $500 million for both private and institutional investors.

Viking Partners is an investment management firm with primary focus in value-add and core-plus real estate in all asset classes. Since inception, Viking has acquired underperforming assets and enhanced their value with the implementation of targeted property level strategies. Viking was founded in 2008 by Bret Caller and Steven Miller. Bret and Steve bring over five decades of combined experience in acquisitions, financing, leasing and property management. Viking has raised approximately $390 million of equity, resulting in the acquisitions of approximately $1.2 billion of real estate. Most of this equity has been invested through six separate real estate funds. With over a billion dollars of acquired assets, Viking is currently making investments on behalf of Viking Partners Fund V and Viking Partners Income Plus Fund I. You can keep up with Viking Partners on LinkedIn.