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.
For more news, videos and research resources on JLL, please visit our newsroom.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of June 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Bancroft Capital
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.