JLL Capital Markets arranges the $68 million sale of and financing for 210 University, an office and retail building in Denver’s Cherry Creek North

Jane Fletcher

 

 DENVER, CO – JLL Capital Markets has closed the sale of and arranged acquisition financing for 210 University, a mixed-use development with office and retail space totaling 140,832 square feet in the Cherry Creek North district of Denver, Colorado.

Hilary Barnett

 JLL marketed the property on behalf of the owner in the sale to a joint venture led by Corum Real Estate Group and Koch Real Estate Investments (KREI). Financial details were not disclosed.

 In addition, JLL worked on behalf of the new owner to secure a five-year, interest-only, fixed-rate loan with a national balance sheet lender.

Peter Merrion

 “210 University is the gateway to Cherry Creek North.  The partnership is thrilled to succeed to ownership of this high performing asset in this high performing submarket, especially in Corum’s backyard” added Jane Fletcher, Executive Vice President of Corum, who spearheaded the acquisition.

Kristian Lichtenfels

 210 University is 89.4%-leased to a variety of tenants, including Baird, US Bank, Cherry Creek Imaging and Western Veterinary Partners among others.

 The building includes two ground-floor retail spaces occupied by Little Ollie’s and Paradise Cleaners. The property also includes one of the largest parking garages in the parking constrained Cherry Creek North district.

William Haass

 210 University prominently sits 10 minutes from downtown Denver at the most trafficked intersection in all of Cherry Creek North, a 16-block business improvement district known for being home to Denver’s best restaurants, shops and hotels.

Leon McBroom

 The property is flanked by University Blvd. and Josephine Street, two of the area’s major commuter and pedestrian arterials.

 The property is surrounded by Denver’s most affluent neighborhoods, attracting a strong tenant demand and employee base to the area.

 Cherry Creek North boasts exceptional neighborhood demographics with 78% of the area’s 7,800 residents holding a bachelor’s degree or higher and household incomes averaging $178,000.

Mark Katz

Cherry Creek North has the lowest vacancy rates and highest office, retail and multi-housing rents in the entire Denver Metro, making the market highly desirable to investors and lenders alike.  

 The JLL Capital Markets Investment Sales and Advisory team representing the seller was led by Managing Director Peter Merrion, Senior Managing Director Mark Katz and Senior Director Hilary Barnett.

“Cherry Creek is one of the best performing submarkets in the country, and 210 University's location at Cherry Creek's front door drove substantial interest from both buyers and lenders,” said Merrion.

 A mixed-use development with office
and retail space totaling 140,832 SF
 in the Cherry Creek North district
 of Denver, CO

“The new ownership's long-term strategy in this premier market is very exciting, and JLL is grateful to have worked with all parties on this opportunity."

The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Director Kristian Lichtenfels, Director William Haass and Senior Managing Director Leon McBroom.

 JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers.

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 CONTACT:

Cierra Lacasse, JLL Associate

 Public Relations

Phone: +1 602 648 8701

Email:  Cierra.Lacasse@am.jll.com