 |
| 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.
For
more news, videos and research resources on JLL, please visit our newsroom.
CONTACT:
Cierra Lacasse, JLL Associate
Public Relations
Phone: +1
602 648 8701
Email: Cierra.Lacasse@am.jll.com
