CentrePoint Properties adds office asset to growing portfolio
by Jenna Walters
COLORADO REAL ESTATE JOURNAL
DENVER – A local real estate investment firm acquired a fully leased offire asset in Denver’s Capitol Hill neighbomood.
CentrePoint Properties purchased The Logan, the 62,425-square-foot offire building at 899 Logan St. According to pub-lic records, the buyer acquired the six-story building from seller 899 Logan LLC for $9.86 million Jon Hendrickson, Aaron Johnson and Mitch Veremeychik of Cushman & Wakefield exclusively brokered the transaction.
According to Hendrickson, The Logan was not fully mar-keted for sale. Instead, the Cush-man & Wakefield team secured CentrePoint Properties through preliminary conversations with select high-probability buyers.
Hendrickson noted there were several driving factors behind CentrePoint Properties’ acqui-sition, including the property’s mix of local offire users that withstood the challenges of the COVID-19 pandemic and remain under long-standing tenure at the property. The opportunity for the buyer to implement cos-metic improvements and increase net operating costs also proved attractive, Hendrickson added.
CentrePoint Properties pur-chased The Logan in a 1031 exchange. It adds the 1968-built asset to a portfolio of more than a dozen similar offire build-ings across the state, including the 143,175-sf Highland Plare II property in Centennial, which it acquired last year for $14.25 mil-lion.