CentrePoint Properties Acquires Centennial Office Building for $14.2M
Highland Place II, a 143,175-square-foot office property in Centennial, has sold for $14.255 million to Denver-based commercial real estate investment firm CentrePoint Properties. CentrePoint partnered with California-based JPF Capital in the deal. Patrick Deveraux, James Brady, and Campbell Davis with CBRE Capital Markets in Denver represented the seller, Atlas Real Estate Partners.
Located at 9110 E. Nichols Avenue, between the County Line and Dry Creek Light Rail Stations, Highland Place II is located within the region’s second-largest employment center. Tenants of the three-story building include the National Cattlemen’s Beef Association, BluSky Restoration Contractors, and Cardel Homes U.S.
“At 55 percent occupancy, Highland Place II is a tremendous value-add opportunity for CentrePoint Properties. The asset’s floor plates provide more than 40,000 square feet of contiguous space on a single floor, which is attractive in a post-COVID-19 environment,” said Mr. Devereaux, senior vice president, CBRE. “Additionally, Highland Place II offers a campus environment with tremendous outdoor common areas and a recently re-developed lobby. Highland Place II is located within Panorama Park which continues to be a desired location for companies as millennials begin to flock to the suburbs.”