CentrePoint Enters The Denver Tech Center with $14.2m Acquisition of Highland Place II
On July 22nd Centre Point Properties partnered with California based JPF Capital to purchase Highlands Place II, a 141,276sf office building located at 9110 East Nichols Avenue in Centennial CO, for $14,255,000 or $101.90/sf.
“We feel that the market dynamics surrounding the COVID-19 pandemic coupled with the fact that the property is only 55% occupied created a unique value-add opportunity within a DTC submarket where such opportunities are typically hard to find” noted Josh Pred, the Asset Manager who will be overseeing the project for CentrePoint. “We plan to give the property a much more competitive amenity package by adding a fitness center and a conference room off the building lobby and by activating the beautiful but under-utilized outdoor spaces around the building. We are also going to install a second interior staircase to create another access point for the 2nd floor to allow the vacant 48,617sf floor plate to be more practically divided amongst multiple users. Lastly, we will utilize Colorado’s CPACE program to improve energy efficiency by modernizing the building elevators and overhauling the building’s lighting package.”
Copper Williams of Essex Financial secured financing for the project, and Patrick Deveraux, James Brady, and Campbell Davis with CBRE Capital Markets in Denver represented the seller in the transaction.