December 2, 2019

Office property on Evergreen’s main highway sells in $3.2 million deal

James Childers

A high-profile office property on Evergreen’s doorstep sold to a Texas buyer for $3.2 million, or $73.69 per square foot.

The Center at Evergreen consists of two multitenant buildings at 2922 and 2942 Evergreen Parkway/Colorado Highway 74. U.S. Bank, which has building signage and a drive-thru bank at the property, is the oldest and largest of more than 20 tenants, which include finance, law, insurance and wellness companies, among others.

Good Signature Management LLC purchased the asset from a special servicer. The property was 84% occupied at the time of the sale.

“Good Signature is a Dallas based value-add real estate company that opened our Denver office approximately 2 1/2 years ago. Since that time, we have purchased five properties in the Denver metro area and have plans to expand aggressively as the Denver market settles out in the next cycle,” said Good Signature’s Ken Good Jr.

“The Center at Evergreen represented a great opportunity to purchase a best-in-class asset in the rapidly growing Evergreen market. We believe demand for small office will continue to grow in Evergreen as local households continue to relocate there to gain greater proximity to mountain activities,” he said.

“Center at Evergreen offered investors the chance to invest in a niche submarket at a significant discount to what it would cost to build a new property,” added Campbell Davis, senior associate with CBRE Capital Markets. “The property’s tenants are highly diversified in both size and profession, thus reducing risk, and there’s also the opportunity to add value through the lease-up of the current and pending vacancies.”

Davis represented the seller with CBRE’s James Brady and Patrick Devereaux.

Built in 1980, the Center at Evergreen totals 43,424 sf in two low-rise buildings located on 3.2 acres.

 

Colorado Real Estate Journal – December 4, 2019

Office property on Evergreen’s main highway sells in $3.2 million deal