Mixed-use development in Denver trades for $67.7M
JLL Capital Markets arrange the sale of and financing for 210 University, an office and retail space in Denver’s Cherry Creek North
DENVER, Sept. 9, 2022 – JLL Capital Markets announced today that it 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.
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). 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.
“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.
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.
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. 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.
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. “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. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of June 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Corum Real Estate Group
The Corum Real Estate Group is a Denver based real estate firm specializing in multifamily and commercial development, property management, and construction management services. With more than three decades in business, Corum is a seasoned real estate investor and project leader in Colorado’s Front Range and resort mountain communities. Recent developments include the adaptive reuse of the Macy’s department store in Boulder under conversion to 160,000 SF office building, 124-unit development at 17th in Clarkson and 185-unit development in Curtis Park at 25th and Arapahoe.
About Koch Real Estate Investments
Koch Real Estate Investments (KREI), based in Dallas, Texas, focuses its efforts on attractive risk-adjusted capital deployment into real estate assets and operating companies with an agnostic approach to product, geography, and capital position. KREI has an acute focus on best-in-class management teams and flexible capital solutions which align interests to drive mutual benefit with its partners. Since 2003, Koch companies have invested nearly $150 billion in growth and improvements. With a presence in more than 70 countries, Koch companies employ more than 120,000 people worldwide, with about half of those in the United States. For more news and information, visit www.KOCHind.com.