Altus Properties Pays $54M for Denver Portfolio

200 Josephine St. Image courtesy of CommercialEdge

Unico Properties has sold a four-building office and retail portfolio in Denver’s Cherry Creek submarket, for $54 million, according to Denver County public records.

Totaling 101,203 square feet of space, the property collection last traded in 2015, for $42 million, and now Altus Properties is the new owner, according to the same source.

This marks Altus Properties’ first acquisition in Denver, and the second one in the state. CBRE‘s Senior Vice Presidents Jenny Knowlton, Charles Will and Chad Flynn, together with Vice Chairman Timothy Richey brokered the deal. With the signing of two recent leasing deals, the portfolio is 100 percent occupied, according to the Denver Business Journal.

The property collection consists of a six-story office building, a two-story office and retail building, as well as a three-story office and retail building, and a one-story retail structure located at 2401 E. Second Ave., 220 Josephine St., 201 Columbine St. and 2415 E. Second Ave. The four buildings were originally constructed in 1969, completely renovated in 2004, and feature 11,787-square-foot floorplates, passenger elevators and 265 parking spots, according to CommercialEdge.

Situated on a 1.4-acre lot, close to Interstate 25, the portfolio is 3.6 miles from downtown Denver, 8 miles from Aurora, Colo., and within 20 miles of Denver International Airport. Tenants include Merrill Lynch Wealth Management, Guardian Title Agency, Coldwell Banker Realty, Edison Interactive and USPS, among others, CommercialEdge data shows.

Other high-profile office deals in the Denver area include North Beacon Capital’s acquisition of Cole Center, a 155,610-square-foot building in Lakewood, Colo. Bancroft Capital and Viking Partners sold the asset for $32.7 million in September 2022. Last summer, Menashe Properties Inc. paid $50 million for a 370,000-square-foot Denver Class A office property. The 17-story building had last traded in 2007.