Bancroft Capital, Viking Partners Sell Denver Asset for $33M

Cole Center. Image courtesy of JLL

Bancroft Capital and Viking Partners have sold Cole Center, a recently renovated office building in metro Denver for $32.7 million. North Beacon Capital LLC is the new owner of the 155,610-square-foot asset.

JLL Capital Markets negotiated the deal for the sellers. The property last traded in 2019, when the previous owner purchased it from Gemini Rosemont for $18.9 million, according to CommercialEdge. At the time of the current sale, the property was 88 percent leased.

Cole Center is a four-story office building located at 1687–1707 Cole Blvd. in Lakewood, Colo., within the Denver West submarket, and dates back to 1981. The property’s last overhaul in 2021 included improvements to the lobby and renovated building features. Common-area amenities include a new fitness center equipped with showers and lockers, an outdoor plaza, on-site bike storage and 201 underground parking spots.

The 5.7-acre lot sits at the intersection of Interstate 70 and Denver West Parkway, roughly 7 miles from central Lakewood and some 11 miles from downtown Denver. The tenant roster at Cole Center includes SCL Health, BOK Financial, New West Physicians and Colorado Department of Revenue, CommercialEdge data shows.

Some of the recent high-profile office transactions in Denver include Menashe Properties Inc.’s $50 million acquisition of Stanford Place III, a 370,000-square-foot class A property, as well as Drawbridge Realty’s $106 million purchase of Arrow Buildings at Dry Creek Station, Arrow Electronics’ long-term headquarters.