River Rise Capital Makes $18M Purchase in Denver

River Rise Capital has purchased Rampart Center, a 100,455-square-foot two-building office campus in Englewood, Colo., within Denver’s Centennial submarket. The property traded for $18 million.

JLL Capital Markets negotiated on behalf of the seller, Libitzky Property Cos. The property is 94 occupied by five tenants working in a variety of industries, with JRF Ortho, The Village Workspace and DaVita Inc. among them, according to CommercialEdge.

Rampart Center previously changed hands in 2020 for $14.5 million, when Libitzky Property Cos. picked up the asset from LBA Realty, Arapahoe County records show.

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Rampart Center comprises two single-story office two buildings at 7173 and 7245 S. Havana St. The Class B campus came online in 1999 and features 14-foot ceiling heights and options for other uses, such as R&D, shared office or medical office. Recent improvements at the property include the addition of a fitness center.

The approximately 10-acre office property is close to Centennial Airport and to Interstate 25, in an area with multiple retail, entertainment and dining options. The campus is 16 miles from downtown Denver and 31 miles from Denver International Airport.

The JLL Capital Markets team that negotiated on behalf of the seller included Senior Director Sean Whitney and Managing Director Larry Thiel.

Slow investment activity

In the first six months of 2024, there were $215 million in office investments in Denver, a recent CommercialEdge report shows. The number marked a 60.6 percent year-over-year drop, mirroring a nationwide slowdown.

Office properties changed hands for an average sale price of $125 per square foot, below the national figure of $172. Across Western metros, Denver’s average sale price per square foot was the lowest, with Los Angeles’s $362 per square foot leading the ranking, followed by San Francisco’s $324.

A recent deal in the metro is Cress Capital’s acquisition of The 410, a 24-story office tower in downtown Denver. The company purchased the loan on the 440,000-square-foot asset, then later negotiated a deed-in-lieu of foreclosure with the previous owner.