Northstar Commercial Partners Sells Cherry Creek Place I and II Office Properties
July 2, 2018 DENVER, CO — Today, Denver-based Northstar Commercial Partners announced the successful sale of Cherry Creek Place I and II, two of its Aurora, Colorado office properties totaling 399,967 sq ft., for $39,700,000.
Brian Watson, Northstar’s Chairman & CEO, said that “The sale of CCP I & II truly represents a success story, acting out the core of our company’s mission of ‘Creating Opportunity, Empowering People, and Strengthening Communities.’”
Northstar purchased the properties, located at 3131 and 3190 S. Vaughn Way in Aurora along the I-225 corridor, in 2014 and in 2009. The company made high-quality building improvements to both locations and worked to identify and secure top-tier local and national tenants.
Cherry Creek Place I (3131 S. Vaughn) was purchased as a distressed asset by Northstar for $13,550,000 at a 69.93% occupancy rate. Since its acquisition, Northstar has signed multiple leases to bring the property up to 95% occupancy. Larger tenants include TransFirst Holdings, Inc., Avitus, and Edward Jones.
Cherry Creek Place II (3190 S. Vaughn) is a six story, multi-tenant office building. This asset was acquired for $4,600,000, at approximately 12% of its replacement cost value. It was purchased as a completely vacant asset, and Northstar has since secured eight tenants to occupy 97% of the building, which has significantly increased the asset’s value. These tenants include ADT Security Systems, Nationwide Insurance, and the State of Colorado.
“Being able to take these two office assets, place them fully back into productivity, and turn for a successful sale is truly beneficial for everyone involved. We’re honored to play the role we have in provided space to meet the needs of our tenants and truly grateful for a successful sale,” Watson concluded.
Northstar Commercial Partners focuses on buying vacant/distressed buildings to create thriving work and educational environments throughout America, as well as partnering with corporations to buy or build facilities for them which Northstar owns. To learn more about Northstar and the assets it owns in 16 States throughout America, please visit: www.northstarcp.com, and to view the other community empowerment initiatives of Brian Watson its Founder & CEO, please visit: www.brianwatson.us.
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