A small Cherry Creek office building fetched $4.7 million in its first sale since it was constructed two decades ago.
The 55 Adams St. building is 9,500 square feet, according to marketing materials, so the deal works out to about $491 a square foot.
The building on 0.29 acres, which includes a small parking lot, was purchased by OGRE LLC, an entity that lists a Greenwood Village office address corresponding to that of Westside Investment Partners.
Westside founder Andy Klein declined to comment. The firm is a major real estate player locally. It recently closed its Park Hill Golf Course land swap deal with Denver and has bought numerous office buildings at deep discounts in recent years.
Phillip Lee, a JLL broker who represented the buyer alongside his father David Lee, said the buyer plans to keep the existing building.
The 55 Adams building was sold by Oklahoma City-based MidFirst Bank. It which acquired the property as part of its 2015 acquisition of Denver-based Steele Street Bank & Trust, which erected the building in 2006 after paying $945,000 for the land the previous year, records indicate.
MidFirst didn’t respond to a request for comment.
Jeff Caldwell of Pinnacle Real Estate, who represented the seller in conjunction with Lincoln Property Co.’s Scott Caldwell and Mark Dwyer., said MidFirst used the building minimally over the years, and it was sold empty. The property was originally listed for $5.2 million.
“Cherry Creek continues to be such a dynamic, active and positive market,” Caldwell said.
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