David Phillips | Denver
GOLDEN, CO—Sixth Avenue West a 124,508-square-foot, class A office building has been acquired by Bancroft Capital Advisors.
Transwestern’s Denver office represented the seller, DIP-TSEP JV I, a joint venture between Diversified International Partners, Finesa Real Estate Group and Transwestern Investment Group.
Managing directors Brad Cohen and Larry Thiel of Transwestern’s Denver Capital Markets Group brokered the transaction on behalf of DIP-TSEP JV I. The property is located at 350 Indiana St. in Golden.
“Sixth Avenue West is an institutional-quality asset in Denver’s steady West submarket,” said Thiel. “Some of Denver’s premier companies have chosen to lease space at Sixth Avenue West as a result of its superior accessibility, views and corporate image. The asset’s stabilization and leasing potential made it an attractive investment opportunity.”
Sixth Avenue West was 84% leased to 13 tenants at the time of sale. The prominent eight-story building sits on an elevated 6.51 acres above U.S. Highway 6 and Indiana Street. Built in 1984, Sixth Avenue West is in a once overlooked office market that is gaining momentum with investors due to the light rail expansion, new St. Anthony Hospital and Denver Federal Center.
“We are very happy to acquire this attractive, functional and well-maintained building in the sweet-spot of the West Denver submarket between the Central Business District and communities in the foothills,” said Joe Lamkin, principal at Bancroft Capital. “We see a tremendous amount of opportunity at Sixth Avenue West given the area’s vacancy rate, which has dipped below 7.0% for class A buildings.”
Bancroft, located in Manhattan Beach, CA, is a privately-owned investment firm.
Transwestern is a privately-held real estate firm of collaborative entrepreneurs specializing in agency leasing, management, tenant advisory, capital markets, research and sustainability services. Transwestern has 34 US offices and assists clients through more than 180 offices in 37 countries as part of a strategic alliance with BNP Paribas Real Estate.