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11/18/15
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Bancroft Capital closed on the purchase of Sixth Avenue West, a 124.5k sf, Class A office building in Golden, CO. Located at 350 Indiana St, the property was sold by a joint venture between Diversified International Partners, Finesa Real Estate Group and Transwestern Investment Group.
Sixth Avenue West was 84 percent leased to 13 tenants at the time of sale. The prominent eight-story building sits on an elevated 6.51 acres above U.S. Hwy 6 and Indiana St. 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.
Brad Cohen and Larry Thiel of Transwestern’s Denver Capital Markets Group brokered the transaction on behalf of the seller, DIP-TSEP JV I.
“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.”
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