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September 22, 2021
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Crescent Real Estate Buys 120k sf Office/Retail Asset in Denver

9/02/21

A Crescent Real Estate LLC affiliate purchased a 120k sf, two-building Class A office and retail property in Denver. The acquisition was financed with a $56.5 mil senior loan provided by PCCP LLC.

The property is located at 200-250 Columbine St, on the southwest corner of Columbine and E 2nd Ave in the prestigious Cherry Creek submarket. It is currently 100% leased to primarily finance, insurance, and real estate tenants.

The buildings, both constructed in 2015, contain a total of 89.2k sf of office and 30.8k sf of retail space. 200 Columbine is eight stories and contains all of the office space along with 9.9k sf of restaurant retail. It has 12.5k sf floor plates and sits above a two-story subterranean parking garage, giving the project 170 spaces of parking for the office and retail users. 250 Columbine is an adjacent seven-story property and has the remaining 20.9k sf of ground-floor retail. It also includes 71 residential condominium units that were not part of the acquisition.

The Cherry Creek submarket is one of the most affluent and desirable neighborhoods in Denver, featuring an array of high-quality retail, dining, and complementary offices. The Cherry Creek Shopping Center is two blocks away from the property and is a common tourist destination for those looking to experience one of Denver’s largest and most famous malls. Speer Boulevard runs from Cherry Creek to downtown Denver and the Cherry Creek Trail that runs parallel to it enables bikers a direct route into the city.





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