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10/07/22
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A 69.9k sf office building in Greenwood Village, CO was acquired by a private investor for $15.7 mil ($225/sf). The building, located at 5500 Greenwood Plaza Blvd, was sold by Focus Property Group.
5500 Greenwood is situated in southeast metro Denver. Built in 1974, the two-story building is fully leased to seven tenants, including Galloway & Company and Enterprise Coworking. The property has easy access to both Interstate 25 and C-470 and is within walking distance of the Orchard Light Rail Station and The Landmark shopping center.
Patrick Devereaux, James Brady, Campbell Davis and Chad Flynn with CBRE Capital Markets in Denver represented the seller in the transaction.
“5500 Greenwood attracted interest for its location in southeast Denver, which is the metro’s second-largest employment center and an area that has seen tremendous growth over the last two decades. Metro Denver’s suburban office markets have seen a quicker pace of recovery so far this year, and that is driving interest in well-located, well-leased properties,” commented Brady.
Metro Denver’s suburban office market outperformed the downtown office market through the first half of the year, according to CBRE research. The suburbs saw 474.7k sf of positive net absorption (a measure of net move ins and move outs) in the first six months of the year, compared to 353.9k sf of negative net absorption downtown. Office market vacancy stood at 17.6% in Denver’s suburbs, as of the end of the second quarter, versus 26.9% vacancy downtown.
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