River Rise Capital Makes $18M Purchase in Denver

River Rise Capital has bought Rampart Middle, a 100,455-square-foot two-building workplace campus in Englewood, Colo., inside Denver’s Centennial submarket. The property traded for $18 million.

JLL Capital Markets negotiated on behalf of the vendor, Libitzky Property Cos. The property is 94 occupied by 5 tenants working in quite a lot of industries, with JRF Ortho, The Village Workspace and DaVita Inc. amongst them, in line with CommercialEdge.

Rampart Middle beforehand modified fingers in 2020 for $14.5 million, when Libitzky Property Cos. picked up the asset from LBA Realty, Arapahoe County data present.

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Rampart Middle includes two single-story workplace two buildings at 7173 and 7245 S. Havana St. The Class B campus got here on-line in 1999 and options 14-foot ceiling heights and choices for different makes use of, equivalent to R&D, shared workplace or medical workplace. Latest enhancements on the property embody the addition of a health heart.

The roughly 10-acre workplace property is near Centennial Airport and to Interstate 25, in an space with a number of retail, leisure and eating choices. The campus is 16 miles from downtown Denver and 31 miles from Denver Worldwide Airport.

The JLL Capital Markets staff that negotiated on behalf of the vendor included Senior Director Sean Whitney and Managing Director Larry Thiel.

Sluggish funding exercise

Within the first six months of 2024, there have been $215 million in workplace investments in Denver, a latest CommercialEdge report reveals. The quantity marked a 60.6 p.c year-over-year drop, mirroring a nationwide slowdown.

Workplace properties modified fingers for a median sale worth of $125 per sq. foot, under the nationwide determine of $172. Throughout Western metros, Denver’s common sale worth per sq. foot was the bottom, with Los Angeles’s $362 per sq. foot main the rating, adopted by San Francisco’s $324.

A latest deal within the metro is Cress Capital’s acquisition of The 410, a 24-story workplace tower in downtown Denver. The corporate bought the mortgage on the 440,000-square-foot asset, then later negotiated a deed-in-lieu of foreclosures with the earlier proprietor.