Cushman & Wakefield has announced the sale of 8822 South Ridgeline Boulevard, a 76,369 square foot multi-tenant office building located in southwest Denver in Highlands Ranch, Colorado, according to Steve Schwab, Managing Principal of the firm’s Denver office. The property sold for $8,000,000.
Jon Hendrickson and Aaron Johnson, Managing Directors with the Capital Markets Team at Cushman & Wakefield’s Denver office, had the exclusive listing to sell the property on behalf of a non-traded real estate investment trust.
“The seller of 8822 Ridgeline received very strong buyer interest in a short period of time,” said Hendrickson. “The property epitomizes a value-add acquisition, and what many of our private capital clients are seeking. There are physical improvement opportunities and amenity additions that will lead to increased occupancy, efficiency and value. The surrounding area continues to improve with the Central Park development and UCHealth Highlands Ranch. The leasing team will now be able to market a value proposition that few southwest buildings can offer their tenants. The acquisition is a true value-add purchase.”
The property was 70% leased to eight tenants at the time of sale, including the largest tenants: Software AG, Lasater & Martin and Solutions II.