{"id":1004181207,"date":"2017-06-20T08:48:32","date_gmt":"2017-06-20T16:48:32","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004181207"},"modified":"2022-12-08T11:20:16","modified_gmt":"2022-12-08T19:20:16","slug":"denver-office-building-trades-for-37m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/denver-office-building-trades-for-37m\/","title":{"rendered":"Denver Office Building Trades for $37M"},"content":{"rendered":"<p>By Razvan Cimpean<\/p>\n<div id=\"attachment_1004181212\" style=\"width: 369px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/The-Citadel-in-Denver.jpg\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004181212\" data-attachment-id=\"1004181212\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/denver-office-building-trades-for-37m\/amstar-closes-on-the-citadel-cherry-creek\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/The-Citadel-in-Denver-e1497950419205.jpg\" data-orig-size=\"1424,1068\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;Amstar&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;Amstar Closes on The Citadel, Cherry Creek Acquisition (PRNewsfoto\/Amstar)&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;This image must be used within the context of the news release it accompanied. Request permission from issuer for other uses.&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;Amstar Closes On The Citadel Cherry Creek&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"The Citadel in Denver\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;The Citadel in Denver&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/The-Citadel-in-Denver-e1497950419205.jpg?w=1024\" class=\"wp-image-1004181212 \" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/The-Citadel-in-Denver-e1497950419205.jpg\" alt=\"The Citadel in Denver\" width=\"359\" height=\"269\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/The-Citadel-in-Denver-e1497950419205.jpg 1424w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/The-Citadel-in-Denver-e1497950419205.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/The-Citadel-in-Denver-e1497950419205.jpg?resize=768,576 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/The-Citadel-in-Denver-e1497950419205.jpg?resize=1024,768 1024w\" sizes=\"auto, (max-width: 359px) 100vw, 359px\" \/><\/a><p id=\"caption-attachment-1004181212\" class=\"wp-caption-text\">The Citadel in Denver<\/p><\/div>\n<p>Amstar acquired The Citadel in the Cherry Creek submarket of Denver from KBS Realty Advisors. The 131,000-square-foot office building changed hands for $37 million, according to public records. Amstar is set to invest approximately $2 million in interior\/exterior upgrades.\u00a0CBRE\u2019s Mike Winn, Tim Richey and Chad Flynn represented the seller. Brady O\u2019Donnell, Jeff Halsey and Jill Haug of CBRE Capital Markets were in charge of arranging the financing.<\/p>\n<h2>Well-Positioned Property<\/h2>\n<p>Located at 3200 E. Cherry Creek South Drive, the seven-story building offers convenient access to various hotels, shopping and dining options, including Hilton Garden Inn Denver Cherry Creek and Cherry Creek Shopping Center. The asset offers more than 350 subterranean parking spaces.<\/p>\n<p>According to Yardi Matrix, KBS Realty Advisors acquired the property in 2008 from Crescent Real Estate Holdings for $31.8 million. The Citadel is home to such companies as Wells Fargo Advisors, Benson Orthodontics and New York Life Insurance. At the time of sale, the asset had a vacancy rate of 15 percent.<\/p>\n<p><em>\u201cThe strong bid support seen for this property is a testament to the desirability of the Cherry Creek micro market,\u201d<\/em> Tim Richey, vice chairman at CBRE, said in a prepared statement.<\/p>\n<p>Earlier this year, a partnership between KBS Realty Advisors and CBRE Global Investors sold BB&amp;T Tower, a 541,870-square-foot <a href=\"https:\/\/www.commercialsearch.com\/news\/cw-to-lease-manage-atlanta-trophy-office-tower\/\">Atlanta office tower<\/a>.<\/p>\n<p><em>Image courtesy of Amstar<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Amstar purchased a seven-story, 131,000-square-foot property in the Cherry Creek submarket of Denver. The company is planning to invest nearly $2 million in various upgrades.<\/p>\n","protected":false},"author":753,"featured_media":1004505971,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,1587,21742,21747,15],"tags":[36275,32789,35334,36276,33514,33277],"class_list":["post-1004181207","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-denver","category-latest","category-office","category-west","tag-amstar","tag-cbre","tag-kbs-realty-advisors","tag-new-york-life-insurance-company","tag-tim-richey","tag-wells-fargo"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Denver Office Building Trades for $37M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/denver-office-building-trades-for-37m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Denver Office Building Trades for $37M\" \/>\n<meta property=\"og:description\" content=\"Amstar purchased a seven-story, 131,000-square-foot property in the Cherry Creek submarket of Denver. 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