{"id":1004214885,"date":"2018-03-29T02:04:55","date_gmt":"2018-03-29T10:04:55","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004214885"},"modified":"2022-12-08T10:04:54","modified_gmt":"2022-12-08T18:04:54","slug":"unico-properties-sells-denver-cbd-high-rise","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/unico-properties-sells-denver-cbd-high-rise\/","title":{"rendered":"Unico Properties Sells Denver CBD High-Rise"},"content":{"rendered":"<p>By Scott Baltic<\/p>\n<div id=\"attachment_1004214921\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/1660-Lincoln-St.-in-Denver.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004214921\" data-attachment-id=\"1004214921\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/unico-properties-sells-denver-cbd-high-rise\/1660-lincoln-st-in-denver\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/1660-Lincoln-St.-in-Denver.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&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;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"1660 Lincoln St. in Denver\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;1660 Lincoln St. in Denver&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/1660-Lincoln-St.-in-Denver.jpg?w=800\" class=\"wp-image-1004214921 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/1660-Lincoln-St.-in-Denver.jpg\" alt=\"1660 Lincoln St. in Denver\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/1660-Lincoln-St.-in-Denver.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/1660-Lincoln-St.-in-Denver.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/1660-Lincoln-St.-in-Denver.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004214921\" class=\"wp-caption-text\">1660 Lincoln St. in Denver<\/p><\/div>\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/cress-expands-western-portfolio-with-110m-buy\/\">Unico Properties<\/a> has sold 1660 Lincoln, a\u00a0284,600-square-foot Class A office building in downtown Denver, to Westport Capital Partners. The 28-story asset was 70 percent occupied at the time of sale and changed hands for\u00a0$67.2 million. HFF negotiated the deal on behalf of the seller. According to Yardi Matrix data, HFF worked on behalf of the buyer to secure a $51.3 million, three-year, floating-rate acquisition loan through ACORE Capital.\u00a0HFF did not reply to <em>Commercial Property Executive<\/em>\u2019s request for additional information.<\/p>\n<p>The property was completed in 1972 and underwent a $17 million repositioning in 2016. The renovation process\u00a0included a new lobby and entryway and the installation of an all-new central plant and HVAC systems, among other improvements.<\/p>\n<p>The tower is located in the uptown area of Denver\u2019s CBD, at 1660 Lincoln St., while the entrance for its adjacent eight-story parking garage is at 1655 Sherman St, The high-rise is in walking distance of reportedly more than 100 dining and entertainment options. It has a WalkScore of 95, a TransitScore of 90 and a Bike Score of 97.<\/p>\n<p>The HFF investment advisory and debt placement teams included Senior Managing Director Mark Katz, Senior Director Peter Merrion and Director Leon McBroom.<\/p>\n<h2>A strong market<\/h2>\n<p>Denver enjoys one of the lowest large-metro unemployment rates in the nation, 2.6 percent, according to a JLL report. The downside is that a shortage of skilled labor might undercut tenant demand.<\/p>\n<p>In 2017, the Uptown\/East Side submarket saw a very small amount of negative net absorption on its inventory of 5 million square feet, per JLL. There were no deliveries in 2017, and no new space is currently in the pipeline.<\/p>\n<p><em>Image via Google Street View<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Westport Capital Partners purchased the 28-story, 284,600-square-foot building. HFF represented the seller and secured the acquisition loan from ACORE Capital.<\/p>\n","protected":false},"author":882,"featured_media":1004214921,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,1587,21808,21825,21742,21747,15],"tags":[36746,32792,33935,33913,33415,36227],"class_list":["post-1004214885","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-denver","category-featured","category-finance","category-latest","category-office","category-west","tag-acore-capital","tag-hff","tag-mark-katz","tag-peter-merrion","tag-unico-properties","tag-westport-capital-partners-llc"],"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>Unico Properties Sells Denver CBD High-Rise - 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\/unico-properties-sells-denver-cbd-high-rise\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Unico Properties Sells Denver CBD High-Rise\" \/>\n<meta property=\"og:description\" content=\"Westport Capital Partners purchased the 28-story, 284,600-square-foot building. 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He started writing about CRE in 1988 for a group of Chicago-based publications and in 1989 became the editor of Midwest Real Estate News. After moving on from there in 1991, Baltic continued writing occasionally about real estate, for publications like the Chicago Sun-Times, National Real Estate Investor, Urban Land, Shopping Center World and Architect\u2019s Newspaper. 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