Northstar Buys 'Distressed' Colorado Office Tower
Denver-based real estate investment company Northstar Commercial Partners (NCP) announced it purchased a six-story, 204,000 square foot office in Aurora, Colo., outside Denver. Cherry Creek Place II was built in 1981 and sits on more than 340,000 square feet of land located near a public transportation station and Interstate 225. The building includes a 4,300 square foot data center and a 1,600 square foot fitness center. The property has only two “quality” tenants, AT&T (T) and Dex Media, the phone book production division of parent company Qwest Communications (Q). Northstar Commercial Partners indicated in a press statement currently in negotiations with new tenants to fill the building. “The timeless architecture and efficient design combined with the wide-open office spaces made Cherry Creek Place II an ideal acquisition target,” said Northstar founder and president R. Brian Watson. “With the purchase of this property at 12% of its replacement cost value, Northstar is excited to place this vacant, distressed asset back into productivity for the Aurora Community.” According to the Denver Business Journal, Northstar paid $4.76m for the property. Northstar did not return a request for comment before this story was published. Write to Austin Kilgore.