Highlights
- Size: 29,140 SF
- Sale Date: April 2020
- Property Type: Office
Property Description
Built in 1981, Arapahoe Plaza East II is a three-story, multi-tenant, office building. The property offers both large and small suites to accommodate a variety of tenants. The property also features upgraded lobby finishes, ample parking, and excellent access to Interstate 25.
Matt Kulbe of NavPoint Real Estate Group alongside John Witt, Principal of Quiver Investments, represented the Seller. According to Matt Kulbe, “Amidst the impact from the COVID-19 pandemic, the Buyer is a long-term holder and recognized this asset met their investment goals. The Buyer took advantage of low interest rates to acquire a great asset with a strong tenant mix that had already collected 93% of the rent for April upon closing early in the month. With unprecedented lender and appraisal hurdles, the Buyer and Seller negotiated a very fair deal for both parties.”
John Witt adds, “We went under contract at the beginning of February after receiving significant interest in the asset. As the impacts of COVID-19 were escalating, stay-at-home orders were initiated, and the stock market was experiencing severe volatility, Matt Kulbe and I quickly found ourselves in rapidly changing environment that ultimately lead to successful closing with a final sales price of $3,525,000.”
