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Belay, Harbor JV Buys Denver, SoCal Assets for $57M
Harbor Associates, LLC acquired a pair of assets in Denver and Southern California in a joint venture with Belay Investment Group, LLC for a combined $56.9 million.
Capitol Center (pictured) consists of a 12-story mid-century office tower attached to a historic, two story building that totals 166,000 square feet. The buildings are located at 225 E 16th and 1600 Sherman, respectively, in Denver’s Uptown neighborhood. The property, which has 47% in-place occupancy, was acquired from Steelwave for $28.9 million.
700 N. Central is an eight-story, 136,000-square-foot office building located in Glendale, CA that is 75%-leased, and was acquired from CBRE Global Investors for $28 million.
Harbor’s repositioning strategy for both assets include interior updates and exterior enhancements, along with spec suites and new building amenities.
CBRE represented the sellers in both transactions. Mike Winn, Tim Richey and Chad Flynn brokered the Denver transaction, while Michael Longo, Sean Sullivan and Todd Tydlaska led the Glendale sale.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition