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Daily NAV REIT Scoops Up Office Property In Denver

Public reporting, daily NAV REIT Dividend Capital Diversified Property Fund Inc. (DPF), recently announced the acquisition of a Class A office property in the Mile High City. The asset, named 1st Avenue Plaza, includes two adjacent buildings built in 1982 and 1984 that underwent renovations which were completed in 2010.

Here’s a quick look at the stats of the deal:

  • Locations: 55 Madison Street and 44 Cook Street, Denver, CO, submarket Cherry Creek
  • Purchase Price: $75 million
  • Square Footage (combined): 262,000
  • % Leased: 95%
  • Tenants: 50, approximately
  • Other: Includes a 764-space parking garage.

“Cherry Creek has emerged as one of the premier office submarkets in the region, characterized by strong demand, high barriers to entry, and retail and lifestyle amenities important to today’s workforce,” commented Michael Lynch, President of Diversified Property Fund in a statement.

DPF owns 25 office properties, including 1st Avenue Plaza, totaling 5.2 million square feet.

Lynch added, “The acquisition of 1st Avenue Plaza is consistent with our stated investment strategy of finding quality real estate in strong markets that will allow us to attract top tenants.”