A Seattle-based real estate investment company has paid $14.5 million for Belleview Tower, a 12-story office building in the Denver Tech Center.
In a deal that closed Dec. 30, Unico Properties LLC paid Indiana developer Lauth cash for the 195,627-square-foot building at 7887 E. Belleview Ave. in Greenwood Village.
“We think it’s a great physical asset with great views and an awesome location,” said Dan Preisler, general manager for Unico in Denver.
The deal was among the last to close in 2010, when investment in commercial real estate in metro Denver more than doubled over the prior year.
Unico plans to upgrade the building with improved lighting, HVAC and mechanical systems, and renovated common areas.
“We really want to get it tuned up and back to its former position in the marketplace,” Preisler said.
The building is 57 percent leased. Tenants include Wide Open West, Konica Minolta and First Tier Bank.
The high vacancy rate is a result of tenants related to the housing market — mortgage companies, title companies and residential real estate companies — going out of business, Preisler said.
Unico owns or operates buildings totaling 900,000 square feet in Denver, including Centerpoint II, a 17-story, 205,000-square-foot building at 1777 S. Harrison St.; 1660 Lincoln St., a 20-story, 285,000-square-foot office building; Cherry Creek Business Park, a 141,000-square-foot industrial/flex building; and Syracuse Hill I, an 80,000-square-foot building in Greenwood Village.
The company continues to look for other assets to purchase in the metro area, Preisler said. Its last acquisition, before buying Belleview Tower, was in 2006.
“We’re at a part of the real estate cycle where we are looking to buy,” Preisler said. “After that, the market — from an investment standpoint — got a little bit overheated. We’re looking for high-quality, institutional-grade assets, but we’re looking for assets where we have an opportunity to add value.”
Margaret Jackson: 303-954-1473 or mjackson@denverpost.com
