Highland Place II, an office building in Centennial, was sold in the fall.
Now, with spring just begun, itap back on the market.
“Any offer is fine. Probably the highest exit is going to come from a redevelopment,” said Corey Sandberg of Pinnacle Real Estate Advisors.
Sandberg and colleague Mike Krebsbach are marketing Highland Place II at 9110 E. Nichols Ave. and its companion building, Highland Place I at 8085 S. Chester St., for sale. There’s no public list price.
The building’s owner — Hoehn Capital, led by Highlands Ranch resident Jonathan Hoehn — purchased Highland Place II at auction in October for $7.1 million. He bought Highland Place I in 2022 for $22.5 million.
While under contract for Highland Place II, Hoehn didn’t indicate redevelopment was in the property’s future.
“Office is not going away,” he said at the time.
Hoehn declined to comment on the recent listing, deferring to his brokers. Sandberg said the change of heart came from Centennial’s push to create a new mixed-use Midtown district in and around where the properties sit — a sort of downtown for the southern suburb. The plan was approved late last year.
“The fact that [the change] was approved in December, it was sooner than they were expecting,” Sandberg said.
The buildings are now eligible for a change in zoning for mixed-use, opening up more redevelopment possibilities. Hoehn has already approached the city to learn about that process, Centennial Senior Planner David King said in an email to BusinessDen.
“Centennial is extremely motivated to get things done here and they’ve streamlined their process to get all hands on deck for developers looking to reimagine this area,” Sandberg said.
The two 1980s office buildings sit on a combined 12 acres and are 60% to 65% occupied, according to the broker. They’re separated by Highland Park, a 4.4-acre green space with a water feature. Centennial envisions this area as being a future “urban oasis surrounded by mixed-use residential, restaurants, boutique shops and neighborhood-serving retail and services,” according to public records.
Sandberg said the office buildings don’t have the proper configuration for a residential conversion. Some potential buyers have considered keeping office use there while waiting to redevelop down the road. Others are mulling retail uses in the buildings, Sandberg said.
“We’ve been talking to groups all around the country. … There’s some uses that make sense once you hear them,” he said.
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