A bank has found a buyer for a small Denver office building that it foreclosed on late last year.
On Wednesday, SouthState Bank sold the 3-story, 17,700-square-foot building at 455 S. Hudson St., just north of Leetsdale Drive, for $2.5 million. That works out to $140 a square foot.
The buyer was Gabriel Sarikov.
“It was a good deal,” he said.
Sarikov has previously been identified in media reports as the owner of the Golden Meds dispensary chain, which has seven locations in Denver, Lakewood and Colorado Springs.
He told BusinessDen that he bought the building, which was constructed in 1985, as an investment. He said he has deals either done or in the works for a community organization, a daycare and a medical research center to each take a floor.
Sarikov said he also owns retail buildings at 46th Avenue and Peoria Street and Washington Street and 103rd Avenue. Jake Malman of Malman Real Estate represented the buyer.
SouthState Bank foreclosed on the Hudson Street building in November.
Before that, the building was owned by Thrive Health Services Center LLC, an entity formed by John Augspurger, a dentist. He co-founded the Human Universal Health Institute, a holistic health care organization that previously operated in the building.
Thrive bought the property in 2012 for $850,000, according to public records. In 2016, it took out a loan from Guaranty Bank, which was later acquired by Independent Bank. It, in turn, was bought by Florida-based SouthState.
Canyon Law of Kenai Capital Advisors, who marketed the building for SouthState, noted that the sale fetched more than the $2.4 million the bank was owed in principal on the loan.
“The office recovery story is continuing to play out in suburban Denver, and 455 S. Hudson is a perfect illustration of that,” he said.
The property is adjacent to a large apartment complex that burned while under construction in January. Authorities suspect arson.
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