Pinnacle Announces Sale of Multi-Tenant Office Asset in Denver
Pinnacle Real Estate Advisors, LLC is pleased to announce the sale of 2055 & 2061 S Oneida St located in Denver, Colorado 80224. This iconic multi-tenant office property was built in 1974 and was beautifully and imaginatively renovated into executive office suites over the past few years. The property had achieved 97% occupancy at the time of closing. The property sold on September 6, 2019 for $2,915,000. Corey Sandberg and Jeff Johnson, with the Johnson Ritter Team, assisted both the Buyer and Seller in this transaction.
“Our team was excited and honored to facilitate the transaction of 2055 & 2061 S Oneida St. The Seller had innovatively seen the need for co-working type office over a decade ago, well before it was mainstream. He was able to mold a highly distressed and tired property into a property that boasts 95% average historical occupancy and lease rates that achieve 20-80% above area averages. The well-seasoned Buyers were able to add a property to their portfolio that generates high returns, but mitigated risk, due to the number of tenants. Oneida felt much more like a multi-family property with professional tenants than the traditional type office that I normally deal with,” stated Corey Sandberg, Associate Advisor at Pinnacle Real Estate Advisors.