Pinnacle Announces the Sale of Monroe Professional Building in Denver
Pinnacle Real Estate Advisors, LLC is pleased to announce the sale of 3570 E 12th Avenue in Denver, CO. The 12,500 square foot office building sold for $3,370,700 or $269.66 per square foot. Tom Ethington and Rob Edwards of The Edwards | Ethington Team represented the seller in the transaction, while Kevin Calame and Matt Lewallen of The Calame Lewallen Team represented the buyer.
One of the many highlights of Monroe Professional Building is its location. The building is located on the SWC of 12th Avenue and Monroe Street in the highly sought-after Congress Park neighborhood, with many restaurants and stores conveniently located within walking distance. Two regional hospitals (National Jewish Health and Rose Medical Center) are also just minutes away.
At time of sale, Monroe Professional Building was nearly fully occupied by service and professional oriented tenants, including traditional office spaces and “virtual” offices. Most of the tenant spaces are small, which significantly reduces re-leasing costs. Some of the building’s amenities include private on-site parking, a large conference room available to all tenants, full-time professional property management and live receptionist services during business hours.
“The building’s location and flexible tenancy structure were very attractive to many investors, resulting in multiple offers at full asking price,” stated Ethington.