The $115 million Denver Tech Center was recently sold to the real estate firm Kingdom Oriented Real Estate (KORE). The 242,000 square feet Re/Max Plaza location was described by KORE as a "trophy asset."
According to the founding principal of KORE, who was very excited about the Denver commercial real estate transaction, "It is almost cost-inhibitive to construct a building of this quality with today's construction-cost dollars, let alone in a Denver gateway location like this on Belleview and I-25." The founding principal was very pleased and excited about the purchase, further adding that "This has Denver branding written all over it with these iconic names associated with Colorado."
At this time, Re/Max has a lease on the building in full, but Re/Max also subleases more than one of its floors. In addition to the building, part of the sale included Shanahan's Steakhouse, a 4,100 square feet commercial building with a Caribou Coffee location and a breakfast restaurant called Snooze.
According to KORE's founding principal, the real estate investment firm he heads is focusing on increasing its assets in the Chicago and Denver areas. It's also in the process of rebuilding its portfolios following the recent liquidation of some properties. For example, last year the same firm purchased the Republic Park I building in Greenwood Village at a price of $10.8 million.
Commercial real estate purchases need to be handled carefully to ensure that the transactions are handled in accordance with Colorado law. With a careful eye and a high-level understanding of real estate law, commercial real estate investors can protect their legal rights and prevent costly disagreements and legal battles in the future.
Source: BusinessDen, "Re/Max HQ building in DTC sells for $115M," Tomas Gounly, March 21, 2018