Colorado-Real-Estate-Journal_405910

June 19-July 2, 2024 - Page 25 www.crej.com tion of terraced outdoor envi- ronments reflects the desires of contemporary tenants. We know Paradigm River North will be a destination workplace and an integral part of the neighbor- hood." The building is well-posi- tioned two blocks from the 38th and Blake Street light-rail station and is situated along bike paths, making Paradigm River North easily accessible via multiple modes of transportation from downtown, Union Station and Denver International Airport. Paradigm River North is near- ly 50% preleased, with law firm Davis Graham & Stubbs LLP securing 80,000 sf on the top three floors of the eight-story building. Thepropertyalsooffers spec suits ranging between 1,000 and 7,000 sf. Newmark’s Jamie Gard and Jeff Castleton serve as the exclusive leasing advisers for the building on behalf of the developers. “Our approach to target ten- ants at opposite ends of the spec- trum– contiguous spaceusers on multiple floors as well as those with smaller space requirements with our spec suites – is prov- ing successful as leasing activity continues to gain momentum for both types of users,” said Gard. “We are pleased with the continued interest from prospec- tive tenants as Paradigm River North reaches completion.” Klebba emphasized his confi- dence in leasing out the remain- der of the building despite a more difficult leasing environ- ment in recent years. “There's always going to be a demand for office space,” Kleb- ba added. “The size of it may change, but the demand is going to be there. Even if tenants are going to be flexing their employ- ees, they're still going to need it, because they’re not going to close the office. And the highest- quality assets are always win- ning. I can assure you that if you are leasing the highest quality of any asset class, they're going to win out.” Paradigm River North marks the first joint venture between Jordon Perlmutter & Co. and Rockefeller Group, which have been leaders in U.S. real estate development for more than 70 and 90 years, respectively. Jor- don Perlmutter & Co. covers all aspects of real estate develop- ment in Denver and the sur- rounding areas. Rockefeller Group develops, owns and operates properties across the U.S., with its portfolio spanning the development of office, multi- family, industrial and mixed-use projects across six geographic regions. s JV Continued from Page 1 lic records. The buyer plans to renovate the property and expects to open by the end of this year or early next year. The building will be occupied by the buyer’s business, Angel Aesthetics. n LITTLETON – A 7,346-sf office/creative use building off Santa Fe Drive sold for $1.95 million, or $265.45 per sf, in May. Apollo Properties of Colo- rado LLC sold the property at 5898 S. Rapp St. to Rapp St LLC. Brett MacDougall, Michael DeSantis and Hud- son Cramer of Unique Prop- erties Inc./ TCN Worldwide represented the seller in the transaction, while the buyer was represented by Modus Real Estate. The seller initially moved into the building as a ten- ant in 2012 and acquired it in 2016, running its organization, Springs International Lan- guage Center, out of the prop- erty. The group assisted non- English-speaking students in gaining admission to Ameri- can universities and enhanc- ing their job prospects. After a successful, 40-year career, the seller decided to close the business last year and explore the market. The property garnered “excep- tional interest” due to its unique character, large parking lot and proximity to downtown Little- ton, a statement from Unique Properties said. The Unique team had10 tours set up in the first two weeks of its “strategic market- ing,” the statement said. The buyer plans to completely renovate the interior and exterior of the building, which was built in 1984, then lease the office space to local tenants. n DENVER – A nonprofit health care company purchased an office building in North Capi- tol Hill. Colorado Health Network Inc. bought the 3,305-sf property at 936 E. 18thAve. from 936 East 18th LLC for $675,000 in May. Built in 1952, the Class B building is centrally locat- ed and includes a property man- ager on-site, according to a LoopNet listing. The buyer plans to operate its company out of the building. Tanner Digby of Digby Com- mercial Advisors represented the seller. Kathryn Farrow of Cold- well Banker Homes represented the buyer. n PARKER – A unit in the Solar Circle Office Park Con- dos sold in May for $700,000. Ophir Pass Properties LLC acquired the 2,388-sf office condo at 19647 Solar Circle, No. B101, from Bare Rose Parker LLC. The buyer plans to open a medical spa in the space. Trevey Commercial Real Estate’s Heath Honbarrier represented the buyer, and Banyan Real Estate LLC’s Chris LaMee represented the seller in the transaction. Trev- ey’s partners at Heritage Title Co. – Cherry Creek helped to expedite and execute the clos- ing. s Spa Continued from Page 8 Tanner Digby