Pinnacle Announces the Sale of Net Leased DaVita Condo in Downtown Denver
Justin Krieger, Principal of Pinnacle Real Estate Advisors, LLC, is pleased to announce the sale of a 6,088 square foot medical office condominium located at 2900 North Downing Street BB/C Denver, CO for $2,400,000 on February 11, 2020. The property is occupied by DaVita Inc. on a net lease and is used as a dialysis treatment center. The property previously sold in July of 2017 for $1,575,000, and today’s sale represents a 52% increase in value over that 2.5 year period. Justin Krieger represented the seller and procured the buyer in the transaction.
“When I helped my clients purchase the property in 2017, DaVita’s lease had approximately two years remaining. After we studied the market, we determined that 1) DaVita was likely to stay and 2) the lease rate was very low. My clients were able to secure a five year lease extension at a higher rate at the expiration of the term, which resulted in a tremendous value increase. We received inquiries on the property from local, national, and international investors and ultimately chose a Colorado-based buyer who was attracted to the fact that the tenant is recession and internet-proof as well as the property’s infill Denver location.” said Krieger.