The building at 2926 Umatilla St. in Denver on Sept. 4, 2024. (BusinessDen file)
The lender that took back a partially constructed office building in Denver’s LoHi neighborhood has found a buyer for it.
Parkview Financial sold the 2926 Umatilla St. building, where work stalled years ago, in December for $3.5 million, according to public records.
The 5-story, 30,500-square-foot building was purchased in an all-cash transaction by Boulder resident Zhongmin Wu, records show.
Attempts to reach Wu for comment were unsuccessful.
Canyon Law, a broker with Kenai Capital Advisors, marketed the property for Parkview. He said he reached out to local developers, office investors and wealthy individuals.
Law said Wu falls into the third category and has done other commercial real estate deals, including recently selling the Hidden Lake Shopping Center at 5005 W. 72nd Ave. in Westminster.
“He recognizes that there’s an opportunity in office — the reset,” Law said, referring to the drop in prices since the pandemic.
Law said the prime location was also a draw for Wu. Kenai Capital Advisors estimates that six months of work is needed to finish the building.
Denver-based Generation Development, which primarily does residential projects, broke ground on the 2926 Umatilla project in early 2022 and initially expected to complete it in a year. That didn’t happen. In late 2023, owner Chris Lonigro told BusinessDen the building would be finished in the first quarter of 2024.
Instead, in September 2024, Parkview, which lent Generation $8.7 million in September 2021, filed to foreclose on the property, which was surrounded by construction fencing and had plywood covering part of the first floor. Generation ultimately surrendered it a year later.
The building at 2926 Umatilla St. in Denver on Sept. 4, 2024. (BusinessDen file)
The lender that took back a partially constructed office building in Denver’s LoHi neighborhood has found a buyer for it.
Parkview Financial sold the 2926 Umatilla St. building, where work stalled years ago, in December for $3.5 million, according to public records.
The 5-story, 30,500-square-foot building was purchased in an all-cash transaction by Boulder resident Zhongmin Wu, records show.
Attempts to reach Wu for comment were unsuccessful.
Canyon Law, a broker with Kenai Capital Advisors, marketed the property for Parkview. He said he reached out to local developers, office investors and wealthy individuals.
Law said Wu falls into the third category and has done other commercial real estate deals, including recently selling the Hidden Lake Shopping Center at 5005 W. 72nd Ave. in Westminster.
“He recognizes that there’s an opportunity in office — the reset,” Law said, referring to the drop in prices since the pandemic.
Law said the prime location was also a draw for Wu. Kenai Capital Advisors estimates that six months of work is needed to finish the building.
Denver-based Generation Development, which primarily does residential projects, broke ground on the 2926 Umatilla project in early 2022 and initially expected to complete it in a year. That didn’t happen. In late 2023, owner Chris Lonigro told BusinessDen the building would be finished in the first quarter of 2024.
Instead, in September 2024, Parkview, which lent Generation $8.7 million in September 2021, filed to foreclose on the property, which was surrounded by construction fencing and had plywood covering part of the first floor. Generation ultimately surrendered it a year later.
