The 1970s office building last sold in 2013. (Courtesy Dormie Capital Partners/Johnson Creative)
Two golf buddies are looking to bring a West Wash Park office building back up to par.
Matt Call and Joe Niebur of Dormie Capital Partners purchased the 32,000-square-foot building at 1221 S. Clarkson St. in Denver last week for $4.7 million, or $147 per square foot.
“The building just needs a big renovation. We are going to go in and completely redo the look and feel of the whole building,” Call said.
The deal was financed with a $4.2 million 10-year loan at a variable rate from the Bank of Colorado, according to public records. The two plan to spend a “seven-figure” dollar amount improving the 52-year-old building’s exterior, common areas, lighting, flooring and adding tenant signage facing Interstate 25.
The seller in the deal, MDF Commercial LLC, purchased the property for $3 million in 2013.
Call said he wasn’t sure when the building had last been renovated. (Courtesy Dormie Capital Partners/Johnson Creative)
Call said the building’s location, near Wash Park and right off the highway, in addition to its small office suites, have kept the building virtually 100% occupied. He knows the building well, given that his brokerage, NavPoint Real Estate, has been leasing it out for the past two years. That relationship with the building’s ownership helped him score the transaction.
“Even with the needed upgrades, it remains very full just because the majority of tenants are sub-1,200 [square] feet. … The leasing agents get three to four calls a week on the building,” Call said
Call, a University of Colorado Boulder grad, met business partner Niebur while playing college golf for the Buffs. The latter was a golf course developer, building greens across the country, from the Green Valley Ranch Golf Club in Denver to Trump National Golf Club in California.
“Now we do real estate and we play a decent amount of golf together,” Call said.
Niebur got into commercial real estate in 2009, Call said. The two launched Dormie Capital Partners in 2014, sourcing equity from friends and family who wanted to invest in property. The firm has grown to take on deals around the Midwest and greater Rocky Mountain region, from medical offices in Tulsa, Oklahoma, to condos and retail in Winter Park.
The name of the group, Dormie, is fitting considering the pair’s golf background. The term is used in match play when one player is ahead by as many holes as there are holes left to play, which means the player can’t lose the match.
The 1970s office building last sold in 2013. (Courtesy Dormie Capital Partners/Johnson Creative)
Two golf buddies are looking to bring a West Wash Park office building back up to par.
Matt Call and Joe Niebur of Dormie Capital Partners purchased the 32,000-square-foot building at 1221 S. Clarkson St. in Denver last week for $4.7 million, or $147 per square foot.
“The building just needs a big renovation. We are going to go in and completely redo the look and feel of the whole building,” Call said.
The deal was financed with a $4.2 million 10-year loan at a variable rate from the Bank of Colorado, according to public records. The two plan to spend a “seven-figure” dollar amount improving the 52-year-old building’s exterior, common areas, lighting, flooring and adding tenant signage facing Interstate 25.
The seller in the deal, MDF Commercial LLC, purchased the property for $3 million in 2013.
Call said he wasn’t sure when the building had last been renovated. (Courtesy Dormie Capital Partners/Johnson Creative)
Call said the building’s location, near Wash Park and right off the highway, in addition to its small office suites, have kept the building virtually 100% occupied. He knows the building well, given that his brokerage, NavPoint Real Estate, has been leasing it out for the past two years. That relationship with the building’s ownership helped him score the transaction.
“Even with the needed upgrades, it remains very full just because the majority of tenants are sub-1,200 [square] feet. … The leasing agents get three to four calls a week on the building,” Call said
Call, a University of Colorado Boulder grad, met business partner Niebur while playing college golf for the Buffs. The latter was a golf course developer, building greens across the country, from the Green Valley Ranch Golf Club in Denver to Trump National Golf Club in California.
“Now we do real estate and we play a decent amount of golf together,” Call said.
Niebur got into commercial real estate in 2009, Call said. The two launched Dormie Capital Partners in 2014, sourcing equity from friends and family who wanted to invest in property. The firm has grown to take on deals around the Midwest and greater Rocky Mountain region, from medical offices in Tulsa, Oklahoma, to condos and retail in Winter Park.
The name of the group, Dormie, is fitting considering the pair’s golf background. The term is used in match play when one player is ahead by as many holes as there are holes left to play, which means the player can’t lose the match.
