The building at 2702 E. 3rd Ave. in Denver was completed in 1966. (BusinessDen file)
A Cherry Creek office building has changed hands for the first time in nearly half a century.
The building at 2702 E. 3rd Ave., which has three stories above a garden level, sold for $12.5 million on Tuesday, according to public records.
The structure, which sports a midcentury modern facade, was built in 1966. Seller Jerry Wrench told BusinessDen he and his investors had owned it for 48 years.
“That doesn’t happen often anymore,” Wrench said.
The building was purchased by an entity affiliated with the family-owned Lario Oil & Gas Co., which is headquartered two blocks away at 260 N. Josephine St. A company representative said it’s the first Cherry Creek property Lario has bought outright, although the company has invested in projects, including the office building where it leases space. No imminent changes are planned.
“Right now, we like the stabilized cash flow and the location,” the representative said.
The building, sometimes also given the address 288 Clayton St., was designed by Charles Sink, a notable local architect who also designed the One Cheesman Place condo building at 1201 N. Williams and McNichols Sports Arena, which prior to its 1999 demolition was home to the Colorado Avalanche and Denver Nuggets.
The building was designed by architect Charles Sink. (BusinessDen file)
Wrench successfully applied to the city last year for a certificate of demolition eligibility, which makes it easier to demolish the structure for the next five years. He told BusinessDen Wednesday that his decision to sell was largely due to property taxes, which have been “just taking a huge portion of cash flow.”
“The city just kept raising the taxes with a lot of developers coming in and paying high prices for ground,” Wrench said of Cherry Creek.
Wrench said his age, 80, also factored into the decision.
The building at the corner of 3rd and Clayton is fully leased “and has been for almost forever,” Wrench said.
“It was a good time to sell in a good market, and I had a good buyer,” Wrench said.
Wrench also owns the Chico’s building at 2829 E. 3rd Ave. and the parking lot behind it, and said no changes are currently planned for those holdings.
“It’s all retail, so your rents are a little bit higher,” he said.
Just south of Wrench’s building, Denver-based Broe Real Estate Group is constructing two office buildings.
The building at 2702 E. 3rd Ave. in Denver was completed in 1966. (BusinessDen file)
A Cherry Creek office building has changed hands for the first time in nearly half a century.
The building at 2702 E. 3rd Ave., which has three stories above a garden level, sold for $12.5 million on Tuesday, according to public records.
The structure, which sports a midcentury modern facade, was built in 1966. Seller Jerry Wrench told BusinessDen he and his investors had owned it for 48 years.
“That doesn’t happen often anymore,” Wrench said.
The building was purchased by an entity affiliated with the family-owned Lario Oil & Gas Co., which is headquartered two blocks away at 260 N. Josephine St. A company representative said it’s the first Cherry Creek property Lario has bought outright, although the company has invested in projects, including the office building where it leases space. No imminent changes are planned.
“Right now, we like the stabilized cash flow and the location,” the representative said.
The building, sometimes also given the address 288 Clayton St., was designed by Charles Sink, a notable local architect who also designed the One Cheesman Place condo building at 1201 N. Williams and McNichols Sports Arena, which prior to its 1999 demolition was home to the Colorado Avalanche and Denver Nuggets.
The building was designed by architect Charles Sink. (BusinessDen file)
Wrench successfully applied to the city last year for a certificate of demolition eligibility, which makes it easier to demolish the structure for the next five years. He told BusinessDen Wednesday that his decision to sell was largely due to property taxes, which have been “just taking a huge portion of cash flow.”
“The city just kept raising the taxes with a lot of developers coming in and paying high prices for ground,” Wrench said of Cherry Creek.
Wrench said his age, 80, also factored into the decision.
The building at the corner of 3rd and Clayton is fully leased “and has been for almost forever,” Wrench said.
“It was a good time to sell in a good market, and I had a good buyer,” Wrench said.
Wrench also owns the Chico’s building at 2829 E. 3rd Ave. and the parking lot behind it, and said no changes are currently planned for those holdings.
“It’s all retail, so your rents are a little bit higher,” he said.
Just south of Wrench’s building, Denver-based Broe Real Estate Group is constructing two office buildings.
