The building at 1425 Market St. has sold. (Matt Geiger/BusinessDen)
The owner of a LoDo office building has sold it to a tenant at a discount.
The two-story, 17,700-square-foot building at 1425 Market St. sold last week for $4.68 million, or $264 a foot, to a dentist that offices there, records show.
Built in 1912, the space was renovated in 2015 and originally listed at $5.9 million, per a marketing brochure for the property. Sam Leger and Graham Trotter of Unique Properties listed the building on behalf of the seller.
The building — which is wedged between Wally’s Wisconsin Tavern and Nallen’s Irish Pub — last sold in 2015 for $3.3 million to A.J. Zabbia, per public records. He runs the business 68West, which assists developers and engineers with surveying, permitting, inspections and other entitlement projects.
“It’s (been) 10 years (since I bought the property), so I’m glad to get out, go somewhere new,” Zabbia said.
68West occupies 900 square feet on the second floor. Downstairs is Icon Dental, whose owner Dr. Nazeli Tarjan purchased the building. Icon provides general dentistry services in addition to some cosmetic and orthodontic procedures. It’s rented 4,900 square feet there since at least 2016.
Tarjan could not be reached for comment by press time.
The building’s marketing brochure said it was making about $2.5 million in annual net operating income. Other tenants include real estate lender Capital Fund 1 and architecture firm Chord Design Studio.
Zabbia said he will keep his office at 1425 Market for at least a few more months. His lease expires in 2027. The business owner listed the property for sale last summer, but ramped up marketing in January.
“It was a hard negotiation, just like anything in this market,” he said of the deal.
The 78-year-old Zabbia moved to Colorado in the 1970s from Louisiana to work in Aspen as a water and sanitation engineer. He lived in Denver, commuting to the mountain town.
He said he helped in the development of Aspen’s Little Nell Hotel. In 2004, he said, he founded 68West and helped redevelop 50 acres that is now the Riverfront Park neighborhood.
“After all this damn dust settles I’ll have to decide what to do when I grow up,” he quipped.
The building at 1425 Market St. has sold. (Matt Geiger/BusinessDen)
The owner of a LoDo office building has sold it to a tenant at a discount.
The two-story, 17,700-square-foot building at 1425 Market St. sold last week for $4.68 million, or $264 a foot, to a dentist that offices there, records show.
Built in 1912, the space was renovated in 2015 and originally listed at $5.9 million, per a marketing brochure for the property. Sam Leger and Graham Trotter of Unique Properties listed the building on behalf of the seller.
The building — which is wedged between Wally’s Wisconsin Tavern and Nallen’s Irish Pub — last sold in 2015 for $3.3 million to A.J. Zabbia, per public records. He runs the business 68West, which assists developers and engineers with surveying, permitting, inspections and other entitlement projects.
“It’s (been) 10 years (since I bought the property), so I’m glad to get out, go somewhere new,” Zabbia said.
68West occupies 900 square feet on the second floor. Downstairs is Icon Dental, whose owner Dr. Nazeli Tarjan purchased the building. Icon provides general dentistry services in addition to some cosmetic and orthodontic procedures. It’s rented 4,900 square feet there since at least 2016.
Tarjan could not be reached for comment by press time.
The building’s marketing brochure said it was making about $2.5 million in annual net operating income. Other tenants include real estate lender Capital Fund 1 and architecture firm Chord Design Studio.
Zabbia said he will keep his office at 1425 Market for at least a few more months. His lease expires in 2027. The business owner listed the property for sale last summer, but ramped up marketing in January.
“It was a hard negotiation, just like anything in this market,” he said of the deal.
The 78-year-old Zabbia moved to Colorado in the 1970s from Louisiana to work in Aspen as a water and sanitation engineer. He lived in Denver, commuting to the mountain town.
He said he helped in the development of Aspen’s Little Nell Hotel. In 2004, he said, he founded 68West and helped redevelop 50 acres that is now the Riverfront Park neighborhood.
“After all this damn dust settles I’ll have to decide what to do when I grow up,” he quipped.
