One Cherry Center sells for $17.4M

The Denver Business Journal

DENVER – Crown West Realty LLC continues shopping for properties in metro Denver.

The Spokane, Wash., company has acquired the One Cherry Center office building at 501 S. Cherry St. in Glendale for $17.4 million.

CMD Realty Investment Fund III was the seller. The fund is part of Chicago-based CMD Realty Investors Inc., a private investor in office properties with a nationwide portfolio.

Located near the upscale Cherry Creek North neighborhood, One Cherry Center includes 155,717 square feet of space. The 11-story building was completed in 1986.

Crown West plans major upgrades to its latest Denver acquisition, which is 83 percent occupied by tenants such as W.E. Kieding Interior Architects, The Colorado Health Foundation and The Denver Hospice (formerly Hospice of Metro Denver). The new owner will redevelop common areas such as the main plaza and lobby.

One Cherry Center is Crown West’s fourth Denver-area acquisition since 2005. The company also owns the following local properties:

– Corporate 25, 7200 S. Alton Way, Centennial — 132,800-square- foot office building.

– Orchard Plaza, 8745-8775 E. Orchard Road, Greenwood Village — 157,450-square-foot office/industrial “flex” property in the Denver Tech Center.

– Golden Ridge I & II, 500-560 Golden Ridge, Golden — Built in 2000 and 2001, Golden Ridge includes a total of 100,800 square feet of industrial space near Interstate 70 and Highway 40.

Formed in 1996, Crown West is a subsidiary of New York City investment firm Petrus Partners Ltd. Crown West has offices in Greenwood Village, Phoenix and New York, as well as Spokane. Crown West-Petrus manages a $125 million investment fund, and owns and manages 8 million square feet of office and industrial space nationwide.

Crown West has hired Jamie Gard, Nathan Johnson and Austin Kane at Denver-based Frederick Ross Co. to lease space at One Cherry Center.