Avison Young brokers sale of 8,000-sf office property in Littleton, CO for conversion to an owner/user medical office property19 Mar 2021
Denver, CO – Avison Young announced today it has brokered the sale of an 8,000 square-foot office property located at 8331 Continental Divide in Littleton, CO. The property was formerly a credit union branch and headquarters space and includes a drive-thru and monument signage. It features upscale finishes and an attractive atrium lobby.
Avison Young Principal Rick Egitto, CCIM along with Justin Rayburn, Principal with Fountainhead Commercial Properties, represented the seller, Colorado Credit Union. The buyer, Continental Divide Holdings, LLC was represented by Dann Burke and Stephani Gaskins with CBRE Healthcare Real Estate Brokerage Services.
“The buyer plans to execute a renovation of the property for use as its pediatric practice,” said Egitto. “We are seeing the Denver market being driven by the strong demand for medical office space and expect that trend to continue over the next 12 to 18 months.”
The broker team used its collective network to bring the opportunity to the market and secured a buyer for the property days before the listing went public. The quick sale enabled the seller, Colorado Credit Union, to consolidate its operations at its new Denver headquarters building on San Juan Way. It will also provide a reputable local pediatric practice to expand operations to a new office in the Denver metro.
“Rick and Justin’s targeted strategy to identify a local owner/user buyer allowed for a short due diligence period. This aligned with our business goals to rapidly monetize this real estate asset and capture valuable equity to invest back into our business,” said Mike Williams, CEO with Colorado Credit Union.
Avison Young creates real economic, social and environmental value as a global real estate advisor, powered by people. As a private company, our clients collaborate with an empowered partner who is invested in their success. Our integrated talent realizes the full potential of real estate by using global intelligence platforms that provide clients with insights and advantage. Together, we can create healthy, productive workplaces for employees, cities that are centers for prosperity for their citizens, and built spaces and places that create a net benefit to the economy, the environment and the community.
Avison Young is a 2020 winner of the Canada's Best Managed Companies Platinum Club designation, having retained its Best Managed designation for nine consecutive years.