DENVER, Colorado (March 16 2023) – Unico Properties, a commercial real estate investor, developer, and full-service operator, announced that it has sold their 2nd and Josephine portfolio. The four properties total 101,203 square feet and are located in the Cheery Creek North Neighborhood of Denver.
Altus Properties, a real estate investment firm based in St. Louis, Missouri, purchased the assets for $54,000,000. The deal closed on March 16, 2023.
“With the properties at 100% leased, Unico Properties has fully realized our investment at 2nd and Josephine and look forward to what Altus Properties will bring to this portfolio,” said Billy Woodward, Unico’s Director, Market Leader for Denver. “From here, our fund is ready and excited to explore new opportunities in this market.”
Situated on single 1.4 acre parcel, 2nd and Josephine totals four buildings: 2401 East 2nd Ave is a six story office tower built in 1965; 220 Josephine St is a two story office and retail property built in 2002; 201 Columbine St is a three story office and retail building constructed in 2002; and 2415 East 2nd Ave is a single story retail building built in 2004. The property includes a five-story parking garage with approximately 260 stalls.
Unico originally purchased the asset in 2015 for $42,000,000.
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