Real estate investment firm Real Capital Solutions acquired the Belleview Tower, a 12-story office building, for $20 million, according to a Tuesday news release.
With over 200,000 square feet, 7887 East Belleview Ave. in Denver’s Tech Center, the office building is 75% leased and was acquired for less than 50% of its 2019 sale price.
“Belleview Tower represents an exceptional opportunity to acquire a premier office property in a high-demand location at a fraction of its previous valuation,” said RCS Chairman, CEO and founder Marcel Arsenault.
According to the news release, the firm will also continue upgrading the property’s amenities, including improvements to the fitness center and common areas. The property is also complemented by walkable access to retail, residential amenities and dining options like DTC Slice and Ocean Prime.
“This asset is uniquely poised to attract tenants seeking quality office spaces in today’s competitive market,” said RCS Chief Investment Officer Adam Abeln. “Our planned spec suite program will address growing demand for ready-to-occupy spaces while ensuring the property remains competitive in attracting and retaining high-quality tenants.”
This is RCS’s third acquisition in the Denver area this year.
In August, the firm expanded its portfolio by acquiring Metropoint I and II, two office buildings in North DTC, through a joint venture with Koelbel and Company, a Denver-based real estate developer. Additionally, the firm acquired 116 Inverness Drive East, an office building in Englewood.
For over 40 years, RCS has purchased and managed more than 395 real estate assets, totaling approximately $5.1 billion in acquisition value. The firm is based in Louisville and owns 80 properties with over $2.4 billion of assets under management.
Get more business news by signing up for our Economy Now newsletter.