The deal closed Thursday, Dec. 6, confirmed Scott Gibler, executive director for the Amstar Group LLC, based in Denver. Amstar's partner in the building, since 2004, was American Realty Advisors, an institutional real estate investment firm located in Glendale, Calif.
CBRE Investors of Los Angeles acquired the property on behalf of an Alaskan pension fund. The purchasing entity is Independence Plaza Investment Group Inc.
Located at 1050 17th St., Independence Plaza includes 567,286 square feet on 25 floors. The building was completed in 1972, and was one of metro Denver's tallest buildings when it opened. The high-rise underwent a major renovation in 1995.
The office property is 98 percent leased, according to Gibler. Its largest tenants are Questar Market Resources Inc. and the RNL architectural firm.
Amstar's offices also are there, and the real estate investor will remain in the building for the term of its lease. "Amstar has been involved in the property a total of 13 years," Gibler said.
Mike Wynn and Tim Richey at Cushman & Wakefield of Colorado Inc. helped broker the deal.
Started in 1987, Amstar Group is a private equity firm that owns $2 billion in commercial real estate, ranging from office buildings and apartment complexes to hotels. The company bought and sold $740 million worth of properties in 2006.
With the sale of Independence Place, Amstar's only metro-area holding is the 255-unit Retreat at City Center apartments in Aurora.
Amstar had a deal to sell Independence Plaza in 2001, but the terrorist attacks of Sept. 11 squelched the sale. At the time, Gibler said Amstar and the buyer had agreed on a price, but financing became an issue.
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source: bizjournals.com
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