Transwestern Closes $35M in Mixed-Use, Office Sales

Transwestern, Houston, closed $34.5 million in sales for mixed-use and office assets in Colorado and California.

In Colorado, Transwestern’s Denver office sold Highland Place, a mixed-use property totaling 54,500 square feet on West 38th Ave. Denver Regional Investment Properties LLC acquired the property seller from Allante Properties, Greenwood Village, Colo., for $24.5 million. Transwestern Senior Vice President Tom Wanberg, Vice President John Blackshire and Managing Directors Brad Cohen and Larry Thiel represented Allante Properties.

“The investor pool was deep for this niche location and asset,” said Thiel.

Built in 2014, Highland Place includes 68 residential units and five retail stores. The asset is in a growing urban location near the popular Tennyson Street and 32nd Avenue shopping districts.

“Allante Properties was intentional in creating a smaller but higher-quality property,” Wanberg said. “It’s very hard to find a brand new, under 70-unit community with such a great location and amenity package.”

In Lafayette, Calif., Transwestern Senior Managing Director Edward Del Beccaro, Vice President Sade Ghorban and Associate Matt Hatfield sold Oak Hill West, a four-building office complex located totaling 47,000 square feet on Mt. Diablo Boulevard. Oak Hill Grove LLC purchased the property for $10 million, or nearly $210 a square foot.

“The Lafayette office market is seeing single-digit vacancy and historical rental rates,” Del Beccaro said.

The site just off Highway 24 is close to a Bay Area Rapid Transit station on the west side of downtown Lafayette, close to several potential new housing developments. As residential conversion makes office space in Lafayette scarce, Oak Hill Grove management is committed to enhancing this office complex, providing a long-term option businesses and professionals seeking community-based space in Lafayette, Del Beccaro said.