DocuVault, a records management company, purchased the West Sixth Commerce Center in Lakewood for $ 17.8 million.
Gart Properties / Elkco Properties, represented by Stream Realty Partners, sold the 154,950 square foot building at 11111 W. Sixth Ave. DocuVault will use 52,877 square feet and lease the rest of the building, Stream Realty said in a statement.
The property has always been marketed and leased by retail businesses. Stream Realty said it was hired to target industrial users of the space. The deal was concluded in four months.
âWith a vacancy rate of less than 3% and strong owner / user demand in the Western submarket, we were confident that industrial users would be drawn to the West Sixth Commerce Center,â said Buzz Miller , Senior Partner of Stream Realty.
The property is in a corporate zone and is adjacent to US 6. DocuVault was represented by Citywide Commercial Properties and Lincoln Property Company.
In another transaction, Los Angeles-based Hybridge Capital Management, in partnership with Productive Capital Associates, bought The Villas in Denver for $ 40 million from Central Street Capital. The 120-unit, 360-bed complex at 2555 31st St. is aimed at students.
The buyers said they would immediately begin a full renovation of the student housing community, including the addition of a clubhouse with a gym, swimming pool and dog park. The property is close to the Auraria Campus and the River North Arts District.
âThe Auraria Campus is a vibrant academic environment shared by three separate higher education institutions: the University of Colorado-Denver; Metropolitan State University of Denver and Community College of Denver, âsaid Max Mellman, Managing Partner at Hybridge Capital.