Distressed Aurora office complex sells at auction for $5M
Aurora Office Complex Sold at Auction for $5 Million
A southern Aurora office complex has been sold at auction after its previous owner defaulted on the property’s loan. The three-building Aurora Corporate Plaza at 12100-12250 E. Iliff Ave. was purchased earlier this month by Mile High Tech Center LLC for $5.05 million, according to public records.
Rui Chen signed paperwork on behalf of the buyer. Attempts to reach him for contact were unsuccessful. First Western Trust Bank provided the buyer with a $3 million loan, records show.
The complex at the southeast corner of Iliff Avenue and Peoria Street is 220,000 square feet. That makes last week’s deal equate to $23 a square foot.
The property was previously owned by an affiliate of San Francisco-based Graham Street Realty, which bought it in December 2016 for $17.4 million, records show.
Graham Street subsequently defaulted on the property’s loan, issued by Independent Bank. As a result, the property had been overseen since November by Cordes & Co., a court-appointed receiver.
At the time Cordes took over, the property was 38% occupied. The receiver put the property on the auction block last month with a $4.5 million reserve price. Properties are generally not sold if an auction reserve price is not met.
Cordes Director Suni Devitt wrote in a report filed in court in late May that the auction attracted “significant interest,” with 110 signed confidentiality agreements, seven property tours and nine individuals/companies registering to bid during the auction.
Mile High Tech Center LLC technically bid $4.93 million, Devitt wrote, but was also responsible for paying the “Ten-X buyer premium,” which added $120,000.
This story was originally published by BusinessDen.
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