Lender sells Denver office building for $3.5M to Boulder investor
The Lender Finds Buyer for Unfinished Office Building in Denver’s LoHi Neighborhood
The lender that repossessed a partially constructed office building in Denver’s LoHi neighborhood has successfully sold it to a new owner.
Parkview Financial recently finalized the sale of the property located at 2926 Umatilla St. for $3.5 million in an all-cash transaction. The 5-story, 30,500-square-foot building was acquired by Boulder resident Zhongmin Wu.
According to Canyon Law, a broker with Kenai Capital Advisors, Wu, who has experience in commercial real estate deals, saw potential in the office market amidst the price drops caused by the pandemic. The prime location of the building also played a significant role in Wu’s decision to purchase it.
Kenai Capital Advisors estimates that approximately six months of work is required to complete the building, which was initially started by Denver-based Generation Development in early 2022. Despite initial expectations of completing the project within a year, delays led to Parkview foreclosing on the property in September 2024 after Generation surrendered it.
With plans to revitalize the unfinished office building, Wu’s acquisition marks a new chapter for the property in Denver’s vibrant LoHi neighborhood.
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