Vanessa Abrahamson Blog: Sidford acquires standalone office building in Cherry Creek

Friday, October 28, 2022

Sidford acquires standalone office building in Cherry Creek

A Denver company has purchased a 180,000-square-foot office building on the edge of the booming Cherry Creek North shopping district to be completely modernized and made available to one or more occupants.

Sidford Capital LLC bought 100 Garfield from Midland States Bank for $4.4 million. Midland will continue to occupy 5,300 sf of office space on the fourth floor and approximately 4,300 sf of retail space on the first floor through early next year.

Andy Wolf

“We have a unique opportunity to offer the market a self-contained building with signage for potential occupants of the entire building, medical tenants, financial institutions or traditional office occupiers,” said Andy Wolf, Sidford Capital’s senior vice president.

The building has parking—a rare commodity in Cherry Creek—as well as signage and access to Colorado Boulevard via the East First Avenue corridor. The parking ratio is 1.93:1,000, and Wolf noted that the city is considering removing the two-hour on-street parking limit, which would be an added convenience for renters.

Amid a thriving new development in Cherry Creek, “This is a very good size building for someone who has a great sign, has access, and is on the First Avenue corridor at the east entrance to Cherry Creek,” commented Wolf.

Sidford intends to offer 100 Garfield at prices in the low to mid range of $30 per sf gross. New build office rentals in Cherry Creek can range from the high $30s to the high $50s.

While Sidford Capital intends to put the building up for rent, if the right owner comes along, we would “at least explore that possibility,” Wolf said.

The building was built in 1982 and renovated in 2007.

Matt Vandal from Sognare Partners advised on both sides of the transaction. MidFirst Bank funded the acquisition.

Midland States Bank acquired the property through its purchase of Heartland Bank in late 2014.

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