Lakewood, CO – [December 2, 2021] – Blue West Capital has completed the sale of The Schack Building for $2,000,000. A 20,025 square foot office building located at 950 Wadsworth Blvd, Lakewood, CO. The property is located at the first signalized intersection North of Highway 6, at Wadsworth Boulevard & West 10th Avenue.
Robert Edwards and Shawn Dickmann, of Blue West Capital, represented the seller and the buyer in the transaction. The seller was a local professional real estate association. The seller built the building for their own use in 1981.
Blue West Capital received buyer interest from both investors and owner users. According to CoStar, this office building sale achieved the second-lowest cap rate ever in Colorado, at a 2.67% cap rate on in-place rents. Blue West Capital received more than a dozen offers to purchase the building within the first week of marketing it for sale. The property ultimately sold for 133% of the asking price.
“We received offers from across the country from investors, developers, and owner-users. Some of the investors wanted to redevelop the hard corner, while other investors wanted to continue to operate it as an office building investment,” said Shawn Dickmann, Investment Sales Associate of Blue West Capital.