Article originally published by NAIOP Colorado here
On December 1, 2021, five NAIOP Colorado members collaborated on the successful close of an office building purchase in West Washington Park (“Wash Park”). In June 2021, SC & Hansen Certified Public Accountants along with Flywheel Capital were actively in the market for an office building in South Denver that the two companies could cohabitate. After looking at several buildings from South Broadway to Cherry Creek the duo identified 724 S. Pearl Street in Wash Park. The 5,000 square foot two story building is within two miles of the managing partners residences. It is also within walking distance of Wash Park, Vert Kitchen, and Kentucky Inn, which is a long standing local bar and grill (one of the most important features). After some early conversations with other banks, Ian Nichols, Senior Director at Flywheel Capital, thought this acquisition would be better suited for a smaller local community bank.
In September 2021, Ian reached out to Shane Mahoney, SVP Commercial Banking Relationship Manager with Community Banks of Colorado, a division of NBH Bank. Ian and Shane have been acquaintances through NAIOP Colorado for years and both serve on its Board of Directors. After working through underwriting with Shane and his team the group agreed to terms on outstanding long-term owner-occupied debt on the property. Luke Davidson and Mindy Humphrey of Land Title provided the title services. Also, with one final NAIOP twist, Justin Pless from Pless Law completed the legal work for both parties.
SC & Hansen and Flywheel Capital will be moving in in late December 2021 after a light remodel. This acquisition is truly an example of how NAIOP members collaborate in a real world commercial real estate business setting.