Property Overview: Steam on the Platte is a three story, 61,778 square foot class-A office building on 0.81 acres, located adjacent to the Denver Broncos football stadium in Denver, CO. Originally constructed in 1918, the building was used for manufacturing purposes and housed a rag baling business until 1965. In 2018, previous ownership converted the brick-and-beam warehouse into premier creative office space while still maintaining the historically industrial aesthetic. The property is now 100%.
Investment Overview: Acram Group is bullish on the macro-economic story in Denver and therefore began initial diligence in late-2019 on numerous opportunities, including Steam on the Platte. Given Steam on the Platte's location, accessibility from all points of interests in the great Denver market, great physical "bones" and the momentum in its immediate neighborhood, Acram was thrilled to close the acquisition. Additionally, Acram Group successfully negotiated a Right of First Offer on the adjacent land parcel with development potential for multifamily or additional office. Ultimately, Acram Group purchased the property at an attractive going in cap rate and average cash yields, providing stable in-place cash flow with the optionality to build on the adjacent parcel alongside the Broncos development.
61,778 sf office building