DocuVault, a records management company, has bought the West Sixth Commerce Center in Lakewood for $17.8 million.
Gart Properties/Elkco Properties, represented by Stream Realty Partners, sold the 154,950-square-foot building at 11111 W. Sixth Ave. DocuVault will use 52,877 square feet and lease the rest of the building, Stream Realty said in a statement.
The property has historically been marketed to and leased by retail businesses. Stream Realty said it was hired to target industrial users for the space. The deal was completed in four months.
“With sub-three percent vacancy and strong owner/user demand in the West submarket, we were confident that industrial users would be attracted to West Sixth Commerce Center,” said Buzz Miller, Stream Realty senior associate.
The property is in an enterprise zone and is adjacent to U.S. 6. DocuVault was represented by Citywide Commercial Properties and Lincoln Property Company.
In another transaction, Los Angeles-based Hybridge Capital Management, in partnership with Productive Capital Associates, has bought The Villas in Denver for $40 million from Central Street Capital. The 120-unit, 360-bed complex at 2555 31st St. is geared toward students.
The buyers said they will immediately begin a complete renovation of the student housing community, including the addition of a clubhouse with a gym, pool and dog park. The property is near the Auraria Campus and the River North Art District.
“The Auraria Campus is a dynamic academic environment shared by three separate institutions of higher learning: University of Colorado-Denver; Metropolitan State University of Denver, and Community College of Denver,” said Max Mellman, managing partner with Hybridge Capital.