12100–12250 E Iliff Avenue

We first covered this property back in April, ahead of the Ten-X auction, when the starting bid was just $1.5 million. Now, it’s officially sold for $5.05 million, roughly $23 per square foot.

Aurora Corporate Plaza is a 232,887 SF, three-building office campus on 17.15 acres in Aurora.

It last traded for $17.5M in 2017 but went into court-appointed receivership in 2023. The new buyer, a private investor, plans a value-add office strategy.

Built in 1983 and renovated between 2008 and 2020, the property was only about 35% leased at the time of sale.

Current tenants include ADP, BNP Paribas, Expeditors International, G4S, and several cell tower leases that provide steady income.

Zoned MU-OI, the site allows for mixed-use and multifamily, leaving room for a potential pivot if the office play doesn’t pan out. However, any path forward will require heavy lifting, with over 150,000 square feet still sitting vacant.

Kenai Capital Advisors ran the marketing process, drawing 10 qualified bidders before closing on June 10. Despite the headlines around suburban office distress, it’s clear there’s still strong interest at the right basis.

One trend to watch: In today’s market, companies are increasingly opting to purchase high vacancy/vacant buildings outright and occupy them for their own operations, rather than sign long-term leases. The reasoning is they’re finding better value and deeper discounts through ownership.

That wasn’t the case here due to the existing tenant mix, but it’s a growing pattern that could reshape how office deals unfold moving forward.