Coldwell Banker Commercial The Property Exchange is proud to announce the $5.5 million sale of 2020 Carey Ave., a 74,476 square-foot office building occupying a full city block in the downtown core Cheyenne, Wyoming, to Laramie County. The nine-story high-rise building includes two off-street parking lots and is positioned across from the city/county government corridor.
James Bowers of Coldwell Banker Commercial The Property Exchange represented both the county and the seller, Voss Family Limited Partnership, in the transaction. “The County of Laramie purchased the property for potential runway to occupy the office space as their need for space grows,” said Bowers.
“They liked the idea of an investment with cashflow prior to their future needs. The proximity to the county governmental complex, replacement cost alternatives, and ample parking were drivers for the buyer.”
Bowers became involved with the property as a leasing agent for the seller in the fall of 2020 when it was almost 90% vacant after the departure of a large single tenant. After achieving roughly 80% occupancy, the owner decided to explore the potential of a sale.
Bowers explained, “We listed in it July of 2023. A handful of investment buyers evaluated the property and submitted unsuccessful offers. The property went under contract with the eventual buyer in October 2023 with a significant due diligence period, and a successful sale in July of this year.”