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COLORADO REAL ESTATE JOURNAL
— December 3-December 16, 2014
by Jill Jamieson-Nichols
Greenwood Place sold for $6.79
million in what may be one of the
best value-add deals of its kind in
Denver this year.
Denver-based Ogilvie Proper-
ties purchased the 72,093-square-
foot building at 5340 S. Quebec
St. from an affiliate of the lender,
Aegon USA Investment Manage-
ment. The price equates to $94.11
per sf.
Greenwood Place was approxi-
mately 25 percent vacant at the
time of the sale, and rents were
belowmarket.
“The average rents in place
were about $3 a square foot below
market, and it was 75 percent
leased, so there’s a tremendous
opportunity there to add value,”
said JLL Executive Vice President
Patrick Devereaux. “It’s one of the
premier value-add opportunities
under $10 million that Denver
will see this year.”
There were
18 offers for
the property,
according to
Devereaux ,
who repre-
sented
the
seller
with
JLL Executive
Vice President
Jason Schmidt.
The property
is a short walk from restaurants
and entertainment venues at The
Landmark directly to the south.
“We buy value-add office build-
ings and we try to turn them
around and stabilize them,” said
Stu Ogilvie of Ogilvie Properties.
“What we liked about this proper-
ty was the restaurants right there
at The Landmark.”
With so many office buildings
to choose from in the Denver Tech
Center area, “You need to have
something a little bit different, and
walkability is important,” Ogil-
vie said. That’s proven to be true
in downtown Denver, and it’s
becoming increasingly true in the
suburbs, he said.
“Forus tobuya suburbanbuild-
ing, it needs a walkability feature.
It needs to be near the light-rail
station,” Ogilvie said. Greenwood
Place is just south of Belleview
Station, a 42-acre transit-oriented
development with apartments,
Class A office construction and
other development planned. “I
think that’s where the activity is
going, on that side of the highway
along Belleview.”
Greenwood Place was built in
1982 and last renovated in 2006.
It’s been lender-owned for three
years.
Ogilvie Properties will update
the common areas, put in a large
conference room and athletic
facility and improve the existing
lunch/break area.
GreenwoodPlace has 10 tenants
ranging from1,000 to 14,000 sf, the
largest of which are Cable Audit
Associates and Floyd’s Barber
Shop, which has its administra-
tive offices there. The three-story
building has 3.5 parking spaces
per 1,000 sf, showers and lockers,
and an outdoor seating area with
a water feature.
If offers a “tremendous” loca-
tion on South Quebec, with
good access to Interstate 25, said
Devereaux.
Other News
n
Westcore Properties
has
secured two new leases and a
lease extension with three compa-
nies for nearly 30,000 square feet
of office space.
Ironclad Wealth,
a human
resources service provider, leased
6,896 sf at 384 Inverness Park-
way in Inverness Business Park in
Englewood.
Recon Logistics,
a transpor-
tation and freight management
company, signed a four-year
lease for a 3,769-sf space in the
same building. In addition,
Sci-
ence Applications International
Corp.,
a technology and engineer-
ing firm, renewed its lease for
18,937 sf at 105 Technology Drive
in Broomfield.
Westcore Properties owns 1.5
million sf of office and industrial
space in the Denver market.
s
Office
Greenwood Place is directly north of, and within walking distance of,
The Landmark development.
Patrick Devereaux
by Jill Jamieson-Nichols
A 74,040-square-foot office
building next to a light-rail sta-
tion that will open two years
from now presented a value-
add opportunity for a local
buyer.
NexGen Properties bought
Central Place at 13900 E. Har-
by Jill Jamieson-Nichols
A local investor who recently
acquired a medical office build-
ing in Englewood continues to
add properties to his portfolio.
Peter Charczenko’s latest
acquisitions include Bridge
Creek Office Park, a three-build-
ing property at 8801-8821 E.
Hampden Ave. in Denver, and
office buildings at 5808 S. Rapp
St. in Littleton and 9145 E. Ken-
yon Ave. in Denver.
Charczenko said he plans to
improve each of the properties
and continue to add to his port-
folio. “I’m going to continue to
acquire properties over the next
several years,” he said.
Bridge Creek, according
to LoopNet, consists of two
18,000-square-foot buildings
and a 24,000-sf building that
were built in 1985. The property
sold for $3.7 million, according
