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Page 2AA — COLORADO REAL ESTATE JOURNAL — January 7-January 20, 2015
by Jill Jamieson-Nichols
Shea Properties sold a subur-
ban office complex immediately
adjacent to Highlands Ranch
Town Center to a Pennsylvania-
based group that’s been active
in the Denver market.
An affiliate of Stoltz Real
Estate Partners paid $18.5 mil-
lion, or $134.73 per square foot,
for Ridgeline Technology Cen-
ter, according to public records.
The asset consists of three one-
and two-story office buildings
totaling 137,316 sf.
The buildings were 78 per-
cent occupied. ADA-ES Inc., an
environmental technology com-
pany focused on the energy sec-
tor, leases more than 37,000 sf.
Kaiser Foundation has nearly
17,000 sf, and there are a num-
ber of 5,000- to 6,000-sf tenants,
including Portercare Adventist
Health System, Metal Mining
Consultants Inc. and OnPoint
Urgent Care.
The buildings are located at
9135, 9137 and 9139 S. Ridgeline
Blvd. in Highlands Ranch.
“Highlands Ranch is a small-
er market, but a very well-per-
forming market,” said CBRE
Senior Vice
P r e s i d e n t
Geoff Baukol,
who handled
the sale.
R i d g e l i n e
Technology
Center offers
some upside
in leasing the
vacant space
and had a
number of attributes that drove
investor interest, he said.
“What people really liked
about this was the quality of
the property, the quality of the
tenant base and the diversity – a
great mix of tenant industries,”
he said, noting approximately
80 percent of the tenants are
in the energy and health care
sectors. Being adjacent to High-
lands Ranch Town Center pro-
vides walkable amenities that
are rare for a suburban asset, he
added.
“The combination of all those
things led to pretty robust activ-
ity and a competitive process,”
Baukol said.
The property, which features
outdoor plazas and seating
areas, has a parking ratio of
4.3 spaces per 1,000 sf. Shea
developed Ridgeline Technol-
ogy Center in 2001.
Stoltz Real Estate Partners has
been active throughout the Den-
ver market over the past year,
acquiring the Whirlpool dis-
tribution center in Aurora, the
Cable Building in downtown
Denver, and Meridian Corpo-
rate Center I and II in the south-
east suburban submarket.s
Office
Ridgeline Technology Center is immediately adjacent to Highlands Ranch Town Center.
Geoff Baukol