CREJ - Journal

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January 21-February 3, 2015 — COLORADO REAL ESTATE JOURNAL — Page 9
CapRidge Partners plans to
update the lobbies, corridors
and restrooms, add LED light-
ing and other improvements.
The Terrace Building sits
at the base of the pedestrian
bridge for the Orchard light-
rail station,
and “4949 S.
Syracuse is
very near the
intersection
of Belleview
and I-25,
which is sort
of a Main and
Main loca-
tion down
there,” noted
listing broker
Geoff Baukol, senior vice presi-
dent at CBRE.
While there is plenty of inves-
tor interest in quality invest-
ment properties in the Denver
area, the two-building port-
folio drew particularly strong
activity – and more than 15
offers, according to Baukol.
“You have two assets, both
within the Denver Tech Center
proper, both phenomenal loca-
tions, and both have upside,”
said Baukol. “They appeal to
what today is our largest buyer
pool, which is the value-add
buyer pool, so interest was tre-
mendous given those dynam-
ics.
“Well-located Class B assets
like these are positioned to
have a good run because As
are performing so well,” Bau-
kol added. Class B buildings
are in demand, vacancies are
down and rents are on the rise,
particularly “for well-located B
product like these.”
“There is upside with mov-
ing rents to market in a very
positively trending market,”
Baukol commented.
Both buildings were built in
1982 and renovated six years
ago.
The Terrace Building is a
three-story building whose
major tenants are Belcaro
Group, which does business
as ShopAtHome.com, occupy-
ing more than 30,000 sf, and
Comex, a PPG Industries com-
pany that leases more than
20,000 sf.
Lambdin & Cheney LLP, a
law firm, is the largest tenant
at 4949 S. Syracuse, with about
9,000 sf. On Q Financial leases
just over 7,500 sf in the six-
story building, along with the
U.S. Potato Board, which has
6,800 sf.
CapRidge Partners, which
focuses on acquiring assets
below replacement cost, recent-
ly entered the Denver com-
mercial real estate market with
its $23.4 million acquisition of
Solarium, a 171,189-sf office
property in Greenwood Vil-
lage.
“We think Denver is a great
market for us. It has the attri-
butes we look for,” said Stacy,
mentioning quality of life, Den-
ver’s highly educated work-
force and strong employment.
“We’re glad to be in Denver.
We’ve had a great reception
from the brokers and everyone
we do business with. We value
the relationships we have with
all facets of the industry,” he
said, adding the company
prides itself on delivering on
its commitments and will con-
tinue to maintain that repu-
tation as it grows its Denver
portfolio.
“We will continue to look in
Denver; in fact, we’re looking
at other assets now,” he said.
CapRidge Partners’ portfolio
comprises more than $400 mil-
lion worth of office product in
Denver; Texas; Charlotte and
Raleigh-Durham, North Caro-
lina; Nashville; and Atlanta.s
Greater Denver
Small company. Big EXPERIENCE.
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9351 Grant Street, Suite 500 • Denver, CO 80229
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Clients choose Taylor Kohrs time and again for their construction
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“There’s certainly room for
local companies, and there is a
niche for them in the commu-
nity,” he said. “But as time goes
on, it will be bifurcated between
those three classes of companies.
You have to find the space you
want to operate in, and if you’re
not in one of those three spaces
– really well-defined, and you
really add value and you can
compete in those spaces – I don’t
know what you do.
“It will be interesting to see
what happens with some of
the companies that are in limbo
right now and that have not
taken that step to go global. I
think it’s going to be a struggle
breaking through after the ter-
ritories have been established,”
Morris said.
DTZ manages 3.3 billion
square feet of real estate glob-
ally on behalf of institutional,
government, corporate and pri-
vate clients. It is ranked No. 1
in China for investment sales
transactions, with more than
50 percent market share, and
No. 3 in London and the United
Kingdom.s
Geoff Baukol