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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.

Taylor Kohrs.

taylorkohrs.com/CREJ

9351 Grant Street, Suite 500 • Denver, CO 80229

EXPERIENCE

Clients choose Taylor Kohrs time and again for their construction

needs. Why? Because we offer the breadth of experience and

know-how of a much larger company, but with the small-company

integrity, collaboration, personal service and hard work that drive

project success.

303 . 928 .1800

CapRidge Continued from Page 4

“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

‘Big 3’ Continued from Page 8

Geoff Baukol