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Page 8 — COLORADO REAL ESTATE JOURNAL — July 1-July 14, 2015
Greater Denver
by Jill Jamieson-Nichols
Investors circled the wagons
when Prairie Trail Business
Park came up for sale, and
one of them made off with the
property for $10.6 million.
Woodspear Prairie Trail LLC,
an affiliate of Woodspear Prop-
erties, paid $127.25 per square
foot for the asset.
Woodspear Director ofAcqui-
sitions Craig Lessard said the
company likes the southeast
suburban submarket and, “We
really liked this opportunity
because it was a combination
of a nice going-in cap rate,
which was a 7, and a nice price
per pound, which was below
replacement cost.”
Woodspear Properties has
switched focus from multifam-
ily toward industrial, office
and retail assets, he said. “We
played the multifamily game
for awhile, and we’re now
shifting more to commercial
because cap rates aren’t as
tight,” he said.
Prairie Trail Business Park
represented an unusual oppor-
tunity in today’s commercial
real estate market, according to
Tyler Carner of CBRE.
“This deal represented a very
rare opportunity to purchase a
Class A, small-bay multitenant
facility with a strong rent roll,”
he said. “Opportunities for this
type of product have not come
often in this cycle.”
Prairie Trail Business Park is
an 83,302-sf industrial park at
8591-8599 Prairie Trail Drive,
near E-470 and Peoria Street,
in Englewood. Its three build-
ings are 100 percent leased
to 11 tenants ranging in size
from 4,230 to 18,277 sf. Ten-
ants include Lockheed Martin,
Henry Schein and RT Logic.
The business park was built
in 2001 and has been very
well maintained, according to
CBRE. The front-park, rear-
load buildings feature heavy
office build-out, along with
drive-in doors, 14-foot ceiling
clearance, fire sprinklers and
4.3 parking spaces per 1,000 sf.
The chance to buy an asset
of its type “was very attractive
to a large group of buyers,”
said Carner, who represented
seller Adler Realty Investments
with CBRE’s Jeremy Ballenger,
Doug Viseur and Todd Witty.
Prairie Trail Business Park
occupies a 7.92-acre site in
Compark Business Campus.
Woodspear Properties, which
is looking to acquire additional
assets in Denver, owns approx-
imately $400 million worth of
assets in the Denver, Seattle,
San Diego and Phoenix areas.
Other News
n H-Z Arvada LLC recently
paid $3.6 million for Marshall
Business Park, a 50,403-square-
foot office/warehouse prop-
erty at 6425 and 6385 W. 52nd
Ave. in Arvada.
The net-leased property is
located off of 52nd Avenue and
Marshall Street with access to
Interstate 70 via either Wad-
sworth Boulevard or Harlan
Street. It was built in 1983.
Capital improvements recently
were made to the property.
Tenants in Marshall Business
Park include Fortune 500 Den-
tal Co., Henry Schein, North
Jeffco Junior Baseball Associa-
tion, CB Fence Ltd. and Exte-
rior Solutions Plus.
JC Properties LLC was the
seller.
Matt Call and Heather Taylor
of NavPoint Real Estate Group
handled the transaction.s
Prairie Trail Business Park offered a rare opportunity to buy a small-bay,
Class A multitenant industrial asset.
president and CEO of ASB Real
Estate Investments. “Colorado
Center’s convenient location
between LoDo and the tech cen-
ter, and its proximity to Cherry
Creek, create major demand
drivers.”
Located on Interstate 25 at
Colorado Boulevard, Colora-
do Center is a highly visible
development with three exist-
ing office towers, Dave & Bust-
ers and United Artists Colorado
Stadium 9 & IMAX. In addi-
tion to those existing amenities
and future ones, a soon-to-be-
completed pedestrian bridge
will provide access to amenities
across Interstate 25 to the north.
The 450,000 sf of new devel-
opment is designed by Denver-
based based Tryba Architects.
“We are thrilled by the oppor-
tunity to elevate the existing
design of Colorado Center, cre-
ating a vibrant, 24-hour Main
Street in the heart of a rapidly
changing anddeveloping region.
With the addition of the light-
rail station and new pedestrian/
bicycle bridge, access to the site
is unprecedented, generating
a true center to the surround-
ing neighborhoods and the I-25
corridor,” said William Moon,
Tryba managing principal.
JE Dunn is the general
contractor.s A 205,000-square-foot residential tower is coming to Colorado Center.
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