Page 4AA —
COLORADO REAL ESTATE JOURNAL
— September 2-September 15, 2015
by Jill Jamieson-Nichols
Apair of Highlands Ranch office
buildings traded as part of a $250
million portfolio deal that includ-
ed 39 properties, predominantly
in Minnesota and throughout the
Midwest.
Lone Star Funds acquired High-
lands Ranch I and II as part of the
nearly 3 million-square-foot port-
folio. Investors Real Estate Trust
sold the assets in a deal handled by
CBRE’sMinneapolis-St. Paul office.
HighlandsRanch I and II, located
at 630 and 640 Plaza Drive, consist
of 152,603 sf of office space that
was 99 percent leased at the time
of the sale, according to Geoff Bau-
kol of CBRE, who provided local
assistance in the deal. Arcadis US
occupies all 71,430 sf in Highlands
Ranch I, while Highlands Ranch II
houses multiple tenants.
The three-story buildings were
built in 2000.
IRET, which is divesting of its
office and retail portfolios, said the
portfolio netted $129 million in
cash. It will use proceeds to acquire
a $56 million multifamily propety
in Rochester, Minnesota, start con-
struction on another $31.5 million
multifamily development and pay
down $66 million on the compa-
ny’s line of credit.
Other News
n
CPN Realty
purchased a
10,047-square-foot office condo at
99 Inverness Drive East in Engle-
wood for $1.21 million, or $120 per
sf, for a medical use. The condo is
adjacent to a 9,486-sf space CPN
purchased for $1.28 million in
April.
Brendan Fisher
of
Cresa Den-
ver
represented CPN Realty in the
transaction.
Roche Fore
of
Buell &
Co.
and
Matt Ball
of
Colliers Inter-
national
represented the seller,
Nominal LLC.
n
University of Colorado
Health
subleased 36,000 sf of office
space from
Fitzsimons Redevel-
opment Authority
at 12705 E.
Montview Blvd. in Aurora. The
biomedical group that will occupy
the space is relocating from near-
by space at the Anschutz Medical
Campus.
Scott Garel
and
JohnGustafson
of
Newmark Grubb Knight Frank
represented the landlord in the
transaction.
n
The
DaVinci Institute,
a futur-
ist think tank, recently leased14,192
sf of Class A office space at the
Compass Bank building at 9191
Sheridan Blvd. inWestminster.
DTZ
Senior Vice President
Ted
Harris
and Associate
Kayla Ham-
mers
represented the DaVinci
Institute.
Joseph Ayers
and
John
Torp
of
Stream Realty Partners
represented the landlord,
Sheridan
Commercial LLC.
DaVinci’s expanded facilitieswill
include a collaborative work area
for individuals and companies that
want to stay up-to-date on futuris-
tic trends and technologies. Inaddi-
tion, the top-floor space will house
DaVinci Coders, a programmer
training center for future coding
professionals, andVizionarium, the
institute’s future-consultingservice.
“The DaVinci Institute has tradi-
tionally been a working laboratory
focused on the future human expe-
rience,”
Thomas Frey,
executive
director and senior futurist, said
in a statement. “Our new facility
will be framed around more of a
co-working laboratory andwe will
expand the future human experi-
ence to include like-minded vision-
aries wanting to create a better
tomorrow.”
In an effort to help boost Colo-
rado’s start-up, technology and
inventor communities, the insti-
tute will offer an ongoing series of
workshops, boot camps, seminars
and educational events.
s
CoStar Group
Highlands Ranch II is a multitenant building at 640 Plaza Drive.
Office
