CREJ - page 18

Page 18 —
COLORADO REAL ESTATE JOURNAL
— September 16-October 6, 2015
nology company, will consolidate
its offices into the 39,077-sf build-
ing at 5330 Sterling. That makes
the second, 38,000-sf building
available to another tenant and
enables Reynolds to “hopefully
see some rent upside at that loca-
tiongoing forward,” saidWingert,
who said the property represents
a “solid investment in Boulder.”
Gary Aboussie of The Colorado
Group represented AWR Sterling
in the transaction.
“This was an excellent pur-
chase by W.W. Reynolds,” said
Aboussie, who called Reynolds
“an astute”Colorado investor that
knows the Boulder market well.
Other assets recently added to
W.W. Reynolds’ Boulder portfolio
included the Cartwright Build-
ing on the Pearl Street Mall and
a 37,500-sf retail building at Table
Mesa Shopping Center that it
leased to Lucky’s Market.
The Cartwright Building is an
approximately 27,500-sf office
building with ground-floor retail
at 1320 Pearl St. Reynolds paid
$10.47 million for the property.
A longtime Boulder-based com-
mercial real estate firm, W.W.
Reynolds is reinvesting in assets
following the sale of 1.5 million sf
of properties in Boulder and Fort
Collins for more than $200million
earlier this year.
s
tant to my client. The buyer has
an outstanding reputation in the
marketplace, and my client had
transacted with them in the past,
so it was a natural fit for us to con-
summate this transaction,” said
Hashimoto, who representedDPC
with Dan Grooters at NGKF.
Highland Court, located at 9000
E. Nichols Ave., was built in 1984,
but somuchof the building’s infra-
structure had been updated or
replaced that the effective age was
much newer, according to Hashi-
moto. “The previous ownership
groups of Highland Court were
extremely good stewards of this
real estate and it really shows,” he
said.
The two-story building is 95
percent leased to tenants includ-
ing DirecTV, Hitron Technologies,
Briotix Inc., Seneca Insurance Co.
and Cattlemen’s Beef Production.
Located along South Yosemite
Street, north of East County Line
Road, it is within walking distance
of retail and restaurants, including
ParkMeadows mall.
One Park Centre is a three-story,
Class B building at 1333 W. 120th
Ave. Located at the corner of 120th
and North Mariposa Street, it is
directly across the street fromDigi-
talGlobe’s office building and the
Park 12 Hundred development.
Sidford Capital LLC had owned
theproperty since 1998 andmarket
conditions made it a good time to
sell, saidAndyWolf, Sidford senior
vice president. “Dan Grooters and
Riki Hashimoto did a great job
marketing the property and find-
ing a suitable buyer,” said Wolf.
The sale was part of a reverse 1031
exchange involving Sidford Capi-
tal’s acquisitionofmixed-useprop-
erties in Olde TownArvada.
Wrapped in double-glazed,
reflective glass, One Park Centre
is highly recognizable in the north
metro office submarket, Hashimo-
tonoted. Itwas 97percent leasedat
the time of the sale to 32 small- to
medium-size tenants.
“The 120th Avenue commercial
corridor has seen significant ten-
ant and investor activity in the
past few months as market fun-
damentals have really improved,”
Hashimoto said. “Due to the lack
of quality supply in the northern
suburbs, both tenants and inves-
tors have had to become increas-
ingly aggressive in order to find
space or place capital. One Park
Centre has historically carried a
very strong occupancy rate, which
is a testament to how the seller has
operated this property,” he said,
adding the buyer plans to contin-
ue that trend while making some
improvements to the common
areas tokeep theproperty relevant.
NetREIT owns office, retail and
industrial properties predominant-
ly in California and Colorado. In
addition to itsDenvermetro assets,
it owns six properties in Colorado
Springs.
s
Highland Court was built in 1984 but has undergone approximately $2.3
million in improvements in recent years, effectively making it amuch newer
building, according to Riki Hashimoto of Newmark Grubb Knight Frank.
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