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COLORADO REAL ESTATE JOURNAL
— September 16-October 6, 2015
by Jill Jamieson-Nichols
ASouthern California real estate
investment trust bought two office
assets for $22.2million, boosting its
Denver-area portfolio by approxi-
mately 162,000 square feet.
Escondido-based
NetREIT
purchased Highland Court, an
approximately 93,000-sf office
property in Centennial’s Green-
wood Plaza, for $13.05 million, or
$141 per sf. It paid $9.15million, or
$135 per sf, for One Park Centre, a
69,000-sf building inWestminster.
With the acquisitions, NetRE-
IT owns seven properties in the
Denver metro area, five of which
it acquired within the past 12
months, according to company
Senior Vice President Gary Katz.
“Denver is kind of the perfect
storm of a good economy, a good
leasing market and a number of
properties for sale,” said Katz.
NetREIT often focuses on smaller
properties – under $15 million – in
suburban markets, where it is not
competing against institutions and
can achieve a higher return, he
said. Denver has more available
properties that fit that mold than,
say, Southern California, where
there is very aggressive competi-
tion for assets that do come to
market, Katz said.
Riki Hashimoto of Newmark
GrubbKnight Frank saidDenver’s
“midmarket segment” has become
incredibly active but that High-
land Court’s seller, DPC Cos., was
particular about who it sold the
property to.
“Although activity was strong,
finding the right buyer group to
move forwardwith the ownership
of this property was very impor-
DTZ and Cushman &
Wakefield completed their
previously
announced
merger. Greg Morris, for-
merly of DTZ, is manag-
ing principal of Cushman
& Wakefield’s Colorado
operations.
The “new” Cushman
& Wakefield is one of the
world’s largest real estate
services firms with a com-
bined total of $5 billion in
revenue, 43,000 employ-
ers, more than 4.3 billion
square feet under man-
agement and $191 billion
in transaction value. The
company is owned by an
investor group composed
of TPG, PAG and OTPP.
“This is a game-changing
event in commercial real
estate,” said Chairman and
CEO Brett White. “Both
legacy firms had been
aggressively growing their
respective platforms and
deepening their reach into
the market with new acqui-
sitions and talent. Now we
have the opportunity to
see these ambitions come
together, capturing the
momentum in the market
and clearly claiming our
position at the top of the
industry.”
Cushman & Wakefield
now operates in more than
60 countries.
s
Greater Denver
One Park Centre, a three-story building at 1333 W. 120th Ave. in
Westminster, is 97 percent leased to 32 tenants.
Jonathan Stern,
Publisher & Founder
Jennifer Hayes,
Editor
Jill Jamieson-Nichols,
Editor
John Rebchook,
Editor
Kris Oppermann Stern,
Editor
Michelle Askeland,
Special Sections Editor
Lori Golightly,
Director of Client Services
Jill Harris,
Circulation Manager
Production/Graphic Design:
Jennifer Steidley
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(ISSN 1060-4383)
Vol. 24 No. 18
