OCTOBER 21-NOVEMBER 3, 2015
by Jill Jamieson-Nichols
Mark IV Capital Inc. has
doubled the size of its Den-
ver-area portfolio with the
acquisition of 324,269 square
feet of Class A office space
on the Denver-Boulder cor-
ridor.
The Newport Beach, Cali-
fornia-based company paid
$57 million, or $175.59 per
sf, for Eldorado Ridge. The
three-building
property
offers substantial upside – a
rare quality given tenants’
appetite for Class A space.
The buildings are approxi-
mately 80 percent occupied.
Mark IV plans to imme-
diately create six spec
suites comprising 20,000
sf designed to appeal to
today’s tenants.
“Our plan to create spec
suites with more open
floor plans comes from
the movement away from
private perimeter offices
in exchange for more col-
laboration areas that allow
employees to choose where
they work within the office,”
said Evan Slavik, Mark IV
Capital regional vice presi-
dent. Suites will have pri-
vate offices, but they will
be pulled to the interior to
allow natural light to pene-
trate the space and for great-
er access to mountain views.
Eldorado Ridge is located
on 21 acres at 10901, 11001
and 11101 W. 120th Ave.
in Broomfield, adjacent to
Rocky Mountain Metro-
politan Airport and across
the street from Interlocken
and Flatiron Crossing mall.
It’s part of the metro area’s
northwest office submarket,
which absorbed more space
over the last five quarters
than any other submarket in
Denver, according to Geoff
Baukol of CBRE, who han-
dled the sale with CBRE’s
Tim Richey, Mike Winn and
Chad Flynn.
“Mark IV Capital sees the
Boulder corridor as an excel-
lent fit for our long-term
hold strategy,” said Slavik.
“With the supply constraints
of office space in the city of
Boulder, we see Broomfield
as the natural location for
tenants looking for quality
office space with plenty of
accessible housing and retail
amenities nearby.”
The area is well positioned
for long-term rental growth
because of its growing pop-
ulation and tech influence,
he said.
Eldorado Ridge gives
Mark IV Capital a sizable
presence in the submarket.
All of its other Denver-area
assets are in the southeast
suburban submarket, where
it owns nearly 350,000 sf of
Eldorado Ridge sits in the heart of the Denver-Boulder corridor.
by John Rebchook
Developer Mark Falcone
has a 1,000-foot litmus test for
helping determine whether to
invest in properties.
Falcone, the CEO and
founderofDenver-basedCon-
tinuum Partners, will walk
1,000 feet in various directions
on a site in his crosshair to
get a sense whether there is
something nearby that makes
the site compelling.
The 1,000-foot rule didn’t
make sense to Falcone when
he walked what was then the
Villa Italia Mall site about 15
years ago in Lakewood.
“It’s interesting,” Falcone
said. “We did walk it. I would
say that on its own, the inter-
section of Alameda and Wad-
sworth at that moment in time
was not overly compelling.”
Yet Continuum did buy the
property, raze the Villa Italia
Mall and replace it with Bel-
mar.
Continuum was a minor-
ity owner of Belmar, which
recently sold for slightly
under $300 million, making it
the largest commercial deal in
the Denver area this year.
Falcone said he had faith
in the property because of its
size and not because of its
geography.
“The thing was, with 104
acres, we felt there was
enough acres, enough land,
that we could create our own
environment,” Falcone said.
He also was impressed
by the vision of Mike Rock,
who at the time was the city
manager for Lakewood and
wanted Belmar to serve as the
de facto downtown for the
sprawling city, which lacked
a government and retail heart.
Falcone noted that values of
retail, apartments and offices
in Belmar far exceed the value
of properties around it.
Not that Belmar wasn’t
without its challenges.
In 2006, Falcone brought
in GF Properties Group, the
investment arm of the South-
ern Ute Indians, as a 50 per-
cent partner.
Belmar is a popular retail destination in Lakewood.
Inside
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