Colorado Real Estate Journal - December 3, 2014
A 74,040-square-foot office building next to a light-rail station that will open two years from now presented a value-add opportunity for a local buyer. NexGen Properties bought Central Place at 13900 E. Havard Ave. for $4 million, or $54.02 per sf. The three-story building, with 47 percent occupancy, is situated along the I-225 Rail Line. “With the opening of the I-225 Rail Line in 2016, Aurora will become regionally connected and our building will be adjacent to the Iliff Station and Parkn-Ride facility, offering great access to transportation,” said Sean Sjodin, NexGen’s director of acquisitions. “It will be one of only a few office buildings along that I-225 corridor that will have that feature,” said Patrick Devereaux of JLL, who represented the seller, Rosemont Realty, with JLL’s Jason Schmidt. “It’s great upside potential in a building that faces Interstate 225 and the ownership will truly benefit from owning an asset that has walkable access to the light-rail station,” commented Devereaux. NexGen Properties will rebrand the asset, completing significant renovations to the interior common areas, replacing the roof and updating internal building systems. “Overall Central Place is a well-built building with great potential,” said NexGen Vice President Travis McNeil. The third floor of the building is vacant, offering a rare contiguous block of space with “phenomenal” Front Range mountain views, he said. “With Central Place becoming one of the most light-railaccessible office locations in Aurora, the third floor opportunity checks every box for a corporate user, also offering top-floor, large-tenant presence, extensive window line and a strong identity with highly visible exterior building signage,” said Jonathan Jones of Colliers International, who is marketing the property for lease. Central Place, built in 1986, currently has 14 local and regional tenants.