Colorado Real Estate Journal - February 19, 2014
A five-story office building overlooking the Meridian Golf Club sold to a Portland, Ore., buyer for $12.8 million, according to public records. Denver Meridian Equities LLC, a group created by Felton Properties, bought the 139,381-square-foot Meridian One office building from HTDMeridian One LLC. The price per sf was $91.83 per sf. A listing broker referred inquiries about the transaction to the seller, who declined to comment. The buyer couldn’t be reached. Cushman & Wakefield of Colorado’s Mike Winn, Tim Richey and Chad Flynn handled the transaction. According to marketing information, the building at 9785 Maroon Circle was approximately 90 percent leased by 16 tenants. Burns & McDonnell, an engineering firm, occupies nearly a third of the building, while FMC Technologies has just over 10 percent. An architecturally distinctive building that sits at the highest elevation in Meridian International Business Center, Meridian One is visible from Interstate 25 and Lincoln Avenue. It features a four-story lobby, a fitness facility, showers and lockers, conference and training rooms, abundant corner offices and a glass line that provides panoramic views. There are terraces, 26,000- to 36,000-sf floor plates and 485 parking spaces, including 23 covered executive parking stalls. The Class B building was built in 1984 and renovated in 2007. There has been significant capital invested into the common areas and building systems, according to the marketing brochure. According to Winslow Property Consultants LLC, a commercial real estate research, counseling and brokerage firm, RAIT Funding LLC provided a $10.59 million loan at 82.7 percent loan to value for the acquisition. Meridian One is believed to be the fourth Denver-area property Felton Properties has acquired since entering the market in 2012. It owns Tower Colorado in Denver, the Offices at the Promenade in Greenwood Village at Prime Center at Northridge in Westminster.