Colorado Real Estate Journal -
A New York-based real estate investment trust focused on single-tenant, net-leased properties bought the Pulte Mortgage and Comcast buildings in Inverness Business Park. CapLease purchased the Englewood buildings from a foreign group advised by Dallasbased real estate asset manager RM Realty Group. The combined price was $26.1 million, according to public records. The Pulte Mortgage headquarters, which sold for $19.1 million, is a 95,265-square-foot, three-story building at 7390 S. Iola St. The company occupies the entire building, which was built for the company in 2009 and is situated on a 7.9-acre site. Comcast leases 100 percent of the adjacent single-story building on 5.6 acres at 7475 S. Joliet St., which sold for $7 million. The 61,436-sf building, completed in 1999 and fully renovated in 2010-2011, serves as Comcast’s Western division call center. “It works very, very well for Comcast from a customer service standpoint,” said John Jugl of Jones Lang LaSalle’s Capital Markets group in Denver. The Class A properties are strategic assets for the users, who are on long-term leases. The offering received strong activity from net-leased funds as well as other real estate investors, according to Jugl, who represented the seller with partner Mary Sullivan. In addition to the strong credit tenancy on both counts, Jugl said investors were encouraged by recovery in Denver’s homebuilding sector and what that will mean for companies like Pulte. Both buildings have exceptionally strong parking ratios. The Pulte building has 6.8 spaces per 1,000 sf, and Comcast has a ratio of 5.7:1,000 sf.