Colorado Real Estate Journal -
Eldorado Ridge, a Class A office park on the Denver Boulder corridor, traded for $42.4 million, or $130.76 per square foot, according to public records. Lowe Enterprises teamed up with Starwood Capital Group to buy the 324,269-sf Broomfield property, according to Lowe’s website. Situated on a ridge that overlooks Interlocken Advanced Technology Environment, Eldorado Ridge consists of three buildings at 11001, 11101 and 10901 W. 120th Ave. The buildings were 67 percent occupied at the time of the sale. Lowe didn’t return a phone call regarding the transaction, but it said on its website that it will create and implement a program of property improvements to include “refreshing the interiors, with particular emphasis on the lobbies and entrances, as well as landscaping enhancements.” CBRE brokers Geoff Baukol and Tim Swan, with assistance of Mike Pepper of Kennedy Wilson, represented sellers Eldorado Ridge I & II LLC and Eldorado Ridge III LLC, a private multimember ownership structure based primarily in California. Located between Interlocken and Rocky Mountain Metropolitan Airport, Eldorado Ridge is in the heart of the U.S. Highway 36 corridor, which caters to technology tenants. Its amenities include expansive mountain views, as well as proximity to the airport, Flatiron Crossing Mall and the Omni Interlocken Resort and golf course. The four-story buildings range from 107,720 to 108,318 sf. They are a home to Renewable Energy Services, which occupies more than 20,000 sf, Regis University, which has more than 17,000 sf, and Quintess, which leases in excess of 14,000 sf. Eldorado Ridge was built in 1999-2001.