Colorado Real Estate Journal - March 18, 2015
Westcore Properties sold a half-dozen office buildings in the Denver area for $61.75 million and recapitalized seven other properties. The sale to Legacy Partners and NorthStar Realty Finance included 417,862 square feet in assets stretching from the southeast suburban office submarket to Louisville. The buildings sold for an average $148 per sf and were 94 percent occupied. “The properties that Legacy purchased were very highly leased, and they represented attractive valuations with the capital markets in the position they are today with highly leased assets,” said Westcore Senior Leasing Director John Fefley. They included: • 400 Inverness in Englewood, a four-story, 124,441-sf building; • 5350 S. Roslyn St., a fourstory Greenwood Village building that comprises 63,488 sf; • 141 Union Blvd. in Lakewood, also four stories, totaling 63,573 sf; • 105 Technology Drive in Broomfield, a single-story, 37,564-sf building; • 285 Century Place in Louisville, which contains 69,145 sf on two levels; and • 9359 E. Nichols Ave. in Centennial, a single-story, 72,610-sf building. Among numerous tenants in the properties are GVC Capital, SAIC, Clear Creek Consulting, S.M. Stoller Corp. and Plexus. Two of the buildings were built in the mid-1980s, and four were constructed in the late 1990s. CBRE’s Mike Winn, Tim Richey and Chad Flynn handled the transaction. Although Fefley declined to comment on the values, the 699,894 sf of properties it recapitalized reportedly are worth approximately $83.5 million, or $119 per sf. They are: 384 Inverness, 67 Inverness and Pyramid Pointe in Englewood; URS Center and 400 S. Colorado Blvd. in Denver; 248 Centennial Parkway in Louisville; and 303 Technology Court in Broomfield. The buildings are approximately 83 percent leased. San Diego-based Westcore acquired all of the properties through its purchase of Mack-Cali Realty Corp.’s Denver portfolio in 2006. “We’re certainly excited to continue owning the assets that we stayed involved with because we see additional upside in those assets by leasing them up and taking advantage of the robust Denver and Colorado economy,” said Fefley. The company also is looking for additional opportunities. “We are on the hunt for additional office and industrial properties that we feel either fit our existing portfolio or where we can add value,” he said. Westcore owns approximately 1.1 million sf of office and industrial property in the Denver region.