Colorado Real Estate Journal - May 6, 2015
IBC Holdings’ bet on an empty office building in Panorama Business Park paid off with a $24.26 million sale to Centura Health. Centura paid about $151 per square foot for the 160,572- sf Class A building at 9100 E. Mineral Circle. The health care provider will consolidate corporate functions from multiple locations, bringing approximately 500 employees to the building. “We were pleased with the outcome. We appreciated working with Centura over several months,” said IBC Managing Director Marty Farnsworth. “It’s an active, good real estate market that seems to be firming up, so it was a good transaction.” IBC bought the building from a lender for $11.25 million, or $70 per sf, in late 2013. It was among only a handful of available blocks of Class A office space over 150,000 sf in the southeast suburban office submarket. Built in 1989 and formerly occupied by United Launch Alliance, the building offers 40,000-sf floor plates, uninterrupted glass lines, a 99-seat auditorium, lunchroom, and showers and lockers. It has power feeds to two different Xcel power stations. IBC Holdings spent approximately $1 million renovating the building and was negotiating a lease with Centura Health when Centura opted to acquire the property. Centura did not purchase two acres of adjacent land that would have increased parking from about 3:1,000 to 4.5:1,000. “I think users in southeast Denver continue to value sites that have as good accessibility to light rail as they can. Certainly with this location, you’re a five-minute walk to light rail, if not less,” said DTZ Executive Managing Director Doug Wulf, who represented IBC Holdings with DTZ’s Dan Miller. Besides proximity to the Dry Creek Station, the property is immediately accessible to “some of the best amenities in southeast Denver,” said Wulf, citing numerous restaurants at Park Meadows shopping center and along County Line Road. “It’s a tough location to beat.” The building also is distinctive architecturally. Plus, “The site has incredible mountain views that will be unobstructed forever. It always has been a corporate headquarters building and will continue to be,” Wulf commented. Ty Ritchie of CBRE represented Centura Health in the transaction.