Colorado Real Estate Journal - September 2, 2015
A pair of Highlands Ranch office buildings traded as part of a $250 million portfolio deal that included 39 properties, predominantly in Minnesota and throughout the Midwest. Lone Star Funds acquired Highlands Ranch I and II as part of the nearly 3 million-square-foot portfolio. Investors Real Estate Trust sold the assets in a deal handled by CBRE’s Minneapolis-St. Paul office. Highlands Ranch I and II, located at 630 and 640 Plaza Drive, consist of 152,603 sf of office space that was 99 percent leased at the time of the sale, according to Geoff Baukol of CBRE, who provided local assistance in the deal. Arcadis US occupies all 71,430 sf in Highlands Ranch I, while Highlands Ranch II houses multiple tenants. The three-story buildings were built in 2000. IRET, which is divesting of its office and retail portfolios, said the portfolio netted $129 million in cash. It will use proceeds to acquire a $56 million multifamily property in Rochester, Minnesota, start construction on another $31.5 million multifamily development and pay down $66 million on the company’s line of credit. Other News CPN Realty purchased a 10,047-square-foot office condo at 99 Inverness Drive East in Englewood for $1.21 million, or $120 per sf, for a medical use. The condo is adjacent to a 9,486-sf space CPN purchased for $1.28 million in April. Brendan Fisher of Cresa Denver represented CPN Realty in the transaction. Roche Fore of Buell & Co. and Matt Ball of Colliers International represented the seller, Nominal LLC. n University of Colorado Health subleased 36,000 sf of office space from Fitzsimons Redevelopment Authority at 12705 E. Montview Blvd. in Aurora. The biomedical group that will occupy the space is relocating from nearby space at the Anschutz Medical Campus. Scott Garel and John Gustafson of Newmark Grubb Knight Frank represented the landlord in the transaction. The DaVinci Institute, a futurist think tank, recently leased 14,192 sf of Class A office space at the Compass Bank building at 9191 Sheridan Blvd. in Westminster. DTZ Senior Vice President Ted Harris and Associate Kayla Hammers represented the DaVinci Institute. Joseph Ayers and John Torp of Stream Realty Partners represented the landlord, Sheridan Commercial LLC. DaVinci’s expanded facilities will include a collaborative work area for individuals and companies that want to stay up-to-date on futuristic trends and technologies. In addition, the top-floor space will house DaVinci Coders, a programmer training center for future coding professionals, and Vizionarium, the institute’s future-consulting service. “The DaVinci Institute has traditionally been a working laboratory focused on the future human experience,” Thomas Frey, executive director and senior futurist, said in a statement. “Our new facility will be framed around more of a co-working laboratory and we will expand the future human experience to include like-minded visionaries wanting to create a better tomorrow.” In an effort to help boost Colorado’s start-up, technology and inventor communities, the institute will offer an ongoing series of workshops, boot camps, seminars and educational events.