Colorado Real Estate Journal - September 16, 2015
A Class A office building in Meridian International Business Center hit the right note for a California investor. Mark IV Capital paid $15.5 million for Maroon V, an 88,633-square-foot office building at 9540 S. Maroon Circle in Englewood. The building is the company’s second acquisition in the neighborhood – it has owned Three Maroon Circle since 2013. “Maroon V was a great opportunity to grow our Denver portfolio and specifically our southeast suburban portfolio. It fits well within our long-term strategy of acquiring high-quality assets in excellent locations, below replacement cost , ” said Mark IV Asset Manager Evan Slavik. Slavik said the acquisition also provides economies of scale in terms of leasing, property management and building engineering, for instance. Maroon V, anchored by Baxter International, was 100 percent leased at the time of the sale. Baxter, an A credit tenant that has been in the building since Shea Properties developed it in 2008, occupies nearly three-quarters of the square footage and recently recommitted to the building. “You’ve got great tenancy with some term – in Meridian, a business park that is outperforming the rest of the southeast submarket,” said Geoff Baukol, senior vice-president in CBRE’s Private Capital Group . Besides having a strong international company as its main tenant, “It is a phenomenally constructed and developed building – very, very high quality. It’s a great combination of attractive traits,” Baukol said. Waitt Co. sold the property. Slavik said the seller was great to work with and that Mark IV appreciated Baukol’s assistance with the acquisition. Stream Realty will handle leasing at Maroon V.
Mark IV Capital is a private real estate company that acquires, invest in, develops and manages assets in markets where it believes existing drivers will propel future value, according to its website. In addition to Three Maroon Circle, the company’s Colorado assets include Monaco Plaza in Denver and Sky Harbor Business Park in Centennial.