Colorado Real Estate Journal - December 16, 2015

Buyer snaps up Castle Rock bldg.

by Jill Jamieson-Nichols

---

A Class A office building in downtown Castle Rock flew off the market at $4 million, or $258.09 per square foot.

‘I think it’s
indicative of
more investors
looking at
Castle Rock as
a very viable
place to invest
in the Front
Range with all
the growth that’s
going on.’

– Matt Call,
NavPoint Real Estate



Stone Holdings LLC purchased the two-story, 15,498-sf building at 18 S. Wilcox St. from 18 Wilcox LLC, which developed the property in 2005. The building was 100 percent leased, with a law firm, Folkestad Fazekas Barrick & Patoile, occupying most of the second floor.

“We were under contract within two weeks of going to market,” said Matt Call of NavPoint Real Estate, who handled the transaction with NavPoint’s John Witt. Call said the investment market is so tight they knew the asset would receive plenty of activity.

“It’s one of the few Class A office buildings in Castle Rock,” said Call, who added that there are “very few other investment-grade assets on the market for sale in Castle Rock right now.” At the same time, investors are willing to consider investing in the Castle Rock market because of major infrastructure investments the town has made and the new Promenade at Castle Rock development, for instance, he said.

“I think it’s indicative of more investors looking at Castle Rock as a very viable place to invest in the Front Range with all the growth that’s going on,” Call said. The Wilcox building is walkable to dining, shopping and other downtown amenities. Castle Rock Economic Development Council is among the building’s tenants.

The buyer is an entrepreneur with a technology company that will occupy a portion of the first-floor space next spring, after White Construction, which constructed the building, relocates. White Construction is moving to another building it is constructing in downtown Castle Rock, The Move.