Colorado Real Estate Journal - January 6, 2016
Panorama Corporate Center’s owner sold one of seven buildings in the office park to a Greenwood Village investment company for $9.08 million, or $178.48 per square foot. Miller Global Properties sold Panorama X, a 50,874-sf building, to The Chotin Group. The three-story building at 9100 E. Panorama Drive in Englewood is 100 percent leased to four credit tenants: Stonebridge Cos., Telesphere, Webfilings LLC and Illumiti. The property represents a great long-term hold for the buyer, according to Patrick Devereaux of JLL, who represented the seller with JLL’s Jason Schmidt. “It’s a tremendously high-quality asset that’s always going to outperform the market because of great occupancy and lease rates,” he said. “I think we had close to 10 offers.” Panorama Corporate Center’s developer, CarrAmerica Realty Corp., developed and occupied the building, which was completed in 2000. “This building was originally occupied by CarrAmerica, and this is the building that they put their corporate offices in,” said Devereaux. The building has high-end finishes and an above market parking ratio of 4:1,000. “It is 100 percent leased by tenants that have a long-term history of occupancy in the building and that has tremendous access off of the highway. For a 58,000-square-foot building in Denver, it’s probably one of the highest-quality assets in the market.” The Chotin Group declined to comment on the acquisition. Miller Global acquired Panorama Corporate Center X as part of its $145.3 million purchase of Panorama Corporate Center two years ago. The deal included buildings totaling 821,242 sf and two lots comprising 11.3 acres. Located at Interstate 25 and Dry Creek Road, it has a light-rail station on site, as well as a deli and other amenities. Other News MicroStar Logistics has signed a lease for approximately 13,000 square feet of space at Gauge, Zeppelin Development’s planned 100,000-sf office building at the foot of the 38th and Blake commuter-rail station. MicroStar provides kegs to craft breweries. “To support craft brewers’ continued growth, we have made significant investments in our business, causing us to outgrow our current headquarters,” said Michael Hranicka, MicroStar president and CEO. Noting that the new building is “in the heart of Denver’s thriving brewery community,” Hranicka said, “Gauge is perfect for us. They are located in the center of the action, offer creative workspaces and are strategically located at a new light-rail stop, which offers easy access and furthers our sustainability goals. Chris Riedland Matt Edgar of Community First Commercial represented the tenant in the transaction. Cushman & Wakefield brokers Ryan Stout, Nate Bradley, Drew McManus and Zach Williams represented Zeppelin Development. Construction of Gauge, located at 3501 Wazee St., is slated to begin April 1 and be completed in April 2017. Designed by Dynia Architects, the building will integrate first-floor event and retail space, with a bar and restaurant, and coffee shop. It will feature glass roll-up garage doors; walkout, landscaped terraces; immediate access to commuter rail; and a parking garage a mile away. “We’re very excited to welcome an innovative, growing company like MicroStar Logistics to Gauge,” said Kyle Zeppelinof Zeppelin Development.“With low vacancy rates in the neighborhood and limited space still available at Gauge, it’s clear that RiNo is being recognized as a hub for entrepreneurial companies that want an urban address outside of the central business district.” A 12,538-sf Class A office building at 8040 Southpark Lane in Littleton sold for $2.3 million, or $183.44 per sf. Kingdom Capital LLCsold the property to Terra West Properties LLC. The building is located off of West Mineral Avenue and Southpark Lane, a mile north of C-470. Situated in the center of Southpark Business Park, it was constructed in 2005. Matt Call of NavPoint Real Estate Group handled the transaction.