1 / 84 Next Page
Information
Show Menu
1 / 84 Next Page
Page Background

MARCH 7-MARCH 20, 2012

by Jill Jamieson-Nichols

Aurora Corporate Plaza, a

336,053-square-foot office cam-

pus at the southeast corner of

South Peoria Street and East Iliff

Avenue, sold for $10 million,

according to public records.

The five-building office park

houses back-office operations

for large credit tenants includ-

ing Janus and Oppenheimer

Funds, and also is home to

Merrick & Co., Acosta Sales &

Marketing and other tenants.

It was renovated prior to being

taken over by the seller, Cap-

mark Bank.

A local group called ADRE

Investments LLCpurchased the

asset. A member of the limited

liability company couldn’t be

reached for comment on the

transaction. CB Richard Ellis

brokers Riki Hashimoto and

Dan Grooters represented Cap-

mark Bank.

Aurora Corporate Plaza is

located on 29.99 acres at 2400-

2450 S. Peoria St. and 12100-

12250 E. Iliff. Built in 1983 and

1986, its two- and four-story

buildings range from 32,747 to

106,638 sf. The park includes

common conference and fitness

facilities and an on-site deli, and

is close to public transportation,

shopping and restaurants.

Engineering firm Merrick &

Co. is the largest user, occu-

pying approximately 77,000

sf at 2450 S. Peoria. The office

park’s occupancy at the time

of the sale was approximately

72 percent, about the same as

it was when investor Marcel

Arsenault’s company sold it to

Crow Holdings in early 2008.

The price at that time was $27.5

million.

s

Aurora Corporate Plaza sells for $10 million

Merrick & Co. occupies one of the largest buildings at Aurora Corporate Plaza.

by John Rebchook

1800 Glenarm Business Con-

dominiums, the tallest build-

ing on the smallest lot in Colo-

rado, has a new owner and

new prices for its office condo-

miniums.

Denver-based

Summit

Investment Management qui-

etly took over the office tower

at 18th Street and Glenarm

Place at the end of last year

from the St. Charles Town Co.

Summit invested fresh capi-

tal and renewed enthusiasm

for the building, originally

constructed in 1980 for an oil

company during boom times

in Denver, said Charlie Wool-

ley, principal of the St. Charles

Town Co., which continues to

manage the building, but no

longer is its owner and devel-

oper.

Remaining condo units in

the triangular-shaped building

have been repriced more than

$100 per square foot less than

when St. Charles Town Co.

bought the building two years

ago from Fleisher Smyth Bro-

kaw LLC.

New prices start from $140

to $160 per sf, while previously

units had sold for an average

price of $265 per sf.

“We had been working with

St. Charles on a portfolio of

assets and when 1800 Glenarm

dropped in our laps we moved

very quickly,” said Dave Jor-

gensen, vice president of asset

management for Summit

Investment. “We don’t have

a lot of Colorado assets, so to

pick up a first-class, complete-

ly renovated 14-story office

building two blocks from our

office was serendipity.”

The building’s chronology is

colorful, Woolley said.

He bought it from Fleisher

Smyth Brokaw after it had

briefly been involved with an

unfortunate arrangement with

Erik Osborn, who last April

was convicted of felony theft

for siphoning at least $228,000

from 1800 Glenarm.

Initially, Osborn, also con-

victed of real estate fraud for

the nearby One Lincoln Park

residential tower, and Fleisher

Smyth were planning to con-

vert the building into a swank

residential tower with full-

floor units called Mondrian

City Homes at Lincoln Park.

“I got a call from a broker

who asked me if I wanted to

look at a failed project,” Wool-

ley recalled from his second-

floor unit in 1800 Glenarm. “By

that time, Michelle Brokaw

(principal and CEO of Fleisher

Smyth) had already dissolved

the partnership with Osborn. I

think everybody thought I was

going to keep it as a residential

condo project,” something he

had done with several down-

town buildings in the past.

“I looked at it and I thought

this would be a very good

office-condo project,” Wool-

ley said. “We had already had

great success with the Equita-

ble Building office-condo proj-

ect downtown and I thought

this would be our second suc-

cess.”

He didn’t think it was as

well-suited as a residential

project because it didn’t have

enough outdoor space. “Our

climate is pretty good here

and I think you do need out-

door space such as balconies

and decks to make residential

1800 Glenarm ‘right deal at right time’

St. Charles Town Co.

Condo prices at 1800 Glenarm have been slashed by more than $100

per square foot.

Please see 1800, Page 50

CONTENTS

Greater Denver 4 Boulder County 9

Larimer & Weld Counties 10

Colorado Springs

12

Finance 16 Law &Accounting 18 Property Management 20 CDE 27

Green Building

33

Who’s News

39

Office 42 Industrial 43 Multifamily 44 Retail 48

Inside

Finish work A carpenter’s union will build

an approximately 100,000-square-

foot facility at Stapleton

Staking claims A Boulder company makes its third

acquisition in what it considers one of

the city’s most livable neighborhoods

Déjà new Roth Sheppard is incorporating a number of repurposed elements

into Goodwill’s new Deja Blue

boutique in Cherry Creek

Filling up Apartment vacancy rates are poised to fall to their

lowest level since 2000

Retail spending The Pauls Corp. takes advantage of increased demand for first-

class retail centers with the sale

of Gateway Town Center

4 9 28 44 48