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by Jill Jamieson-Nichols

IBC Holdings LLC has

acquired a huge piece of the

Avaya campus in Westmin-

ster to reposition it for ware-

house, light-industrial/flex

and office uses.

The deal included Avaya’s

1.2 million-square-foot former


facility on 105 acres at West

120th Avenue and Interstate

25. The price wasn’t released,

but Avaya confirmed the

recorded price of $5.75 mil-


IBC Holdings expects to

spend just under $50 million

reconfiguring the building

at 1200 W. 120th Ave., which

will become Park 12 Hun-

dred. The acquisition was a

joint venture with long Wharf

Real Estate Partners LLC, a

Boston-based private equity

real estate manager.

Avaya, which at its peak

employed 5,000 people at

the communications systems

manufacturing facility, is con-

solidating into the neighbor-

ing building at 1300 W. 120th.

Park 12 Hundred includes

200,000 sf of high-bay bulk

distribution space, 700,000 sf

of light-industrial/flex space

and 300,000 sf of office space,

along with associated parking

and approximately 40 acres of

developable land.

“This is a prominent West-

minster facility in a great loca-

tion very close to a range of

retail amenities and adjacent

to one of Denver’s largest

park-n-Ride locations,” IBC

Holdings Managing Director

Brian C. Mott said in a state-

ment. “When complete, it will

offer modern-specification

facilities to a wide range of

industrial and office users.

Additionally, we are consider-

ing adding amultifamily com-

ponent and additional indus-

trial buildings with frontage

on Huron and Pecos streets at

some point in the future.”

The repositioning will

include demolition of near-

ly 400,000 sf of the existing

industrial building.

“If you look at the build-

ing from an aerial perspective,

it’s almost a perfect square,”

said Mott, adding the layout

doesn’t set up well for a mult-

itenant building. Demolishing

a portion of the space will

create a rectangular configu-

ration with spaces that could

be leased to a single tenant

or easily divided for multiple

users, he said.

Jason Addlesperger and

David Lee of Newmark

Knight Frank Frederick Ross

IBC buys 1.2 million-sf Avaya building

The former Avaya research-and-development facility in Westminster will become Park 12 Hundred.

by John Rebchook

In July, New York-based



with no fanfare, bought the

900,000-square-foot South-

lands Town Center in Aurora.

The sale only became

public several months later,

when Northwood Investors

announced the purchase of

the center that had been devel-

oped by Denver-based Alber-

ta Development and built in

phases, starting in 2005.

"We are pleased to make our

first investment in Colorado

and excited about the long-

term prospects in the region,”

John Kukral, president and

CEO of Northwood, said


“This acquisition demon-

strates our commitment to

retail excellence and we hope

to further build upon the

quality retailers and restau-

rants currently established in

the center,” Kukral said.

Northwood did not disclose

the purchase price.

Public records, however,

indicate that Northwood

Investors paid $102.5 million.

There were two deeds of trust

issued for the purchase – one

for $79.5 million and the other

for $23 million.

Industry experts estimate

that the replacement value

of the giant center would be

around $180 million.

The purchase price also is

far below what the property

sold for four years ago.

In 2008, public records show,

Alberta Development sold the

center to Granite Southlands

Center LLC for $161.17 mil-

lion. Granite Southlands is a

BlackRock Inc.-affiliated com-


Indeed, the public docu-

ments for the most recent sale

list Granite Southlands Center

LLC as the seller, in care of

BlackRock Real Estate Advi-

sors in New York.

New York firm buys Southlands Town Center

Southlands Town Center in Aurora is a lifestyle and big-box center.

Please see Southlands, Page 10 Please see IBC, Page 39


Greater Denver 4 Boulder County 12 Larimer & Weld Counties 13 Colorado Springs 15 Colorado 16 Profile 17 Finance 18 Law &Accounting 20 Property Management 22 CDE 28 Industrial 38 Office 39 Multifamily 40 Retail 43


Coming of age

One of the few remaining large

parcels of land in the Golden

Triangle is being marketed for sale

Triple play

Three buildings in the heart of

the Pearl Street Mall sell to a

well-known local owner

Schwab on deck

Charles Schwab says it is “pretty

far along” with a site for a new campus,

but cautions its growth will depend on

the economic and business climate

In the ballpark

Multi-Employer Property Trust

pays $90.8 million for the Metro

apartment community near Coors Field

6 12 39