Page 4AA —
COLORADO REAL ESTATE JOURNAL
— September 17-September 30, 2014
by Jill Jamieson-Nichols
A six-building flex park in the
northwest submarket recently
sold for $7.3 million, or $109.28
per square foot.
Affiliates of Aurora-based
Matrix Group Inc. bought the
66,801-sf MetroTech Centre at
12001-12071 N. Tejon St., just
west of Interstate 25 on the 120th
Avenue corridor in Westminster.
The buildings were approxi-
mately 82 percent occupied, pro-
viding an opportunity to lease
up the vacancy and roll below-
market rents up to market rates,
according to CBRE. Some proj-
ects in the submarket have seen
rate increases of more than 10
percent, and that trend is likely
to continue as the market tight-
ens, the brokerage firm said.
Three of the MetroTech build-
ings have visibility on 120th
Avenue, which connects I-25
with U.S. Highway 36 and offers
direct access toDenver and Boul-
der. The visibility of the project
and the monument signage have
attracted quality tenants that are
very loyal to the project, accord-
ing to CBRE. CBRE’s Tyler Carn-
er represented the seller with
ErikAbrahamson, formerly with
CBRE and nowwithW.W. Reyn-
MetroTech Centre is leased to
16 tenants that range from 1,650
to 6,508 sf. The project has a his-
tory of low vacancy, said CBRE.
Two of the vacant spaces are in
The park is two blocks from
DigitalGlobe’s new campus and
the Park 12 Hundred office/
industrial redevelopment. Ame-
nities including restaurants,
shopping and hotels surround it.
Matrix purchased the property
from DeCook Metro-Tech LLC
and New Crossroads West LLC,
entities of Alpha West Realty &
Investment in Greenwood Vil-
There were multiple offers for
the asset, according to CBRE.
sold a high-visibility
industrial property originally
listed at $88 per square foot for
$108 per sf following a call for
best and final offers.
The property consists of three
small, metal industrial buildings
totaling 11,046 sf at 920 and 924-
930 W. Byers Place in Denver.
One of the buildings was leased
at the time of the sale to a con-
struction company and shares
a wall with the space at 924
W. Byers. That building is con-
nected by a causeway to 930 W.
Byers, an office building.
Estate of Miriam L. Brady
sold the property to
Rock I LLC
$1.2 million. The buyer’s plans for
the property are unknown.
The property originally was
listed at $975,000 and drew
interest from multiple parties.
A flex property at 13276
E. Fremont Place in Centennial
sold for $1.2 million, or $60 per
Contact Media LLC
the property for Performance
One Media, a competitor to the
Weather Channel that will occu-
py all 20,000 sf. Performance
One has been leasing space
in the Denver Tech Center for
many years and was facing a
significant rent increase, accord-
Pinnacle Real Estate
“The transaction was truly
a win-win for both parties.
The buyer was able to acquire
the property at a very attrac-
tive price per foot, which will
afford them the opportunity to
make significant upgrades to
the property and turn it into
one of the nicest flex buildings
in the southeast submarket,”
adviser at Pinnacle Real Estate
Grimes represented the buyer.
Schneider and Pinnacle Senior
sented the sellers,
Emma J. Aguirre.
Great Lakes Properties LLLP
the sale of a 10,498-sf building
at 4950 Oakland St. in Denver.
The property was on the mar-
ket only a week before going
under contract and had multi-
ple offers, according to Gruber.
“Part of why the seller select-
Savory Partners LLC
buyer was because their busi-
ness was nonmarijuana-related
and they felt they would be a
great user for the property,” he
said. A food production com-
pany will occupy the property.
The closing took 21 days. The
closing price was $1.1 million.
mercial Brokerage & Invest-
represented Savory Part-
Gruber and Fletcher also
Starker Service of
481 E. 66th Ave. in Denver for
$855,000. The centrally located
property consists of 12,000 sf
of space on a paved 1.38-acre
site zoned I-1 and I-3 in Adams
The buyer is a user that needs
the outside storage the site had
to offer, said Gruber.
Grubb Knight Frank
ed the seller,
Ingle Real Estate
sWestminster flex buildings sell to local group for $7.3m
MetroTech Centre offers upside in vacancy and lease rollover, according