Aerospace company buys north Denver asset for $5.38M
A local owner-user acquired a northwest Denver office property for $5.38 million.
Artemis Holdings Ltd. purchased the 31,272-square-foot, Class B office property at 1400 W. 122nd Ave. in Westminster from seller Pavilion Court LLC. Todd Silverman and Paul Cattin of NAI Shames Makovsky represented the buyer, while Brandon Basham of Basham Real Estate Cos. represented the seller.
According to Silverman, the buyer will relocate its company Advanced Space LLC to the property from its Boulder location. The company will occupy the approximately 15,000 sf that was vacated before the sale. The remaining square footage already is occupied by seven other tenants representing multiple industries, including finance. The addition of the buyer’s company will bring the building’s occupancy to 100%.
Advanced Space LLC is an aerospace company specializing in satellite navigation for spacecraft. Its most recent project is in collaboration with NASA. The space agency awarded Advanced Space LLC a $13.7 million contract to develop and operate a satellite mission to the same lunar orbit targeted for Gateway, a small spaceship in orbit around the moon.
Silverman said the buyer wanted a northwest Denver submarket property with an open floor plan. He said for the time being, the buyer has no plans to make changes to the property, as the company will not be at full density due to COVID-19. Despite the diminished office staff, the pandemic proved advantageous for the buyer, Silverman added.
“The closing process started when COVID-19 was becoming more prevalent,” Silverman said. “We found that the pandemic actually created an opportunity for the buyer to make a better purchase. Before the onset of COVID-19, the market was more competitive, with properties not being available for as long.
“The lenders also were excited to work with them because, despite COVID-19, the buyer has a very strong, stable company,” Silverman added.
The sale closed at the end of July, and the buyer plans to take occupancy in October.
Featured in the August 19-September 1, 2020, issue of CREJ