An Austin, Texas, company invested $89.9 million in 632,416 square feet of Class A office space on the U.S. Highway 36 corridor in Westminster.
CapRidge Partners LLC, an operating partner to institutional capital, secured four buildings in Westmoor Technology Park in deals involving two sellers.
Investcorp sold Westmoor Place, a three-building campus that comprises Westmoor Buildings 8, 9 and 10, for $71.1 million. Located on 26 acres at 11000, 11300 and 11400 Westmoor Circle, the buildings account for 428,029 sf of office space with a combined occupancy of 79%.
TD Ameritrade Online Holdings Corp. sold Building 7, the former Scottrade building, for $18.8 million. The 204,387-sf building, located at 10955 Westmoor Drive, is vacant.
Westmoor Technology Park is equidistant between Denver and Boulder, allowing it to access a third of the entire Denver metro workforce within 30 minutes, CapRidge notes on its website.
Adding Building 7 to the portfolio opens the possibility for tenants in the other buildings to grow, or to attract one or more large tenants. Owning all four buildings also eliminates a direct competitor to each deal, said CapRidge, and allows for operational efficiencies.
Holliday Fenoglio Fowler LP, which handled the Westmoor Place sale, noted Westmoor gives tenants access to more than 240 shops and restaurants at Flatiron Crossing, The Shops at Walnut Creek and Westminster Promenade, among others. The area has strong demographics, with average annual household income within a mile of the property exceeding $111,000, nearly 20 percent higher than the Colorado average, according to HFF.
Tenants in the three- and four-story buildings include CACI International, Kahuna Ventures, Coalfire Systems and General Dynamics.
Westmoor’s amenities include a full-service cafeteria, showers on each office floor, a fitness center, access to 3.5 miles of trails and open space, and an on-call shuttle.
The HFF investment advisory team of Senior Managing Director Mark Katz and Senior Director Peter Merrion represented the seller of Westmoor Place.
“Westmoor Place provided the investor with a diverse rent roll, leased to several large tenants with businesses focused in cybersecurity, health care and engineering,” said Merrion. “The quality of the buildings and tenancy offered a unique investment profile in Denver. The northwest market continues to see incredible activity, and Westmoor Place will be well-suited to capture the continued demand of users in the market.”
Investcorp bought Westmoor Place six years ago for $65.49 million.
The CBRE team of Tim Richey, Mike Winn, Chad Flynn, Jenny Knowlton and Charley Will handled the sale of Building 7, which is across the street from Westmoor Place. Scottrade bought the four-story building a decade ago for $24.25 million and vacated it after TD Ameritrade acquired the company.