DPC, partner land 20-building office park for $143.65M

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Jefferson County

Address: 13949 W. Colfax Ave., 1597 Cole Blvd., 1607 Cole Blvd., 1617 Cole Blvd., 1627 Cole Blvd., 1637 Cole Blvd., 1667 Cole Blvd., 1536 Cole Blvd., 1536 & 1546 Cole Blvd., 13922 Denver West Parkway, 14142 Denver West Parkway, 14062 Denver West Parkway, 13952 Denver West Parkway, 1746 Cole Blvd., 13772 Denver West Parkway, 1658 Cole Blvd., 1626 Cole Blvd., 1726 Cole Blvd., 1819 Denver West Drive & 1526 Cole Blvd., Golden

Property Location: Denver West Business Park (20 addresses)

Property Description: 20 office buildings from two to five stories, YOC 1976 to 1984, masonry & frame construction, 1.34M gross rentable area

Land Size: 90.944 acres

Sales Price: $143.65M, or $106.82 psf

Reception No.: 2018105348 etal

Closing Date: 11-16

Grantor: HB Denver West Park Nos. 1,15-19, 2, 4,5, 51-55,6, 7,22,26,3 (Seth Hoffman, mgr.) 212-906-3450

Grantee: BOF DPC Denver West Park LLC Nos. 1,15-19, 2, 4,5, 51-55,6, 7,22,26 &3

Financing: $120M payable to Key Bank NA

Comments: There are 20 buildings ranging from 24,944 sf to 80,005 sf. There were two buildings located at 14023-14033 Denver West Parkway that the seller retained, as there was no record of Building No. 64 selling. The seller purchased this from Connextion Asset Group (Ed Anderson) in 2014 for $11.09M but did not re-sell to DPC. Two parcels of land totaling 10.197 acres sold by two separate deeds in October 2014 for $1.48 million, or $3.38 per square foot, were included in the 90.944 acres in the most recent sale. Therefore, the 20 buildings plus the surplus land sold for an aggregate price of $91.02M when comparing building per building. The buyer executed a $120 million note payable to Key Bank, NA. This was 83.5% loan to value, which is unusual in the commercial real estate market.

Denver West

Comp of the Day is provided by John V. Winslow, president of Winslow Property Consultants. Winslow has more than 40 years’ experience in commercial real estate. He can be reached at 720-612-7878 or Colprop2012@gmail.com.

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