A diverse group of investors purchased a multitenant flex/research-and-development building in Broomfield in an $11.2 million transaction.
The 65,127-square-foot building at 295 Interlocken Blvd. was 100% occupied by tenants that include environmental consulting firm SWCA Inc., software company Nutrislice Inc. and a variety of other tenants in the technology, food and transportation industries.
Silverwood Investments LP sold the property to 295 Interlocken Boulevard LLC, an investment group with members in the U.S., Europe, Latin America and Canada.
“What we liked about the property is the location, in particular being right on the U.S. 36 bike path that joins Denver and Boulder and that is currently being expanded by the city of Broomfield to connect the Interlocken business park with the residential areas of Broomfield,” said Ricardo Bottome, one of the new owners.
The property will be a core holding for the investment group, he said.
Built in 1984, 295 Interlocken is a single-story masonry building on 5.52 acres. It offers highquality design and construction as well as good bay depths, quality materials and attractive architectural elements, according to NavPoint Real Estate Group Principal Matt Call, who represented the seller.
Located in the heart of the Denver-Boulder technology corridor in Interlocken Advanced Technology Environment, the property has quick access to Highway 36 as well as Flatiron Crossing mall, numerous hotels, a championship golf course, parks and jogging trails.
“We received significant interest in this asset from the day we went to market,” said Call. “The opportunity to buy stabilized flex assets on the Highway 36 corridor is infrequent given where we are in the real estate cycle, and the market indicated this through the high number of inquiries and offers we received. The buyer intends to hold this asset long term and capitalize on rent growth and long-term leasing demand in the Interlocken business park.”
Eric Rutherford and Tom Hill of WK Real Estate represented the buyer in the transaction, which represented the group’s 11th capital raise. The acquisition brings its portfolio to 12 properties along the Front Range that comprise 330,000 sf and house 68 tenants.