A Monarch Park office building that a tenant outgrew sold to a local investor who is offering it for lease.
Monarch Offices LLC recently paid $4.3 million, or $109.37 per square foot, for the 39,317-sf building at 6309 Monarch Park Place in Niwot. MUM II LLC sold the building, which Wilen Direct is vacating, in an off-market deal.
Dryden Dunsmore
“We’ve already got really good activity on it,” said Dryden Dunsmore of Dean Callan & Co., who represented the buyer and is marketing the building with Hunter Barto, also of Dean Callan. There are a couple of groups with letters of intent for space in the building, which can be demised into approximately eight suites, he said.
Dunsmore said the buyer saw an opportunity to acquire a “solid building in a good market” and purchased it at an attractive price.
“The building has a lot of office infrastructure in place, so aside from some minor renovations that he’s going to do to the lobby, and maybe some exterior renovations, the building is in really good shape. It demises into multiple suites so it’s going to be pretty easy to lease. So, we’re going to lease it up, and it should be a good investment for him,” Dunsmore said.
The two-story building, which Horizon Dairy once occupied alongside other tenants, has several balconies and patios with Front Range views. It also has a covered loading dock, showers and locker rooms, and a large server room. The building is fully sprinklered and can accommodate tenants from 2,000 to 39,317 sf.
Andrew Unkefer of Multiprop Inc. represented the seller.
Wilen Direct, a direct mail marketing company, started in approximately 2,000 sf in the building and grew into the entire space, which no longer was able to accommodate its growth, said Dunsmore. Wilen recently signed a lease in an approximately 60,000-sf building across the street at 7420 E. Dry Creek Parkway in Niwot.
