An injury law firm settled on $4.94 million for the acquisition of a Northglenn office building.
A limited liability company affiliated with Ramos Law bought Northglenn Greens I, a 47,957-square-foot building at 10190 Bannock St. in Northglenn. The law firm will occupy the top floor of the two-story building.
Located along Interstate 25 near 104th Avenue, the building was roughly 50 percent occupied at the time of the sale. Two tenants, Colorado Christian University and Tri-County Health Department, recently relocated.
“Those vacancies created an opportunity for an owner-user to make some sense out of the purchase,” said Scott Dale of Boulder-based Scottsdale Properties, who represented the Lafayette investors who sold the building through an entity called Campus Lofts LLC.
The building currently houses a range of tenants in the engineering, technology and health care industries, along with a staffing company. “We will be relocating some of the existing top-floor tenants to the lower floor to fill up the vacancies down there,” said Dale.
Northglenn Greens I was built in 1980. “The common areas of the building had recently been remodeled, and it had a nice presence to it,” said Dale. The new owner plans an interior remodel and update to the building.
The property originally was listed for sale at more than $7 million, but the price was reduced due to the vacancy.
“He (the buyer) was attracted to it because of the location, and exposure and signage opportunities. It sort of fit with the business model of his law practice,” Dale commented. An in-house lawyer who also is a licensed broker assisted the buyer in the acquisition.
Dale said he has seen an uptick in leasing activity in office listings he’s involved with along the north metro area corridor. “It seems to be that 2018 is off to a strong start in the office sector. I don’t think it’s going to put upward pressure on lease rates, but it seems to be that we have found a nice balance of supply and demand, and lease rates, where things are kind of moving along in a healthy fashion.
“That whole north Denver market and continuing on north up to Greeley seems to be where there’s a lot of opportunity and where, I believe, we’re going to see a lot of redevelopment and new development over the next 10 years,” Dale added.