A Northern Colorado office building that’s leased to an energy company drew multiple offers and closed at $9 million.
The building at 4000 Burlington Ave. in Evans sits on approximately 9.7 acres with heavy-industrial zoning. It was built in 2012 for Anadarko, which relocated to a new facility in Platteville and assigned the lease to PDC Energy.
Tointon 2 LLC, which developed the building, sold the property to a Northern Colorado investment group called 4000 Burlington LLC.
PDC Energy has approximately nine years left on the lease.
“We did have multiple offers. The main selling point was that it is a single-tenant property leased by a publicly traded company,” said Cushman & Wakefield Director Jared Goodman. “It had a good length of term left on the lease. The oil and gas industry itself also helped drive the strength of the sale because of its future in Northern Colorado.”
Located near Colorado Highways 85 and 34, the property is at the center of regional oil and gas production in the Niobrara-Denver Julesburg Basin. PDC Energy is an independent exploration and production company.
The building is predominantly office space, with an approximately 5,000-sf meeting room. With the industrial zoning and a fenced yard of about 4 ½ acres, “There’s a lot of versatility with the use,” Goodman said.
Goodman, with Cushman & Wakefield in Northern Colorado, represented the seller with Stockton Baker, a managing director in the company’s Denver office. Jerry Burnett of Cheyenne, Wyoming-based Burnett Farm & Ranch represented the buyer.
