Occidental Petroleum building in Platteville fetches $32.5 million

The building is located at 501 N. Division Blvd. (Newmark Knight Frank)

A mission-critical operations center in the center of the Denver-Julesburg Basin sold for $32.5 million, or $282 per square foot.

Occidental Petroleum Corp., formerly Anadarko Petroleum Corp., occupies the 114,524-square-foot building, which is located at 501 N. Division Blvd. in Platteville. John Jugl, Newmark Knight Frank vice chairman, Western Region Capital Markets, represented the seller, Platteville Energy Partners I LLC.

The buyer’s name wasn’t disclosed, but Weld County records list it as CIM OFC Platteville CO LLC, an apparent affiliate of Phoenix-based CIM Group.

“The sale, which achieved extraordinary high pricing for Weld County, comes at a time in which regulations surrounding the oil and gas industry throughout the state of Colorado remain at the forefront of state and local legislative discussions,” Jugl said in a press release. “The property’s unique location, integrated operations center and Anadarko’s long-term commitment to the D-J Basin were all driving factors in the sale.”

Jill Jamieson-Nichols has been an Editor with the Colorado Real Estate Journal for more than 15 years, providing coverage of office, industrial, hospitality and mixed-use development news in the Denver metro area, plus all property types in Northern Colorado, Boulder County and along the Highway 36 corridor. Prior to joining CREJ, Jill was Editor of…