BROOMFIELD, CO-Hines US Office Value Added Fund has sold Mountain View Corporate Center here to Westfield Capital Partners for an undisclosed sum. The new owner purchased the property free and clear of debt.
Mountain View is a four-building, 461,438-square-foot, class-A office development composed of three three-story buildings and one four-story building. HFF, along with Newmark Knight Frank Capital Group, marketed the properties on behalf of Hines. Terms of the sale were not disclosed.
Acquired by Hines in 2006, the property has been maintained to the highest institutional standards with two of the four buildings achieving LEED Silver certification. The property is 92% leased to tenants such as Time Warner Cable, TransFirst and White Wave Foods. Situated on approximately 27 acres of land, the property is located on Airport Way next to Rocky Mountain Metropolitan Airport northwest of downtown Denver.
“We have enjoyed being the owner and executing our investment thesis of this terrific property for six years,” said Charles Elder, Hines’ senior managing director, in a prepared statement. “Hines looks forward to continuing to invest in the Denver metro area.”
Dave Congdon, Hines’ senior managing director and fund manager, added that by increasing occupancy and improving the campus’s operations, Hines added significant value and realized positive investment performance through the market cycle.
Westfield could not be reached by GlobeSt.com before deadline to discuss the sale price or the company’s plans for the property. A spokesperson for Hines tells GlobeSt.com that the sale price is undisclosed.
As GlobeSt.com previously reported, in April Hines and its joint venture partner composed of institutional investors advised by J.P. Morgan Asset Management officially started construction of a 13-story, 415,000-square-foot office building, the second office building at La Jolla Commons, which is located in San Diego’s University Towne Center submarket. The partnership also revealed that LPL Financial has signed a long-term lease for the entire building and will consolidate its operations from seven UTC locations. The firm’s employees will relocate to the new property upon its planned completion in mid-2014. Hines, which is an owner and is managing the development for the joint venture, also introduced its general contractor, the San Diego office of Whiting-Turner Contracting Co. AECOM of Los Angeles was the design architect, and tenant improvements are being designed by the Charlotte, NC, office of Gensler. Hines is pursuing LEED certification and will incorporate many sustainable features including under-floor air distribution and extensive use of reclaimed water for building systems and waste water.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
