DENVER-Beacon Investment Properties LLC has entered the Colorado market by acquiring 6455 S. Yosemite, a 10-story, 198,000-square-foot suburban office building in the Denver Technological Center for $25 million from an East Coast institutional real estate investor. The LEED Gold certified building at 6455 South Yosemite St. in Greenwood Village in southeast Denver has a class-A location, adjacent to I-25 and the Arapahoe at Village Center light rail station with its pedestrian bridge for immediate access to mass transit.
“We've been patiently studying Denver for almost a year to find just the right office property as our entry into the marketplace and 6455 South Yosemite met all our criteria,” says Ariel Bentata, co-founder and managing member of Beacon Investment Properties, a Hallandale Beach, FL real estate institutional investment fund management company.
Bentata tells GlobeSt.com that Beacon is adding a new fitness center and a new conference center to the property. “It's a stable, cash-flowing architectural landmark in Denver's strongest suburban submarket with generous indoor and outdoor parking, exceptional access for motorists and public transit commuters and a solid tenant base that we were able to acquire at a significant discount to replacement cost.
“We believe the Denver market will continue to gain strength throughout its nine-county region and we're currently looking at other stable, performing and value-creation suburban and downtown Denver office properties.
According to the Metro Denver Economic Development Corp.'s annual recap report, “Over the past four years, Metro Denver has seen significant year-over-year recovery and employment growth in its top eight industry clusters, Employment in all industries grew in 2013 with the largest growth in the energy (6.2%), IT-software (3.1%) and healthcare and wellness (2.6%) industries.” The three industries are represented as major tenants in 6455 S. Yosemite.
Brian Rosen, Beacon's director of acquisitions, credits the seller, an institutional owner, for “maintaining and continually upgrading the property” to above institutional standards, spending $2 million in the last five years, and leading to LEED Gold level certification for innovation in sustainable energy and environmental design.
The firm tells GlobeSt.com that it has appointed Newmark Grubb Knight Frank's Denver office as leasing agents.
Check back with GlobeSt.com for more on this deal.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
