DENVER-Denver is hot. That is according to Chad Flynn, a broker at Cushman & Wakefield. Flynn recently was on a team brokering a recent office building purchase for Beacon Investment Properties LLC here. “A lot of investor groups are being priced out of the coastal markets making Denver more and more attractive with its strong infrastructure and growing economy.”
As GlobeSt.com previously reported, Beacon Investment Properties LLC, which has been interested in the Denver market for over a year, 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.
A three-person team from Cushman & Wakefield's Denver office—vice chairmen Tim Richey and Mike Winn and director Flynn--brokered the sale. “The property was fully marketed unpriced and there were a dozen serious bidders,” says Flynn. “We selected Beacon because they were competitive on price, have a good reputation and they are active buyers throughout the country.”
Financing was arranged by Susan Hill, senior managing director for HFF in Houston who secured an $18.8-million loan from a major international bank.
Ariel Bentata, co-founder and managing member of Beacon Investment Properties described 6455 South Yosemite as an “ideal fit for our portfolio of office properties that are distinctive by their tenant-friendly design, location and amenities in their marketplaces.” He says Beacon was attracted to the asset by its large and flexible 21,600-square-foot floor plates, 836 parking spaces with overall parking ratios of 4.35; 1,000 square feet including 3:1,000 square feet of covered parking and the “outstanding location in the Denver Technological Center facing Interstate 25 and its proximity to the light rail station.”
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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.
