Northstar Commercial Partners acquires a 199,418 SF office building in Lakewood, Colorado. Upon lease-up, approximately 1,200 jobs could be created.
DENVER, Oct. 31, 2013 /PRNewswire/ -- Brian Watson, the founder and president of Denver-based Northstar Commercial Partners, today announced, in conjunction with Alex Brown Realty, its acquisition of an office building located at 3840 S. Wadsworth Boulevard in Lakewood, Colorado. The asset totals 199,418 RSF, which is divided between two buildings of 59,426 SF and 139,992 SF, on 13.86 acres. This is the largest block of contiguous office space in a stand-alone building in the entire metro Denver area. Upon lease-up, it is expected that approximately 1,200 people could be employed at this location, creating opportunity for Lakewood, Jefferson County and Colorado in general.
"We bought this asset because there are several large tenants in the marketplace now," said Watson. "This is one of just a few opportunities to be able to accommodate those users and their needs, as the property is the largest block of contiguous office space in a stand-alone building in the metro Denver area. The buildings are designed to accommodate larger tenants, and with the addition of a full-building user, Northstar can contribute to Colorado's economy by providing a space for them. We are honored to do so," said Watson.
The building offers floor plates with 29,713 SF to 37,430 SF of contiguous space. Though currently vacant, the asset has a strong single-tenant rental history to prestigious corporations such as: Gateway Computers, Raytheon, Martin Marietta, Lockheed Martin, U.S. West Communications, Johns Mansville and Merrill Lynch. It has 957 parking spaces with a higher than average parking ratio of 5:1,000 SF, which includes 192 covered stalls (1:1,000 SF ratio). Both buildings have data center and additional power capabilities. It is located in Academy Park in Southwest Denver (Hampden and Wadsworth), with easy access to C-470, Interstate 25, Highway 6 and Interstate 70, allowing for a convenient commute to a large population base. Northstar would like to thank Mary Sullivan, John Jugl, Jr. and Chris Crawford of HFF, who represented the Seller in this transaction.
Northstar currently owns four office buildings totaling approximately 472,000 SF near the 3840 S. Wadsworth property: three buildings are 100% leased, and one recently purchased building is almost 65% leased though originally acquired at 27% occupancy.
Northstar was founded by Watson in 2000, specializes in acquiring opportunistic commercial real estate assets throughout the United States, and has been very active in this economic environment. For more information regarding Northstar Commercial Partners, please visit www.northstarcp.com
SOURCE Northstar Commercial Partners