Colorado Real Estate Journal - November 19, 2014
A small-tenant office property on the west side of the Denver area traded to a local buyer for $5.53 million. The 61,200-square-foot property at 651 Corporate Circle in Golden represented a value-add opportunity for buyer Ogilvie Properties, according to Patrick Devereaux, executive vice president in JLL’s Denver Capital Markets Group. The building was 78 percent leased, offering upside in leasing the vacant space and in existing rents, said Devereaux. Devereaux represented the seller, an entity affiliated with Michigan-based ATMF Realty, with JLL Executive Vice President Jason Schmidt. “It’s a good value-add opportunity in that supply constrained west Denver market,” said Devereaux. According to Devereaux, there is significant tenant activity in the area. “There is a rising rental rate environment in west Denver. The buyer wanted to take advantage of that and increase occupancy and increase value.” The two-story building is located along U.S. Highway 40 (West Colfax Avenue), just off Interstate 70 and C-470. The location makes it easily accessible to those highways, as well as West Sixth Avenue and U.S. Highway 93. “It has tremendous access,” said Devereaux. The property is within MIE Corporate Center and “very much an infill-type location in west Denver,” he said. Cooling Tower Depot, a cooling tower manufacturing company, and Environcon, which does environmental remediation and related services, are the largest of 13 tenants in the building, which includes a number of engineering-related companies. Built in 2001, 651 Corporate Circle occupies a 5.15-acre site with 4.3 parking spaces per 1,000 sf