Colorado Real Estate Journal -

Single-story office building in Gateway Park changes hands

by Jill Jamieson-Nichols

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A never-occupied office building in Gateway Park is about to write its next chapter.

An investor bought the 43,585-square-foot building at 4347 N. Airport Way in Denver for $1.6 million and reportedly has a tenant for the space, although details of that deal haven’t been released.

Built in 2006, the single-story building, known as Gateway VII, is in shell condition. It sits on 4.27 acres with 259 parking spaces, for a ratio of 5.94:1,000. The property is on the northwest quadrant of Interstate 70 and Peña Boulevard.

First Citizens Bank & Trust Co. sold the property. Cassidy Turley Fuller Real Estate brokers Steve Poole and R.C. Myles represented the bank. Jones Lang LaSalle brokers Greg Bante and Todd Roebken represented the buyer, BL Holdings LLC.

Other News

CresaPartners recently completed two major Denver-area projects: TIC’s (The Industrial Co.’s) 75,000-square-foot headquarters at Meridian Corporate Center II and a 35,000-sf clinical research facility for DaVita at the new St. Anthony Hospital Medical Office Building I in Lakewood.

Peg Ellefson and Phillip Infelise of CresaPartners were the project managers for the TIC building. Brendan Fisher and Bruce Johnson were the brokers.

The DaVita facility includes 82 hospital beds for clinical trial participants.

Infelise was the project manager. The lease transaction was handled by CresaPartners’ Paul Herzog and Frank Rivas of USI Real Estate Brokerage Services. Office rental rates ticked up slightly to $19.97 per sf full service gross during the second quarter, which represents a 1.1 percent increase over the first quarter, according to Pinnacle Real Estate Advisors’ MarketAdvisor report on the Denver office market.

There was 949,214 sf of positive absorption during the quarter, bringing year-to-date absorption to 1.63 million sf. The vacancy rate decreased from 12.9 percent to 12.3 percent in the second quarter, according to the report.

The largest lease signings so far this year were: TriZetto, 180,000 sf, Merrick & Co., 103,318 sf, and ProBuild Co., 90,534 sf.

Average asking rental rates range from $24.77 per sf for Class A space to $14.11 per sf for Class C space, said Pinnacle, which uses CoStar Group data.

The Colorado Cancer Research Program signed a lease for 5,254 sf of office space at 1720 S. Bellaire St., Suite 701, in Denver.

Eric Gold of Sheldon-Gold Realty Inc. represented the tenant. Transwestern broker Peter Thomas represented the landlord.

Continental Divide Insurance signed a lease for 4,297 sf of office space at Denver Corporate Center III, 7900 E. Union Ave., in Denver.

Transwestern brokers Andrew Piepgras and David Shapiro represented the landlord. Ty Lufman of Studley represented the tenant.

Jupiter I LLC, doing business as OfficeScapes, signed a lease for 3,220 sf of office space at 1445 Market St. in Denver.

Bill Lucas of Cassidy Turley Fuller Real Estate represented the landlord, 1445 Market St.

Inc.

Sheldon-Gold Realty Inc. recently completed a number of small office leases. They included: Colorado Management & Associates, 2,400 sf at 1313 W.

121st Ave. in Westminster; Barker Financial Services, 2115 sf at 8089 S. Lincoln St., Suite 200, in Littleton; Neal’s Improvements LLC, 1,895 sf at 14707 E. Second Ave., Suite 180, in Aurora; and Mountain Medical Care, 1,868 sf at 14707 E. Second, Suite 260. Sheldon Gold’s Eric Gold represented Colorado Management & Associates and Barker Financial. Mary Jo Cummings and Joe Massie of Sheldon-Gold Realty presented the landlord in the Aurora leases.

Carwile Construction Company Inc. leased 1,383 sf of office space at 9745 E. Hampden Ave. in Denver.

Eric Shaw of Pinnacle Real Estate Advisors represented the landlord, Hampden 9725 LLC. John Propp Commercial Group has been awarded the leasing assignment for seven office buildings totaling 215,131 sf.

They include the Arapahoe Plaza East I and II, Ponderosa Professional Plaza, U.S. Bank Building in Broomfield and others.