Colorado Real Estate Journal - March 16, 2016
A Hawaiian investment group purchased Landmark Centre, a 76,085-square-foot office building in Greenwood Village, for $13.6 million, according to public records. Velocis, a private equity real estate manager that had owned the property since 2012, was the seller. Landmark Centre Associates LLC was the buyer. The three-story building is located at 5460 S. Quebec St. It was 99.5 percent leased at the time of the sale. “Velocis purchased this asset based on its prime location in a market with great demographics and near amenity-rich retail,” Mike Lewis Velocis principal, said in a news release. “Through key property improvements, we were able to identify and unlock its value, achieving our goals for the investment while maintaining near 100 percent occupancy throughout our hold period.” JLL Executive Vice President Patrick Devereaux, who represented Velocis in the sale with partner Jason Schmidt, said there was “great” investor activity on the listing. “There’s definitely a shift in the office market toward being on the west side of Interstate 25 and also within close proximity or walkable access to the Landmark restaurants and shop space. Because of those locational characteristics … it drew a lot of investor demand,” he said. Velocis, which paid $8.6 million for the property, renovated and upgraded the lobby, resealed the exterior and refinished common areas. The building offers covered parking for 100 percent of the tenants, Velocis said, a rare amenity for a building of its size in Denver. Transwestern Property Co. handled leasing and management. Devereaux said Landmark Centre has “tremendous access to Denver’s strongest executive housing base” without necessarily having to use Interstate 25. “With the population increasing and the continued congestion on the highway system, it’s great for the employees and executives that live just west of the property to be able to drive there and not have to use the interstate,” he commented. Englewood Mortgage, Glacier Construction Co. and Puckett Energy Co. are the largest tenants in the building. “You’ve got a great historical occupancy there. Of the existing tenants, probably more than 50 percent of the rent roll has been in the building more than seven years,” said Devereaux. The building looks over residential development to the west, providing unobstructed mountain views. Brandon Basham of Basham & Associates represented the buyer in the transaction. Dallas-based Velocis has invested in real estate since 2011, purchasing 20 assets in Texas, Colorado and other states.