Colorado Real Estate Journal - April 20, 2016
Mountain Vista, a medical office/office building in Littleton, traded for $4.61 million, or $151.34 per square foot. The 30,447-sf building was constructed in 2000. Located at 7761 Shaffer Parkway in Ken Caryl Business Park, it offers golf course and mountain views, and quick access to C-470 and U.S. Highway 285. Mountain Vista Eye Care is an anchor tenant in the Class B building, which also houses HW Holdings Corp., the parent company of Le Peep Restaurants. Edward Jones and other tenants, all with staggered lease terms, also occupy space. The seller was 20-20 Vista LLC. “The seller was able to take advantage of excellent market conditions with the sale, while the buyer purchased a premier asset in the southwest corridor,” said Brian C. Smith, an associate director in Marcus & Millichap’s Healthcare Real Estate Group and National Office and Industrial Properties Group. Smith and Lee Blackburn, also an investment specialist in Marcus & Millichap’s Denver office, handled both sides of the transaction. Phillip Gause, senior director with Marcus & Millichap Capital Corp., also in Denver, arranged financing for the property. Gause placed the financing with a regional bank that structured a seven-year fixed-rate loan at 3.7 percent, amortizing over 25 years. The loan was underwritten at 76.5 percent of the purchase price and does not require tenant improvement, replacement reserve or leasing commission escrows. Other News ProtectWise Inc., a cloud based network security company, leased 20,415 square feet of office space at 1601 Wewatta St. in Denver. The company will expand from an existing, approximately 6,000-sf Lower Downtown space, according to Keith Krombachof Newmark Grubb Knight Frank, who represented the tenant. Krombach said ProtectWise, which will have an outdoor balcony, was attracted to the building’s design and its location next to Denver Union Station. “They just really thought it was a great environment to work in,” he said. Chris Phenicie of CBRE Inc. represented the landlord, HSMPT 1601 Wewatta, in the transaction. The state of Colorado signed a lease for 14,587 sf of office space at 14707 E. Second Ave., Suite GL100, in Aurora. Mary Jo Cummings of API Sheldon-Gold Realty represented the landlord. Kurt Liss of JLL represented the tenant. Jim Tyler of API Sheldon-Gold represented Boesen Law LLC in a 10,341-sf lease for office space at 4100 E. Mississippi Ave., Suite 1900, in Denver. Ryan Stout of Cushman & Wakefield represented the landlord.