CirclePoint Corporate Center in Westminster Sells for $59.75M
DENVER — CirclePoint Corporate Center at 11030 & 11080 Circle Point Road in Westminster has sold for $59.75 million.
Located along the Denver-Boulder US 36 Corridor, CirclePoint Corporate Center is a trophy office campus comprising two contemporary, Class A buildings totaling 275,599 square feet. It was sold to City Office REIT (NYSE: CIO) on July 9.
Newmark Knight Franks‘ Capital Markets’ John Jugl, Jr. and Paul Donahue marketed CirclePoint Corporate Center exclusively on behalf of the seller, Northridge Capital, and represented them in the transaction.
“The NKF sales team worked closely with the property manager to ensure we were able to go from contract execution to closing in five weeks, and Northridge Capital is pleased with the outcome of the sale of CirclePoint to City Office REIT,” commented Kevin Fay, vice president at Northridge Capital, LLC.
“CirclePoint Corporate Center is one of the most attractive office campuses in Northwest Denver and offers amazing views from its 4- and 5-story perspective,” commented NKF Vice Chairman John Jugl, Jr. “After an influx of leasing velocity over the last 12 months, CirclePoint is currently 93.0% leased with more than seven years of weighted average lease term across both buildings – a formula very attractive to a new owner.”
Additionally, CirclePoint offers additional upside potential in driving the in-place rents, which are currently below today’s rents being achieved at other Class A assets.
“The assets fundamentals, along with a strategic location with proximity to some of Colorado’s largest employment pools, including Broomfield, Westminster and Denver, were key attributes that drove interest,” added Jugl. “Tenants and companies have found this location ideal as it offers a wider employee base to pull from, which is especially important given the historically low 2.9% overall
Northridge Capital has worked closely with the leasing team to generate more than 115,000 square feet of new leases at the property in the past 18 months, led by global marketing company Epsilon’s decision to make CirclePoint its Denver headquarters with its 69,697 square foot lease.