Class A Office Asset in Westminster Sells for $25.4M
Church Ranch Corporate Center, a 124,533-square-foot, Class A office asset located at 10170 Church Ranch Way in Westminster, has sold to Lotus Company, a diversified private property and hospitality venture company, for $25.4 million. The four-story, multi-tenant building was nearly 90 percent leased to 14 tenants at the time of sale.
Cushman & Wakefield represented the seller, Certus, in the transaction. In addition, Cushman & Wakefield’s Denver Equity, Debt & Structured Finance Group arranged the debt financing for the buyer. The ten-year, full-term interest-only loan totals $16.51 million and was done with a CMBS lender.
“Located in the premier northwest submarket of Denver, Church Ranch Corporate Center was a great investment opportunity given its strong occupancy and stable cash flow together with its desirable location to continue capitalizing on the ongoing tenant demand,” said Aaron Johnson, managing director, Cushman & Wakefield. “Strategically positioned near US-36, Church Ranch Corporate Center is also centrally located equidistantly between downtown Denver and Boulder providing tenants with quick connection to the extensive executive and employee housing and highly educated workforce in both Denver and Boulder.”
Built in 2001 and renovated in 2020, Church Ranch Corporate Center is situated on ±7.4 acres and features high-quality construction with prominent highway identity, mountain views of the Boulder Flatirons and covered parking and secure bike storage. There is also an abundance of restaurant, retail and hotel amenities surrounding the property including the Shops at Walnut Creek and Westminster Promenade open-air mixed-use center. The Rock Mountain Metro Airport is also 10 minutes away.
Chandler Leetzow, vice president of Capital Strategies for the Lotus Company said, “The Church Ranch Corporate Center is an addition to the Lotus Company’s long-term income and yield focused portfolio and a key part of our expansion strategy into the Denver market/submarkets. We plan to continue expanding our footprint in the area through future acquisitions and development projects.”