Private equity real estate investment firm Viking Partners Management, Inc. has acquired Greenwood Corporate Plaza, a 412,869-square-foot suburban office campus in the Denver Tech Center for $38.4 million. The acquisition is the first for Viking Partners out of its new Mountain West regional office in Denver under the direction of Managing Director, West Region Scott Blanding and increases its commercial office holdings in Denver to approximately 700,000 square feet.
Built in 1981 and later renovated in 2015, Greenwood Corporate Plaza features four identical, three-story Class B office buildings on a 36-acre site at 5990 Greenwood Plaza. In addition to a fitness center with showers and lockers and on-site café, the property offers ample outdoor amenity spaces including outdoor meeting rooms and picnic areas, walking trails and a large pavilion with barbecues and WiFi. The property is within walking distance of the Village Center Light Rail Station and less than a mile from Interstate 25.
Viking Partners will implement a comprehensive multimillion dollar capital improvement plan that will include replacing the roofs and HVAC systems, modernizing building entrances and exterior lighting, reforming the outdoor hardscape, as well as refreshing the elevators, bathrooms, lobbies and hallways.
“Greenwood Corporate Plaza is an extremely well-located transit-oriented property with efficient and large open floor plates, nine-foot ceiling heights and plenty of open space, which is in demand by today’s modern office user,” said Blanding. “We believe we can quickly stabilize the property, by appealing to those who want quality office space that will compete with higher priced alternatives in this dynamic suburban location.”
The property was 57% occupied at closing.
Viking Partners Management, Inc., which manages a family of funds on behalf of high-net-worth individuals and family offices, established the new Denver office, its first outside of Ohio, to help the firm meet its goal to double its holdings in Colorado and throughout the Mountain West in the next 12-24 months.
“We see a lot of opportunities in the Mountain West region as populations continue to grow,” said Blanding. “Our goal is to identify and acquire quality value-add and income plus opportunities in office, retail, industrial and hospitality for our Fund investors.”