HFF Provides Financing for Office Building in Westminster
DENVER – Following the sale of $71.1 million sale of Westmoor Place Buildings 8, 9 and 10, Holliday Fenoglio Fowler, L.P. (HFF) has arranged financing for Westmoor Center Building 7, a 205,000-square-foot office building in Westminster.
HFF worked on behalf of the borrower, CapRidge Partners, LLC, a value office investor and manager headquartered in Austin, Texas, to secure the three-year, floating-rate acquisition and bridge loan through Pacific Western Bank. HFF also handled the sale of the adjacent Westmoor Place Buildings 8, 9 and 10 to CapRidge earlier this month.
The property is located at 10955 Westmoor Drive within the 10-building Westmoor Technology Park in Denver’s Northwest submarket, which is equidistant between Denver and Boulder. This location boasts strong area demographics with an average household income within one mile of the property exceeding $111,000, which is nearly 20 percent higher than the Colorado average. Additionally, the property is positioned along U.S. 36 in a highly amenitized area that features more than 240 shops and restaurants at Flatirons Mall, The Shops at Walnut Creek and Westminster Promenade, among others.
Completed in 2000, the four-story office property is currently vacant. Prior to the building being vacant, Westmoor 7 was 100 percent occupied by two tenants. Regus vacated in 2015 and Ameritrade vacated in 2017 after they were acquired by Scottrade, the seller of the asset.
The HFF debt placement team representing the borrower included senior managing director Andy Scott, managing director Jim Curtin and senior director Leon McBroom.