High-Performing Office Asset in Westminster Sells for $21M

Prime Center courtesy of CoStar Group, Inc.

PrimeCenter @ Northridge, a two-building, single-story flex office asset located at 1765 W 121st Ave in Westminster, has sold to Albany Road Real Estate Partners for $21 million, according to Adams County records.

Essex Financial Group secured a $12.6 million loan for the acquisition of the office asset. Essex worked on behalf of Albany Road Real Estate Partners, a private equity real estate firm based in Boston, Massachusetts, with a local presence in Denver.

Built in 2001 by Prime West, the 125,000-square-foot property is 100% leased to six tenants across a range of industries, including technology, healthcare, education, engineering, and agriculture. The tenants are HP (formerly Poly), Perdue, Adams 12 Five Star Schools, Action Behavior Centers, LJA Engineering, and Westminster Renal Dialysis.

PrimeCenter has performed well historically, averaging 94% occupancy since 2009. Additionally, since the onset of COVID-19, each of the current tenants has either signed a new lease, extended its term or expanded at the property, proving the strength of the asset. Poly, the anchor tenant, has occupied nearly 50% of the Property for 18 years. HP Inc. acquired Poly in August of 2022. PrimeCenter is home to many of HP’s high-level engineers who utilize the R&D lab space to develop camera and video technologies.

Situated on 12.7 acres, PrimeCenter provides tenants with a campus setting. The single-story buildings allow for direct access and a strong tenant identity with signage opportunities. Additionally, there is ample parking, an essential component for healthcare and educational tenants.

“Despite the current challenges with many office properties, the lender was attracted to PrimeCenter’s strong occupancy and accessible location in Denver’s growing Northwest Corridor” according to Cooper Williams, president of Essex Financial Group.

Essex secured the fixed-rate, non-recourse loan with a national life insurance company at a competitive interest rate.

Essex’s Capital Markets team was led by Cooper Williams, Paul Donahue, Nate Schneider and Andrea Mehlem.

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