Kenai Capital Advisors and CWCapital Purchase Westminster Office Portfolio
Kenai Capital Advisors and CWCapital Investment Management have acquired a portfolio of three office/flex properties and one development parcel on Church Ranch Boulevard in Westminster. The partnership purchased the 151,746-square-foot portfolio containing 7237, 7401, and 7403 Church Ranch Boulevard, as well as an adjacent vacant development site, from Etkin Johnson.
Essex Financial Group secured an $18.4 million bridge loan for Kenai and CWCapital for the acquisition of the three single-story, institutional quality office/flex buildings situated on 12.6 acres in a campus like setting.
The portfolio provided the investment group institutional quality assets with value-add opportunities through the lease up of a vacant space and the potential for development on the 6.19-acre land parcel. The development parcel has already received preliminary approval for an 80,000-square-foot flex industrial building. The existing three flex-office buildings are situated on a campus of 12.6 acres and are currently 82 percent leased to eight tenants with 27,986 square feet of modern, white-boxed space available immediately for lease.
The portfolio was built in 2000 and features 16’-18’ clear heights, 4.24:1,000 square feet of parking, individual suite entrances, roll-up doors, 800-amp power, LED lighting, expansive window lines, manicured landscaping with multiple fountains, and mountain views. Tenants include household names such as Motorola, Cummins, Concentra Health Services, and UCHealth.
The convenient location just off Highway 36 and Church Ranch Boulevard, in between Denver and Boulder, offers tenants easy access to nearby retail and dining at the Shops at Walnut Creek and Westminster Prominade; hotels adjacent to the property including Marriot, Springhill Suites, Hyatt Place, and Drury Inn & Suites; and immediate access to open space, bike trails, and walking paths.
“We are very excited to once again partner with CWCapital for this exciting opportunity in the 36 corridor,” commented Jules Sherwood, Kenai’s principal. “This accessible campus provides a great destination for employers looking to attract and maintain employees in the Denver-Boulder area.”
CWCapital and Kenai Capital Advisors also acquired the Compark Business Park, a 263,734-square-foot industrial portfolio in Englewood for $41 million in January of 2020. “We are committed to expanding our investment footprint throughout the Denver market and this acquisition makes a great addition to our portfolio” commented Regina Lubin of CWCapital.
Photo courtesy of Etkin Johnson