Office Complex In Louisville Sells for $20M
Vista Investment Group, LLC, a California limited liability company, has acquired Link @ Louisville, a two-building, 88,832 square-foot flex office complex located in Louisville, for $20.15 million. The property was 87 percent occupied at the time of sale.
John Jugl and John Gustafson of Ross Real Estate Ltd. dba Newmark, represented the seller, Equus Capital Partners, Ltd. (Equus), one of the nation’s leading real estate investment managers, in the transaction.
248 Centennial Parkway & 1172 Century Place, branded as Link @ Louisville, is located within the 1.3 million-square-foot Centennial Valley Business Park in Louisville, along the U.S. 36 Highway Corridor, between downtown Denver and Boulder. Originally constructed in 1996, this premier flex/office property sits on 7.68 acres and provides a parking ratio of 3.7 spaces per 1,000 square feet. The buildings are composed of tilt-up concrete, which offers clean, 14’3” slab to joist heights and 16’7” slab to deck heights, ideal for users seeking a modern look or extra space for additional mechanical needs. 18-grade level roll-up doors and 1 dock high door, of which 9 feature glass overhead doors and 6 with glass storefronts that help illuminate the spaces, provide fresh air, and can accommodate loading.
Since its acquisition in 2019 by an affiliate of Equus, the single-story buildings underwent approximately $1.7 million in capital improvements and 25,783 square feet of new leasing and 38,533 square feet of renewals. During the marketing process, leasing activity continued with multiple prospects showing interest in the remaining 11,329 square foot vacancy. Equus’ building upgrades included retrofitting exterior lighting to LED and installing glass overhead doors Exterior common area improvements included the creation of a fire pit plaza, 8 pocket patios, meditation garden, electric car charging stations and Wi-Fi accessibility.
Boulder County is one of Denver’s fastest-growing submarkets, sitting just along US 36 and connecting Boulder to Denver. The Centennial Valley Business Park has become an appealing alternative to Boulder, due to the park’s lower cost of occupancy, proximal location, and abundant amenity base. As companies continue to move away from Boulder and Denver looking for growth availability and to be closer to their employee’s home bases, cities located in-between, like Louisville and Broomfield are reaping the benefits.
The Centennial Valley business park is a mere 3-block walk from the City of Louisville’s McCaslin commercial corridor which offers a wide variety of eateries, retail shops, grocers, hotels, and home goods shops. The proximity provides tenants with a variety of coffee and lunch options while also being able to run a quick errand on the way home after a long day’s work. For inbound visitors, the area’s abundant hotels and 35-minute drive from Denver International Airport via the Northwest Parkway toll road is highly desirable.
The sale was made on behalf of Equus Investment Partnership XI, L.P. (“Fund XI”), a $387.8 million discretionary equity fund managed by Equus.
Photos courtesy of Equus