Transactions Report Week of 01.01.18
Harbert Management Corp., Bancroft Capital Obtain $44.6M Refinancing for Denver Highlands Office Building
A joint venture between Harbert Management Corporation and Bancroft Capital has obtained a $44.6 million loan to refinance Denver Highlands, a 359,919-square-foot office property in Denver. The asset is located at 10375 and 10065 E. Harvard Ave.
The JV acquired the property in 2014 and repositioned the property. Renovations included exterior building improvements, landscaping, renovated lobbies and common areas, new elevators and tenant amenity space.
Proceeds will be used to pay off the existing loan and fund leasing costs to bring the property to stabilization. Dennis Williams of NorthMarq Capital arranged the three-year, interest-only loan.
HFF Announces $26.7M Refinancing for Rangeview V and $20M sale of fully leased Denver shopping center
Holliday Fenoglio Fowler, L.P. (HFF) announced the $26.7 million refinancing of Rangeview V at Centerra, a 120,833-square-foot, single-tenant office building in Loveland, developed by McWHINNEY. HFF worked on behalf of the borrower, RVABTS, LLC, an affiliate of McWHINNEY, to secure the 14.5-year, 25-year amortization, non-recourse, fixed-rate loan through Vectra Bank (Zion’s Bancorp). The loan was used to refinance existing construction financing that HFF placed on the property in 2016.
Recently completed in June 2017, Rangeview V at Centerra is a Class A corporate U.S. headquarters building located in Centerra, an award-winning, 3,000-acre master-planned community in Loveland. The U.S. headquarters allows the tenant expansion opportunities to accommodate up to 1,200 employees.
Designed by the architectural firm RNL, Rangeview V at Centerra features an outdoor patio and balconies with lakefront and mountain views, central staircase, catering kitchen, meeting space, relaxation room, locker rooms, landscaped plaza and parking for 600 vehicles. The four-story building is situated along the shores of Houts Reservoir, Equalizer Lake and Centerra’s trail system with convenient access to Interstate 25. This location, approximately 55 miles north of Denver, is close to the Fort Collins/Loveland Airport and Colorado State University.
The HFF debt placement team representing the borrower included senior managing director Eric Tupler and director Brock Yaffe.
HFF also announced the $20 million sale of Tamarac Shopping Center, a 68,534-square-foot, fully leased shopping center in central Denver. The HFF team marketed the property on behalf of the seller, DDR Corp.
Shadow-anchored by Target, the center comprises three single-tenant buildings triple net leased to Chick-fil-A, Benihana and Bank of the West and a 33,099-square-foot strip center with 12 tenants, including anchor Ace Hardware.
The HFF investment advisory team included directors Chad Murray and Mark Williford and managing director Bryan Ley.
Pinnacle Announces Sales of Two Offices on Pierce Street in Littleton
Pinnacle Real Estate Advisors, LLC announced the sale of 7325 South Pierce Street in Littleton. This medical office property was built in 1984 and has undergone numerous capital improvements in the last year. The property has a strong suburban location just north of C-470 and east of Wadsworth Boulevard. Jeff Johnson, Co-Founder and Principal with the Johnson Ritter Team, represented the seller in the transaction.
Pinnacle also announced the sale of 7345 South Pierce Street located in Littleton. The 13,172 square foot office building sold for $1,275,000 or $97 per square foot. Principal Kevin Calame represented the buyer, Bannock Street Holdings, LLC. Jeff Johnson, Co-Founder and Principal, represented the seller, Pierce Street Offices, LLC in the transaction.
The Denver office of Lee & Associates, the largest broker-owned commercial real estate firm in North America, announces the following transactions:
- A lease transaction at 4220 Broadway in Denver. Perfect Image Auto leased 6,500 square feet in this centrally located warehouse. Brian Cox and Max Gompertz of Lee & Associates Denver represented the owner, Helten Enterprises, LLC.
- The sale of 4344 Woodlands Boulevard, Unit 200 in Castle Rock. Endodontic Associates purchased this office condo unit sold for $660,000. Jeff Hallberg of Lee & Associates Denver represented the seller, The Point at Metzler Ranch.