Transwestern Brokers Sales of 152,603 SF Office Complex Highlands Ranch
Denver, CO – Transwestern’s Denver office recently announced that it represented the undisclosed seller of Highlands Ranch I and II, located at 630 – 640 Plaza Drive in Highlands Ranch, Colorado. The 152,603 SF office property was acquired by Bancroft Capital. Managing Directors Brad Cohen and Larry Thiel of Transwestern’s Denver Capital Markets Group brokered the transaction.
Highlands Ranch I and II were constructed in 2001 and sit on 10 acres. This extremely efficient property takes full advantage of mountain views and signage visible to State Highway 470. The property was 94 percent leased to 17 tenants at the time of sale.
“Highlands Ranch I and II is a best-in-class asset in Highlands Ranch, and we were very happy with the activity for this core-plus opportunity,” said Cohen. “The Highlands Ranch sub-market is constrained with limited space available and no plans to further develop. This was a key selling point to prospective buyers.”
Highlands Ranch is currently home to more than 2,000 businesses with more than 19,000 employees. The area enjoys one of the lower tax rates in the south metropolitan area due to its unincorporated affiliation.
“Often overlooked by investors, the Highlands Ranch submarket has proven to be a preferred location for several of Denver’s largest tenants,” said Thiel. “Major employers in the vicinity include Dish Network, Liberty Media, Western Union, Charles Schwab, Lucent Technologies and Visa’s global technology center. These primary employers lead to many secondary jobs, keeping the vacancy rates at all-time lows.”
Photo courtesy of Transwestern