EverWest Buys Arapahoe County Business Park for $190M

Denver-based EverWest Real Estate Partners along with Miami’s Independencia Asset Management has completed the purchase of the Panorama Corporate Center, a 780,649-square-foot, six-building, Class A office campus in Centennial, Colorado. Holliday Fenoglio Fowler L.P. brokers John Jugl and Mary Sullivan represented the seller, Miller Global Properties, LLC, in the sale, and also helped EverWest and Miller secure a 70%-LTV, 10-year, full term interest only, fixed-rate acquisition loan at 4.78 percent through an unnamed national investment bank, according to a press release. The property last sold in 2013 for $145 million to Miller Global Properties, according to Arapahoe County property records.

Developed between 1996 and 2008, the Panorama Corporate Center spans 42 acres at the southwest corner of Interstate 25 and Dry Creek Road, adjacent to the Dry Creek light rail station in Centennial, a southeast suburb of Denver. Its six office buildings total 780,000 square feet, putting the sale in the neighborhood of $242 per foot, according to a BusinessDen article. The property was 94% leased at the time of sale with major tenants including United Launch Alliance and Comcast.

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Zeller Realty Group Buys Guaranty Bank Building

Zeller Realty Group has made its first move on the Denver market with the purchase of 1331 17th Street, a 13-story office building in the LoDo submarket. The terms of the deal and exact sale price were not disclosed; the property previously sold in 2007 for $69.95 when Hines Interests LP teamed with the California Public Employees' Retirement System and bought the building under an ownership entity called the National Office Partners LP. Mary Sullivan and John Jugl, senior managing directors of Holliday Fenoglio Fowler LP, represented the seller, Common Wealth Partners LLC, in the transaction.

Los Angeles-based Common Wealth took over for Hines and the building ownership entity was named NOP 1331 17th LLC, according to a Denver Business Journal article. Also known as the Guaranty Bank Building, the 220,287 square-foot building was completed in 1983 and delivered by the a and Denver developer Bill Walters. The building was reportedly 87% leased at the time of sale, with Guaranty Bank occupying 25% of the property.

"Zeller chose the strongest market in Denver for office property ownership, so they know it will be successful," Sullivan said. "They've wanted to be in the market for quite some time and have bid on other assets. They're committed to the Denver market and want to own more assets here."

For more news and information visit Blumberg Capital Partners.