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.

For more news and information visit Blumberg Partners.

Miller Global Buys Ocean Ridge Office Building

Miller Global Properties, a Denver-based real estate investment company, has purchased Ocean Ridge, a 75,000-square-foot office building in Carlsbad, CA for an undisclosed price. Louay Alsadek, Larry Cambra, Roger Carlson and Hunter Rowe of CBRE represented the seller, an unnamed institutional pension fund advisor, as well as Miller Global Properties. CBRE announced the sale, noting that the property was 77% leased at the time of sale.

"Ocean Ridge is the only LEED Gold multi-tenant office building in Carlsbad with subterranean parking," CBRE's Louay Alsadek said in a press release. "Combined with a credit tenant roster, an ideal location in proximity to I-5 and retail amenities along with expansive ocean views, Ocean Ridge is the foremost office investment in the entire submarket.

Located at 5796 Armada Drive, Ocean Ridge the three-story Class A property features ocean views adjacent to the Carlsbad Flower Fields and less than one mile from the ocean. Developed in the premier Carlsbad Ranch office district with direct access to I-5 from Palomar Airport Road, major tenants include Morgan Stanley, Charles Schwab, West Development and Meketa Investment Group.

For more news and information visit Blumberg Partners.