A Denver actual property firm is the brand new co-owner of a 20-building, 1.Three-million-square-foot workplace park in western Lakewood.
DPC Corporations partnered with Salt Lake Metropolis-based Bridge Funding Group to buy the Denver West Enterprise Park for an undisclosed sum in a deal that closed final week.
The 83-acre campus, close to Colorado Mills mall with buildings on each the north and south sides of Interstate 70, has undergone $25 million in enhancements since 2014. Its new homeowners are planning to take a position one other $16 million in upgrades to its buildings and facilities by 2022, in keeping with a information launch. Plans embrace creating a brand new trails system.
“With strategic renovations, we’ll reintroduce Denver West as a next-generation office that won’t solely change perceptions of the campus, however will even put together all the space for the speedy development forward,” DPC president and CEO Chris King, a west metro native, stated in a press release.
CBRE represented the vendor within the deal, HighBrook Funding Administration.
The campus is about 78 % occupied. Tenants embrace HomeAdvisor, which regardless of plans to relocate its company workplace to Denver later this 12 months, intends to take care of operations in its present constructing.
The Denver metro workplace market has been among the many most energetic within the nation in 2018. By the primary 9 months of the 12 months, tenants soaked up 2.2 million sq. ft of area, a quantity that trails solely San Francisco and midtown Manhattan for many within the nation, in keeping with analysis by actual property companies agency Cushman & Wakefield.