Colorado-Real-Estate-Journal_391750

Page 6 - March 20-April 2, 2024 www.crej.com Office To look forward and rise to the challenges ahead requires welcoming change with optimism. It’s how Moss Adams uplifts 1,650 real estate businesses to plan for, and go, where they want to be next. Discover how our industry-focused advisory solutions can help elevate your performance. MOSSADAMS.COM/UPWARD ACCOUNTING – CONSULTING – WEALTH MANAGEMENT U P WA R D Assurance, tax, and consulting offered through Moss Adams LLP. ISO/IEC 27001 services offered through Moss Adams Certifications LLC. Investment advisory offered through Moss Adams Wealth Advisors LLC. ©2023 Moss Adams LLP by Avalon Jacka METRO DENVER – A $205 million office sale in Lone Tree broke into the top 10 highest- price office sales nationwide in 2023, according to new research. CGA Capital’s June purchase and leaseback of Kiewit’s offic- es at 10051 and 10055 Train- station Circle comprised the 10th most expensive office sale in the country and the most expensive in the Western region, according to a Com- mercialCafe report of the top 50 office sales of 2023. The report analyzed Commerci- alEdge data on deals for office buildings larger than 25,000 sf. The other top 10 sales nation- wide were of properties pri- marily located in Manhattan, New York, and Boston – which were the top two markets by total sales volume – as well as New Jersey; Washington, D.C.; Miami; and Minneapolis- St. Paul. Prada made the larg- est office purchase of the year nationwide in December, pay- ing Wharton Properties $822.4 million for 720 and 724 Fifth Ave. in Manhattan. The prop- erties total 178,302 sf. The Den- ver market saw the third-high- est total sales volume across the top 50 office sales, topping $622 million in 2023. An additional three sales in the Denver metro area made the top 50 sales nationwide. Real Capital Solutions acquired the 400,000-sf Medtronic cam- pus at 200 and 250 Medtronic Drive in Lafayette from Ryan Cos. for $188 million in Sep- tember. Crescent Real Estate purchased Riverview at 1700 Platte, a 221,450-sf office at 1700 Platte St. in Denver, from Trammell Crow for $129.1 mil- lion in December. Conscience Bay Co. bought the 519,448-sf Seagate campus at 389 Disc Drive in Longmont from its namesake Seagate in July. The sales were the 13th, 24th and 42nd largest sales, respectively. Other News n METRO DENVER – A Wheat Ridge medical office building under development is set to be the 11th-largest medi- cal office delivery nationwide this year. The 137,000-square-foot Intermountain Health Luther- an Medical Office Build- ing, owned by Intermoun- tain Healthcare, is set to be delivered in the third quarter, according to a new Commer- cialSearch report. The building is located at 8300 W. 38th Ave. The 469,000-sf East Park Medical Center, owned by UW Health and located in Mad- ison, Wisconsin, is the larg- est medical office building in the country set to deliver this year. The New Jersey, Hous- ton and Miami markets have the top three largest medical office building pipelines, with all three expected to deliver 1 million sf this year. The Denver metro area has seen 2.4 million sf of medi- cal office building inventory added between 2014 and 2023, a 13.2% increase, the report found. n LAKEWOOD – A Class B office off the South Wadsworth Boulevard-U.S. Highway 285 interchange has traded hands for $2.1 million. The medical office building, located at 3405 S. Yarrow St., is fully occupied by two ten- ants, Standbrick Dental and the owner’s endodontic practice, Dental Care alliance. The ten- ants are both on newly execut- ed triple-net leases with annual rent bumps. Built in 2003, the 7,053-sf, single-story building was recently renovated with top-end finishes. Marcus & Millichap facilitat- ed the sale for both the undis- closed seller, a limited liability company, and the undisclosed buyer, a private investor. Erik Enstad, Chadd Nelson and Brandon Kramer of Marcus & Millichap’s Denver office mar- keted the property on behalf of the seller. Chris Lind, Mark Ruble, Zack House and Sean Lechner of Marcus & Millic- hap’s Phoenix office procured the buyer with the help of Mar- cus & Millichap’s Adam Lewis, Colorado broker of record. n PARKER – An outpatient psychiatry practice signed a long-term lease for space in the Stroh Professional office build- ing. Mindful Minds Psychiatry’s lease for 1,442 sf at 12760 Stroh Ranch Way began in Febru- ary. The growing local outpa- tient psychiatric and mental health practice has additional locations in Boulder, Colorado Springs, Denver, Northglenn and Parker. Brady Kinsey of Kinsey & Co. Commercial Real Estate represented the tenant. Tommy Daher and Mitch Trevey of Trevey Commercial Real Estate represented the land- lord, locally owned JF Enter- prises LLC. s Kiewit office sale-leaseback tops 2023 metro office sales The Denver market was the third-highest market for office sales in 2023, based on CommercialEdge data.