Campus-Style Office Park Changes Hands in Suburban Denver
- Jan 25, 2016
Denver—HFF recently closed the sale of and arranged financing for a six-building office campus in Centennial, Colo., a southeastern suburb of Denver. The brokerage firm represented the seller, Miller Global Properties LLC, in the sale of the Panorama Corporate Center office park to EverWest Real Estate Partners (formerly Alliance Commercial Partners) and Independencia Asset Management. The price tag for the 780,649-square-foot property has not been disclosed.
Working on behalf of the seller, HFF also managed to secure a 70 percent-loan-to-value, ten-year, full term interest only, fixed-rate acquisition loan at 4.8 percent for the Class A asset. The loan was placed with a national investment bank.
An HFF investment sales team led by senior managing directors John Jugl and Mary Sullivan represented the seller in the transaction. Jugl and Sullivan were also involved in the prior sale of the property to Miller back in 2013. The HFF debt placement team was led by Senior Managing Director Eric Tupler.
Situated on 42.1 acres at the southwest corner of the I-25/Dry Creek Road, adjacent to the Dry Creek light rail station in Centennial, Panorama Corporate Center was developed between 1996 and 2008. The office campus houses tenants such as United Launch Alliance (ULA) and Comcast, and features an on-site deli and a fitness center currently under construction in Building II.