Denver-Area Office Portfolio Trades for $28M

SteelWave sold three properties in Boulder, Colo., totaling almost 115,000 square feet of office and lab space. The new owner intends to continue the renovations the seller started.
Plaza III
Plaza III

Graham Street Realty has acquired a three-property office and lab space portfolio in Boulder, Colo., from SteelWave for $28 million, according to Yardi Matrix data. The buyer financed the purchase with a $20 million, three-year loan from KeyBank and selected CBRE to handle leasing at the properties.

Located at 3005 Center Green Drive, Plaza III provides 43,421 square feet in a two-story building completed in 1984. At the time of the sale, the property was 87.5 percent leased. The second asset is situated at 5665 Flatiron Parkway, with the two-story building consisting of 40,554 square feet along the main entrance into Flatiron Business Park. The property includes a double-height lobby, a glass roll-up door and modernized common areas and landscaping.

The smallest building of the portfolio is located at 2945 Wilderness Place and encompasses 30,887 square feet, divided between traditional office space and medical improvements. The asset is fully leased to a single biotechnical tenant and has a 20-year history of full occupancy while functioning as a life science building.

All three offices are less than 30 miles of Denver. The new owner intends to continue the seller’s renovation plans, as well as build a range of contemporary creative office suites in order to lease the remaining vacancies.  

Last month, a partnership between SteelWave and Rialto Capital Management acquired a 12-story office building in Denver using a $54.6 million loan

Image courtesy of Graham Street Realty