Menashe Properties Acquires $35M CO Office Campus
- Jan 17, 2017
Denver—Menashe Properties announced its acquisition of Aurora Marketplace, a 600,000-square-foot, eight-building corporate office campus in the Denver suburb of Aurora, Colo., for $35.5 million. The 25-acre property located on South Parker Road is 88 percent leased to a mix of tenants including Comcast, Raytheon, American Financing, Space Age Credit Union, High Noon Productions and NelNet.
“This asset was management intensive, with 67 tenants,” Jordan Menashe, principal of Menashe Properties, told Commercial Property Executive. “But we’re a very hands on company so this was a good match for us. We are a believer in Denver and this property. Broadreach was a clean operation, the bones are in phenomenal shape, so now we want to make the place more fun.”
This acquisition was assisted by CBRE’s Denver team of Tim Richey, Mike Winn and Chad Flynn, who represented Broadreach Capital Partners, the seller of Aurora Marketplace. This is Menashe’s second significant transaction outside of Portland in 2016, totaling one million square feet of space to the company’s portfolio that consists of office, retail and industrial buildings.
“The campus is already fantastic, offering great food, a beautiful outside courtyard and located two blocks from the bus line to take you straight to the light rail. Aurora is really coming around,” added Menashe. “In the coming months we’d like to add a shuttle for tenants to get around during their lunch hour, especially in the colder months and create a lobby with an open floor plan consisting of a tenant amenity room, billiards, ping pong—a place for people to relax a bit. A place where the over 2,000 people working on this campus can connect with one another, that will help with retention.”
Image courtesy of Menashe Properties