Velocis Sells $20M Office Building Near Denver
- Dec 09, 2016
Boulder, Colo.—Velocis Advisors recently announced the sale of Flatiron Parkway, a 96,267-square-foot office building located in Boulder’s Flatiron Business Park. Velocis Advisors sold the building on behalf of its client, Dallas-based Menlo Equities, for $20.4 million according to Yardi Matrix data.
“Velocis Advisors sourced this acquisition for our client based on its strong tenancy and income-producing potential,” Paul Smith, Velocis Advisors principal, said in prepared remarks. “By identifying the opportunity to evolve the property into a true, single-tenant building, we were able to add significant value to the asset. Ultimately, that value was realized through the sale of the property to Menlo Equities.”
The two-story building sits on 5.2 acres at 5775 Flatiron Parkway, two miles from downtown Boulder. Velocis Advisors purchased the currently 100 percent leased property in 2014 and provided asset management services throughout the investment. During this time, they initiated the transition of the asset from multi-tenant to single-tenant by negotiating a long-term lease renewal and expansion with the building’s anchor tenant, IHS Markit Ltd. IHS Markit is expanding its footprint until 2018, when it will occupy 100 percent of the property.
John Jugl with Newmark Grubb Knight Frank and Mary Sullivan with HFF represented the seller in the transaction.
Image courtesy of Yardi Matrix