Colorado Real Estate Journal – by Jill Jamieson-Nichols
September 17, 2014
A six-building flex park in the northwest submarket recently sold for $7.3 million, or $109.28 per square foot.
Affiliates of Aurora-based Matrix Group Inc. bought the 66,801-sf MetroTech Centre at 12001-12071 N. Tejon St., just west of Interstate 25 on the 120th Avenue corridor in Westminster. The buildings were approximately 82 percent occupied, providing an opportunity to lease up the vacancy and roll below-market rents up to market rates, according to CBRE. Some projects in the submarket have seen rate increases of more than 10 percent, and that trend is likely to continue as the market tightens, the brokerage firm said.
Three of the MetroTech buildings have visibility on 120th Avenue, which connects I-25 with U.S. Highway 36 and offers direct access to Denver and Boulder. The visibility of the project and the monument signage have attracted quality tenants that are very loyal to the project, according to CBRE. CBRE’s Tyler Carner represented the seller with Erik Abrahamson, formerly with CBRE and now with W.W. Reynolds Cos.
MetroTech Centre is leased to 16 tenants that range from 1,650 to 6,508 sf. The project has a history of low vacancy, said CBRE. Two of the vacant spaces are in move-in-ready condition.
The park is two blocks from DigitalGlobe’s new campus and the Park 12 Hundred office/industrial redevelopment. Amenities including restaurants, shopping and hotels surround it.
Matrix purchased the property from DeCook Metro-Tech LLC and New Crossroads West LLC, entities of Alpha West Realty & Investment in Greenwood Village.
There were multiple offers for the asset, according to CBRE.