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10/23/14
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Plaza Colorado, an 89.2k sf, mid-rise office building in Greenwood Village, CO, was purchased by Elion Partners, a privately held real estate investment firm based in Aventura, FL. The property, located at 5889 S. Greenwood Plaza Blvd, was sold by Plaza Colorado LLC.
Built in 1974, the 7.7-acre property offers ample on-site parking and exceptional views. The building was 85 percent leased at the time of sale by a diverse mix of businesses including Bright Horizons Family Solutions LLC, Armstrong Steel Building Systems and EPC Energy Services LLC. It offers easy access to Interstates 25 and 225 and is within walking distance of the Orchard light rail station.
Transwestern Managing Directors Brad Cohen and Larry Thiel, along with Senior Vice President Andrew Piepgras, represented the seller in the transaction. The price was not disclosed. The new owners have retained Transwestern’s leasing and management services.
“We were attracted to the asset because of the strong tenant base and upside potential,” said Juan DeAngulo, managing principal at Elion Partners. “Plaza Colorado fits with our strategy to acquire stabilized assets with significant cash flow while providing an opportunity for value enhancement.”
This is Elion’s seventh transaction through its third fund after closing on investments earlier this year in other major markets including Washington D.C., Boston and Minneapolis. Elion has significant improvements planned for its first acquisition in Colorado, including lobby upgrades with Class A finishes, elevator modernization and on-site amenities such as a community room and fitness center. The property will be rebranded and reintroduced to the Denver office market in spring 2015.
“Plaza Colorado has consistently outperformed comparable buildings in the Greenwood Village and Southeast Denver office markets,” said Cohen. “The building has averaged over 90 percent occupancy during the past eight years. Its exceptional performance in the Southeast Denver office market and its prime location within the office park made Plaza Colorado an attractive asset to investors.”
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