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2/19/21
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Miller Global Properties and Principal Real Estate Investors have purchased a 306.1k sf, Class A office property in Denver. The acquisition was financed with $59.3 mil in first mortgage debt provided by Mesa West Capital.
The deal is for 4600 S. Syracuse, a 13-story office building and adjacent five-story parking garage located within the Denver Technological Center (DTC), an 850-acre master planned business district 12 miles southeast of downtown Denver. Building amenities include a community conference room, training and fitness center, and on-site deli.
The borrower will undertake multimillion capital improvement program at the property that is expected to include a covered walkway connecting the office tower to the adjacent parking structure, lobby renovation, common corridor upgrades, and the addition of an outdoor amenity space.
Eric Tupler and Josh Simon with Jones Lang LaSalle arranged the floating-rate non-recourse loan. Mesa West’s Josh Westerberg and Ronnie Gul originated the financing. The planned improvements by the sponsor will only increase the presence and appeal of the property for both existing and prospective tenants, according to Westerberg.
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