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5/19/22
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Lotus Company paid $25.4 mil for Church Ranch Corporate Center, a 124.5k sf ($204/sf), Class A office asset in Westminster, CO. The four-story, multi-tenant building, located at 10170 Church Ranch Way, along the US-36 / Denver-Boulder corridor, was nearly 90% leased to 14 tenants.
Built in 2001 and renovated in 2020, Church Ranch Corporate Center is situated on almost 7.5 acres and features high quality construction with prominent highway identity, mountain views of the Boulder Flatirons and covered parking and secure bike storage. There is also an abundance of restaurant, retail and hotel amenities surrounding the property including the Shops at Walnut Creek and Westminster Promenade open-air mixed-use center. The Rock Mountain Metro Airport is also 10 minutes away.
Cushman & Wakefield’s Aaron Johnson, Jon Hendrickson and Mitch Veremeychik represented the seller, Certus, led by managing partner Scott Pudalov, in the transaction. Baxter Fain, Rob Cronenberg, and Sarah Dinning of Cushman & Wakefield’s Denver Equity, Debt & Structured Finance Group arranged the debt financing for the buyer. The ten-year, full-term interest-only loan totals $16.51 mil and was done with a CMBS lender.
“Located in the premier northwest submarket of Denver, Church Ranch Corporate Center was a great investment opportunity given its strong occupancy and stable cash-flow together with its desirable location to continue capitalizing on the ongoing tenant demand,” said Johnson. “Strategically positioned near US-36, Church Ranch Corporate Center is also centrally located equidistantly between Downtown Denver and Boulder providing tenants with quick connection to the extensive executive and employee housing and highly educated workforce in both Denver and Boulder.”
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