IRVINE, CA—Tamarac Plaza, a 355,269-square-foot office campus on 11.75 acres of land in Denver, sold for 105% of the reserve price on GlobeSt.com has learned from industry sources unrelated to the deal that the asset is a three-building, six-floor property located at 7555 E. Hampden Ave. in Denver and sold by LNR Partners via Cushman Wakefield for $22 million to Parallel Capital Partners. The sources also say that lender Prime Group granted the buyer a $20.6-million loan for the purchase. The property was auctioned on Sept. 17 and closed on Oct. 30. Auction.com reports that this transaction and the sale of CityPlace, an 18-story office tower in Hartford, demonstrate that the office sector is experiencing upward momentum in prices. According to the Q3 2014 Commercial Real Estate Market Monitor the firm has released, office prices are up 15.5% from one year ago. “Because of increased office prices, the sector provides a high level of investment safety that draws in a great deal of investors, especially in secondary markets,” says Rick Sharga, EVP of Auction.com. “These secondary markets offer an additional value of economic stability from foreign capital that other investors look for while purchasing property.” Foreign investors are also taking note of the different benefits urbanized secondary markets bring to the office market, such as low vacancy rates and its surrounding amenities, Auction.com adds. According to recent reports, Denver ranked number nine of the top 10 US markets for Canadian capital with more than $101 million invested during the first half of 2014. Other notable closings for Auction.com in October include Eastern Marketplace, a 56,462-square-foot retail center in Henderson, NV; Waretech Industrial Park, a 667,593-square-foot industrial property in Grand Blank, MI; Country Inn & Suites—Appleton, a 106-key limited-service hotel in Appleton, WI; and Baymont Inn & Suites—Knoxville, a 122-room hotel in Knoxville, TN.Recommended For You
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
