Parcel Sells Along SE Corridor for $3M

In order to take advantage of the site's location at the entrance to the ParkRidge office park and just north of the recently opened SkyRidge Medical Center, the parcel was recently subdivided into smaller parcels to include two retail components, as well as a 42,000-sf medical office-building site.

Rick Egitto and Carole Schumacher of Crimson Financial represented the seller of all three parcels, Meadows Corporate Center Joint Venture, a partnership of the Patrinely Group, LLC, a national development company, and its partner, New York City-based Apollo Real Estate Advisors, LP.

KeyBank National Association, a division of Cleveland-based KeyCorp, purchased 1.2 acres of land at the immediate corner and will open a 2,744-sf KeyBank branch building on Dec. 15.

The KeyBank parcel is on the immediate corner providing visibility at a key site, which provides easy accessibility from Interstate 25 and Lincoln Avenue at Park Meadows Drive.Jon Weisiger of The Trammell Crow Co. represented the buyer in the transaction.

ParkRidge Medical Plaza broke ground on Dec. 4 to construct a 43,000-sf medical office building. James Miller and Associates purchased the land to develop this multi-tenant medical office project and pre-leased 95% of the building prior to putting a spade in the ground.

ParkRidge Medical Plaza's tenants include several dentists and oral surgeons, a neurosurgical orthopedic practice, an allergist and other ancillary medical practices.

The three-story medical building is slated to open during second quarter 2004.

This is Jim Miller's third medical office development, following his most recent completion of Lincoln Professional Plaza in Lone Tree.

The final pad site was purchased by Brinker Restaurant Corp. for a new Chili's restaurant. The restaurant site faces Lincoln Avenue immediately west of KeyBank and will feature mountain views from its patio.

Phil Hicks of David Hicks Brokerage represented Brinker in the site acquisition.

ParkRidge Corporate Center is a multi-phased, Class "A" master planned business campus developed by Patrinely on approximately 75 acres at the northwest corner of I-25 and Lincoln Avenue in Southeast Denver. The entire ParkRidge Corporate Center project, when fully developed, will consist of more than 800,000 sf, including six to seven office buildings, the Chili's restaurant, Key Bank and Douglas County's only full service convention center and hotel, the Marriott Denver South.

Crimson Financial specializes in commercial real estate investment sales and acquisitions, debt and equity capital placement and consulting and portfolio analysis for real estate owners and corporate real estate users throughout the country.