"It is the largest flex park in Colorado," Keith Broemmer, a senior partner at New York City-based Broad Street Advisor LLC, tells GlobeSt.com. "It is by far one of the largest deals ever in northern Colorado."
Tenants leasing space in the park include Maxtor, AMD, National Semiconductors, Texas Instruments, Array BioPharma, as well as the Front Range Community College.
"We sent 144 packages on the property," says Broemmer, who handled the deal with fellow senior partner Robert Rizzi. "We had 11 offers. They came from all over the country." Broad Street and Morgan Stanley were advisors on the deal.
He notes that the transaction involves 41 separate buildings. They siton about 160 acres. "The Pratt name is quite well known in northern Colorado," Broemmer tells GlobeSt.com "The park was developed by Susan Pratt and her late husband, Ken. She took over the reigns of the park about 10 years ago, after he passed away. She decided it was the right time to sell."
Despite its lofty price, it is truly a value-added deal, he says. "The portfolio was 65% occupied," he says. "Following vigorous bidding, Invesco/Circle Capital stepped up to make this deal happen among stiff competition. At $71.50 per sf, this sale sets a record for similar portfolio transactions above 1.5 million sf."
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