X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

A CA-based development company will construct a $150 million office and light industrial park in Westminster, which counts among its neighbors the former Lucent Technologies R&D Park.

The North Ridge at Park Center eventually could have as much as 1.5 million sf. North Ridge Investment LLC, based in Palm Desert, recently paid slightly more than $3.8 million for 105 acres at W.12th Ave. and Pecos St., just across the street from the 1.3 million-sf former Lucent complex now the Avaya Communication R&D facility. Meanwhile, Avaya too has the building bug, expanding its site by 480,000 sf. pSituated five miles to the northwest is Interlocken Business Park in Broomfield.

North Ridge is sure to benefit from companies that want to be close to Interlocken and Level 3 Communications and Sun Microsystems, both of which have massive campuses in the region, says Peter Wycoff, a broker with the Frederick Ross Co. of Denver. “They should be getting activity from (Avaya), which is absolutely huge, as well as from Interlocken, where there’s not much more space available,” Wycoff told GlobeSt.com. He says more and more people are moving to the north to avoid heavy daily congestion on the Boulder Turnpike.

He estimates the new park will have 950,000 sf to 1.5 million sf when it is completed. North Ridge Investment is paying 70 cents per sf for the land, which is earmarked for resale to other developers as well as office users, says Wycoff, who believes the project will be more geared to offices than light industrial. He bases his conclusion on Westminster’s penchant for R&D space, adding the park could be sold out in two to four years at the current absorption rate for those types of space.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.