AURORA, CO-Bridge-Buchanan Colorado LLC has acquired the Marketplace, one of the largest office campuses under one ownership here. The 568,000-sf, multi-building complex was sold by Jones Lang LaSalle.

The Marketplace is on a 25-acres site along South Parker Road, west of Interstate 225. It consists of two, 13-story towers containing 303,000 sf; one, four-story building, with 59000 sf and five single and two-story buildings with 206,000 sf.

NelNet, the largest servicer of student loans in the US, occupied all of the 59,000-sf building called Tower III.

The new owners plan to spend about $9 million for leasing costs and to improve the common areas of the Marketplace, including upgrades to the lobbies, signage, entry points and landscaping.

Buchanan Capital Partners, the division within Buchanan Street that directs the firm’s equity investing, committed $12 million in joint venture equity toward the acquisition and future improvements.

The Buchanan Capital Partners team of Jim Ebert, senior vice president, Yates McKenzie, vice president, and Jack Kappe, vice president, handled the investment.

Buchanan’s investment was paired with equity from Bridge Investment Group and a $25 million loan from Prudential. The debt financing was arranged by Brad Andrus of Bridge Realty Capital, a Salt Lake City-based commercial mortgage banker. Russ Minnick, president of Bridge Investment Group, leads the acquisitions, improvement and management of real estate in the Intermountain West and Pacific regions of the US.

Buchanan retained the Denver-based Fuller and Co. team of Doug Wulf, Joe Sidgestad and Dan Miller to handle leasing.

Buchanan Capital Partners plans to invest $500 million in real estate assets in the Western U.S. in 2004. The Marketplace marks the second Colorado investment in the last 45 days by Salt Lake City-based Bridge Investment Group and Buchanan Street Partners of Newport Beach, CA. The pair purchased the Timberwood Apartments in Aurora for slightly more than $18 million in March.

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