BROOMFIELD, CO-Legacy Partners Commercial recently paid slightly more than $23 million, or $153.73 per sf, for 370 Interlocken. The 150,000-sf office building is located in the Interlocken Business Park along the US Highway 36 corridor between Denver and Boulder.

“It was one of the first spec buildings along the corridor,” says Stephen Clarke, principal of Denver-based Prime West Development Inc., the building’s developer and co-owner. Prudential Real Estate Investors, on behalf of a pension fund, also owned a portion of the building. “The fund owned buildings nationally, and this was one of their last holdings,” Clarke tells GlobeSt.com.

There was a great deal of investor interest from potential buyers, says Steve Suechting with Trammell Crow. Suechting, who handled the sale with fellow brokers David Hart and Chris Phenicie, says that Legacy owns a number of buildings along the US 36 corridor. “They really like its long-term growth potential,” Suechting tells GlobeSt.com.

They also liked the quality of the building, and the growing amenities along the corridor such as retail and housing choices. “I would say that it is one of the three most visible buildings from US 36,” Suechting notes. “It also has great mountain views.”

The building is 80% occupied. Although Legacy won the bid, the company paid below replacement cost, Suechting tells GlobeSt.com. “The replacement cost would be at least $200 per sf,” he says.

When the building was first built during the high-tech boom of the late 1990s, it was anchored by the former Silicon Valley law firm of Brobeck, Phleger & Harrison. The law firm later declared bankruptcy and Clarke had to backfill the space with new tenants.

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?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

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 © 2024 ALM Global, LLC. All Rights Reserved.