Greenwood Village-based real estate firm acquires Corporate 25 office campus in Centennial

Centennial s Corporate a three-building multi-tenant office campus has been acquired by Greenwood Village-based NexGen Properties a private real estate acquisition maturation and expenditure firm according to a Wednesday news release from global commercial real estate firm Cushman Wakefield At S Alton Way the -square-foot property was acquired in an all-cash transaction for an undisclosed price well below the replacement cost Cushman Wakefield s Aaron Johnson and Jon Hendrickson represented the seller San Francisco-based Graham Street Realty in the transaction Greenwood Village-based NexGen Properties a private real estate acquisition expansion and assets firm has acquired the Corporate office campus in Centennial Photo provided by Cushman amp Wakefield Corporate is a small-tenant office building that is exceptionally well located with direct visibility to I- commented Johnson executive director at Cushman Wakefield The buyer pool was attracted to the quality of spec suites common area improvements strong historical occupancy levels and limited capital required for continued leasing success These factors were supported by ongoing leasing momentum during the marketing process solidifying the asset s position in the submarket Originally constructed in the property is leased to more than tenants across a diverse range of industry sectors including prominent organizations such as Westrian Group JR Engineering Hillary A Reed Interiors LTD Fast Enterprises Behavior Frontiers and FedEx Corporate presented NexGen Properties with an opportunity to acquire a well-located amenity-rich office asset at a compelling basis mentioned Matt Bernstein vice president of acquisitions and asset management at NexGen Properties The property features adaptable floorplates designed for smaller tenants with average suite sizes around square feet On-site amenities include a fitness facility equipped with showers and lockers multiple shared conference rooms building storage and outdoor private decks and rooftop patios Fresh capital improvements to Corporate exceed million including elevator modernization boiler replacement parking lot upgrades and extensive tenant improvements During Corporate s marketing period through closing the building s occupancy increased from to the news release disclosed Nearly of all suites have been improved for immediate occupancy minimizing tenant improvement costs during lease rollover Considering the challenging capital arena conditions for office buildings NexGen s ability to acquire Corporate with all cash set us apart from the other bidders mentioned Travis McNeil President of NexGen Properties Related Articles How vacant are downtown Denver s office buildings Developer to demolish Centennial office for apartment project First-of-its-kind electric plane touches down at Centennial Airport Lender forecloses on newly renovated Central Park industrial building The small-tenant profile results in an apartment style office asset that will enable NexGen to withstand any further office leasing headwinds We are confident in our ability to perform on our value-add business strategy and manage the threat profile associated with the small suite sizes This is the second asset NexGen Properties has acquired from Graham Street Realty after closing on Inverness in June NexGen Properties retained Cushman Wakefield s gang of Zach Williams Nate Bradley and Ryan Stout for the leasing assignment They also engaged Griffis Blessing Inc as the new property manager for Corporate The campus is near the Park Meadows Mall The Inverness Denver Golf Spa Resort Centennial Promenade Club Greenwood Centennial Airport and less than one mile from the Dry Creek Light Rail Station Get more business news by signing up for our On The Block newsletter