DRAWBRIDGE ACQUIRES TWO BUILDINGS IN SOUTHEAST DENVER, COLORADO
Greenwood, CO - October 2nd, 2015 - Drawbridge Realty announced today the acquisition of 5970 Greenwood Plaza Blvd. and 8051 E. Maplewood Ave. in the southeast submarket of Denver, Colorado for $37 million. The two building acquisition totaling 207,967 square feet is 97 percent leased to three major tenants including U.S. Borax (a subsidiary of Rio Tinto plc), Merrick & Co, and CNIC Health Solutions. All three tenants utilize their respective locations as regional and/or national headquarter locations - a key asset profile in line with Drawbridge's mission of acquiring assets leased to large corporate users.
This investment represents Drawbridge's first in the Denver market. These two buildings are part of a six-building 36-acre corporate campus that Goldman Sachs purchased at the end of 2014. Goldman has retained ownership of the remaining four buildings and has formed a business park association with Drawbridge to provide first class service to tenants in the park.
"Drawbridge is excited to enter the Denver market with this investment. The southeast submarket of Denver has seen substantial growth and increased tenant demand during the current economic recovery," said Bill Doyle, Assistant Vice President of Investments at Drawbridge Realty. "The location of these buildings, adjacent to Highway 25 and a short distance from two light rail stations, was a key attraction in each tenant's selection of this location."The Seller was a joint venture controlled by Goldman Sachs Realty Management, L.P. and was represented by Tim Richey, Mike Winn and Chad Flynn at CBRE.