By Ioana Neamt, Associate Editor
Denver—Velocis has parted ways with a 76,085-square-foot traditional office building in Denver’s Greenwood Village submarket. The company sold the three-story Landmark Centre to Landmark Associates LLC, for an undisclosed price tag.
Originally built in 1984 as a build-to-suit for Ford Motor Co., Landmark Centre was acquired by Velocis back in 2012. Since then, the Dallas-based company has renovated and upgraded the lobby, resealed the building’s exterior and refinished the common areas.
“Velocis purchased this asset based on its prime location in a market with great demographics and near amenity-rich retail,” Velocis Principal Mike Lewis said in a statement. “Through key property improvements, we were able to identify and unlock its value, achieving our goals for the investment while maintaining near 100 percent occupancy throughout our hold period.”
Located at 5460 S. Quebec St., Landmark Centre provides covered parking for all its tenants, a rare feature for a building of its size in Denver. The property also offers views of the Rocky Mountains, easy access to the I-25 and proximity to The Landmark high-end mixed-use development. The asset was 99.5 percent leased at the time of sale.
Patrick Devereaux and Jason Schmidt of JLL arranged the transaction on behalf of Velocis, while Basham & Associates represented the buyer. Leasing and property management was handled by Transwestern Property Co.
Image courtesy of Velocis