Arapahoe office park sold for $190M

The Panorama Corporate Center spans 42 acres. Image courtesy of HFF.

The Panorama Corporate Center spans 42 acres. Image courtesy of HFF.

Arapahoe County has its second nine-figure office deal in as many months.

Denver-based EverWest Real Estate Partners along with Miami’s Independencia Asset Management bought the Panorama Corporate Center office complex for about $190 million, Arapahoe County records show.

Panorama Corporate Center spans 42 acres at the southwest corner of Interstate 25 and Dry Creek Road. Its six office buildings total 780,000 square feet, putting the sale in the neighborhood of $242 per foot.

The entire site was developed between 1996 and 2008. Panorama Corporate Center is 94 percent leased.

Major tenants include Comcast and United Launch Alliance. Christian Dinsdale, acquisition associate at EverWest, said the property’s location and the quality of the tenants drew his firm to Panorama.

Dinsdale said the buildings are all in great shape, and EverWest doesn’t have any overhauls planned.

Miller Global Properties was the seller in the deal. Holliday Fenoglio Fowler L.P. brokers John Jugl and Mary Sullivan represented Miller Global in its sale. HFF also arranged an acquisition loan through a national investment bank for the EverWest-Indepencia partnership. Eric Tupler arranged the debt financing.

The deal closed on Jan. 13, a little more than two years after Panorama Corporate Center last sold in December 2013. County records peg the 2013 deal at $145.3 million, meaning the office park’s value jumped roughly 31 percent in about two years.

Panorama Corporate Center is the second Denver-area deal EverWest has sealed since the New Year. A couple of weeks ago, the firm bought an industrial building at the edge of RiNo for $10.5 million. The company’s other Denver holdings include the Office at Broadway Station at 900 S. Broadway and the Cherry Creek Corporate Center in Glendale.

Panorama Corporate Center is also the second Arapahoe County office property to fetch a gargantuan sales price in recent months. The CoBank Center at Village Center Station, a single 274,000-square-foot building, sold for $113 million in December.

The Panorama Corporate Center spans 42 acres. Image courtesy of HFF.

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