Fully leased office complex sells for $67M

10.21D Office Sale scaled

The Gateway Centre office complex sold for $66.85 million. (Courtesy of JLL)

An office complex on the edge of Denver and Aurora has changed hands for the second time since 2019.

Denver-based Flywheel Capital purchased the four-building Gateway Centre campus for $66.85 million, according to JLL, which represented the seller. Independent Financial provided financing for the deal.

The complex sits on 19.33 acres. The buildings are located at 4400 Kittredge St. in Denver and 3800, 3855 and 3950 Lewiston St. in Aurora. The site is northwest of the Interstate 70-Pena Boulevard interchange.

The buildings were completed between 1998 and 2001. They total 299,614 square feet, which makes the deal worth about $223 a square foot. According to JLL, the property is fully leased to tenants that include Primoris, Billtrust and Boeing.

The property was sold by an affiliate of Pennsylvania-based Equus Capital Partners, which purchased the property for $45.6 million in July 2019, according to public records. Shortly after that, in early September 2019, JLL said the building was 82 percent leased.

Equus said in its own statement that it spent about $2.5 million on improvements to the complex, including putting on new roofs and renovating common area corridors. The company said 62,500 square feet had been leased since the start of the coronavirus pandemic.

JLL brokers Mark Katz and Peter Merrion represented the seller in both the 2019 and 2021 deals.

Flywheel Capital, led by Ben Hrouda, owns several large office complexes in Colorado Springs, as well as two office buildings in Lakewood totaling 127,297 square feet.

Within Denver city limits, Flywheel has largely been in development mode. Its projects include the conversion of a former assisted-living facility at 4550 W. Colfax Ave. into condominiums, as well as an apartment project southwest of the Interstate 25-Evans Avenue interchange.

10.21D Office Sale scaled

The…

You must be a member to access BusinessDen's exclusive reporting.

Your subscription has expired. Renew now by choosing a subscription below!

For more informaiton, head over to your profile.

Profile


SUBSCRIBE NOW

TERMS OF SERVICE:

ALL MEMBERSHIPS RENEW AUTOMATICALLY. YOU WILL BE CHARGED FOR A 1 YEAR MEMBERSHIP RENEWAL AT THE RATE IN EFFECT AT THAT TIME UNLESS YOU CANCEL YOUR MEMBERSHIP BY LOGGING IN OR BY CONTACTING AARON@BUSINESSDEN.COM.

ALL CHARGES FOR MONTHLY OR ANNUAL MEMBERSHIPS ARE NONREFUNDABLE.




Return to Homepage