|By Marketwire .||
|September 24, 2012 12:00 PM EDT||
NEWPORT BEACH, CA and DENVER, CO -- (Marketwire) -- 09/24/12 -- Buchanan Street Partners, a national real estate investment management firm, in a venture with Lowe Enterprises has acquired Parkridge 4, a 192,800-square-foot, six story, Class-A office building in Lone Tree, Colorado. The institutional-quality asset was purchased from an affiliate of Denver-based Miller Global Properties, LLC.
"Parkridge 4 is the highest quality office building in the emerging submarket of Lone Tree and is especially attractive given the outstanding credit of its tenancy and the project's limited near-term lease expirations," said Tim Ballard, President of Buchanan Street Partners. "The property's strong rent roll, excellent location and physical quality allowed it to be accretively financed, further enhancing Buchanan's expected investment returns."
Built in 2001 and located at 10375 Park Meadows Drive, Parkridge 4 is 93% leased by high credit companies such as CNA Insurance, Merrill Lynch, UBS, Nestle, Ameriprise and the Department of Defense. The property has excellent access and freeway visibility near Lincoln Avenue and Interstate 25. It is also in close proximity to the RTD Light Rail Lincoln Station, executive housing and outstanding amenities at Park Meadows Mall. New developments within the Parkridge subdivision and to the south in RidgeGate should solidify and centralize the property's location over time.
"This is a high quality property and an excellent addition to our expanding Denver office portfolio. We appreciate the opportunity to participate in the acquisition and management of Parkridge 4 in another venture with Buchanan Street Partners," said Rick Newman, President of Lowe Enterprises Real Estate Group, which will provide asset management and property management services.
Indianapolis-based 40/86 Mortgage Capital provided financing for the acquisition which was arranged by John Stewart of Northmarq Capital in Denver. Nathan Johnson and Austin Kane of Newmark Grubb Knight Frank were hired to manage the property's leasing.
The seller was represented in the sale by Mike Winn and Tim Richey of Cushman & Wakefield. Buchanan Street and Lowe Enterprises represented themselves in the transaction.
About Buchanan Street Partners
Buchanan Street Partners is a real estate investment management firm that invests debt and equity capital on behalf of institutional and private investors. Buchanan Street Partners is a subsidiary of The TCW Group, Inc., an international asset management company. www.buchananstreet.com.
About Lowe Enterprises
Los Angeles-based Lowe Enterprises is a leading national real estate investment, development and management firm. Over the past 40 years, it has developed, acquired or managed more than $17.5 billion of real estate assets nationwide. Lowe is currently responsible for more than $5.5 billion of commercial, hospitality and residential assets. In addition to its Los Angeles headquarters, Lowe Enterprises maintains regional offices in Washington, DC, Denver, Philadelphia, Southern California and Northern California. Founded in 1972, Lowe Enterprises is marking its 40th year anniversary in 2012. www.loweenterprises.com