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Bancroft Acquires CO Office for $25M
Highlands Ranch I and II in Highlands Ranch, CO has been acquired by Bancroft Capital of Manhattan Beach, CA for $25.1 million. Dallas-based Lone Star Funds sold the 152,603-square-foot office property.
The 2001-built property is situated on 10 acres at 630-640 Plaza Dr. The asset was 94% leased upon closing. Brad Cohen and Larry Thiel of Transwestern’s Denver Capital Markets Group brokered the transaction.
“Often overlooked by investors, the Highlands Ranch submarket has proven to be a preferred location for several of Denver’s largest tenants,” Thiel said. “Major employers in the vicinity include DISH Network, Liberty Media, Western Union, Charles Schwab, Lucent Technologies and Visa’s global technology center. These primary employers lead to many secondary jobs, keeping the vacancy rates at all-time lows.”
- ◦Sale/Acquisition
