City Office REIT has acquired CirclePoint Corporate Center in Westminster in a deal valued at $59.75M.
CirclePoint Corporate Center has two Class-A buildings totaling 275,599 SF. The buildings are 93% leased with more than seven years of weighted average lease terms across both buildings. There also is potential to drive up the rents, which are currently below rents being achieved at other Class-A properties.
“CirclePoint Corporate Center is one of the most attractive office campuses in northwest Denver and offers amazing views from its four- and five-story perspective,” said NKF Capital Markets Vice Chairman John Jugl Jr., who, with Paul Donahue, was marketing the property on behalf of seller Northridge Capital. “The asset’s fundamentals, along with strategic location with proximity to some of Colorado’s largest employment pools, including Broomfield, Westminster and Denver, were key attributes that drove interest.”
Story in Bisnow Denver here.