Parallel Capital Partners Acquires Denver Office Campus for $23 Million
San Diego Firm Announces $7 Million Renovation of Tamarac Complex.
- San Diego, CA (1888PressRelease) November 07, 2014 - Marking its first acquisition in the Denver market, San Diego-based Parallel Capital Partners, Inc. has acquired a three-building, 355,269-square-foot Class B office complex in southeast Denver - Tamarac Plaza - for $23 million. Located at 7555 East Hampden Ave., 7535 East Hampden Ave. and 7600 East Eastman Ave., the properties are situated on a nearly 12-acre campus with mature landscaping, seating and walkways.
Parallel purchased the Energy Star-rated complex - comprised of Tamarac Plaza I, Tamarac Plaza II and Argosy Plaza - from LNR Partners, LLC and represented itself in the deal.
According to Matt Root, CEO of Parallel Capital Partners, his firm will invest more than $7 million in renovations and upgrades to the complex, bringing it up to Class A status.
Originally constructed by Trammell Crow in 1980-84, the office campus consists of three five- and six-story buildings and three parking structures as well as an overflow parking lot. The campus recently underwent a $4 million renovation and now features amenities such as a state-of-the-art fitness facility and upgraded contemporary lobbies and common areas. Sixty percent occupied, it is currently home to anchor tenants including Farmers Insurance, Financial Planning Association and Western Sugar Cooperative.
"This latest acquisition furthers our core mission of acquiring irreplaceable, value-added commercial real estate in key western markets. With affordable housing, an abundance of outdoor recreation and a central geographic location, Denver has surged into the national spotlight in recent years, and we are thrilled to now have a presence here," Root said. "The property was attractive to us for multiple reasons, including its ideal location just east of I-25 and 15 minutes from downtown, as well as close proximity to the Denver Technological Center, the Southmoor Light Rail Station and dozens of restaurants, hotels and retail centers."
Parallel has retained Cushman & Wakefield to implement the additional improvements and CBRE to effectuate its leasing strategy.
About Parallel Capital Partners, Inc.
Parallel Capital Partners, Inc. (parallelcapitalpartners.com) is a private, fully integrated real estate investment and operating company focused on acquiring value-added and core-plus opportunities for its own account in primary and secondary markets west of the Mississippi, including Hawaii.
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