Commercial Property News - April 18, 2006
Capital Lease Funding Inc. has acquired two adjacent office buildings in Denver, 4340 and 4350 S. Monaco St. The New York City-based REIT, which specializes in net lease holdings, bought the properties from locally based Challenger South Monaco L.L.C., paying about $69.3 million, or $262.50 per square foot.
Each of the buildings is fully net leased to Invesco Funds Group Inc., a subsidiary of London-based investment management firm AMVESCAP P.L.C., through 2016. Invesco's parent has guaranteed the tenant's lease obligations (currently the firm is rated BBB-plus by Standard & Poor�s Corp. and a3 by Moody's Investors Service).
The four- and six-story office buildings--118,600 square feet and 145,150 square feet, respectively--are on 12.5 acres near the junction of I-25 and I-225 in south Denver. The sale is one of a good many office transactions in the Denver market in recent quarters, indicating strong investor interest in the market. According to the local office of Grubb & Ellis Co., fully 70 office properties traded hands in metro Denver in 2005, twice as many as in the previous year.
CB Richard Ellis represented both the buyer and the seller in the Monaco Street transaction.
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