The Denver office of Hines, an international real estate firm, this week announced that the firm’s U.S. Office Value Added Fund has purchased Mountain View Corporate Center in Broomfield, Colo.
The value of the transaction was not disclosed.
The 461,000-square-foot office campus, which is comprised of three three-story buildings and one four-story building, is located at the entrance to the Interlocken Office Park along the U.S. 36 corridor between Denver and Boulder. The property was developed by Legacy from 1999 to 2001.
Legacy Partners and one of Goldman Sachs’ Whitehall Street Real Estate Funds sold the asset.
Hines will manage the property, which was 83 percent leased at closing to tenants such as Whitewave Foods, Zoll Data Systems, and Acxiom Corp. Hines plans to add value to the asset by leasing the existing vacancy and addressing the near-term rollover, which will leave the building at 72 percent leased.
The Hines U.S. Office Value Added Fund was formed in December 2003 to acquire office properties in CBD and suburban markets where value can be created through leasing, redevelopment and operating strategies. It is a closed-end fund capitalized with equity commitments from major public and private pension funds, foreign and domestic insurance companies, a university endowment, and a group of high-net-worth, individual investors.