(Stabilized acquisition with upside)
Comunale continued its growth in the greater Denver market with its purchase of the 60,000 square foot 2150 W. 6th office/warehouse park. The property was developed in the mid-1980s and had been continually owned and managed by the original developer. The property represented a rare opportunity to acquire a well maintained business park with a quality rent roll in the highly desirable growth market of Broomfield on the I-36 corridor between Denver and Boulder.
Comunale was able to tie the property up within days of the offering coming to the market and quickly closed the acquisition shortly thereafter. A capital improvement program was put into place to enhance the curb appeal of the park with landscaping and signage upgrades. Occupancy was quickly increased from 91% at the time of acquisition to 100% with very limited near term roll.