589 11th Avenue
US - New York, NY
IDR 151,365,337,000 | 1,463 m²
Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to offer for sale PrimeCenter at Northridge (the “Property” or “PrimeCenter”). PrimeCenter is comprised of two single story flex office R&D assets totaling 124,945 square feet located at 1765 & 1865 121st Westminster, CO (Denver MSA), with an above average parking ratio of 6.19 : 1,000 SF.
The Property is 100% leased to 7 tenants at in-place rents that are 17.4% below market and with a weighted average remaining lease term of 6.2 years. In addition, PrimeCenter features 62% investment grade tenancy, providing a combination of durable cash flows in the near term with significant upside via a mark-to-market strategy.
Anchored by Poly Inc./HP Inc. (NYSE: HPQ, S&P: BBB+) PrimeCenter represents a compelling mix of flex office R&D and healthcare tenancy that serves the community. PrimeCenter's historically strong rent growth as well as fair market rent provisions will allow an investor to capture future rent growth potential of 56% over 10 years. PrimeCenter is located in a high growth area of North Denver's innovation hub, where vacancy is 8.8%, substantially lower than the 15% average vacancy across the Denver metro area.
Best-in-class, flex office R&D asset with highly versatile features that allow for future optionality.
Fortress tenancy with an extraordinary combination of investment-grade credit, tech, healthcare, education, and lab.
Anchored by Poly Inc./HP Inc. (S&P: BBB+) with 20 years of history at PrimeCenter, a recent lease renewal and significant tenant investment.
Mark-to-Market opportunity supported by historically strong rent growth and fair market rent provisions to capture future growth potential.
High-growth location in North Denver's innovation hub that has seen a 62% rental growth since 2011 and forecasts a 15% rent increase by 2025.
PrimeCenter is the newest flex office R&D asset in a submarket that boasts a 91% occupancy rate. The supply of high quality assets, similar to PrimeCenter, is limited and there is no new office/flex construction planned.