Sale of Gateway Plaza at Meridian
9800 South Meridian Boulevard
Englewood, Colorado
In December 2016, Gateway Plaza at Meridian was sold for $21,550,000 to Felton Properties of Portland, Oregon. The investment generated a 16.1% IRR and an Equity Multiple of 1.8 to 1 over the six year hold. At acquisition the four-story, Class A office building was 50% leased. Common area enhancements were made to the building which, combined with active leasing, increased the occupancy to 96% at sale. Englewood is located in the Southeast submarket of Denver and for 2016 recorded the highest annual investment sales volume post-recession. This submarket has vacancy rates near historic lows due to steady demand from both large and small users. The property was 100% owned by LW Fund A LP.
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About Westminster Capital
Westminster Capital manages real estate investment strategies on behalf of private wealth capital, including sponsorship of closed-end investment funds and separate account portfolios totaling $748 million of investor capital. Westminster Capital makes commercial property investments throughout the United States across Industrial/Distribution, Apartments, Medical Office and Senior Living properties offering Value-Add to Opportunistic risk-reward returns. Such work includes rebuilding income streams of existing properties, or manufacturing them through new construction. Careful investment underwriting and pursuit of well-funded tenants motivated by powerful long-term secular changes in their needs for such properties. Founded in 1988, the firm is headquartered in Lake Forest, Illinois.
For additional information, please contact Stuart D. Lansing at SLansing@WestminsterCapitalLLC.com.
270 Westminster • Suite 300 • Lake Forest, IL 60045 • 847-234-1123 • Fax 847-234-2115
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