Newmark Capital Markets and Northridge Capital, LLC announce the sale of CirclePoint Corporate Center at 11030 & 11080 Circle Point Road in Westminster.
Located along the Denver-Boulder US36 Corridor, CirclePoint Corporate Center is a trophy office campus comprising two contemporary, Class A buildings totaling 275,599 square feet. It was sold to City Office REIT (NYSE: CIO) on July 9, 2918, for $59,750,000. Newmark Capital Markets’ John Jugl, Jr. and Paul Donahue marketed CirclePoint Corporate Center exclusively on behalf of the seller, Northridge Capital, and represented them in the transaction.
“The Newmark sales team worked closely with the property manager to ensure we were able to go from contract execution to closing in five weeks, and Northridge Capital is pleased with the outcome of the sale of CirclePoint to City Office REIT,” commented Kevin Fay, vice president at Northridge Capital, LLC.
“CirclePoint Corporate Center is one of the most attractive office campuses in Northwest Denver and offers amazing views from its 4- and 5-story perspective,” commented Newmark Vice Chairman John Jugl, Jr. “After an influx of leasing velocity over the last 12 months, CirclePoint is currently 93.0% leased with more than seven years of weighted average lease term across both buildings - a formula very attractive to a new owner.” Additionally, CirclePoint offers additional upside potential in driving the in-place rents, which are currently below today’s rents being achieved at other Class A assets.
“The assets fundamentals, along with a strategic location with proximity to some of Colorado’s largest employment pools, including Broomfield, Westminster and Denver, were key attributes that drove interest,” added Jugl. “Tenants and companies have found this location ideal as it offers a wider employee base to pull from, which is especially important given the historically low 2.9% overall unemployment rate.”
In addition to providing exclusive marketing for the sale of CirclePoint Corporate Center, Newmark also handled the debt placement for the premier office campus sale, which was led by David Milestone of Newmark’s Los Angeles office. CirclePoint’s leasing services were handled by Dan Beer at Cushman & Wakefield; property management services were provided by JLL. Northridge Capital has worked closely with the leasing team to generate over 115,000 square feet of new leases at the property in the past 18 months, led by the Epsilon’s decision to make CirclePoint its Denver headquarters with its 69,697 SF square foot lease.
About Northridge Capital, LLC
Northridge Capital, LLC, is an independent real estate asset private equity firm that has invested since its founding in 1997 in nearly 50 assets on behalf of its investors, with a combined acquisition value of approximately $1 billion. Based in Washington, D.C., the company focuses on generating superior risk-adjusted returns for international high net-worth individuals and institutions. It acquires, manages, and sells real estate assets across a wide variety of property types and geographic areas. For more information, visit www.northridgecapital.com.
About Newmark Capital Markets
Newmark Capital Markets, operated by Newmark Group, Inc., is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, our 16,000 professionals operate from approximately 430 offices in established and emerging property markets on six continents.
With roots dating back to 1929, our strong foundation makes us one of the most trusted names in commercial real estate. We provide access to a wide range of services, including asset sales, sale leasebacks, mortgage and entity-level financing, equity raising, underwriting and due diligence. The transactions we broker involve vacant land, new real estate developments and existing buildings. We specialize in arranging financing for most types of value-added commercial real estate, including land, condominium conversions, subdivisions, office, retail, industrial, multifamily, student housing, hotels, data center, healthcare, self-storage and special use. For further information, visit www.ngkf.com/capitalmarkets.
Newmark Group, Inc., which is listed on the NASDAQ Global Select Market under the symbol “NMRK”, is a publicly traded subsidiary of BGC Partners, Inc. (“BGC”), a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol “BGCP”. BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol “BGCA”.
Discussion of Forward-Looking Statements about Newmark Group
Statements in this document regarding Newmark Group that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. Except as required by law, Newmark Group undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark Group’s and BGC’s Securities and Exchange Commission filings, including, but not limited to, any updates to such risk factors contained in subsequent Forms 10-K, 10-Q, or Forms 8-K.