8/16/21 – Global Pacific Acquires Financial Plaza (DTC)

Greenwood Village, CO (August 16th, 2021) — Global Pacific Properties is pleased to announce its most recent acquisition: Financial Plaza, located at 7720-7730 East Belleview Avenue in Greenwood Village, Colorado.

Global Pacific acquired Financial Plaza for $14,240,000 from an undisclosed seller who has owned the building since 2007.

Financial Plaza is located on the east side of the I-25 and Belleview interchange in Greenwood Village, which is one of the most dynamic and desired submarkets of the Denver Metro area. The two-building asset is approximately 142,397 square feet situated on 5.34 acres and is currently leased to a diverse tenant base across various established industries.

During the last 11-year cycle, DTC experienced significant new development, reducing land inventory to a few remaining parcels that are generally owned by large developers. With virtually no available land for new development, continued investment from a diverse capital base, and strong migration and housing fundamentals, DTC is now considered a higher barrier to entry market, which should create more sustainable fundamentals going forward. Additionally, the majority of new Class A office supply constructed in DTC during the last cycle was mostly absorbed before the 2020 downcycle, with only a few floors remaining in the Belleview Station projects.

“We still remain somewhat defensive toward office investment due to the continued negative net absorption caused by the pandemic-led downturn. However, we are seeing higher leasing velocity in the small tenant space and believe Financial Plaza will be a great cost-effective option for tenants who desire an amenity-rich location where we can offer turnkey suites and provide some term flexibility,” explains Dave Lederhos, Vice President of Global Pacific Properties.

Through tactical investment monitoring and market analysis, Global Pacific views Financial Plaza as arguably one of the best underperforming Class B office asset opportunities in the DTC market. The Property is in one of the most amenity rich areas of DTC, near the Class AA Belleview Station developments, adjacent to Starbucks, Ocean Prime and other retailers within Belleview Promenade and easily walkable to Eddie V’s and Shanahan’s.

Global Pacific will provide the market with scalable move-in ready “spec” suites to capture the pent-up demand in the 2.5K to 10K SF range, coupled with thoughtfully renovated outdoor and indoor common area amenities, landscaping, and improved wayfinding for Property tenants. Additionally, Global Pacific intends on relocating its headquarters to the building, which will enhance customer service and tenant retention.

“Despite the ongoing challenges that the pandemic is having on the larger tenant space, we believe this acquisition is well-aligned with our investment strategy to target the best located assets that have higher barriers to entry and leasing absorption that is quantifiable in the market,” explains Dave Lederhos, Vice President of Global Pacific Properties.

About Global Pacific
Global Pacific acquires, develops, and manages commercial real estate assets. Affiliate companies own and manage office, industrial, flex warehouse, retail, and multi-family assets primarily in the Denver, Colorado area. For more than 30 years, the company has operated a fully vertically integrated real estate platform to provide comprehensive solutions to maximize return on investment for its ownership. Additional information is available at www.gpproperties.com

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