A utility cooperative has bought a Broomfield workplace constructing and can transfer its headquarters there.
Tri-State Technology and Transmission Affiliation paid $10.8 million final week for the 6-story, 152,000-square-foot constructing at 370 Interlocken Blvd., in accordance with public data.
That works out to $71 a sq. foot. JLL marketed the constructing.
The deal was a giant loss for the vendor, Seattle-based City Renaissance Group. It paid $34.5 million for the constructing in June 2022, financing the acquisition with a $30.1 million mortgage from WaFd Financial institution, data present.
Tri-State spokesman Mark Stutz confirmed the deliberate headquarters transfer.
“Tri-State has been headquartered at 1100 W. 116th Ave. in Westminster since 1997. This facility has reached its end-of-life cycle,” he mentioned in an e mail.
The 370 Interlocken constructing is 40% leased, in accordance with CoStar. Stutz mentioned Tri-State, which has 400 staff at its present headquarters, will maintain some tenants in place.
Tri-State has but to resolve what to do with its present headquarters constructing, which it owns, Stutz mentioned. The wholesale energy provider has 45 members and says it gives energy to greater than 1 million folks in Colorado, Nebraska, New Mexico and Wyoming.
Vendor City Renaissance Group’s Colorado portfolio has been dwindling. In Denver, it lately surrendered 2399 Blake St. to a lender, misplaced LoDo’s Market Heart to foreclosures and bought Fox31’s broadcast constructing at 100 E. Speer Blvd. to the station’s father or mother firm. It nonetheless owns 2301 Blake St.
In Broomfield, URG nonetheless owns two workplace buildings, at 380 and 390 Interlocken Crescent, adjoining to the one it simply bought. The latter is the headquarters of ski resort operator Vail Resorts. URG and Rockwood Capital bought these buildings in 2022 for a mixed $102.5 million.
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