JLL closes $64.85M sale and $50.97M financing of Greenwood Village office property
DENVER, December 5, 2019 – JLL announced today it has closed the $64.85 million sale and arranged $50.97 million in acquisition financing for Tuscany Village Center, a 257,875-square-foot office property in the Denver suburb of Greenwood Village, Colorado.
JLL marketed the property on behalf of the seller and procured the buyer. In addition, JLL worked on the new owner’s behalf to place the floating-rate acquisition loan with a national debt fund.
Tuscany Village Center consists of two wings connected by a high-impact atrium lobby set on beautifully landscaped grounds. The property is located at 6312 S. Fiddlers Green Circle in heart of the Fiddler’s Green micro-market, which boasts a high density of large corporate users and immediate walkability to a multitude of amenities, including more than 20 restaurant and retail options and lifestyle entertainment options, including Fiddler’s Green Amphitheater and the Museum of Outdoor Arts. The property is also near the Arapahoe at Village Center RTD light rail station that provides connectivity to the Denver CBD, Denver International Airport and population centers to the south such as Lone Tree and Castle Pines.
Originally constructed in 1984 by the John Madden Company, Tuscany Village Center features timeless architecture with each floorplate offering impressive light and mountain views with nine-foot finished ceiling heights, 13-foot slab-to-slab heights and efficient layouts. In the last year alone, 145,000 square feet of leasing has occurred demonstrating the property’s desirability.
The JLL Capital Markets investment advisory team representing the buyer was led by Senior Managing Director Mark Katz and Senior Director Peter Merrion.
JLL’s Capital Markets debt placement team representing the new owner consisted of Senior Director Leon McBroom.
“Tuscany Village Center is one of the most well maintained and unique office buildings in the Southeast Denver submarket,” Merrion said. “Investors appreciated the innate quality of the building, the incredible location on Fiddler’s Green Circle and the strong leasing demand seen throughout the marketing process. The buyer will be able to capitalize on these features by owning this special property.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of more than 93,000 as of September 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
