KEW Realty expands into west submarket with the acquisition of Canyon Point II
KEW Realty bought Canyon Point II, a 26,155-square-foot building at Highway 93 and Washington Avenue in Golden.
By Jill Jamieson-Nichols (Colorado Real Estate Journal)
May 6-19, 2019 – Denver-based KEW Realty Corp. bought a multitenant office building in Golden with an aim of leasing up space recently vacated by a large tenant.
Canyon Point II, a 26,155-square-foot building at 112 N. Rubey Drive, is visible from Colorado Highway 93. It was built in 2003.
The first floor of the building is filled with small tenants, including State Farm Insurance and Edward Jones. The second floor recently was vacated by Sonsio, which relocated to a build-to-suit in Arvada and created an opportunity for the new owner to add value.
“It was a lot of hard work to negotiate the terms of the sale, and that’s just the beginning. We will need tenants to fill up the vacant space going forward,” said David Spira, KEW chief executive officer. “The key is to have smart people help run the buildings.”
With few opportunities to lease a full floor on the west side of town, KEW hopes to find a full-floor user for the space, but also will consider dividing the second floor for tenants looking to improve efficiency or upgrade their mage. The building has panoramic mountain views, including a view of the North and South Table mountains. Asking rates are “competitive,” Spira said.
“It’s a prominent location right on 93 and Washington, and it’s relatively new,” he commented.
Spira didn’t disclose the sale price, but said it was a fraction of what it would cost to replace the building.
KEW Realty Vice President Anita Youngblut handled the acquisition. Fuller Real Estate broker Mike Haley and John Becker represented the seller.
The most recent addition to KEW Realty’s 1.2 million-sf Denver area portfolio, Canyon Point II expands the company’s property management inventory into the west office submarket.