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Vail HQ, neighboring office sell for $102.5M

BROOMFIELD — A pair of office buildings in Broomfield’s Interlocken business park, including one that’s home to the headquarters of Vail Resorts Inc. (NYSE: MTN), sold this week for a combined $102.5 million.

Franklin Street Properties Corp. (NYSE: FSP), through holding company FSP 390 Interlocken LLC., offloaded the buildings at 390 and 380 Interlocken Crescent, which are both 10 stories and total 480,000 square feet, to 390 Interlocken Owner LLC, an entity registered to the Seattle address of Urban Renaissance Group, Broomfield real estate records show.

URG, a commercial real estate investor with holdings in several West Coast markets as well as around Denver, has taken a shine to Interlocken. The company bought a roughly 150,000-square-foot office space near the Vail headquarters at 370 Interlocken Blvd. in June for $34.45 million.

“We believe that the Denver-Boulder corridor is an outstanding location long-term, and we’re pleased to increase our presence in this submarket,” URG chief executive Pat Callahan said in a prepared statement.

The building at 380 Interlocken is about 60% leased, while 390 Interlocken, home to Vail, is 99% full, the company said. 

FSP, a real estate investment trust, said it will use proceeds from the sale to pay down debts.

Source: BizWest

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