Denver Tech Center Developer Sells 1.1 Million Square Feet of Commercial Space

Strategic Insights -

Denver developer Bill Pauls has made a significant deal, selling 1.1 million square feet of commercial space at Gateway Park to California-based Glenborough Realty Trust Inc. for $54 million. This 1,200-acre, master-planned community near Denver International Airport has seen rapid development since Pauls purchased it in 1995 for $30 million. The sale includes nine office and warehouse buildings, and Glenborough has also agreed to a $54 million development alliance with the Pauls Corp. to focus on building out Gateway Park and pursue additional developments in Kansas City and outside Detroit.

Key Takeaways:

  • Bill Pauls sold 1.1 million square feet of commercial space at Gateway Park to Glenborough Realty Trust Inc. for $54 million.
  • The sale includes nine office and warehouse buildings at Gateway Park, a 1,200-acre, master-planned community near Denver International Airport.
  • Glenborough also agreed to a $54 million development alliance with the Pauls Corp. to focus on building out Gateway Park and pursue additional developments.
  • Pauls purchased the 1,200-acre development for $30 million in 1995 and has since seen significant development, including breaking ground for big name hotels like Marriott and Outrigger.
  • The area near Denver International Airport is being recognized as a smart investment by large institutional investors.
  • The deal will help Pauls Corp. to more quickly react to market demand and secure financing for construction.
  • Glenborough Realty Trust Inc. has been one of the fastest-growing real estate firms in the nation since early last year.

Statistics:

  • $54 million: The sale price of 1.1 million square feet of commercial space at Gateway Park.
  • $30 million: The purchase price of the 1,200-acre development by Bill Pauls in 1995.
  • $25 million: The price of the apartment complex under construction at Gateway Park.
  • 1,200 acres: The size of the master-planned community at Gateway Park.
  • 1.1 million square feet: The amount of commercial space sold to Glenborough Realty Trust Inc.
  • 9: The number of office and warehouse buildings included in the sale.

Sources:

  • Bloomberg News
  • Erika Gonzalez, Rocky Mountain News Staff Writer
  • Caption with Photo: Bill Pauls