Holliday Fenoglio Fowler, L.P. (HFF), on behalf of the owner, is marketing for sale Church Ranch II, a suburban office building in Westminster, Colorado, that serves as the 63,057-square-foot western regional headquarters of Staples, Inc. Staples has recently signed a new, 130-month lease with two five-year options for 100 percent of the property. Church Ranch Building II offers investors a single-tenant, 100-percent net leased asset with a brand new long-term lease in one of Denver’s premier large corporate user submarkets.
The property is located at 10249 Church Ranch Way in the Northwest Denver Office submarket. This area, which spans along U.S. 36 from downtown Denver to Boulder, is a vibrant office market that caters to a variety of technology tenants, corporate headquarters and is home to several research institutions. Church Ranch II is ideally positioned within the Westminster micromarket, a highly-sought-after and attractive option to office tenants desiring high-quality space, excellent access to amenities and close proximity to U.S. 36 while offering competitive rental rates and lower operating structures than many of the nearby competitors.
Church Ranch II is strategically located with proximity to many major employment pools, including Broomfield, Westminster, Arvada, Boulder and Denver. Companies have found this location more attractive, as they have a broader employee base from which to pull. There are more than 168,000 residents within a 20-minute drive time of the property. These residents boast an average household income of $112,777, which is significantly higher than the national average of $59,000. Furthermore, 48 percent of the surrounding population has a bachelor’s degree or higher.