ParkRidge Six Acquisition Represents Pursuit to Bring New Life to Office Properties
Confluent Development, a full-service real estate investment and development firm, has formed a joint venture with Ascentris, a Denver-based real estate private equity firm, to acquire ParkRidge Six, a five-story, 161K square-foot, Class A office building in Lone Tree, Colorado. This acquisition reflects Confluent Development’s pursuit to revitalize office properties amid dynamic changes within the asset class and the ongoing evolution of today’s workforce.
Following its core business practice of maintaining disciplined entrepreneurialism throughout the market cycle, Confluent Development is strategically investing in office assets that have the potential to outperform as the future of the office is identified and the office markets stabilize. The decision to invest in ParkRidge Six, currently 100% leased, is a direct result of this vision.
This project signifies the first collaboration between Confluent Development and Ascentris, both aligned in their pursuit of office assets and locations that offer opportunities for strong interim cash flows at a significant discount to replacement cost. CBRE facilitated the acquisition.
“This acquisition signifies the start of a sustained initiative, where Confluent Development and its partners are taking a highly disciplined approach towards office investment,” said Marshall Burton, CEO at Confluent Development. “ParkRidge Six’s strong tenancy, flexible floor plans, and highly visible, mixed-use location in one of the metro area’s most educated and affluent suburbs all supported an investment with the potential to outperform, while offering numerous mitigants to downside risk.”
The property boasts unobstructed mountain views, a generous parking ratio of 4.1/1.0K square feet, and various amenities including a third-party operated cafeteria, large format training rooms, a fitness center, small breakout rooms and outdoor amenity space. Located in the southeast submarket of Denver, ParkRidge Six provides convenient access to southeast Denver’s single-family housing via I-25 and C-470, as well as north to the Denver Tech Center and the Denver CBD via light rail.
ParkRidge Six captured the attention of Confluent Development and Ascentris as a desirable location for businesses and residents that continue to locate to the Lone Tree area. It is visible from I-25 and within a five-minute drive of Park Meadows, featuring over 200 stores and restaurants, as well as the RidgeGate master-planned community, including a Sprouts grocery store and various dining options.
About Ascentris Ascentris is a real estate private equity firm based in Denver, Colorado that manages a series of fully discretionary institutional vehicles targeting both value-add and core investments across the major property types and geographic regions within the United States. Since 2003, Ascentris’ management team has relied on an investment philosophy and organizational structure for the purposes of getting its investors to opportunities ahead of the market and providing an unmatched level of service, transparency, and accountability. Ascentris is a privately held and management-owned SEC-registered investment adviser that maintains an unwavering commitment to put its investors’ needs first. Additional information is available at Ascentris.com.
About Confluent Development Confluent Development is a leading full-service real estate investment and development firm that owns and develops ground-up commercial real estate throughout the United States. Confluent Development is an industry expert with more than 25 years of experience across diverse product types including office, retail, industrial, senior housing and multi-family developments. For more information, visit ConfluentDev.com.