SOURCE: American Realty Advisors
GLENDALE, CA--(Marketwire - Jun 21, 2011) - American Realty Advisors announced today the acquisition from Hines of 1515 Wynkoop, an eight-story LEED Gold-Certified Class AA premier office building prominently located in the heart of Denver's lower downtown submarket. The 306,791 SF mixed-use core property is comprised of 279,578 SF of office space and 27,213 SF of street-level retail space, providing on-site amenities to existing tenants and diversifying the property's income stream. The acquisition was completed on behalf of one of American's commingled real estate funds.
Built in 2009, the property was designed to blend in the historical tradition of its neighboring structures, while providing a modern first-class environment. The property benefits from its highly-functional and efficient floor plates ranging from 27,000 to 48,000 square feet, a contemporary lobby, and parking ratio of nearly 1.5 per 1,000. The asset's 98 ENERGY STAR® rating and LEED-CS gold certification from the U.S. Green Building Council further enhances its marketability to prospective tenants due to significantly lower tenant occupancy costs. In addition, the asset is conveniently located along Wewatta Street near Interstate 25 at the gateway to Union Station, providing tenants with superior accessibility to mass transit and the entire Denver metropolitan area.
"American recognizes that the Downtown Denver office market has experienced unprecedented economic stability in 2010 and is projected for continued growth in the years to come. As such, investing in a high-quality mixed-use core real estate property near Denver's transportation hub is likely to generate superior returns for American's clients and demonstrate long-term success on a firm-wide level," stated Kirk Helgeson, American's EVP/Executive Managing Director, Investments.
American Realty Advisors, a California corporation, is an SEC-registered investment advisor under the Investment Advisers Act of 1940, as amended, and a leading provider of real estate investment management services to institutional investors. With approximately $3.7 billion* in assets under management, American has provided innovative real estate solutions to institutional investors for over 22 years utilizing core and value-added commingled funds and separate accounts. The firm's portfolios include office, industrial, multi-family, retail and other properties nationwide. More information regarding American can be found online at www.americanreal.com.
Forward-Looking Statements: This press release may contain forward-looking statements within the meaning of the federal securities laws. Forward-looking statements are statements that do not represent historical facts and are based on our beliefs, assumptions made by us, and information currently available to us. Forward-looking statements in this press release are based on our current expectations as of the date of the release, which could change or not materialize as expected. Actual results may differ materially due to a variety of uncertainties and risk factors. Except as required by law, we assume no obligation to update any such forward-looking statements.
*Assets under management represent gross market value of all assets and accounts managed by American Realty Advisors as of March 31, 2011 which includes cash and cash equivalents and excludes partners' share of equity and debt on partnership investments.