Gladstone Commercial Corporation Purchases Parkside Office Plaza; AWH Partners LLC to Acquire Eight Embassy Suites Hotels
By Gabriel Circiog, Associate Editor
The Class A, three-story, single-tenant office building is leased to ViaSat Inc. through September 2021 and is the home of ViaSat’s Exede Internet and other consumer broadband services. The LEED Gold property is located in the Inverness Business Park, a master-planned park in the southeast submarket of Denver.
“This acquisition is consistent with our strategic decision to expand our acquisition efforts in both primary and secondary markets in the Western U.S.,” says Andrew White, managing director of the company. “The Class A construction, strong tenancy and premiere location in Denver’s Southeast submarket will provide stable and attractive returns for our investors.”
In other real estate news, New York-based AWH Partners LLC recently announced it has placed eight Embassy Suites Hotels under contract for an undisclosed price and will close in January 2014. AWH Partners worked through a complicated bankruptcy process involving a quick, all-cash, no-contingency closing. The ownership group will invest more than $50 million in physical upgrades in order to complete a substantial repositioning to the portfolio over the next two years. The hotel management arm of AWH Partners, Spire Hospitality will manage the eight hotels. AWH Development, AWH Partners’ in-house development arm will oversee renovations.
The eight-hotel portfolio includes the Embassy Suites Colorado Springs and Embassy Suites Denver. Talking about the acquisition, Russ Flicker, principal AWH Partners, said: “The acquisition of this portfolio marks a banner year for AWH and brings our investment in hotels to more than $400 million and 3,700 keys since 2011. We are very excited about the opportunities for growth in 2014 in hospitality and beyond.”
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Logo Courtesy of: Gladstone Commercial Corporation.
Photo Courtesy of: http://embassysuites3.hilton.com