3/6/2008

Grubb & Ellis acquires TIAA building in Denver

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Sacramento, Calif.-based Panattoni Development Company, LLC has sold the Teachers Insurance & Annuity Association of America (TIAA) Building in the Denver suburb of Broomfield, Colo., to Grubb & Ellis Realty Investors, LLC.

Ron Urgitas of CB Richard Ellis handled the negotiations for Panattoni.

The building is located at 11525 Main St. within the 195,000 square foot Broomfield Corporate Center. Built in 2001, the single-tenant building contains 93,000 square feet and is 100 percent leased to TIAA.

Panattoni recently sold a 540,000 square foot industrial complex in Edwardsville, Ill.

The acquisition was made on behalf of a private investor participating in Grubb & Ellis' newly launched Wealth Management Program. The firm made its first acquisition for the program last month with the purchase of 5202 Presidents Court in Frederick, Md.

Address: 11525 Main St., Broomfield, Colo.

Size: 93,000 square feet

Built: 2001

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Filed Under: Industrial

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