Westcore deals four buildings in Boulder Valley for $31.5M

LOUISVILLE — San Diego-based Westcore Properties LLC has sold two commercial buildings and recapitalized two others in Louisville and Broomfield for $31.5 million, according to public records.

Westcore sold buildings at 105 Technology Drive in the Interlocken Advanced Technology Environment in Broomfield and 285 Century Place in the Centennial Business Park in Louisville to California-based Legacy Partners.

Westcore took on new private-equity partners on the other two buildings at 248 Centennial Parkway in Louisville and 303 Technology Court in Interlocken. The four buildings total 270,411 square feet of space.

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Westcore Properties had purchased the buildings in 2006 from New Jersey-based Mack-Cali Realty Corp. (NYSE: CLI) as part of a 19-parcel deal that stretched from Louisville to Colorado Springs.

Westcore sold the 37,564-square-foot building at 105 Technology Drive in Broomfield for $5 million and the 69,145-square-foot building at 285 Century Place in Louisville for $9.5 million to LGP Inverness JV-T LLC, an entity formed in January by Legacy Partners in Foster City, Calif., according Secretary of State records.

Westcore recapitalized the two-building property consisting of 88,832-square-foot building at 248 Centennial Parkway and 1172 Century Drive for $9.3 million using the entity Westcore Centennial LLC, and the 74,870-square-foot building at 303 Technology Court for $7.7 million using the entity Westcore 303 Technology LLC.

John Fefley with Westcore’s office in Greenwood Village, said Westcore sold the properties to Legacy Partners because the buildings were “highly leased. … And we wanted to take advantage of the current state of the capital markets. We recapitalized the other buildings because we feel we can add tenants in the future that will add value to the properties.”