The company acquired Signature Centre, a five-story property located at 14143 Denver West Parkway.
The center has nearly 186,000 square feet and was fully leased at the time of the sale. The property is the global headquarters for ceramics manufacturer CoorsTek Inc.
“Signature Centre is a stabilized, high-yielding office property with a blue-chip tenant base in one of the strongest submarkets in Denver,” Vista President Jonathan Barach said in a statement. “We were able to secure the asset at an attractive cap rate and at a price substantially below replacement cost. We will buy as many of these deal profiles as there are opportunities to do so.”
The property was built in 2007, and amenities include a 2,400-square-foot fitness center, underground and surface parking, solar design, and airflow systems.
CBRE Group Inc.’s Tim Richey, Charley Will, Mike Winn, Chad Flynn and Jenny Knowlton represented the unnamed seller in the transaction. Vista was self-represented.
Signature Centre is Vista’s first acquisition this year. The company manages a roughly $1 billion commercial real estate portfolio comprised of 2,000 multifamily units and 2 million square feet of office space in California, Oregon, Washington and now Colorado.
Vista is looking at large, core-plus, value-add and distressed opportunities in the Western states, focusing on Colorado and Utah.
The company’s local assets include Ocean Front Walk in Venice, Sunset Formosa in West Hollywood and Jensen’s Recreation Center in Echo Park.
Vista isn’t the only L.A.-based company that has invested in the Mile High City in recent years.
In 2019, downtown-based Rising Realty Partners purchased its first property outside of L.A., the 22-story Civic Center Plaza in Denver for $125 million.
The building was 97% leased at the time of the sale.
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