56,400 square feet
When Westfield purchased Ridgeline in June 2008, it was a 56,400 square foot office/flex building located within the Highlands Ranch Business Park. The primary strategy was to lease the vacant asset with an intended hold period of 2 years. At the time of acquisition, the submarket’s fundamentals were strong and multiple tenants were active prospects for the property. The overall market substantially declined due to the recession – vacancy increased, rental rates declined and property values materially declined. The Partnership was able to successfully secure a non-conventional use for the building - a start-up charter school. The property was leased to STEM Academy and ultimately sold to the school on June 14, 2012.