The Leader in Colorado Commercial Real Estate News Since 1992

Every reporter on our staff has covered Colorado commercial real estate news for more than a decade, through the highs and lows in the commercial real estate cycle.

read more

Hannay buys prime site

16 September 2014 | Posted in Retail, Denver Market
A partnership formed by Phoenix-based Hannay Realty Advisors has purchased a key site between Lower Highland an the Central Platte Valley that could be redeveloped into a five-story, 225,000-square-foot development. The 20,190-sf buildings on the site are le 100 percent leased to Natural Grocers by Vitamin Cottage and Confluence Kayaks. Zoned CMX-5, the site of more than an acre Currently zoned CMX-5, allows many mixed-use development opportunities, with a potential maximum …

Frontier Renewal buys Gates site

15 September 2014 | Posted in Denver Market, Economic Development
Denver-based Frontier Renewal, a brownfield redevelopment company, has closed on the acquisition of more than 41 acres of the former Gates Rubber property in Denver. Frontier will complete remediation and cleanup, re-entitle the property and prepare it for redevelopment. The Gates property is a transit-oriented development site with adjacent light rail at Interstate 25 and Broadway. The station is the busiest of 44 light-rail stations in the metro area, with 14,000 riders per mon…

AEW rides rising tide with Waterview I-III

15 September 2014 | Posted in Office, Denver Market
AEW Capital Management acquired a trio of Class A office buildings in a bid to capitalize on the strengthening southeast suburban submarket. AEW bought Waterview I, II and III, which combine for 365,985 square feet, from CalSTRS, which was advised by Clarion Partners. The price was not released, but public records show it was $66.85 million, which amounts to $182.66 per sf.  “Waterview was an opportunity to invest in a market that is experiencing strong upward momentu…

Westminster flex buildings sell for $7.3m

15 September 2014 | Posted in Industrial, Denver Market, Boulder County & U.S. 36 Corridor
A six-building flex park in the northwest submarket recently sold for $7.3 million, or $109.28 per square foot. Affiliates of Aurora-based Matrix Group Inc. bought the 66,801-sf MetroTech Centre at 12001-12071 N. Tejon St., just west of Interstate 25 on the 120th Avenue corridor in Westminster. The buildings were approximately 82 percent occupied, providing an opportunity to lease up the vacancy and roll below-market rents up to market rates, according to CBRE. Some projects in t…

SCL relocates headquarters to Broomfield

15 September 2014 | Posted in Office, Denver Market, Boulder County & U.S. 36 Corridor, Economic Development
SCL Health will relocate its corporate headquarters from Denver into 104,683 square feet of office space in Broomfield next year. SCL will occupy the second and third floors of a building at 500 Eldorado Blvd., on the Oracle campus, said Chad Kollar, managing principal of Cresa. Kollar represented Oracle Corp. in the transaction. The health system’s Revenue Service Center and administrative offices for SCL Physicians network already are located in 113,839 sf in another bui…

Design incorporates mountain, urban influences

14 September 2014 | Posted in Denver Market, Construction, Design & Engineering
KTI celebrated the recent opening of Guard and Grace, a downtown Denver restaurant intended as a “feast for the eyes.” The steakhouse was designed by KTI for chef-owner Troy Guard’s TAG Restaurant Group and named for his daughter. Guard and Grace was planned as a modern steakhouse with a less overtly masculine interior featuring natural light and clean lines. “Our goal was to interpret Troy’s vision of a modern progressive steakhouse with mountain a…

What's intended with letters of intent

14 September 2014 | Posted in Law & Accounting
Joseph Lubinski, Partner, Ballard Spahr LLP, Denver Often, real estate transactions begin with a letter of intent or term sheet. This “deal before the deal” is intended to ensure that the parties agree on certain basic business terms before incurring the time and expense of negotiating a full purchase and sale contract. Letters of intent may be relatively simple, confirming only the purchase price, describing the property, and contemplating expected due diligence and…

Terrix inks $30 million in deals

14 September 2014 | Posted in Finance & Appraisal
        Terrix Financial in a flurry of deals, recently closed more than $30 million in transactions.      The seven transactions included a wide range of asset types including self-storage warehouses, medical offices, apartments and retail centers.       They were geographically diversified as well, including properties in Denver, Colorado Springs and out-of-state.       The loans we…

ARA sells community to Advenir

14 September 2014 | Posted in Multifamily
A Florida company paid $35 million for the 326-unit Lowry Heights apartment community in Denver.       Advenir Real Estate, based in Aventura, bought the community at 7900 E. 12th Ave. in Denver from its longtime owner, the Bascom Group of Irvine, Calif.       Bascom paid $16.3 million for the 261,009-square-foot property in 2006, according to public records.       That equates to $63.35 per sf and $107,…

AIMCO pays $118 million for apartments near Fitz

14 September 2014 | Posted in Multifamily
Denver-based Apartment Investment and Management Co. recently paid $118.5 million for the 600-unit 21 Fitzsimmons apartment community in Aurora, according to public records.   The sale last month was the largest apartment sale so far this year and the third largest ever in the Denver area.  Even though the $5 billion company, better known as AIMCO, is based in Denver, the giant apartment owner rarely makes a purchase in its backyard. It is believed to be AIMCO’…

CBRE leasing Belmar

3 September 2014 | Posted in Retail, Office, Hospitality
CBRE Inc. has been awarded the leasing assignment for Belmar in Lakewood.  CBRE is working in partnership with Linda Kaboth, vice president at GF Real Estate Group, also known as The Southern Ute Indian Tribe Growth Fund.  Belmar is one of GF Real Estate Group’s holdings. It became involved with Belmar, developed by Continuum Partners, in 2006.  The 900,000 square foot mixed-use destination l at 464 South Teller St. includes more 600,000 square feet of reta…

Tw telecom building trades for $43 million

2 September 2014 | Posted in Office, Denver Market
Tw telecom’s corporate headquarters building in Lone Tree sold for $43 million following an unexpected turn of events. While Griffin Capital was under contract to buy the building in ParkRidge Corporate Center, Level 3 Communications announced plans to acquire tw telecom. That threw uncertainty about the tenant’s future occupancy into question, but Griffin revised its underwriting and, nevertheless, closed on the 166,708-square-foot property through an entity called G…

NetREIT buys Union Terrace for $9.48m

2 September 2014 | Posted in Office, Denver Market
A real estate investment trust with a half-dozen properties in Colorado paid $9.48 million for an office building on the Union Boulevard corridor in Lakewood. Union Terrace, an 84,145-square-foot building at 12596 W. Bayaud Ave., sold to Maryland-based NetREIT. The building was 82 percent leased at the time of the sale. “There’s great upside potential both in the lease-up of the existing vacant spaces, and the leases in place are about $2 a square foot below market,&…

User pays $113.11 psf for Coors Tech building

2 September 2014 | Posted in Industrial, Denver Market
An industrial building in Coors Tech Center in Golden fetched $113.11 per square foot. Meurer Research Inc. bought the 43,320-sf building at 16133 W. 45th Drive from BSI for $4.9 million. The property was leased to PMC Hydraulics, which vacated the property in May and exited the Denver market. “PMC was in a position where they wanted to limit their exposure as much as they could,” said Matt Trone of Cushman & Wakefield of Colorado Inc. Cushman & Wakefield&rsq…

Federal Heights apartments sell

1 September 2014 | Posted in Multifamily
Milestone Management recently purchased the Legacy Heights apartment community in Federal Heights. Records show the Dallas-based company paid $50.3 million for the 384-unit property at 2700 W. 103rd Ave.       That equates to $130,989 per unit and $172.87 per square foot.       Those are record prices for an apartment community in Federal Heights.       But that is not really the point, as Legacy Height…

Naiman buys hardware store

1 September 2014 | Posted in Retail, Denver Market
The former Tennyson True Value Hardware, which closed its doors earlier this year after serving the Northwest Denver area for decades, has been sold.       The Denver-based Robert L. Naiman Co. bought the long-time hardware store at 4034 Tennyson St., in the increasingly trendy Berkeley neighborhood.       The Kort family, which had operated it since 1973, closed it after losing business, following an earlier upgrade of Tennyson …

Hotel near Mile High to become micro apartments

1 September 2014 | Posted in Multifamily, Denver Market
Developer Randy Nichols is planning to re-develop the VQ Hotel next to Sport’s Authority at Mile High into a micro-apartment tower.       It could be the first in Denver of a new breed of ultra-small rental units that are sweeping the country.       Most of the 175 units in the 13-story building at 1975 Mile High Stadium Circle will have monthly rents below $1,000. To read the rest of this article, please go to the…

Westone campus sells for $5.3m

31 August 2014 | Posted in Colorado Springs & Southern Front Range
A four-building industrial/research-and-development campus in Colorado Springs sold to a Denver-based group for $5.3 million. T Lowell & Sons LLC purchased the Westone campus from T B 5 Associates LLP. The property comprises 72,748 square feet at 2205-2266 Executive Circle, near the Interstate 25 and South Circle Drive interchange. The sale also included just over one acre of land. “The property achieved a 9.2 percent cap rate. It was very attractive,” said Randy…

Elsy Studios designs Merchant & Gould's new space

31 August 2014 | Posted in Construction, Design & Engineering
Merchant & Gould’s new space was designed to provide a modern twist on a traditional aesthetic. Denver-based commercial interior design firm Elsy Studios recently finished transforming the intellectual property law firm’s 22,000-square-foot space at 1801 California St. into a work environment that balances professionalism with a “sense of fun, elegance and edge.” “Merchant & Gould wanted a work environment that reflected our brand and appeal…

Relevance of a real estate license

31 August 2014 | Posted in Law & Accounting
Jon GoodmanShareholder, Frascona, Joiner, Goodman and Greenstein PC, Denver With the exception of management of residential real property, it is this author’s experience that the Colorado Division of Real Estate devotes few of its limited resources to shutting down the unauthorized practice of real estate brokerage, raising the question, “Why bother complying with the law?” That is, why should an unlicensed person invest his or her money and time in obtaining a …