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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.

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Castle Rock getting one of the largest new malls in the U.S.

17 November 2014 | Posted in Retail
A joint venture between Denver developers Alberta Development Partners and Forum Real Estate Group has acquired a 200-acre property in Castle Rock where the companies are planning to develop a $177 million destination shopping center. Located just off Interstate 25 at U.S. Highway 85, The Promenade at Castle Rock will have four distinct districts that combine large-format retail, services and restaurants with communal outdoor spaces. “This will be one of the largest commun…

Buildings targeted to marijuana growers

17 November 2014 | Posted in Denver Market
A Florida group is capitalizing on Colorado’s maturing marijuana industry with a new six-building complex targeted specifically to growers. Global Consulting LLC recently purchased 5.52 acres of industrial ground at 12600 Smith Road with plans to build six identical grow facilities on a secured site. JC Properties LLC sold the land for $450,000 in a deal handled by listing brokers Steve Fletcher and Russell Gruber of Newmark Grubb Knight Frank and Paragon Commercial Group&r…

Alaska buyer raises sail at Twin Lakes

17 November 2014 | Posted in Industrial, Office, Denver Market, Boulder County & U.S. 36 Corridor
An Anchorage, Alaska-based commercial real estate investment and management company bought a three-building industrial property in Boulder. Carr Gottstein Properties paid $7.15 million for Twin Lakes Business Park, which consists of 71,447 square feet of office/warehouse space in three buildings in Gunbarrel Business Park. WLA Investments sold the property, which is located at 4695, 4697 and 4699 Nautilus Court. Twin Lakes Business Park was 100 percent leased to 19 tenants, incl…

NY group pays $104 million for Denver West

17 November 2014 | Posted in Office, Denver Market
A New York private equity firm paid $104 million for Denver West Office Park and will spend another $14 million to $15 million improving the 21-building property. The acquisition is HighBrook Investment Management LP’s largest investment to date and its first in Colorado. Brian Carr, who led acquisitions for Morgan Stanley Real Estate Investing for 17 years, and David O’Connor, who operated hedge fund High Rise Capital Management LP and has 25 years of experience in r…

Askeland, Gager join CREJ staff

17 November 2014 | Posted in Retail, Multifamily, Industrial, Office, Denver Market, Colorado Springs & Southern Front Range, Northern Colorado, Property Management, Hospitality
The Colorado Real Estate Journal has hired Michelle Askeland and Ryan Gager to produce four new quarterly commercial real estate publications. Askeland will be responsible for CREJ’s Property Management Quarterly and Office Properties Quarterly, which will cover trends in the property management and office markets. Prior to joining CREJ, Askeland was managing editor at RadioResource Media Group. She can be reached at 303-623-1148 or maskeland@crej.com Gager, formerly commu…

Who is the declarant?

16 November 2014 | Posted in Law & Accounting
Christine L. HayesDirector, real estate practice group, Senn Visciano Canges, Denver When the Colorado real estate market was booming in the early years of the prior decade, developers executed and recorded documents – declarations – creating certain covenants, conditions and restrictions on new real estate developments.  These declarations were single-party “agreements” creating residential condominium regimes and planned communities. The declarant,…

Northgate center sells for $4.63 million

16 November 2014 | Posted in Colorado Springs & Southern Front Range
A sought-after retail center in Colorado Springs sold for $310 per square foot to a buyer making its second acquisition in the city. The California-based buyer paid $4.63 million for Northgate Plaza Shopping Center, a five-tenant, 14,936-sf inline center that is part of a larger retail development with several additional pad sites as well as a grocery store that is expected to open in 2015. “We received strong interest in this asset from the beginning, including two offers…

Catamount completes Washington Park Station

16 November 2014 | Posted in Multifamily, Denver Market
Construction has wrapped up on a transit-oriented apartment community near Denver’s Wash Park neighborhood. Catamount Constructors Inc. recently finished construction on Washington Park Station, a 32-unit apartment community at 675 E. Louisiana Ave., within minutes of Wash Park, the University of Denver, Old South Pearl Street and light rail. The $4.7 million, 35,000-square-foot development features a leasing office and restaurant on the street level and one- and two-bedro…

Joblon's 1st development is huge

15 November 2014 | Posted in Retail, Multifamily, Denver Market, Medical/Medical Office
Matt Joblon’s company, Cherry Creek-based BMC Investments, is developing the most expensive apartment tower in Denver’s history.       The $108 million, 218-unit Steele Creek apartment tower that is under construction at First Avenue and Steele Street in the heart of Cherry Creek North, costs more than $400,000 per door.       It is projected to get blended rents averaging the highest in Denver at about $3.50 per squa…

Denver retail market hot

15 November 2014 | Posted in Retail
The Denver-area retail market is so strong that owners would rather hold the sell, creating a shortage of properties to buy.       That is one of the conclusions of a third-quarter Denver-area retail report by Marcus & Millichap.       “As revenue streams rise and owners are becoming more reluctant to exchange at current cap rates, many are holding on to assets, limiting for-sale inventory,” according to the repor…

Terrix inks $66 million in deals

15 November 2014 | Posted in Denver Market, Finance & Appraisal
Terrix Financial closed $66 million in loans in the third quarter, another sign that lenders remain bullish on the Denver economy, allowing owners to take advantage of surprisingly low interest rates.       “It’s not a record amount, but it is one of our better quarters,” said David O’Brien, a principal of Denver-based Terrix.       “A lot of our correspondent lenders continue to be willing to put mo…

Northern Electric lights up Thornton building

12 November 2014 | Posted in Industrial, Denver Market, Economic Development
A national electrical contractor has acquired an underutilized industrial building in Thornton for its corporate headquarters and manufacturing operation. A group affiliated with Northern Electric Inc. paid $7.15 million for the approximately 116,300-square-foot building at One Hunter Douglas Circle, according to public records. The building will replace the company’s Westminster operation. Northern Electric currently has 60 employees and will ramp up to approximately 100 …

Whole Foods coming to downtown Denver

5 November 2014 | Posted in Retail, Denver Market
Whole Foods Market today announced its plans to open a flagship store in downtown Denver in 2017. Appropriately named Whole Foods Market Union Station, it will be on the corner of 17th and Wewatta, near the recently revitalized Union Station with easy access to key downtown attractions such as Coors Field, Union Station, MCA and Riverfront Park. The plans were announced during the company’s fourth quarter earnings call on Wednesday.  “Our lea…

Tenants take 235,576 sf at Park 12 Hundred

3 November 2014 | Posted in Industrial, Office, Denver Market, Boulder County & U.S. 36 Corridor
IBC Holdings LLC has leased 235,576 square feet of high-cube industrial space at its Park 12 Hundred project in Westminster and also has a 297,172-sf office building there under contract for sale. Frictionless World, a growing agricultural equipment company, signed a lease for 150,681 sf of industrial space, and Springs Fabrication took another 84,895 sf. Both are seven-year deals. Adams County is under contract to buy the office building for $9.6 million. It plans to move its H…

Medical building trades at $442 per sf

3 November 2014 | Posted in Office, Medical/Medical Office
A medical office building full of leading health care providers traded at what is believed to be a record price in Colorado. Red Rocks Medical Center, a 117,649-square-foot building at 400 Indiana St. in Golden, sold for $52 million, or $442 per sf. That is believed to be the highest price for a medical office building sold in Colorado and certainly for a building that is not on a hospital campus. “Medical properties are just in such demand nationally,” said Drew She…

Biomedical/R&D building in Louisville sells

3 November 2014 | Posted in Industrial, Office, Denver Market, Boulder County & U.S. 36 Corridor, Medical/Medical Office
A biomedical/research-and-development building on the U.S. Highway 36 corridor sold to a New York family investment group for $25.15 million, or $155.58 per square foot. Oracle and GlobeImmune occupy the bulk of the 161,655-sf building, which is located on 20.31 acres at 1450 Infinite Drive in Louisville. The two- and three-story building was 95 percent leased, according to Becky Callan Gamble of Dean Callan & Co., who represented the buyer, 1450 Infinite Drive LLC. Infinite…

Lerch Bates to design vertical systems of 1401 Lawrence

2 November 2014 | Posted in Denver Market, Construction, Design & Engineering
Lerch Bates was selected to complete vertical transportation consulting services, including schematic designs, design development, construction documents management and construction administration for the nine elevator systems that are currently planned for 1401 Lawrence. Building solutions firm The Beck Group contracted Lerch Bates for the project, which comprises a 22-story tower to be built on the southwestern border of downtown Denver’s central business district and the…

A view from the mezzanine

2 November 2014 | Posted in Finance & Appraisal
Kristian LichtenfelsReal estate analyst, HFF, Denver Top U.S. commercial real estate markets, including Denver, are seeing rents and trade pricing bumping into or surpassing previous market peaks. Feeding buyer appetites, lenders are placing record amounts of real estate debt and placing it at higher leverage than the market has seen since the start of the recession. Many lenders are offering subordinate debt through mezzanine loans and preferred equity to reach higher in the cap…

Ironwood at Palmer Park sells for $22.75m

2 November 2014 | Posted in Multifamily, Colorado Springs & Southern Front Range
Florida-based Priderock Capital Partners LLC recently acquired the Ironwood at Palmer Park apartments for $22.75 million, according to public records. The 192-unit community located at 3504 Van Tylingen Drive in Colorado Springs was sold by Hamilton Zanze in a transaction handled by CBRE’s David Potarf, Dan Woodward, Matt Barnett and Jake Young. “There was a lot of activity on the property,” said Young, noting the community’s value-add opportunity drew a …

Few failed CMBS loans in state

2 November 2014 | Posted in Finance & Appraisal
Commercial Mortgage Backed Security loan that are healthy and maturing in the next 12 months outnumber delinquent CMBS loans by a 7 to 1 margin, according to an analysis by a New York City based firm.       An analysis of Colorado and five other states in the mountain region by Trepp LLC shows there are 113 healthy CMBS loans maturing in Colorado, compared with only 16 delinquent loans maturing.       The balance on the healthy l…