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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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Buyer acquires first Colorado apt. community

29 June 2015 | Posted in Colorado Springs & Southern Front Range
A social impact real estate company acquired its first Colorado apartment community with its acquisition of the Advenir at Cheyenne Crossing. OpenPath Investments LLC of California paid $25 million, or $113,636 per unit, for the 220-unit, Class B apartment community, renamed Cheyenne Crossing Apartments, at 640 Wycliffe Drive in Colorado Springs. OPI, which organized and sponsored the deal, identifies existing rental apartment properties with value-add/operational upside in the …

Who owns a claim in a real estate investment entity?

29 June 2015 | Posted in Law & Accounting
Lars H. FullerCounsel, BakerHostetler, Denver It is not uncommon for real estate investors to invest both money and services as equity in a multiparty entity. The entity pools the money, utilizes the services and acquires more than the individual could have on his, her or its own. The investors use the entity to act on the collective behalf of the equity holders. The entity itself is governed under various rules set by contract, statute or case law, with the opportunity for signi…

Construction starts on RiNo mixed-use project

29 June 2015 | Posted in Denver Market, Construction, Design & Engineering
The burgeoning River North district continues to grow as work is underway to transform a former industrial site into a mixed-use project. Drahota – A Bryan Construction Co. was awarded a $9.5 million contract to replace the existing industrial space at 35th and Larimer streets with a three-story, mixed-use facility that will include 46 residential units as well as retail, office and restaurant spaces. The 75,000-square-foot project, being developed by Littleton Capital Par…

Stoltz picks up more brick & timber

29 June 2015 | Posted in Office, Denver Market
Stoltz Real Estate Partners has added 1730 Blake St. to its collection of brick-and-timber office buildings in Lower Downtown Denver. Stoltz paid $17.9 million, or $314.03 per square foot, for the 57,000-sf building that once housed Hedges-Atkins Supply Co. The building is the third LoDo asset Stoltz Real Estate Partners has acquired in just over a year, and it faced plenty of competition for it.   “The activity we had was tremendous. We generated close to 20 off…

Buyer makes off with Prairie Trail Business Park

29 June 2015 | Posted in Industrial, Denver Market
Investors circled the wagons when Prairie Trail Business Park came up for sale, and one of them made off with the property for $10.6 million. Woodspear Prairie Trail LLC, an affiliate of Woodspear Properties, paid $127.25 per square foot for the asset. Woodspear Director of Acquisitions Craig Lessard said the company likes the southeast suburban submarket and, “We really liked this opportunity because it was a combination of a nice going-in cap rate, which was a 7, and a n…

J.R. Butler fills HighField spec building

29 June 2015 | Posted in Industrial, Denver Market
Central Development landed a tenant to fill up a 98,875-square-foot speculative industrial building at HighField Business Park in Douglas County. J.R. Butler Inc., which created the glass systems for the Charles Schwab campus, 100 St. Paul and other notable new Denver developments, signed a long-term lease for the last available space in the building at 8535 HighField Parkway in Englewood. Including about 8,000 sf of second-floor build-out, it will occupy 81,282 sf. “I thi…

The rise of the healthy building movement

28 June 2015 | Posted in Office
Josh RadoffPrincipal and co-founder, YR&G, Denver  Alan Scott Director, YR&G, Portland It’s no secret that the modern workplace isn’t the healthiest of environments. If you fight through traffic to get to your office and then sit at a desk in a cube all day with no access to a view of the outdoors and a dearth of options for decent, nonfast-food lunch, it is not surprising if you have some associated health impacts. If you have a stressful job or a stres…

Tech industry strengthens office market

28 June 2015 | Posted in Office, Denver Market, Boulder County & U.S. 36 Corridor, Colorado Springs & Southern Front Range, Northern Colorado
The Colorado technology sector is experiencing record-breaking growth, which greatly affects the office properties landscape. Technology is the second-most active industry within the Denver market, according to a report by CBRE. Today’s technology community is vibrant, said Erik Mitisek, CEO of Colorado Technology Association. The largest tech sector is business-to-business companies, which are companies that produce software and products to help run businesses. Many natio…

Barnhill sees 'Shift' in office space

28 June 2015 | Posted in Multifamily, Denver Market
Grant Barnhill didn’t realize it at the time, but everything in his Denver real estate career led him to create Shift Workspaces. Shift Workspaces is part of the “collaborative office” craze that provides an alternative to traditional office space.       Collaborative, or shared, office space incorporates such things as open floors, flexible work stations, shared amenities such as conference rooms, open space, high-tech connections and …

Denver's hot retail market getting hotter

28 June 2015 | Posted in Retail
The Denver-area retail market experienced healthy growth last year, with the market only becoming stronger this year.       That was the consensus of about two dozen speakers who addressed more than 400 retail industry officials at the recent 2015 Retail Summit & Expo hosted by the Colorado Real Estate Journal. “Looking back, 2104 was really a landmark year,” said Jon Weisiger, a senior vice president for brokerage services at CBRE, who m…

Denizen to be Platinum LEED

28 June 2015 | Posted in Multifamily, Green Building
When the first building in the Denizen apartment community at Alameda Station opens in about a month, it will be the first market-rate, LEED Platinum rental building in Denver.       “The Denver Housing Authority has opened LEED Platinum apartments, but this will be the first market-rate one,” said Dan Cohen, development manager for D4 Urban.       Denver-based D4 Urban is developing the 75-acre Alameda Station, where…

Hilton Garden Inn to join Union Station area

15 June 2015 | Posted in Denver Market, Hospitality
An approximately $75 million hotel is scheduled to arrive in the Union Station neighborhood, meeting up with a piece of Denver history. Combining an international brand with a boutique-like product, Focus Property Group will break ground this summer on the Hilton Garden Inn – Denver Union Station, which will incorporate Hose House No. 1. Denver’s oldest standing fire station, built in 1883, the hose house will be restored and become the heart of a restaurant to serve …

Class B building in Class A spot trades

15 June 2015 | Posted in Office, Denver Market
A local investment group picked up a Class B office building in a Class A location in the Denver Tech Center for $6.45 million, or $139 per square foot. Paradigm Capital Ventures’ Paul Congleton said the 46,402-sf building at 5200 DTC Parkway fit his group’s strategy of acquiring core-plus to moderate value-add office and industrial assets. “It’s a quality B building in an A location, and it was stable, which offers the benefit of immediate cash flow but …

SW metro industrial asset fetches $9.72M

15 June 2015 | Posted in Industrial, Denver Market
A southwest metro industrial building fetched $9.72 million in an off-market deal. Drake Mansfield Partners, an affiliate of a Denver investment, development and management company, paid $50.90 per square foot for the 191,009-sf building at 1201 W. Mansfield Ave. in Englewood. The multitenant building, also known as 3880 S. Windermere St., has been fully occupied since 2010. “The southwest industrial market is a really strong industrial submarket,” said DTZ Managing …

Appellate court repairs defect in Colo. construction law

14 June 2015 | Posted in Law & Accounting
Richard M. MurrayAssociate, Polsinelli, Denver Amy HansenShareholder, Polsinelli, Denver Ryan WarrenShareholder, Polsinelli, Denver  It is no secret there is a historical low in residential properties for sale in the Denver metropolitan area. One of the key economic causes of the housing market’s current state is the almost absent construction of condominiums. According to Metrostudy, for example, at the peak of …

Antero apartments trade for $47 million

14 June 2015 | Posted in Multifamily, Colorado Springs & Southern Front Range
Colorado Springs’ largest apartment community sold in the fourth-highest-priced multifamily transaction in the city’s history. Salt Lake City-based RealSource paid $47 million, or $89,015 per unit, for Antero, a 528-unit apartment community at 1432 Sandalwood Drive. “This was a unique opportunity to get over 500 units in a single transaction. That appealed to both new buyers to Colorado and existing owners looking to grow their portfolio quickly,” Kevin M…

Great Western Bank finances RiNo hotel

14 June 2015 | Posted in Denver Market, Finance & Appraisal
Great Western Bank stepped up to the plate to finance the 100-room Source Hotel that Mickey and Kyle Zeppelin plan in the up-and-coming RiNo neighborhood at the edge of downtown Denver.  The banking company, with about a $1.4 billion market cap, is based in Sioux Falls, South Dakota. It has a reputation as being one of the leading agricultural lending banks in the nation.  More than 25 percent of its outstanding loans are in the ag business. The $29 million loan Great…

JLL team sells Sheridan apartments

14 June 2015 | Posted in Multifamily, Denver Market
Greystar Real Estate Partners of San Francisco recently paid $63.8 million for the Riverton on the Platte apartment community in Sheridan, one of the latest deals showing the continued strong interest in the Denver-area apartment market.        Greystar, one of the world’s largest apartment management companies, paid the equivalent of $201,899 per unit for the 316-unit apartment community at 3400 S. Platte Drive, just off South Santa Fe Drive, …

RedPeak buys infill apartments

14 June 2015 | Posted in Multifamily, Denver Market
Denver-based RedPeak developed the 302-unit One City Block apartment community in Denver. It also has acquired apartment buildings with as few as 15 units in Capitol Hill. Institutional apartment developers and investors like RedPeak aren’t supposed to be buying the small, one-off infill buildings. Historically, that has been role of small, nimble entrepreneurs, who know neighborhoods well and are willing to risk their own money that a sketchy neighborhood has promise as …

Village Center Station sale sets record

1 June 2015 | Posted in Office, Denver Market
KBS Real Estate Investment Trust III Inc. made its way through the crowd to buy Village Center Station I at a record $326.50 per square foot. KBS paid $76.7 million for the 234,915-sf Class A building, which is connected to the Arapahoe at Village Center light-rail station. “Village Center Station is one of the premier light-rail served office projects in the Denver metroplex and is a perfect example of the live, work, play environment that we’ve been trying to acqui…