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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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Brixmor leases 97,000 sf

22 July 2014 | Posted in Retail
The Brixmor Property Group has leased more than 97,000 square feet of retail space to five national retailers at the Westminster City Center in Westminster. Brixmor, based in New York City, is the owner and operator of the largest wholly owned U.S. portfolio of grocery-anchored shopping centers, Repositioning several anchor spaces provided an opportunity to enhance the center's merchandising mix with the addition of new retailers including Ross Dress for Less, Jo-Ann Fabric and …

Golden Triangle getting luxury apartment tower

17 July 2014 | Posted in Multifamily, Denver Market, Green Building
The Integral Group and Charter Realty Group LLC announced today that they plan a luxury, 18-story, 274-unit, energy-efficient apartment tower at 1250 Cherokee St. in the heart of the Golden Triangle. The development on the nearly one-acre site is expected to break ground in the fall.  The new development will be part of the Integral Group’s newest line of ultra-modern, highly energy efficient properties, called  Eviva. Located in the hip Museum District, th…

RedPeak opens 1000 Grant The Burnsley

16 July 2014 | Posted in Multifamily, Denver Market
Denver-based RedPeak today  celebrated the grand opening of the 1000 Grant The Burnsley apartments in the heart of Capitol Hill. RedPeak purchased the former Burnsley Hotel last year and has since invested more than $7 million to renovate the building at 1000 Grant St.           “Our work at The Burnsley is indicative of the care and attention to detail RedPeak is delivering to urban neighborhoods throughout downtown Denver…

Verve opening

15 July 2014 | Posted in Multifamily, Denver Market
Downtown Denver’s newest luxury high rise apartment building, Verve, will welcome its first residents while celebrating its grand opening on Wednesday.   The 10-story, 285-unit building was developed by Amstar, in partnership with Opus Development Company L.L.C. and Opus Design Build, L.L.C. of Denver, which o served as developer and contractor, respectively.  Verve, at 1490 Delgany St., is near Denver Union Station, the Central Platte Valley, LoDo, and all of th…

Record office price hits $602.73 psf

14 July 2014 | Posted in Office, Denver Market
The record price per square foot for a Denver office building stands at $602.35 following the sale of One Union Station. GLL Real Estate Partners paid $67.14 million for the newly completed 111,464-sf building at the south end of Denver Union Station. That’s up a notch from the whopping $600.73 it paid for the building at the station’s north end. When is the new record likely to be broken? “As soon as the next buildings that are under construction are complete…

As smoke clears, brokers in new territory

14 July 2014 | Posted in Industrial, Denver Market
The buzz is starting to wear off, but the marijuana-growing industry continues to be a big part of industrial real estate brokerage in Denver. “There are a lot of people who didn’t know anything about it a year ago who know everything about it now. You had to learn. You had to adapt,” said broker Zach Smith of Unique Properties LLC-TCN Worldwide. How many square feet of industrial real estate is leased to, or owned by, marijuana growers is a “guesstimate,…

Littleton industrial property trades in $14.95m deal

14 July 2014 | Posted in Industrial, Denver Market
The Manheim auto auction property in Littleton sold to an investor for $14.95 million. The property at 8145 and 8300 Blakeland Drive consists of a 28,000-square-foot, two-story office/warehouse building on 55 acres of industrial land with a large, fenced, concrete yard. “This was a 1031 exchange buyer looking for an income-producing property with a credit tenant, and Blakeland was a great match due to its excellent location, rare heavy-duty industrial zoning and strong cre…

Tax credit increases funds for historic preservation

14 July 2014 | Posted in Law & Accounting
Michael Strand Attorney, Snell & Wilmer LLP, Denver Andréa Horvath Intern, Snell & Wilmer LLP, Denver In May, Colorado Gov. John Hickenlooper signed into law the Colorado Job Creation and Main Street Revitalization Act (also known as House Bill 14-1311). By substantially increasing the amount of funds available for the preservation of historic properties, the new tax credit keeps Colorado competitive among neighboring states with similar tax-credit programs. Ho…

Pinnacle Apartments sell for $36.5m

13 July 2014 | Posted in Multifamily, Colorado Springs & Southern Front Range
A Los Angeles-based buyer is ready to write the next chapter in The Pinnacle Apartments. JRK Birchmont Advisors paid $36.5 million to Resident Management Systems for the 300-unit community in northeast Colorado Springs, according to public records. “We liked the location and we liked the upside story it offered,” said Brett Johnson, director of acquisitions for JRK Investors. The purchase represents JRK’s first acquisition in the Colorado Springs market, howev…

Pathfinder Partners continues Colo. expansion

13 July 2014 | Posted in Mountain Towns/Gambling Towns
San Diego-based Pathfinder Partners LLC is continuing its Colorado expansion. The firm partnered with Boulder-based development group Meriwether Cos. to acquire The Shores at Breckenridge, a fully entitled, partially completed, 10-acre residential community on the banks of the Blue River in Breckenridge. Pathfinder Partners paid $4.5 million for the remaining 20 lots in the community. Each of the lots is entitled for two, 2,500-square-foot duplexes. Construction on the 40 resid…

Union Station magnet for companies

12 July 2014 | Posted in Office, Denver Market, Economic Development
Essex Financial Group recently moved its corporate office to downtown Denver to be close to all of the action surrounding the redevelopment of Union Station, after more than 30 years of having its headquarters in Greenwood Village.       “All of the energy, excitement and potential around Union Station is real,” said Jeff Riggs, president and principal of EFG, which last year placed about $500 million in debt and equity in commercial real esta…

Biggest apartment deal of 2014

12 July 2014 | Posted in Multifamily, Denver Market
TruAmerica Multifamily of Sherman Oaks, Calif., recently paid $119 million for the 710-unit Berkshires at Lowry apartment community, which is the most paid for a Denver apartment development so far this year.       It is believed to be the third largest sales of an apartment community in the Denver area.       Only the $190 million sale of the Breakers, also near Lowry, and the $170 million sale of Palomino Park in Highlands Ranc…

Terrix closes $78 million in deals

12 July 2014 | Posted in Retail, Multifamily, Denver Market, Finance & Appraisal
Terrix Financial recently closed a flurry of transactions for a total of $74.78 million in loans.       The 14 loans ranged in size from $1.6 million to $13 million.       It was a diverse group of transaction, both in geography and in asset types.       The deals included transactions in the Denver area, Colorado Springs, Boulder, Greeley and out-of-state.       As far as asset…

One City Block lands Silver LEED

9 July 2014 | Posted in Multifamily, Denver Market, Green Building
         Denver-based RedPeak announced that the 302-unit One City Block that it developed has achieved LEED Silver Certification from the U.S. Green Building Council.             One City Block met a long list of requirements, and scored especially high in categories including: community connectivity, site selection, alternative transportation, water use reduction, optimal energy performance and the use o…

Greystone provides financing

9 July 2014 | Posted in Multifamily, Colorado Springs & Southern Front Range, Finance & Appraisal
Greystone, has provided a $5.9 million bridge loan for a 168-unit multifamily property in Colorado Springs. The transaction was originated by Dale Holzer, director and mortgage originator at the New York-based firm.          The non-recourse, interest-only bridge loan included $4.4 million in financing at close with the remaining $1.5 million to be future funded for property improvements. The fully funded loan amount is 78 percent of total…

TCR buys land at Sloans

30 June 2014 | Posted in Multifamily, Denver Market
 EFG South Sloan’s Lake I, LLC, an EnviroFinance® Group company (“EFG”), has sold 4.4 acres within the 18.5 acre planned redevelopment of the former St. Anthony Central Hospital site (the “site”) to developer Trammell Crow Residential (“TCR”). The transaction, which closed on June 27th, consists of two full blocks known as Blocks 5 and 6 located in the center of the site.     According to desi…

Impact on NoCo may be 'decades' long

30 June 2014 | Posted in Industrial, Northern Colorado
Companies that service the energy sector in Northern Colorado are turning to build-to-suits to satisfy their space requirements, an indication not only of the scarcity of available space but also of their belief in the future of the Niobrara oil shale play. CBRE Group Inc. studied the Niobrara and seven other key North American, unconventional oil and gas plays as part of a new report called Energy Revolution Impact on Americas Commercial Real Estate. What it found suggests evol…

Conscience Bay buys buildings for $27.2m

30 June 2014 | Posted in Industrial, Office, Denver Market, Boulder County & U.S. 36 Corridor
Bancroft Capital’s backup plan for a Boulder property turned out to be a $27.2 million win-win for the company and a local buyer. Bancroft sold 155,821-square-foot portfolio of buildings at 1685 and 1775 38th St. to Boulder-based Conscience Bay Co. The office/flex buildings are 100 percent leased and centrally located in Boulder, providing great cash flow and future redevelopment potential. “We’re assembling large parcels of land in central Boulder, and this fi…

Industrial assets fetch $20.5 million

30 June 2014 | Posted in Industrial, Denver Market
A portfolio of Denver industrial properties sold for $20.5 million in a deal that produced “phenomenal” investor activity. Boston-based Cabot Properties, a private equity real estate investment firm with industrial properties in North America and the United Kingdom, bought the four-building, 405,703-square-foot portfolio from Sun Life Assurance Company of Canada. The transaction marks Cabot’s entry into the Denver area, where large industrial investment portfoli…

New employment practices on tap

30 June 2014 | Posted in Construction, Design & Engineering, Law & Accounting
Kate Raabe Of Counsel, Fisher & Phillips LLP, Denver Sue Schaecher Partner, Fisher & Phillips LLP, Denver Setting numerical hiring goals; utilizing pre-offer, voluntary self-identification; and making quantitative comparisons related to the employment of protected veterans and individuals with disabilities are among the new requirements for holders of federal construction contracts subject to Executive Order 11246. The U.S. Department of Labor’s Office of Federa…