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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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Schippits to lead CBRE in Colorado

21 April 2015 | Posted in Retail, Multifamily, Industrial, Office, Denver Market, Northern Colorado, Property Management, Medical/Medical Office, Land
Peter Schippits will join CBRE as senior managing director and market leader for the Colorado Region, replacing Ray Pittman, who previously announced plans to oversee CBRE’s business in Australia and New Zealand. Schippits formerly was managing director of investor services at JLL. “Over the last 10 years, Pete has been one of the most respected commercial real estate professionals in the Denver market,” said Pittman. “He brings strong leadership acumen a…

Apartment community sells for record $250 million

21 April 2015 | Posted in Multifamily, Boulder County & U.S. 36 Corridor
Bell Partners Inc., based in Greensboro, N.C., paid about $250 million for the 1,206-unit Horizon at Rock Creek apartment community in Superior. It was the most ever paid for an apartment community in Colorado. The seller was Simpson Housing LLP Horizons at Rock Creek. The community has been renamed Bell Flatirons and will be managed by Bell Partners.  The community was built completed in several phases between 1997 and 1999 It has three phases: Watters Edge, Prairie&rsq…

Appliance Factory buys flagship location

13 April 2015 | Posted in Retail, Industrial, Office, Denver Market, Economic Development
Appliance Factory & Mattress Kingdom is boosting its profile with the $16.02 million acquisition of a long-vacant building on Interstate 25 in Thornton. The appliance retailer bought the former Ultimate Electronics building at 321 E. 84th Ave. from Wattles Real Estate Partners LLC, according to public records. The 338,651-square-foot building has been empty since Ultimate Electronics vacated it in 2011. Colorado-based Appliance Factory & Mattress Kingdom will move its wa…

Timken signs lease for 92,670-sf property

13 April 2015 | Posted in Industrial, Denver Market
A publicly traded company that spent a year trying to find industrial space in the Denver market landed in 92,670 square feet on the Interstate 70 corridor. The Timken Co. signed a long-term lease for the former Gibraltar Industries/Weather Guard Building Products building at 4850 Moline St. in Denver. Timken Motor & Crane Services LLC will occupy the property, which will enable it to further its growth in the Denver market, said Greg Knott of Unique Properties LLC-TCN Worldw…

Fort Collins brokers sell office building

13 April 2015 | Posted in Office, Denver Market, Northern Colorado
A group of Northern Colorado commercial real estate brokers sold the building that houses Realtec Commercial Real Estate Services’ Fort Collins office for $2.5 million, or $185.96 per square foot. Realhorse LLC sold the 13,444-square-foot building at 400 E. Horsetooth Road to a Colorado investment group called Bluerock, Rockstone and Lakota in an off-market transaction. “They were looking for an investment and felt like it was worth taking a run at this building,&rdq…

The importance of work letters

12 April 2015 | Posted in Office, Construction, Design & Engineering
Wayne Timura, PE Principal, ITRA Global|Commercial Real Estate LLC, Colorado Springs Perhaps the most overlooked facet of leasing new corporate office space is the complicated world of work letters, which are attachments or exhibits to a lease identifying the landlord’s responsibilities to fund part or all the improvements for the tenant. The work letter agreement between the landlord and tenant establishes the scope of work and the terms of how the tenant improvements wil…

SCL Health to build community-based hospital

12 April 2015 | Posted in Denver Market, Medical/Medical Office
SCL Health, a faith-based nonprofit health care organization, plans to build a community-based hospital and medical office facility in Northglenn. The city of Northglenn sold 5.7 acres of vacant land north of E.B. Rains Jr. Memorial Park and Webster Lake, at 11890 Grant St., to SCL Health Community Hospitals, where it will start this summer on a 60,000-square-foot hospital and medical office building. “We are so happy to welcome SCL Health to our community,” Northgle…

Inn at Palmer Divide sells

12 April 2015 | Posted in Colorado Springs & Southern Front Range
The former Inn at Palmer Divide is finding new life – and purpose – with its new owners. Advanced Recovery Systems, under the name RVPLRE LLC, paid $5.9 million for the 37,500-square-foot space for the former mountain lodge event center in Palmer Lake. Built in 2007, the 14-acre mixed-use property at 443 S. Highway 105 comprises 19,000 sf of event center space, including a former restaurant, and 18,500 sf of guest room space, which will be transformed into a treatmen…

Commerce City retail center sells

11 April 2015 | Posted in Retail
Commerce City, once looked at as a gritty, unattractive place to live, work or play, is undergoing a transformation. That was made clear in the recent sales of the Shops at Reunion Marketplace. Read the rest of this article in the April 15-May 5 edition of CREJ. The 15,595-squar-foot center at the northwest corner of East 104th Avenue and Chambers Boulevard, was purchased by a local buyer, 104 Reunion LLC for $3.93 million. That equates to $251.68 per square fo…

ARA handles $71 million apartment deal

11 April 2015 | Posted in Multifamily, Denver Market
      A Denver-based company recently paid $71 million for two apartment communities in the Glendale area submarket.       Cardinal Group Investment bought Brittania Heights at 1251 S. Bellaire St. and the Blake and Allison at 1235-1240 S. Birch St. from its longtime, California-based owners. Combined, the communities have a total 555 units. Brittania Heights has 340 units and Blake and Allison has 215 units.     …

ARA/NGKF team up for high-profile deal

11 April 2015 | Posted in Retail, Multifamily, Denver Market
A private, local investor recently sold his portfolio of three small apartment buildings with a total of 80 units near Washington Park for a total of about $10.8 million.        The investor, a Denver lawyer who does not want to identified by name, then used the proceeds to buy the condo interest of two high-profile Denver restaurants.        He bought the two retail floors (and basement) of the Wynkoop Brewing Co. in L…

First Bank provides $100 million in financing

1 April 2015 | Posted in Retail, Denver Market, Finance & Appraisal
FirstBank Holding Co. has made almost $100 million in loans for two high profile projects in Cherry Creek North — 250 Columbine and 245 Columbine. When completed, the developments will include for-sale condominiums, retail stores, offices, restaurants and a 155-room luxury hotel. The 250 Columbine development is being developed by Western Development Group and the other project is being developed by BMC Investments and Sage Hospitality. Lakewood-based FirstBank, the large…

Eastpark 70 to build Class A industrial space

30 March 2015 | Posted in Industrial, Denver Market
Eastpark 70 is opening a door for industrial tenants struggling to find Class A space along the Interstate 70 corridor. The first of three state-of-the-art speculative buildings will break ground this summer at the 105-acre park near I-70 and Tower Road. Building 1, a 354,900-square-foot cross-dock building divisible to 45,000 sf, is targeted for delivery in March 2016.  “We are very excited to bring this Class AA distribution space to Denver’s tight industria…

RiNo hints at change coming to corridor

30 March 2015 | Posted in Denver Market, Economic Development
Photo courtesy of City & County of Denver/Parsons Brinkerhoff The vision for the National Western Center includes a renovated 1909 Stadium Arena Market and the new CSU Center. The plaza will include small retail spaces, areas for events and exhibits, test and research growing plots, community gardens and a small urban farm.   The rapid change taking place in Denver’s River North neighborhood is only a hint of what’s to come alon…

New generation of office product to see light

30 March 2015 | Posted in Office, Boulder County & U.S. 36 Corridor, Green Building
A Class A office campus for a new generation of office tenants is coming to a 15.46-acre site along the Northwest Parkway in Broomfield. Atria at Broomfield Corporate Center will promote a work-life balance with 173,380 square feet of office space immersed in natural light, “spectacular” Flatirons views, common outdoor work areas, and access to hiking and biking trails. The two 86,690-square-foot buildings, each with atria, or atriums, on either side, will be wrapped…

Trends in action: Union Station wing buildings

29 March 2015 | Posted in Office, Denver Market
The Union Station wing office buildings – often referred to as One Union Station and the IMA Building – exemplify many of the trends the Denver office property market is witnessing. A large part of both buildings’ success – each sold for over $600 per square foot to GLL Real Estate Partners, a German-based international asset manager in 2014 – can be attributed to the old motto that real estate is all about “location, location, lo…

Year-end Denver office market overview

29 March 2015 | Posted in Office, Denver Market, Northern Colorado
Lauren DouglasResearch manager, Newmark Grubb Knight Frank, Denver The Denver office market enjoyed a five-year run of robust expansion from 2010 to 2014. Fourth-quarter 2014 vacancy fell to 14.4 percent, the lowest level since the boom year of 2000 and a 560-basis-point decrease from year-end 2009. Quarterly absorption stood at 208,682 square feet, bringing the year’s total to 1.5 million sf. From 2010 to 2014, a total of 6.7 million sf were absorbed. Read the full ar…

Miller Real Estate buys prime center

29 March 2015 | Posted in Retail
Greenwood Village-based Miller Real Estate Investments recently paid just under $17.5 million for the Marston Park Plaza shopping center in Littleton.       “We were really excited to buy it when it became available,” said Steve Shoflick, president of Miller Real Estate.       “We believe this sits right in the heart of one of the best and most dynamic retail corridors in the entire Denver area,” Shoflick …

Elitch Lanes site: Retail, not apartments

29 March 2015 | Posted in Retail, Multifamily, Denver Market
Littleton Capital Partners recently sold the Elitch Lanes bowling alley site in an increasingly popular northwest Denver neighborhood to a developer that will build a Natural Grocers on the 1.2-acre site at West 38th Avenue and Tennyson Street.       While many residents in the Berkeley neighborhood and the nearby West Highland neighborhood are sorry to see one of the last family-operated bowling alleys in Denver leave, a Natural Grocers did not usher in …

Farrell launches his own company

29 March 2015 | Posted in Multifamily
After selling more than 300 apartment communities in the Denver area, multifamily broker Frank Farrell struck out on his own this year.       Farrell, this year launched FarrellRes, taking office space in Cherry Creek North.       He started his own company after a career at Grubb & Ellis and Hendricks & Partners, which later was merged into Berkadia Real Estate Advisors.       “It’s …