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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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Blackstone checks into Denver hotels

2 March 2015 | Posted in Denver Market, Hospitality
Blackstone Real Estate has acquired a portfolio of extended-stay hotels in the Denver metro area from AB Real Estate Group and Sage Hospitality for $76.25 million, according to public records. The transaction included five TownePlace Suites by Marriott hotels spread throughout the metro area. Sage Hospitality will continue to manage the portfolio, which comprises 584 guest rooms.  “The portfolio checked all the right boxes for a sale in the current hotels market. For …

Arizona real estate firm buys 373 Inverness

2 March 2015 | Posted in Office, Denver Market
An 83,058-square-foot office/flex building in the heart of Inverness Business Park traded to an Arizona company for $8.03 million. Tucson-based Diamond Ventures purchased 373 Inverness from ScanlanKemberBard Cos., which substantially renovated the property and signed leases last year with two of the largest tenants, Ampio Pharmaceuticals and Rockwell Automation. Overall occupancy was 81.5 percent at the time of the sale. “This is our company’s first acquisition in…

Majestic bldg. to catch Niagara overflow

2 March 2015 | Posted in Industrial, Denver Market
Majestic Realty has signed its first long-term lease in the biggest speculative industrial building ever built in Denver. Niagara Bottling leased 132,000 square feet in the new 500,000-sf building at 3700 N. Windsor Drive in Majestic Commercenter. The tenant will take occupancy April 1. Niagara Bottling, which has a 319,000-sf bottling plant at Interstate 70 and E-470, will use the space for overflow warehouse for production of bottled water, according to Randy Hertel, Majestic …

Robust medical development outpacing office market

1 March 2015 | Posted in Medical/Medical Office
John GustafsonDirector, Newmark Grubb Knight Frank, Denver  The Denver metro area is experiencing extremely strong medical office building and hospital facility development. In fact, from 2010 to 2014, MOB and hospital facility development outpaced the office market, with over 5 million square feet of new product in the area, compared with 3.7 million sf of office development during the same time. Today, Denver remains fertile ground for medical and hospital facility develop…

Griffis Residential buys apartment community

1 March 2015 | Posted in Multifamily, Denver Market
      Denver-based Griffis Residential recently paid $44.25 million for the 264-unit Remington West Apartments in Westminster.       Griffis, which owns about 6,000 apartment units in Colorado, Nevada and Texas, purchased the community at 6969 W. 90th Ave. from Baron Properties, also based in Denver.       Baron paid $30.25 million for the community in 2011, according to public records.    &nbs…

Texas billionaire buys Hotel Jerome in Aspen

1 March 2015 | Posted in Denver Market, Hospitality
 A Texas billionaire has purchased the landmark Hotel Jerome in the heart of Aspen, as part of a $72.5 million deal.        Dan Friedkin and Iconic Properties-Jerome LLC purchased acquired the 126-year-old property at 330 E. Main St. for $69.15 million, according to the Pitkin County Assessor’s office. Iconic Properties is affiliated with Friedkin.        As part of the $69.15 million, Friedkin also acquired …

Few RadioShacks closing in Colorado

1 March 2015 | Posted in Retail, Denver Market
When RadioShack filed for bankruptcy last month, it made headlines.        After all, the 94-year-old company is a household name and the Chapter 11 reorganization involves big bucks.        RadioShack had $1.38 billion in debt, but only $1.2 billion in assets.        And in the wake of the bankruptcy filing, RadioShack made headlines again when it said it would close 1,784 of its 4,485 st…

Cottonwood Square sells for $7.45 million

1 March 2015 | Posted in Colorado Springs & Southern Front Range
A Denver-based buyer acquired a sought-after, mixed-use asset in Colorado Springs for $7.45 million. Beemer Building & Brew LLC paid $123.86 per square foot for Cottonwood Square, a 60,147-sf retail and office property at 2809-2873 Dublin Blvd. and 6455 N. Union Blvd., one mile from Interstate 25 in the northeast part of the city. “It’s a nice asset in good condition,” Matt Ritter of Pinnacle Real Estate Group said of the property, which represents the buye…

2015 to be active year in commercial real estate finance

1 March 2015 | Posted in Finance & Appraisal
2015 is anticipated to be a very active year in commercial real estate finance. 2015 is the start of a three-year waive of increasing debt maturities. The 2015 MBA CREF convention, the largest annual gathering of commercial mortgage bankers and nonrecourse lenders, was once again held over the Super Bowl weekend. The attendance was up over the previous year and so is the amount of capital.  Read Peter Keepper, managing principal of Essex Financial Group, thoughts on the …

Roth Sheppard designs Uncorked Kitchen concept

1 March 2015 | Posted in Retail, Construction, Design & Engineering
Roth Sheppard is uncorking designs on a new concept food-focused venue. The firm was selected by Uncorked Kitchen to design the company’s first location in southeast Denver. Uncorked Kitchen, conceived by Katie and Eric Robbins and their extended family, will be situated in a two-story building at 8171 S. Chester St. in Centennial. The concept, rooted in the belief that “amazing things can happen when people come together over food in the kitchen” will occupy t…

NAIOP awards shine spotlight on industry

26 February 2015 | Posted in Retail, Multifamily, Industrial, Office, Denver Market, Land
Repeat performers and new talent shared the spotlight Thursday as NAIOP Colorado honored achievements in the Colorado commercial real estate industry in 2014. Walter A. “Buz” Koelbel of Koelbel and Co. – one of Denver’s longest-operating real estate companies – received the prestigious President’s Award at NAIOP’s Awards of Achievement ceremony at the Denver Center for the Performing Arts. He follows in the footsteps of p…

Liberty Global leases space downtown

26 February 2015 | Posted in Office, Denver Market
Another corporate user is making the move from Denver’s southeast suburban office submarket to downtown. Liberty Global leased 70,000 square feet in the Triangle Building, which East West Partners is developing at 1550 Wewatta St. in the Union Station neighborhood. Newmark Grubb Knight Frank brokers Tim Harrington, Tom Lee and Jennifer Chavez represented Liberty Global. The announcement comes within days of Transamerica’s lease of 121,000 sf at 1801 California St. Tr…

Retail is a destination

16 February 2015 | Posted in Retail, Denver Market
As more and more retail and restaurants attempt to be as close to residential areas as possible through mixed-use developments, there is still a desire for many to get out, explore and visit different areas and neighborhoods. These developments are creating a type of destination outing. “Consumers want an experience whether they are shopping or dining,” said Molly Bayer, associate broker with Zall Co. “Often these customers will travel to shop or dine at a uniqu…

Owner hands over reins to Elephant Corral

16 February 2015 | Posted in Office, Denver Market
After 24 years of ownership, Elcor Partners Ltd. has decided to let someone else take the reins of an important piece of Denver’s history.  “It was time,” Bill Saslow of Elcor Partners said of the Elephant Corral, an office property Stoltz Real Estate Partners bought for $17 million. “There’s been so much interest in properties in Lower Downtown. Even though we didn’t list it and weren’t really thinking about selling the property, we…

Investors listen up when call center hits market

16 February 2015 | Posted in Office, Denver Market
The Verizon call center at 6415-6455 E. Business Center Drive drew interest from a broad range of private equity and institutional investors, ultimately selling to an out-of-state 1031 exchange investor for $18.43 million, or $173.82 per square foot, according to public records.  “We had a good level of interest and great number of offers to choose from,” said DTZ Managing Director R.C. Myles, who represented the seller with DTZ’s James Brady and Alec Rhode…

Unico boosts Boulder holdings by 1.01M sf

16 February 2015 | Posted in Office, Denver Market, Boulder County & U.S. 36 Corridor, Northern Colorado
Unico Properties became one of the largest owners of office properties along the Front Range with its purchase of W.W. Reynolds Cos.’ 1.5 million-square-foot portfolio in Boulder and Fort Collins. The deal included 27 Boulder buildings that reportedly traded for $168.4 million. Along with 20 office, flex and industrial buildings in Fort Collins, which Unico quickly spun off to an affiliate of The Pauls Corp., the deal involved at least $225 million sf of real estate, accord…

Construction litigation follows construction trends

14 February 2015 | Posted in Construction, Design & Engineering, Law & Accounting
Carrie RodgersPartner and Construction Group Chair, Moye White LLP, Denver Construction defect litigation has been hot for the past decade. Now a reversal of a construction trend away from multifamily has focused industry attention on the negative impact of CD litigation and produced a new push for legislative reforms.  Notwithstanding the presumed fear of CD litigation, Colorado’s current building boom is led by residential and public works projects. This is after a …

Investment group acquires medical bldgs.

14 February 2015 | Posted in Colorado Springs & Southern Front Range, Medical/Medical Office
A local, private investment group recently acquired a medical office portfolio in Colorado Springs, which included the Penrose Pavilion, for an undisclosed price. Colorado Springs MOB Investors LLC purchased the Penrose Pavilion building, the Union Medical Plaza (former Rocky Mountain Cancer building) and two development sites adjacent to the buildings from Westfield Medical Office Partners VIII LLLP. “The privately held investment group really saw it as an institutional-g…

NorthCreek complex sells for $15.85 million

14 February 2015 | Posted in Office, Colorado Springs & Southern Front Range
A privately held real estate investment and management company made its debut in the Colorado Springs market with its acquisition of the NorthCreek office complex. California-based Younan Properties paid $15.85 million, according to public records, for the three-building campus totaling 320,712 square feet along Interstate 25. NorthCreek I, II and III are situated at 5725, 5755 and 5775 Mark Dabling Blvd. with visibility from the interstate in the northern Colorado Springs subma…

Joe Vostrejs shapes, reinvigorates neighborhoods

14 February 2015 | Posted in Retail, Denver Market, Economic Development
Years ago, someone gave Joe Vostrejs the book, “The Great Good Place: Cafes, Coffee Shops, Bookstores, Bars, Hair Salons and Other Hangouts at the Heart of Community.”       Today, there is little doubt that the title of that book by Ray Oldenburg would aptly described how Vostrejs and his partners have renewed and reshaped the urban fabric of Denver.       They did it with numerous highly successful neighborhood reta…