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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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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 …

Bethany Rehabilitation Center sells for $17.95 million

28 March 2015 | Posted in Assisted Living/Senior Housing
A real estate investment company out of California acquired a Lakewood skilled-nursing and short-term rehabilitation facility for $17.95 million, or $105,600 per licensed bed. CareTrust REIT Inc. purchased the Bethany Rehabilitation Center, a 170-bed facility, from an undisclosed seller. The 56,502-square-foot center, located at 5301 W. First Ave., was built in 1969 on four acres and is licensed for 50 additional beds. Mark Myers, executive director of Institutional Property Adv…

Rental growth drivers: A replacement cost model

28 March 2015 | Posted in Denver Market
John JuglSenior managing director, HFF, Denver Strong absorption driven by a growing economy has placed pressure on vacancies throughout the metro Denver area. Large-block tenants must include consideration of new construction options due to the limited availability of large blocks of space while smaller tenants are willing to pay for the contemporary features that new construction offers. Across the entire central business district there are only two existing buildings that can…

Dirk Draper named president, CEO of Business Alliance

20 March 2015 | Posted in Colorado Springs & Southern Front Range, Economic Development
The Colorado Springs Regional Business Alliance named Dirk Draper its president and CEO. “We are excited that the board has selected Dirk to lead the Business Alliance. Dirk is a highly respected and successful community leader,” said Debbie Chandler, chair of the board of the Business Alliance. Draper, an economist, was serving as vice president of CH2M HILL Inc., whose Colorado Springs office provides planning, engineering and construction management services to cl…

Invesco buys 1515 Wynkoop for $560.44 per sf

16 March 2015 | Posted in Office, Denver Market
An entity affiliated with Invesco Real Estate has acquired 1515 Wynkoop for $171.94 million, or $560.44 per square foot, according to public records. Invesco bought the 306,791-square-foot Class A office building from American Realty Advisors, which paid $118 million, or $385 per sf, for the asset in 2011. Hines developed the building. It was completed in 2009. Geoff Baukol of CBRE represented the seller. Read the entire article in CREJ’s March 18-31 issue.

Westcore sells $61.75 million in assets

16 March 2015 | Posted in Office, Denver Market
Westcore Properties sold a half-dozen office buildings in the Denver area for $61.75 million and recapitalized seven other properties. The sale to Legacy Partners and NorthStar Realty Finance included 417,862 square feet in assets from the southeast suburban office submarket to Louisville. The buildings sold for an average $148 per sf and were 94 percent occupied.  “The properties that Legacy purchased were very highly leased, and they represented attractive valuation…

DCT purchases 689,557 sf of industrial space

16 March 2015 | Posted in Industrial, Denver Market
Denver-based DCT Industrial picked up nearly 700,000 square feet of industrial space in Aurora with the purchase of Airport Distribution Center. The Class A industrial park was 97 percent leased. It comprises 689,557 square feet in five buildings near Interstate 70 and Chambers Road.  “The acquisition of these Class A assets offers DCT an excellent opportunity to expand our presence within the desirable I-70/northeast submarket, known for its strong tenant demand and …

Natural Grocers replacing Elitch Lanes

16 March 2015 | Posted in Retail, Denver Market
Elitch Lanes is one of the last family operated bowling alleys in Denver. In the coming months, it will be closed and replaced by a Natural Grocers. The site at Tennyson Street and West 38th Avenue has been home to a bowling alley for more than 60 years. However, Littleton Capital Partners recently sold the bowling alley site. “Anytime we look at a new possible site, we want to make sure it is a good fit for us,” said Jeremy Jones, director of Brand Engagement a Na…

Canadian group makes 1st Denver buy

16 March 2015 | Posted in Multifamily, Denver Market
A Canadian-based apartment investment company recently made its first Denver acquisition. Brass Enterprises Inc., based in Toronto, paid about $67.9 million for the 328-unit Lugano Cherry Creek apartment community at 9655 E. Iliff Ave. The seller was Dallas-based GenCap Partners. The community was built in 2010.

Jackson Square pays $65.5M for M2

16 March 2015 | Posted in Multifamily, Denver Market
A San Francisco-based company, long bullish on the Denver-area apartment market, recently added to its local portfolio with a $65.5 million acquisition. Jackson Square Properties acquired the 298-unit M2 apartment community in southwest Denver. The sales price equates to $219,799 per unit The seller was the developer, Stoneleigh Cos. of Barrington, Illinois. Stoneleigh opened the community at 4560 S. Balsam Way in 2013.

Proposed tax increases, Section 1031 limitations

16 March 2015 | Posted in Finance & Appraisal
Erin CrowleyColorado division manager, Asset Preservation Inc., Denver Scott SaundersVice president, Asset Preservation Inc., Colorado Springs President Barack Obama’s proposed budget was released Feb. 2. The administration’s budget contains a number of tax increases and significant limitations to Section 1031 tax deferred exchanges, projected to raise $320 billion in new revenue.  The president’s proposals would, if enacted, have a significant impact on …

Renewal Medical Center sells for $7.9M

16 March 2015 | Posted in Medical/Medical Office
A Nashville-based buyer made its first acquisition in the Denver market with the purchase of the Renewal Medical Center in Lone Tree. MPA Lone Tree LLC paid $7.9 million, or $216 per square foot, for the 36,541-sf building at 9777 S. Yosemite St. The new owner plans to fill vacancy and make strategic capital investments to the Renewal Medical Center, which was 65.8 percent occupied at the time of sale, noted Chris Bodnar of CBRE’s U.S. Healthcare Capital Markets Group.&nbs…

Granite Properties buys High Pointe Tower

11 March 2015 | Posted in Office, Denver Market
Granite Properties has acquired High Pointe Tower, a 119,834-square-foot office building in Greenwood Village. Public records show the five-story building sold for $22.2 million. It was 81 percent occupied. “We’re excited to expand our presence in Greenwood Village and particularly in this vibrant area,” said Stephanie Lawrence, managing director of Granite Properties, which owns Plaza Tower One across the street. “High Pointe will be a complementary prop…