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Chasing yield, take risk off table

14 April 2014 | Posted in Finance & Appraisal
Mike Cantwell Executive vice president, CBRE Capital Markets Inc., Denver It should come as no surprise that this low interest environment is great for borrowers, but is challenging to say the least, for lenders. Insurance companies enjoyed a banner year in 2013, funding more than $60 billion in commercial real estate loans. However, with the Treasury index still in the territory of record-low rates, the yield (coupon) for these lenders has been extremely low when viewed in cont…

North wing sale a feather in Denver's cap

14 April 2014 | Posted in Office, Denver Market
A German group closed the first of two office building acquisitions at Denver Union Station in a record-breaking deal that elevates Denver’s stature as a real estate investment market. GLL Real Estate Partners, a Munich-based real estate fund management group, bought the “north wing” building at 1705 17th St. in a deal that drew stiff competition from investors. IMA Financial Group Inc. has its headquarters in the newly completed 109,034-square-foot building, wh…

Lafayette retail center gets multiple offers

14 April 2014 | Posted in Retail, Denver Market, Boulder County & U.S. 36 Corridor
A Lafayette retail center shadow-anchored by Sprouts Farmers Market sold to a Denver investor for $6.52 million, or $239.72 per square foot. Waneka Marketplace, which consists of 27,186 sf in two buildings, along with a pad that houses Good Times Burgers &n Frozen Yogurt, sold to GH9 Waneka LLC. Waneka Huckins Waneka LLC was the seller. The retail center is 79 percent occupied to a mix of local and nationally recognized tenants, including Starbucks, Comfort Dental, H&R B…

Charter school buys Aurora flex building

14 April 2014 | Posted in Industrial, Denver Market
A flex building associated with what goes on people’s heads now will be known for what goes on inside them. A charter school paid $5.42 million for the former Imperial Headwear building at 17101 E. Ohio Drive in Aurora. The 111,700-square foot building will house Vanguard Classical School’s new East Campus. Ability Connection Colorado, which operates the school, was the buyer. “This was definitely a unique building,” said Jeremy Ballenger of CBRE, who re…

Arch11 partners on Boulder adaptive reuse

13 April 2014 | Posted in Boulder County & U.S. 36 Corridor, Construction, Design & Engineering
Where others tried to demolish and redevelop, John Reynolds and Arch11 worked to revamp and reuse. The developer and architecture firm recently finished the adaptive reuse of the John Lund Hotel building and its adjacent midcentury neighbor in downtown Boulder – a project steeped in community. “The project was designed to meet the needs of the community,” said Reynolds of Reynolds|Lee Development LLC, building owner and developer. “Boulder has a great, cr…

'Widespread' softness defines market

13 April 2014 | Posted in Multifamily, Colorado Springs & Southern Front Range
Widespread softness marked the Colorado Springs apartment market in the first quarter of 2014. Apartment Insights recently released its Statistics/Trends Summary for the first three months of the year in which it noted vacancy rose, absorption dropped and rents saw a slight increase. “Vacancy increased in most categories, including affordable properties, absorption was negative and concessions increased, more than offsetting the increase in rents,” explained Doug Car…

Whole Foods coming to Bradburn

13 April 2014 | Posted in Retail
Everyone wants Whole Foods.       Late this year, Continuum Partners will land the coveted grocer at its New Urbanism-styled Bradburn Village in Westminster.       When Whole Foods completes construction of the new 35,000-square-foot store, it will close the smaller store it already has in Westminster at West 92nd Avenue and Sheridan Boulevard.       The new store in Bradburn will be at West 120th Avenue…

Security scores apartment complex

13 April 2014 | Posted in Multifamily, Denver Market
Security Properties Inc. recently paid $23.5 million for the 220-unit Reserve at Northglenn Apartments. It was the second time that Seattle-based Security tried to buy the class A property at 1450 Community Center Drive and the second apartment community it owns in the area.       Previously, it had purchased the nearby Reserve at Thornton.       Both properties were purchased from Trammell Crow Residential. Read the re…

Terrix inks $24 million in deals

13 April 2014 | Posted in Finance & Appraisal
With today’s volatile interest rates, a lot of borrowers understandably would prefer to lock into today’s low rates, rather than risk further increases.       David O’Brien and Amy Gibson of Terrix Financial recently were able to lock in a rate for the owner of an older apartment community in Arvada, the moment he signed the application with Terrix.       The loan was a $10 million refinance with cash out for th…

Unico picks up pair of historic buildings

31 March 2014 | Posted in Office, Denver Market
Unico Properties has acquired two historic buildings in the Central Platte Valley, bringing its Denver portfolio to approximately 2 million square feet. The transaction included the A.H. Root Building and the Zang Building, Class A mixed-use buildings that were part of a portfolio sold by Plante Properties. The price wasn’t released, but public records show the buildings sold for $25.09 million. Unico bought another historic building in the portfolio, the St. Elmo Building…

RingCentral calls for 40,000 sf

31 March 2014 | Posted in Office, Denver Market
A growing California-based company expanded its Denver footprint with a 40,000-square-foot lease in Centennial. RingCentral, a San Mateo-based cloud communications company, will occupy space at Waterview I, located at 8005 S. Chester St., in Centennial. “This is a very exciting time for RingCentral. The company opened Colorado operations with just a couple employees a few years ago. Today they have well over a hundred employees with plans to double in Colorado within the n…

IndCor buys 1.4 million sf of industrial product

31 March 2014 | Posted in Industrial, Denver Market
Approximately 1.4 million square feet of institutional-quality real estate in Denver traded as part of large portfolio sale between IndCor Properties Inc. and GE Capital Real Estate. The Denver properties were among 9.6 million sf of industrial space in four states that IndCor, a portfolio company of The Blackstone Group, purchased from GE. The price IndCor paid wasn’t released, but public records indicate the Denver properties sold for at least $64.68 million. They are pr…

NewMark Merrill to reuse, recycle Twin Peaks

30 March 2014 | Posted in Retail, Green Building
Before development of the Village at the Peaks can start, the deconstruction of Twin Peaks Mall must begin. And that means the recycling and reuse of the 550,000-square-foot mall in Longmont. As part of NewMark Merrill Mountain States’ $80 million redevelopment of Twin Peaks, the deconstruction will focus on the reuse, recycling and landfill diversion of materials from the mall located at 1250 S. Hover Road. NewMark Merrill has begun the first phase in repurposing Twin Pe…

IRG acquires long-vacant Sanmina-SCI plant

30 March 2014 | Posted in Industrial, Colorado Springs & Southern Front Range
A Los Angeles-based real estate development and investment firm is looking to duplicate its success with the former Intel Corp. facility in Colorado Springs with the long-vacant Sanmina-SCI plant in Fountain. Industrial Real Estate Group, which specializes in the adaptive reuse of commercial and industrial properties, paid a reported $4.3 million for the 360,000-square-foot, 96-acre Sanmina-SCI campus – a campus once listed for $18 million. “IRG specializes in turnin…

Differentiating between OK vs great PM

30 March 2014 | Posted in Property Management
Kirk Cypel Managing Director, Rouler Advisors LLC, Poway, Calif. Since an in-house property management group can be an additional profit center, it’s certainly a worthwhile consideration for any owner. But it’s not an easy thing to do, it is a whole other business. In-house management works best when your organization has a meaningful presence in a set geographic area, creating stability. It may encourage longer employment tenure and a m…

Cadence sale sets records

30 March 2014 | Posted in Multifamily, Denver Market
When Invesco Real Estate of Dallas recently paid $70 million for the 219-unit Cadence Union Station apartment building, it had been under contract for almost a year.       “We priced it last March,” said David Martin, of Mountain States Moran & Co., who, with his partner, Pam Koster, listed the building for the seller, Denver-based Zocalo Community Development Inc. and its equity partner, Principal Real Estate Investors.    …

Tattered Cover coming to Union Station

30 March 2014 | Posted in Retail, Denver Market
The first Tattered Cover Book Store in Cherry Creek North in 1971.        It had 950 square feet.        On July 12, Joyce Meskis, who purchased the nationally known bookstore in 1974, will open the fourth Tattered Cover in the revamped Union Station.        It will have 922 square feet.        While it is the smallest in size of her stores  â�&m…

Hot multifamily market faces hot topics

30 March 2014 | Posted in Multifamily, Denver Market
        People, packages, pets and pot are some of the hot topics facing what has been an even hotter multifamily market in the Denver area.       In addition to the four Ps, the apartment market, with the potential of about 20,000 new units hitting the market, faces the possibility of over building, rising vacancy rates and lower rental rates, according to some experts.       Others contend that si…

Safe harbor rules for historic rehab tax credit

17 March 2014 | Posted in Law & Accounting
Kerry Roets, CPA Tax manager, Anton Collins Mitchell LLP, Denver It may come as a surprise to learn that if not for large corporations, many historic buildings in cities across the nation would not be living up to their full potential, and may not even be standing. In recent years Fortune 500 corporations in all areas of business – oil companies, banks, utilities, etc – have become a key funding component to rehabilitation projects due to the historic tax credits allo…

Uptown Broadway apts. set new record

17 March 2014 | Posted in Multifamily, Denver Market, Boulder County & U.S. 36 Corridor
The Uptown Broadway apartments sold for $26.9 million, marking a new record price per unit for multifamily rental product in Boulder. SWF Uptown Broadway LLC paid $231,897 per unit for the 116-unit property at 4590 13th St., which is part of the Uptown Broadway mixed-use development in North Boulder. The last time the apartments sold, in 2008, they achieved $196,982 per unit, which was a record at that time. The sale excluded 32 intermingled affordable-housing units that are own…