Amstar on board with Jefferson Park community
Amstar, a Denver-based real estate investment manager, in partnership with Allied Orion Holdings, a Texas- and Colorado-based apartment developer, announced today it will soon start construction on 2785 Speer, a 332-unit apartment project on Speer Boulevard in the popular Jefferson Park neighborhood in Denver.
They are scheduled to break ground this month with a delivery date in the spring of 2015 of the community that had previously been announced.
The five-story bu…
H&M continues Colorado expansion
H&M, Hennes & Mauritz, one of the world’s largest fashion retailers, continues its Colorado expansion.
The retailer recently inked a lease at Colorado Mills in Lakewood, where it will open its 23,000-square-foot store this fall.
The opening of the Colorado Mills location is part of the Swedish retailers plans to expand "greatly" throughout the West.
H&M at Colorado Mills will include collections for ladies, men, young ladies and y…
Summit Materials selects LoDo building for headquarters
Summit Materials is moving its Washington, D.C., headquarters to Mercantile Square in Lower Downtown Denver.
The company signed a seven-year lease for 16,653 square feet of third-floor space that spans 1550 Wynkoop St. and 1628 16th St. The Colorado Economic Development Corp. recently approved $1.3 million in incentives for the corporate relocation, which will bring 79 jobs to the state.
“We’re thrilled,” said Mike Coughlin of Coughlin & Co., which owns the…
Medtronic leases 40,657 sf in Colorado Tech Center building
Medtronic Navigation Inc. signed a lease for 40,657 square feet of office/flex space in the Colorado Technology Center in Louisville, boosting its presence on the U.S. Highway 36 corridor.
The global medical technology company will occupy a portion of the 92,576-sf building at 1480 Arthur Ave. in July. Etkin Johnson Group owns the property.
Ryan Good, Etkin Johnson vice president of leasing and sales, negotiated the transaction with Todd Wheeler of Cushman & Wakefield o…
Longtime owner sells Armory Building in $6.31 million deal
A historic Pearl Street building leased to a hip national retailer sold for $6.31 million.
R&L Properties, through a pair of limited liability companies, bought the Armory Building at 934 Pearl St. from Armory Building LLC. Urban Outfitters occupies the 12,298-square-foot structure, which was built in 1898 for Company H of the Colorado First Infantry.
“We were seeking out to try to find the best building in Boulder, and we think we did. It’s a great building, a h…
Landscape architect prospers in tough economy
On the long plane ride from Denver to China, landscape architect Craig Karn read the best seller, “The World is Flat,” by Thomas L. Friedman.
“Hey, that is us,” Karn thought, while reading the book about how there are increasingly no geographic or other barriers to doing global business in these days of heightened technology.
“Our tiny little firm is doing this giant, transit-oriented, re…
Considerations for medical office leases
Leases for medical office space raise additional issues and considerations beyond those of a standard commercial office lease. Both landlords and tenants should be aware of these unique issues so they can draft a lease that sets up both parties for success.
Some of the key issues for landlords and tenants leasing medical office space to consider are: hazardous materials and biohazard waste, access and utilities, Stark Act and anti-kickback, entry rights and HIPPA, death and disab…
Kendall coins TINA to describe market
When apartment investment expert Jerry Kendall talks about TINA, he isn’t referring to Fey or Turner.
Rather, Kendall, principal of Greenwood Village-based from Multifamily Capital Advisors, coined the TINA acronym that stands for “There Is No Alternative.”
TINA has never been more relevant for the Denver-area multifamily market than today, according to Kendall.
In the first quarter, the average monthly rent for all apartments set a new record of $992, accordi…
ARA handles large apartment sale
Greystar Real Estate Investments, in a joint venture with Goldman Sachs & Co., last month paid $156 million for four Denver-area apartment communities with a total of 1,003 units.
“This is the biggest single deal so far this year,” said Jeff Hawks a principal with ARA.
Hawks, along with fellow ARA team members Doug Andrews, Terrance Hunt and Shane Ozment represented the seller, Chicago-based Equity Residential Properties.
Earlier, Greystar had purchased about an…
PeakView at Dabling sees occupancy skyrocket
Northstar Commercial Partners recently invested in a 152,023-square-foot building in Colorado Springs, where occupancy rocketed from 28.57 percent at contract negotiation to 73.03 percent at closing.
Northstar, which specializes in acquiring opportunistic commercial real estate assets throughout the United States, bought a controlling interest in Dabling Properties LLC, which owns the facility, PeakView at Dabling, at 5825 Mark Dabling Blvd.
“We’re extremely excited …
Construction starts on Elan Union Station project
Construction is under way on a mixed-use project that will bring King Soopers to Lower Downtown Denver.
Martines|Palmeiro Construction recently broke ground on Elan Union Station, a seven-story, approximately 642,000-square-foot development at 20th Street and Chestnut Place that will feature 314 apartment units above-ground level retail and two stories of underground parking.
“We are really excited to be building such a high-profile property in Denver,” said Michael …
Celebration on Wednesday for 2020 Lawrence
The public is invited May 15 to attend the official grand opening of one of the most energy-efficient apartment high-rises in the nation - the 10-story, 231-unit 2020 Lawrence in Denver’s Ballpark neighborhood.
Tesla Motors will demonstrate how its electric cars can be charged at one of the stations at 2020 Lawrence and details of the nation’s first-of-its kind rooftop greenhouse will be discussed at the even that will be held from 5:30 p.m. to 8 p.m.
The celebration…
Statewide apartment vacancies fall to 4.6 percent
The vacancy rate in Colorado apartments fell to 4.9 percent in the first quarter, down from 5.2 percent in the first quarter of 2012, according to a Colorado Division of Housing report released today.
The first-quarter vacancy rate is also down from 5.2 percent in the fourth quarter.
The vacancy rate had now been down for 14 consecutive quarters.
Vacancy rates varied considerably in different metros of the state, however, with northern Colorado and metro Denver showing s…
Developer comes forward for Gaylord hotel
Houston-based Rida Development Corp. is picking up where Gaylord Entertainment left off to build a 1,500-room Gaylord convention center hotel in Aurora. Rida and AREA Property Partners are working with Marriott and the city of Aurora to build the $800 million project, which would include 400,000 square feet of exhibition and meeting space. Financing is not yet in place, but, “With Rida and AREA and Marriott, we now have the right team in place to make it happen,” said …
Mental Health Center receives LEED Platinum certification
The Mental Health Center of Denver’s Recovery Center recently was awarded LEED Platinum certification, representing the first major reuse and revitalization of a building in the former University of Colorado Health Sciences Center campus in Denver.
The certification is part of MHCD’s vision of being the greenest mental health facility in the country.
“We believe that the Recovery Center is the only mental health facility in Colorado and the second in the nation…
A&P celebrates completion of Rangely District Hospital
Adolfson & Peterson Construction’s AP Healthcare group recently celebrated the completion of the Rangely District Hospital.The replacement facility was completed three months early, on budget and with no contractor-initiated change orders.
The high-tech, single-story medical facility is a 72,367-square-foot critical access hospital that includes 18 beds, labs and clinic space, and provides primary and emergency health care services for residents and visitors of Northwes…
University of Colorado wins real estate challenge
A team from the University of Colorado won the Rocky Mountain Real Estate Challenge with its development scenario for a block within Boulder’s Civic Area.
The student competition is put on by NAIOP Colorado with sponsorship by Land Title Guarantee Co. The city of Boulder was this year’s project sponsor.
CU’s “Boulder International Center” included plans for an Andaz Boulder Hotel, a 108,302-square-foot Class A office building, a community events cen…
Springs rental rates continue to rise
The average rent in the Colorado Springs area rose year over year for the 13th consecutive quarter during the first quarter, , climbing 4.4 percent to $787, according to a report released today.
The report by the Colorado Division of Housing and the Apartment Association of Southern Colorado, the average rent for the region during the first quarter this year was up from $754 during the first quarter of 2012, but was down slightly from 2012’s fourth-quarter average rent of $…
Successful property tax appeal
This week, property owners across Colorado will receive their updated notices of value from the county assessor. Emotions will range widely. Some owners will accept their value as fair; however, if the value doesn’t match expectations, the likely reaction will be surprise, shock and perhaps dismay.
If you fall into the latter category, we offer three important “pillars” for a successful property tax appeal.
Colorado’s property tax rules are unique. Owners…
Madden rolls out new high-design tower
Developer John Madden is ready to roll out his new masterpiece – a $100 million office tower in Greenwood Village.
Madden aims to start construction of the 360,000-square-foot LEED Gold building by August for occupancy in summer 2015. Like his last office building, Palazzo Verdi, Palazzo Verdi II will be something to behold, with sculptures of three life-size giraffes welcoming tenants and guests to its lobby.
Read the entire story in the May 1-14 issue.