Triangle Building to break ground in October
East West Partners and an affiliate of Starwood Capital Group plan to break ground on the Triangle Building next to Denver Union Station in October.
The 10-story, 200,000-plus-square-foot office building will cost an estimated $85 million and is scheduled for completion in May 2015. It will feature nine stories of office space, 10,000 sf of street-level retail space and two levels of underground parking. Todd Wheeler of Cushman & Wakefield of Colorado will lead the leasing …
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…
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 …
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…
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.
Conscience Bay acquires third industrial building for $8.8m
A Boulder private equity firm acquired the final piece of an industrial property strategically located near the city’s new transit village.
Conscience Bay Co. paid $8.8 million, or $88 per square foot, for the 100,000-sf industrial building on five acres at 3825 Walnut St.
The building is 100 percent leased to the Denver Newspaper Agency, Grainger Industrial Supply and eTundra, a restaurant supply company. It the last of three buildings that DPC Development Co. owned in Fo…
Group pays $160.67 per sf for Cherry Creek office building
A local investment group, in its second recent acquisition, paid $160.67 per square foot for a Cherry Creek office building.
PIII Properties acquired the 26,930-square-foot building at 3400 E. Bayaud St. in Denver for $4.3 million. The building was 100 percent occupied.
Derek Vanderryst of Miller Frishman Group represented the buyer. The listing brokers were David Tilton and John Torp of Newmark Grubb Knight Frank.
“We achieved a pretty high price per square foot,&rdquo…
White Lodging to build first dual-branded Hyatt in Denver
White Lodging Services will build its first dual-branded Hyatt hotel near the Colorado Convention Center in downtown Denver.
The 21-story building at the southeast corner of 14th Street and Glenarm Place will combine a Hyatt Place hotel with White Lodging’s first newly constructed Hyatt House. The company will operate the 346-room hotel under a franchise agreement.
Read more in CREJ's May 1-May 14 issue.
Rosemont Realty buys World Trade Center
Rosemont Realty LLC, a commercial real estate investment company with approximately 18 million square feet of commercial office space valued in excess of $1.8 billion, has acquired the two-building Denver World Trade Center office towers in downtown Denver.
Rosemont Realty purchased the Class A, 770,221 square foot office complex from I&G Denver WTC, LLC. The sales price was not disclosed.
The complex includes two Class A, LEED Gold-certified towers. Tower I is a 28-stor…
Westin Hotel planned in Greenwood Village
Greenwood Village City Council has agreed to sell 3.54 acres of property at the Arapahoe at Village Center Station (on the east side of Interstate 25) for construction of a Westin Hotel.
Greenwood Village Hotel LLC, a development group consisting of Waveland Ventures, Jackson Street Holdings and Arrival Partners, expects to begin construction in the fourth quarter. Preliminary plans for the hotel include 200 guest rooms and suites; a signature restaurant and bar welcoming both …
Westmoor buildings trade at $65.49 million
Investors are looking favorably on suburban office, as evidenced by a $65.49 million sale of an asset on the Denver-Boulder corridor.
Public records show Investcorp bought Westmoor Place, a 428,029-square-foot Class A office property, from CBRE Global Investors for $153.03 per sf.
The three LEED-certified buildings were 89 percent leased to tenants that include LGS Innovations, an Alcatel-Lucent subsidiary, and McKesson Technologies. The two tenants occupy approximately 270,000 …
HFF arranges $230 million for Breakers Resort
HFF arranged $230 million in financing for The Breakers Resort, a six-village, 1,523-unit, Class A multifamily community in Denver.
The HFF team worked exclusively on behalf of the borrower, The Bascom Group LLC, to secure a $165 million first mortgage, a $26.25 million mezzanine loan, and $38.75 million of preferred equity. The $165 million first mortgage was a floating-rate loan and included a three-year term with two, one-year extension options. It was provided t…
Industrial build-to-suits in the works
Build-to-suits for two users are in the works at Highfield Business Park in Douglas County and Coors Technology Center in Golden.
Central Development has broken ground on a 63,981-square-foot tilt-up building at Highfield for Applied Control Equipment, which delivers automation solutions to clients in Colorado, Wyoming, Montana, and parts of Nebraska and South Dakota. The local business partner in the Rocky Mountain Region for Emerson Process Management, the company services indu…
HFF arranges $230 million financing for The Breakers
HFF arranged $230 million in financing for The Breakers Resort, a six-village, 1,523-unit, Class A multifamily community in Denver.
The HFF team worked exclusively on behalf of the borrower, The Bascom Group LLC, to secure a $165 million first mortgage, a $26.25 million mezzanine loan, and $38.75 million of preferred equity. The $165 million first mortgage was a floating-rate loan and included a three-year term with two, one-year extension options. It was provided thr…
Tenants take 66,025 sf at 1801 California
Brookfield Office Properties has leased 66,025 square feet of office space at 1801 California to two tenants.
Halcón Resources Corp., an independent energy company, signed an 11-year lease for 43,829 square feet. Charlie Lodge, Alec Wynne, Rob Neblett and Harry Holmes of Avison Young represented the tenant.
Newalta, a Canada-based industrial waste management and product recovery company, also signed an 11-year lease. It will occupy 22,196 sf. Colliers International broker…
Transformed printing plant to be multistate draw
Ascendant Development plans a next-generation design center at the former Denver Post printing facility at Interstates 25 and 70. Ascendant expects the multifaceted center to be a destination for Colorado and surrounding states. Read more about it in CREJ's April 17 issue.
Pauls Corp. to break ground in Cherry Creek
The Pauls Corp., in a joint venture with FirstBank and Junction Energy Partners, will break ground this fall on an upscale office building in Cherry Creek, one of the first new office buildings in that submarket in 25 years. The 150,000-square-foot building at the northeast corner of First Avenue and St. Paul Street is 40 percent preleased. Read about it in CREJ's April 17 issue.
Kresher Capital adds historic building to portfolio
Kresher Capital has acquired a historic office building in the Prospect neighborhood as it continues to build its Colorado property portfolio.
Kresher paid $4.4 million, or $152.22 per square foot, for the three-story building at 3012 Huron St. The 28,926-sf building dates to 1917 and is fully leased to digital signage company Four Winds Interactive.
“We really feel good about the building. It’s a beautiful historic building,” said Kresher Director Patrick Dunn…
Developer assembles Boulder redevelopment sites
A Denver-based company has been busy assembling redevelopment sites in Boulder, including five acres sandwiched between Whole Foods Market, the transit village and the Twenty Ninth Street shopping and entertainment center.
Brickstone Partners, which has been active in the Boulder student housing/apartment market, plans to begin the entitlement process for the property within the next 90 days. It is exploring 400,000 to 500,000 square feet of development, including office or hospi…
Spectralink gets back to its Boulder roots
Spectralink is on its way back to Boulder.
The company subleased approximately 35,000 square feet of office space from Tendril Networks at 2650 55th St. It is targeting an April 5 move.
“We wanted to get back to our roots,” said Michelle Chessler, director of marketing. “Not only did we want to get back to our roots and our heritage, but we also felt that the Boulder lifestyle and community suited this company well.”
Read the entire story in the April 3-…
Office vacancy rate drops, industrial in demand
Denver’s office vacancy rate dropped 60 basis points in the first quarter of the year, and there was healthy demand for warehouse/distribution space, according to CBRE Group.
Office vacancies declined or held steady in most U.S. markets, according to preliminary data from CBRE, while six of the 12 largest markets, led by Denver and San Francisco, showed decreases. Denver’s office vacancy rate was 14.5 percent, compared with 15.1 percent at the end of the fourth …
McGraw-Hill leases last two floors at 1800 Larimer
McGraw-Hill has leased the last two floors of office space at 1800 Larimer, a 495,518-square-foot LEED Platinum building in Lower Downtown Denver.
The deal will allow the company to consolidate offices in Westminster and Evergreen into a single location. The Westminster office, located in Ten West at Westmoor Technology Park, houses about 50 Platts employees and 15 J.D. Power & Associates staff. The Evergreen office is the home of BENTEK Energy, which Platts acquired in 2011.…
REIT buys Greeley MOBs for $15.03 million
A Greeley medical office portfolio that traded for $15.03 million was among $47 million in acquisitions announced by American Healthcare Investors and Griffin Capital Corp., co-sponsors of Griffin-American Healthcare REIT II Inc.
The Northern Colorado portfolio consists of three buildings across the street from the 378-bed North Colorado Medical Center. They were 93 percent occupied, almost entirely by University of Colorado Health. UCH’s lease expires in 2020.
The buildin…
Hines, Cushman highlight CU real estate conference
Commercial real estate icons Gerald Hines and John Cushman treated students and commercial real estate professionals to candid talk about their careers at CU’s annual real estate conference in downtown Denver Thursday. Hines, whose iconic buildings grace the world’s skylines, spoke about how quests for innovation and great architecture have guided his career, which began with a 5,000-square-foot building he built for a neighbor. Cushman, who in 1978 founded Cushman Rea…
Majestic Realty to develop 500,000-sf spec building
Majestic Realty Co. says it will build the first speculative industrial building in Denver in five years – and the largest ever built in the market at 500,000 square feet – at Majestic Commercenter in Aurora. “We’ve taken a very close look at local and national market conditions, vacancy and absorption rates, product supply and the success we’ve had providing large, high-quality, high-cube industrial space that is the best in the market. We’re e…
CBRE gets listing on former ConocoPhillips site
CBRE has been awarded the listing on 432 acres in Louisville where ConocoPhillips once planned a global technology campus. The team consists of Martin Roth and Eric Roth, first vice presidents with the Denver Land Services Group; Frank Kelley, a senior vice president specializing in the Northwest Denver office and industrial submarkets; and Sanford Criner, executive vice president of Global Corporate Services. Formerly Sun Microsystems’ technology campus, the property sold t…
NAIOP Colorado honors top CRE professionals
NAIOP Colorado presented its version of the Oscars today, honoring Denver’s top commercial real estate professionals at its Academy of Excellence Awards program. Awards included:
Broker Outstanding Achievement: Mike Winn & Tim Richey, Cushman & Wakefield of Colorado
Industrial Broker of the Year: T.J. Smith, Colliers International
Investment Broker of the Year: Brad Lyons, CBRE
Land Broker of the Year: Er…
Sullivan, Jugl leave JLL for HFF
A leading capital markets team led by Mary Sullivan and John Jugl have left Jones Lang LaSalle to join HFF to focus on capital markets transactions in the office, industrial and retail sectors. Sullivan joins HFF as a senior managing director with more than 30 years of industry experience. She has been involved in the sale of nearly 40 million square feet valued at more than $7.5 billion throughout the United States and has held positions at CBRE, Cushman & Wakefield and Tramm…
Tw telecom leases 161,218 square feet at ParkRidge
Tw telecom has signed a lease for ParkRidge Six, a 161,218-square-foot building in Lone Tree. The move will bring the company’s national operations center, along with some customer care functions and general office support, closer to tw telecom’s corporate headquarters in ParkRidge Corporate Center. Inverness Properties brokers Peter Coakley and Rick Egitto represented the landlord. Jones Lang LaSalle brokers Mike Rooks and Robb Johnson represented tw telecom, and Kevi…
Data centers, collaborative offices emerging
Technology advances are driving huge growth in data center industry, and Colorado is well-positioned to capitalize on that growth, CBRE Director of Enterprise Management Kate Waggoner told NAIOP Colorado members at the organization’s annual economic forecast this morning. “Every company has a data center need, and storage demand is doubling every 18 months,” said Waggoner, adding Colorado is well-positioned because of its climate and affordable power. Discussing …
Newmark Grubb parent acquires Frederick Ross
BGC Partners Inc., the parent company of Newmark Grubb Knight Frank, has acquired Frederick Ross Co. in Denver for an undisclosed price. "Frederick Ross Co. has built an outstanding reputation in the Denver market and its desire to join NGKF is confirmation that our expanded platform offers clients the best real estate solutions in the industry," said NGKF CEO Barry M. Gosin. "The team has benefited from the transformation that has taken place since Newmark and Grubb & Ellis b…
Denver investment market in Top 10
The Denver commercial real estate market is among the top 10 investment markets in the country, due largely to a strong local economy aided by a diverse employment base and good quality of life, PwC Denver-based real estate expert Wendy McCray said in response to the fourth-quarter PwC Real Estate Investor Survey. The survey is an outlook on commercial real estate based on hundreds of interviews and survey responses from real estate market participants. Total transaction volume in…
Denver's biggest spec industrial building planned
The biggest speculative industrial building ever built in Denver could be landing at Stapleton. United Properties says it will build a 514,500-square-foot distribution building in 2013 at Enterprise Business Center, a new industrial development near Interstate 70 and Havana Street. Enterprise Business Center also would include two office/flex buildings, for a total of 710,850 sf. The announcement is surprising because of its size and also because Enterprise Business Center would b…
ADT signs 121,954-sf lease
Security giant ADT has signed a 121,954-square-foot lease for space at Cherry Creek Place II in one of the largest office lease transactions to be completed in the Denver metro area this year. “We’re very excited about the opportunity that it brings to Aurora as well as the value creation in our building,” said R. Brian Watson of Northstar Commercial Partners, which owns the property. “It’s going to bring 850 jobs to the building, which is a big econo…
Fiscal cliff a 'primary concern' for commercial real estate
Cassidy Turley today released research examining the impending “fiscal cliff’s” impact on commercial real estate markets across the country. The report summarizes the various scenarios related to fiscal policy and then draws the link to commercial real estate. “The fiscal cliff is our primary concern regarding the continuation of Denver’s current positive growth,” according to Greg Morris, president and CEO of Cassidy Turley Colorado. “Goi…
Nichols to develop downtown Boulder project
A development team managed by The Nichols Partnership will develop the former Daily Camera site in downtown Boulder. The 60,000-square-foot site will house an $80 million mixed-use project with large floor-plate office space, retail and specialty uses, including an art house theater. Ten Eleven Pearl LLC bought the property from Karlin Real Estate for $13.5 million in a deal handled by Lynda Gibbons of Boulder-based Gibbons-White. For more details, see the Jan. 2 issue of the Colo…
Charles Schwab zeros in on site for possible campus
Charles Schwab could announce plans for a new corporate campus in Denver in the very near future. “At this point, we’re pretty far along in negotiations for a particular site, but nothing has been finalized yet,” said Sarah Bulgatz, Charles Schwab director of corporate public relations. The company expects to make a decision by the end of the quarter, she said. “The new campus we’re considering would give us greater control of our real estate footprin…
Eldorado Ridge trades at $42.4 million
Eldorado Ridge, a Class A office park on the Denver-Boulder corridor, traded for $42.4 million, or $130.76 per square foot, according to public records. Lowe Enterprises teamed up with Starwood Capital Group to buy the 324,269-sf Broomfield property, according to Lowe’s website. Situated on a ridge that overlooks Interlocken Advanced Technology Environment, Eldorado Ridge consists of three buildings at 11001, 11101 and 10901 W. 120th Ave. CBRE brokers Geoff Baukol and Tim Sw…
Investors want to be in Denver, says Sullivan
Denver is for the first time among a handful of metro areas that is leading the country toward recovery, and institutional investors want in on the action, according to Jones Lang LaSalle investment broker Mary Sullivan. “Institutional investors coast to coast have Denver marked and circled as one of the top five metros in the country … We are viewed from the institutional capital from coast to coast as a first-tier city,” Sullivan said at the recent Rocky Mount…
Distributor to build 242,000 sf at Prologis Park 70
A distributor will expand its Denver presence with a 242,000-square-foot facility in Aurora. WinWholesale Inc.’s building will be the third new building started this year at Prologis Park 70, a master-planned industrial park at Interstate 70 and E-470 in Aurora. WinWholesale currently occupies approximately 124,000 sf in Denver Business Center, so the new building will be nearly double that size. It will allow the growing company to expand the number of product lines i…
Market is back, declares Holsapple
“You heard it here first: The market is back” was Dr. Eric Holsapple’s concluding remark based on information presented at the 16th annual Northern Colorado Real Estate Conference today in Fort Collins. Holsapple is executive director of Colorado State University’s Everitt Real Estate Center, which hosted the event with the Northern Colorado Commercial Association of Realtors. Job growth is “very healthy” in Northern Colorado and in Denver, hous…
Phillips 66 scraps plans for Louisville research facility
Phillips 66 has scrapped plans for a global research facility in Louisville and plans to sell the 432-acre campus it acquired for $58.5 million. “After careful consideration of the needs of the new company and its employees, Phillips 66 has decided to sell its 432-acre property in Louisville, Colo. Phillips 66’s predecessor company, ConocoPhillips, purchased the Louisville property in 2008. As a result of the repositioning of ConocoPhillips into two independent energy …
Medical uses in future for Interstate 25 and Highway 52
The area surrounding Interstate 25 and Highway 52 between Denver and Northern Colorado been called a “medical desert,” but that is about to change. Major health systems have laid claim to land on either side of the interchange in Frederick. Exempla Healthcare just purchased 50 acres at the northwest quadrant for a future hospital campus. Longmont United Hospital and University of Colorado Health own just under 70 acres at the northeast quadrant, where Longmont Uni…
Stapleton among top 10 master-planned communities
Metrostudy has ranked Stapleton in Denver the ninth best selling master-planned community in the country. Metrostudy provides primary and secondary market information to the housing industry and related industries nationwide. The ranking covers the period from July 2011 through June 2012. “This ranking confirms what we hear from homebuyers over and over again: The quality of life and the housing values and choices at Stapleton make it one of the most desirable places to purc…
Owners ready to reposition data center at I-25 and 120th
The owners of a former data center at Interstate 25 and 120th Avenue in Thornton are ready to take the building in a new direction. Comprising 232,883 square feet, the seven-story building at 12121 Grant St. is one of the few large blocks of office space in North Denver and one of the only contiguous space options in Denver of 200,000 sf or more. “This building, with its location, could be a very attractive option for a Class A, credit office tenant for a headquart…
REIT pays $90.85 million for data center
A real estate investment trust paid $90.85 million for a data center and office complex in the southeast Denver metro area, according to public records. The 287,231-square-foot center at 11900 E. Cornell Ave. in Aurora is 94 percent leased. ViaWest, a co-location provider, leases the data center space, and the U.S. Bureau of Prisons occupies the office space. San Francisco-based Digital Realty Trust Inc., which specializes in buying and developing data centers, purchased the prope…
Bass Pro Shops to build 117,000 sf at Centerra
Bass Pro Shops has signed a letter of intent with McWhinney to anchor a major new development at Centerra in Loveland. The development will be built at the northeast corner of Interstate 25 and U.S. Highway 34. Bass Pro’s store will total approximately 117,000 square feet and will generate at least 250 jobs. “Northern Colorado is known as a destination for some of the top retailers in the country, serving not only the local community, but also attracting shoppers from …
Experts say spec development coming. What do you think?
Experts who spoke at CREJ's Office & Industrial Summit last week said developers are gearing up for speculative office and industrial development. "I think you will see speculative office construction throughout the metro area at a much quicker clip than might be expected," said Doug Wulf of Cassidy Turley Fuller Real Estate. "I would be surprised if somebody doesn't start building by the end of 2013 in the airport (industrial) submarket," said CBRE industrial broker Jim Bolt.…
Raymond James plans tech center
Financial services company Raymond James has acquired 3.56 acres of land at Gateway Park in Aurora for construction of a 40,000-square-foot “technology center.” The company paid $1.02 million for the property at 4501 Airport Way, according to public records. Gateway Land LLC, an entity affiliated with Gateway Park developer The Pauls Corp., was the seller. Raymond James said it selected Denver for the center because of its “outstanding technology talent…
Natural Grocers signs lease for 107,000 sf at Coors Tech
Natural Grocers by Vitamin Cottage, a Colorado company that recently went public and is opening 10 new stores a year, is doubling its distribution space with a move to Coors Tech Center in Golden. Vitamin Cottage Natural Foods Market leased 107,000 square feet in a 149,628-sf building at 4403 Table Mountain Drive. James Craddock of Craddock Commercial Real Estate represented the tenant. Cassidy Turley Fuller Real Estate brokers Chris Ball and Esther Kettering represented the landl…
Mixed-use tower to replace LoDo Office Depot
A 10-story mixed-use development called 16M will be built in place of the Office Depot at 1350 16th Street in Lower Downtown Denver. The building will offer 130,000 square feet of Class AA office space, 15,000 sf of street-level retail and restaurant amenities, and residential units on the upper floors. The developers, Integrated Properties Inc., Elevation Group and Sage Hospitaity, plan to complete the project by early 2014. Jamie Gard and Nathan Johnson of Newmark Knight Frank F…
Butterball lists Longmont turkey plant for $16.5 million
Butterball has listed its 326,309-square-foot facility on 27.57 acres in Longmont for sale at $16.5 million. CBRE brokers Jeff Counsell, Tyler Carner and Erik Abrahamson are marketing the property at 150 Main St. to food production users. It includes the main processing plant, a contiguous lab, parking, truck maintenance, spice blending and cold storage facilities, plus seven land parcels ranging from 0.07 to 12.27 acres. CBRE said all offers are being considered. Butterball close…
Manufacturer grows in Littleton
A precision-machining company that occupied space in a high-tech manufacturing facility in Littleton made a long-term commitment to the entire 95,520 square feet. Premier Precision Group signed a seven-year lease for the building, which sits on 5.98 acres at 10488 W. Centennial Road in Ken Caryl Business Center, according to Kirk Vanino of Cushman & Wakefield of Colorado Inc. Premier Precision previously occupied about 83,000 sf on a short-term basis. See details in CR…
Boulder firm buys Tenth & Pearl for $16.1 million
A Boulder private equity firm acquired Tenth & Pearl, a distinct office/retail property on the Pearl Street Mall, for $16.1 million, or $383.33 per square foot. Conscience Bay Co. bought the Class A asset from a California partnership in an off-market deal. The property is 96 percent leased to tenants including SendGrid, which occupies approximately 7,500 sf; Porzak Browning & Bushong, which leases about 7,000 sf; and Bacaro Venetian Tavern, an approximately 5,000-sf …
Harmony School Shops sell to Revesco in $18 million deal
Harmony School Shops, a fully leased shopping center smack-dab in the middle of Fort Collins’ Harmony Road retail corridor, has a new owner. The $18 million acquisition by Revesco Properties included 85,354 square feet of fully leased retail space and two undeveloped pads. Harmony School Shops includes a collection of large and mid-box stores and a high-visibility strip center fronting Harmony Road. “The lure of it is that it’s on the growth side and th…
Boulder industrial building goes Upslope
Boulder-based Upslope Brewing Co. will open a new brewery and taproom in Flatiron Park. The company signed a lease for industrial space on South Flatiron Court and will retain its existing brewery and taproom in North Boulder. Becky Callan Gamble of Dean Callan & Co. represented the landlord with Dean Callan brokers Dryden Dunsmore and Hunter Barto, along with Scott Garel of Newmark Knight Frank Frederick Ross. Eric Brynestad and Brady Alshouse of Jones Lang LaSalle represente…
AEW pays $405 per sf for 1660 Wynkoop
One of the world’s largest investment advisers paid $26.6 million for a Class A office building across the street from Denver Union Station. AEW Capital Management bought 1660 Wynkoop from Legacy Partners for $405 per square foot, one of the highest prices paid for an office asset in Denver. An 11-story, 65,716-sf building, 1660 Wynkoop has 292 structured parking spaces – a rare amenity in Lower Downtown Denver. Cushman & Wakefield of Colorado brokers Mik…
Antero Resources to anchor One Union Station
Antero Resources has signed a lease for 67,000 square feet of office space at One Union Station, launching construction of the building at the south end of Denver’s historic Union Station. East West Partners and Starwood Capital Group will break ground on the five-story, 110,000-square-foot building in September. The building, which will include ground-floor retail space, is being built for LEED Gold certification.
Bodnar works on $77.9 million sale of health care portfolio
Chris Bodnar of CBRE's Denver office and head of the firm's national Healthcare Capital Markets Group closed the largest multistate medical office portfolio sale in the country so far this year in conjunction with the health care group's Lee Asher, who is based in Atlanta. The $77.9 million transaction included 10 buildings totaling 315,179 square feet in Alabama, Florida, Hawaii, Indiana, New Mexico, South Carolina and Texas. The assets traded to a health care real estate investm…
Foothills Mall in Fort Collins gets new owners
Affiliates of Walton Street Capital, a private real estate investment firm, and Alberta Development Partners, a Denver-based real estate acquisition, development and investment firm, have acquired Foothills Mall in Fort Collins.
The price was not disclosed.
The new owners plan to reposition the 753,000-square-foot mall, which is located off College Avenue and anchored by Macy’s and Sears.
“The repositioning of Foothills Mall will represent a significant commitment b…
REIT buys Sprint Nextel building in Inverness
Newton, Mass.-based Select Income REIT bought the Sprint Nextel building in Inverness Business Park for $18.9 million, according to public records.
Square Six Partnership LLP sold the approximately 140,200-square-foot building at 333 Inverness Drive S. in Englewood. Jones Lang LaSalle investment brokers Mary Sullivan and John Jugl handled the transaction.
Sprint Nextel has operated a call center in the building for several years.
See the July 4-17 issue of CREJ for more details…
What would you do with $50 million?
Kim Koehn of K2 Ventures received some insightful responses when he asked panelists at the South Metro Denver Real Estate Breakfast how they would place $50 million.
• Ray Pittman, senior managing director of CBRE, would buy build-to-suit development sites at Broadway and Interstate 25, Lower Downtown Denver and near Denver International Airport.
• Justin Rayburn, managing partner of iCore Global, concurred and added he’d be talking to big employers like Arrow El…
Office building becomes broadcasting facility
A Denver office building that was redeveloped by its owner is being turned into a state-of-the-art radio and television broadcasting, and media entertainment facility. See details in the July 4 issue of the Colorado Real Estate Journal.
St. Anthony enters contract to sell former campus
St. Anthony Hospital has entered into an agreement with EnviroFinance Group LLC for the purchase and sale of the former St. Anthony Central Hospital Campus in Denver. The project will be managed by EFG Brownfield Partners, EnviroFinance’s Denver-based development arm. The agreement calls for redevelopment of the campus while preserving uninterrupted medical services. Redevelopment plans have focused on a largely residential mixed-use neighborhood with a variety of housing ty…
Tenant signs big industrial lease in Montbello
OnTrac, an overnight delivery company, leased a 151,929-square-foot industrial building in Montbello Industrial Park in Denver. The owner bought the building a couple of years ago and put in nearly $1 million worth of improvements. CBRE broker Paul Kluck represented the tenant in the lease, and Tom Myers of Unique Properties LLC-TCN Worldwide represented the landlord. See details CREJ's June 20-July 3 issue.
Investors buying Class B office buildings
Local investors have acquired several Class B office buildings in Denver recently with plans to add value through capital improvements.
The most recent deals ranged in price from $1.8 million to $6.85 million and included buildings that were anywhere from 58 percent to 95 percent leased.
CBRE broker Riki Hashimoto, who handled one of the deals with partner Dan Grooters, said he’s surprised at the level of activity.
You can read about three of the latest deals in the Great…
Westfield buys Mountain View Corporate Center
Westfield Company Inc. acquired Mountain View Corporate Center from an investment fund controlled by Hines for $92 million.
The four-building Class A office park on the U.S. Highway 36 corridor consists of 461,438 square feet. Tenants include WhiteWave Foods Co., TransFirst and Time Warner Cable.
Dave Tilton of Newmark Knight Frank Frederick Ross Co. represented the seller.
See the current issue of CREJ for more details.
Gaylord to 're-examine' Aurora hotel & convention center
Gaylord Entertainment Co. has agreed to sell the Gaylord Hotels brand and rights to manage its four hotels to Marriott International Inc., and says it won't pursue a new hotel and convention center in Aurora "in the form previously anticipated." The company said it will no longer view large-scale development as a means for growth and will "re-examine" how the project could be completed with minimal financial commitment by Gaylord during the current development cycle. Mar…
McWhinney to develop 165,000-square-foot build-to-suit
McWhinney is developing a 165,000-square-foot manufacturing and distribution facility for Fiberspar, which provides composite, spoolable pipe to the oil and gas industry. The building will be located on 17 acres at McWhinney's Iron Horse Business Park at U.S. Highway 34 and Interstate 25 in Johnstown. CBRE broker Murray Platt, Mike Camp, Jim Bolt and Bill Thompson represented the tenant. See the June 6 issue of CREJ for more details.
Cassidy Turley Fuller closes flurry of deals in April
Cassidy Turley Fuller Real Estate had a busy April, closing a flurry of sales and lease transactions, including some blockbusters.
Many of the deals, including the 555,000-square-foot United Natural Foods Inc. build-to-suit handled by CTF brokers Alec Rhodes and Tyler Smith, were in the works for months. But there was a noticeable overall pickup in both industrial and office leasing activity that Cassidy Turley Fuller President and CEO Greg Morris says is continuing into the seco…