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…
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…
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…
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…
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.
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…
Apartment vacancy rates falls to 4.6 percent
The apartment vacancy rate in the Denver metro area fell to 4.6 percent during the first quarter, dropping to the second-lowest vacancy rate recorded in any quarter since the first quarter of 2001, according to a report released today.
The vacancy rate was down from 2012’s first-quarter rate of 4.9 percent, and was also down from last year’s fourth-quarter rate of 4.9 percent, according to the report by the Apartment Association of Metro Denver and the Colorado Divisi…
Denver sees 10 percent increase in lumber costs
According to the latest construction cost report from property and construction consultant Rider Levett Bucknall, the construction industry is recovering from the worst effects of the Great Recession and should experience modest growth throughout 2013.
RLB cites the strengthening of the Architectural Billings Index, prepared by the American Institute of Architects, as just one sign of the recovery. The index rose to 54.2 in January from a mark of 51.2 in December.
Overall constr…
Senior center planned for Centennial
Denver-based MorningStar Senior Living and Haselden Construction, recently formed a joint venture and broke ground on a $20 million, 84-unit assisted living and memory care community 14301 East Arapahoe Road in Centennial.
MorningStar and Haselden believe the site is ideal for an assisted-living center, based on demographics showing that the senior population in Centennial is anticipated to grow much faster than in the overall Denver area.
The new center is called MorningStar at…
Value-add apartment deal a winner
Nuevo Oaxaca LLC paid $19.66 million for the 24-building, 288-unit Village by the Park apartment community in Northglenn.The transaction was handled by Joe Hornstein and Josh Newell of Pinnacle Real Estate Advisors.
Sixteen months earlier, 10701 Pecos Street Partners LLC bought and repositioned the property.
Read the entire article in the May 1 to May 14 edition of the Colorado Real Estate Journal.
Brixmor adding Neighborhood Market
New York City-based Brixmor Property Group plans to bring a 55,669-square-foot Walmart Neighborhood Market to its Villa Monaco shopping center in southeast Denver.
The Neighborhood Market will replace a former King Soopers as the anchor tenant in the center on the southwest corner of South Monaco Parkway and East Evans Avenue.
“The new Neighborhood Market will be in the old King Soopers building, but the building might be reconfigured for the Neighborhood Market,” sa…
Denver projects detailed in President's 2014 budget
The U.S. General Services Administration recently announced major public building construction and repair projects outlined in President Obama’s Fiscal Year 2014 Budget.
The budget proposal calls for common sense investments in the nation’s public buildings managed by the GSA.
“By investing in our public buildings, a smaller federal footprint and improved border crossing stations, GSA will not only create savings for the American people, but also assist in prov…
ULC's W line investments will create 500 jobs
While the first leg of the RTD’s FasTrack transit project opens on Friday â�¯ the 12-mile W line hat connects downtown Denver with Lakewood and Golden â�¯ the Denver-based Urban Land Conservancy has ben buying land along and near the new line for the past six years.
ULC spent almost $14 million acquiring the properties to assure that affordable. Housing and other community services would be available along the line.
ULC used the $15 million…
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…