Energy companies drawing construction workers
A construction labor shortage impacting apartment building in much of the Southwest, including the Denver area, increasingly could be exasperated by an unexpected source ⎯ competition from oil and exploration outfits that pay much higher wages than builders.
Jeff Booth, a senior vice president of San Antonio-based Embrey Partners, which has developed more than 40 million square feet of apartments and commercial properties during the past 39 years, highlighted the issue of compe…
Making the case for multifamily
Apartments are the shining star of commercial real estate investments. What do investors, real estate professionals, institutional owners, banks and lenders know? Why choose multifamily over office, industrial, retail and other commercial property types?
In terms of commercial real estate, the stars rarely align in the way they have for multifamily rental properties. Fundamentals are everything, and the fundamentals are strong in every area of apartments. This element gets the ca…
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…
HOK working on Byron G. Rogers office building
The modernization of the Byron G. Rogers Federal Office Building in Denver is under way.
HOK is the design architect on the design-build team for the modernization of the 18-story building for the U.S. General Services Administration.
The team was challenged to design an affordable, highly energy-efficient retrofit of a large historic existing building while creating a modern, flexible workplace for 11 federal agencies. The project included complete design and construction for u…
High-tech manufacturing bldg. trades for $2.5m
Alliance Storage Technologies Inc. purchased a Colorado Springs high-tech/manufacturing facility at a fraction of replacement cost.
The firm, which specializes in professional data archiving solutions for secure archival data, paid $2.5 million for the 51,588-square-foot industrial building at 10045 Federal Drive.
Alliance Storage is under way on renovations to the building, built in 1996, according to public records, and is expected to fully occupy the building in three to four…
City Council approves redevelopment of 104th Ave. site
This month, demolition and remediation will start on a former Target store in Thornton.
The city of Thornton, Thornton City Council and the Thornton Development Authority made the determination to demolish the site.
“We are certain the demolition of the vacant former Target building will create a positive momentum that will spur new development interest on the site,” said Thornton Interim Economic Development Director Jessica Erickson. “The redevelopment is an …
Data reveals stronger employment growth in metro Denver
Revised data for employment shows annual growth was even stronger than estimated in metro Denver, with 37,300 jobs added in 2012. The annual benchmark revision of the employment data reflects an increase of 2,800 more jobs than the previous estimate, according to data compiled by the Metro Denver Economic Development Corp. in its Monthly Economic Summary for April.
In addition to employment, retail sales and residential building permit annual data also were revised …
McWhinney unveils apartment community
Loveland-based developer McWhinney plans to begin construction this month on its fifth multifamily project, Arbour Commons, in Westminser.
The 394-unit lifestyle community is the second multifamily project developed by McWhinney at the Orchard Town Center master-planned community located off Interstate 25 and 144th Avenue.
Arbour Commons will be north of Arbour Square Apartments, a 300-unit multifamily project developed by McWhinney that opened in the fall of 2011.
…
AIA Denver to host Box City for Kids
The American Institute of Architects Denver chapter invite area children to participate in Box City for Kids, a free and unique children’s event that promotes an understanding of historic preservation and urban design by combining art, architecture, creative thinking, city planning, design, construction, fun and learning into one comprehensive educational experience. Children in kindergarten through fifth grade (accompanied by adults) will experience the design and cons…
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.
Public, private sectors produce sustainability strategies
Public-private partnerships have long proven to benefit both sectors if the parties involved remain focused on the goals they seek to gain from the relationship. For years, private-sector companies have realized that by partnering with public programs, often they are able to reduce expenses, which is a sought-after goal for any business. More recently, the commercial real estate industry has begun to capitalize on the concept that sustainability strategies do not just benefit a co…
Terrix handles challenging deal
Kevin Chadwick said he could have shopped a recent acquisition deal to 50 lenders and 49 would reject it.
But Chadwick, a principal of Terrix Financial, only went to about 20 lenders before he found the “needle in the haystack” lender willing to fund a $9.5 million loan for the $15.2 million purchase of an industrial property in Colorado Springs by a California-based investment company.
“It was an interesting deal. It was a challenging deal,” said Chadwic…
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-…