Colorado

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DENVER — Westfield Co. is developing Pivot Denver, a 472,800-square-foot, Class A industrial property in central Denver. The core and shell are already complete and the speculative development is 33.5 percent pre-leased to three tenants totaling approximately 159,000 square feet. Situated on the site of the Denver Merchandise Mart, Pivot Denver features four facilities: 162,000-square-foot Building 1; 33,600-square-foot Building 2; 154,800-square-foot Building 3 and 122,400-square-foot Building 4. The buildings offer ample dock/grade loading, 28-foot to 32-foot clear heights and ample parking. Total Tool, a construction tool supplier, inked a deal to occupy 59,000 square feet; an undisclosed tenant leased 75,000 square feet; and Crescent Electric Supply Co., an electric wholesale supply and distribution company, leased 25,000 square feet. Construction of Pivot Denver began in late 2022. Tyler Smith, Alec Rhodes and Aaron Valdez of Cushman & Wakefield are handling leasing of the project on behalf the landlord.

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GOLDEN, COLO. — DS Real Estate LLC has completed the disposition of a single-tenant office building located at 607 19th St. in Golden, a suburb west of Denver. An undisclosed buyer acquired the asset for $3.8 million, or $315.85 per square foot. Formerly a retail bank building, the 12,031-square-foot property was redeveloped into a modern office space in 2017. The asset features ample parking, offices with mountain views, two conference rooms, a breakroom with a built-in speakeasy bar in the former bank vault space, and bathrooms with large locker/shower areas. Brett MacDougall and Michael DeSantis of Unique Properties Inc. / TNC Worldwide represented the seller, while Kurt Liss of JLL represented the buyer in the deal.

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DENVER — Newmark has arranged two new industrial leases totaling 494,398 square feet at Central Park Logistics Center, a newly constructed, two-building industrial asset in Denver. New York-based Brookfield Properties developed and owns the 695,899-square-foot complex. Discount Tire and Marcone Supply Inc. will occupy 339,000 square feet and 156,000 square feet, respectively, filling the entirely of Building 2 at 9400 E. 46th Place. Mike Wafer and Mike Wafer Jr. of Newmark represented the landlord in the transactions. Wafer also served as tenant advisor for Discount Tire, and Mike Statter of Cresa represented Marcone Group in the lease transaction.

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COLORADO SPRINGS, COLO. — M&J Wilkow Ltd. and MetLife Investment Management, on behalf of its clients, have acquired Chapel Hills East, a core retail asset in Colorado Springs. Terms of the transaction were not released. Developed in 1995/1996, Chapel Hills East features 225,000 square feet of retail space. The property is currently 100 percent occupied by a variety of tenants, including Whole Foods Market, Nordstrom Rack, Best Buy, DSW, Old Navy, Barnes & Noble and Office Depot. Chapel Hills East is the fifth joint venture co-owned by M&J Wilkow and MetLife Investment Management.

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DENVER — A joint venture between Westfield and Reinsurance Group of America has purchased Centerpark, a three-building industrial project in Denver, from an undisclosed seller for $73 million. Situated on more than 22 acres, the three buildings are located at 4900, 5000 and 5050 Osage St. At the time of sale, the 431,157-square-foot multi-tenant property was fully leased to 10 tenants. Centerpark features multiple points of ingress/egress, suitable tenant size flexibility with various storefronts, loading options (Buildings C and D are spine cross-dock), functional column spacing, ample parking, concrete truck aprons and ESFR sprinklers. Additionally, the property is located within a Denver Enterprise Zone. Will Strong, Jim Carpenter, Kirk Kuller, Michael Matchett, Molly Hunt and Dean Wiley of Cushman & Wakefield’s National Industrial Advisory Group brokered the transaction. Alec Rhodes, Aaron Valdez and Tyler Smith of Cushman & Wakefield provided leasing advisory for the buyers, which retained the team for future leasing of Centerpark.

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DENVER — Malman Commercial Real Estate has arranged the sale of 131 Madison Street, an office building located in Denver’s Cherry Creek district. University of Colorado Health, a Colorado nonprofit corporation, acquired the asset from 131 Madison Investors, a Texas limited liability company, for $3.1 million. The property offers 6,156 square feet of office space. Jake Malman and Taylor Roy of Malman Commercial Real Estate represented the seller, while Kyle Underwood and Julie Burch of Legend Partners represented the buyer in the deal.

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AURORA, COLO. — The Bascom Group and an affiliate of Oberndorf Real Estate Management, formerly known as The Axton Group, have acquired Hearthstone at City Center, a multifamily property in Aurora, for $74 million. The name of the seller was not released. Aurora is just east of Denver. Located at 932 South Helena Way, Hearthstone features 360 one-, two- and three-bedroom apartments spread across 41 buildings on 18.2 acres. Select units offer contemporary appliances, in-home washers/dryers, hardwood-style flooring, walk-in closets, fireplaces and private patios or balconies. Community amenities include a resort-style pool, outdoor grilling and picnic areas, a fitness center and sauna, pet park, playground, basketball court and on-site laundry. The buyers plan to implement an extensive value-add renovation program that includes upgraded appliances, countertops and lighting; additional in-unit washers/dryers; added kitchen backsplashes; new cabinets and fixtures; and wood plank flooring. Planned common area improvements include updating the fitness center, leasing center and pool, as well as a completely redesigning the multipurpose activity area, enhancing the façade and revamping landscaping.

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PARKER, COLO. — Health Dimensions Group (HDG), along with co-owners Ellipsis and Invesque, has opened Terra Bluffs, an assisted living and memory care community in Parker. The property is located southeast of Denver. Details such as the number of units were not disclosed. HDG provides oversight of the community’s day-to-day operations. Ellipsis is the project developer for the care community and Invesque is the project’s investment partner.

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13670-E-Alameda-Ave-Aurora-CO

AURORA, COLO. — Pinnacle Real Estate Advisors has arranged the sale of Plaza West at Aurora Town Center, a 94,949-square-foot retail center in the Denver suburb of Aurora. The Colorado- and California-based sellers sold the asset to a Colorado-based investment group for $8 million. Situated on 7.8 acres at 13670 E. Alameda Ave., Plaza West at Aurora Town Center was 65 percent occupied at the time of sale. The property consists of a shopping center, which was built in 1985, anchored by Dollar Tree and Harbor Freight Tools, and a freestanding drive-thru building built in 2021 and occupied by Starbucks Coffee. Justin Krieger of Pinnacle Real Estate Advisors handled the transaction.

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4800-Dahlia-St-Denver-CO

DENVER — JLL Capital Markets has brokered the sale of Saltbox Denver – Park Hill, an industrial property located at 4800 Dahlia St. in Denver. Rob Key and Larry Thiel of JLL Capital Markets handled the transaction. Terms of the sale were not released. Saltbox fully occupies the 101,788-square-foot, side-loading building on a net-lease basis. Situated on 5.5 acres, the asset was built in 1959 and most recently renovated in 2021. The building features 22-foot clear heights, 14 dock-high doors, two grade-level doors and 144 parking spaces. The tenant offers digital commerce companies a flexible and tenant-ready office, warehousing and distribution solution to solve challenges in e-commerce.

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