DENVER — Crestone Partners has received a $66 million refinancing for a 279,188-square-foot office property in Denver. The asset consists of two interconnected, Class A office towers in Denver’s LoDo submarket. The space is nearly 95 percent leased to 13 tenants. There is also 25,188 square feet of ground-floor retail space and a 467-space parking garage on the first and second floors. JLL’s Bob Flynn, Garth Tait, Dave Meares and Heidi McKernan represented the borrower and operator, Crestone Partners, to secure the five-year, fixed-rate loan through an international correspondent life insurance company.
LaPour Partners to Build 359,800 SF Industrial Park in Broomfield, Colorado
BROOMFIELD, COLO. — LaPour Partners has received governmental approval to build Arista 36, a 359,800-square-foot, Class A industrial park in Broomfield. The company plans to break ground in September for delivery in early 2025. The three-building project is situated on a nearly 30-acre site in the northwest section of the city. It will feature 48 electric vehicle charging stations; two tenant community gathering spaces with shade elements and plenty of seating; walking and bike trail tie-ins; and enclosed bike racks for bike-to-work capability. Stream Realty Partners’ Tyler Reed, Peter Beugg, Dominic DiOrio and Buzz Miller will handle leasing at the property.
Marcus & Millichap Brokers $5.5M Sale of Best Interstate Inn Wheat Ridge in Colorado
WHEAT RIDGE, COLO. — Marcus & Millichap has arranged the sale of the 100-room Best Interstate Inn Wheat Ridge in Wheat Ridge. A private investor acquired the hotel for $5.5 million. The asset is located at 4735 Kipling St. The acquisition provides the buyer with a multifamily conversion opportunity. Christy McDougall of Marcus & Millichap represented both the buyer and seller, a limited liability company.
MTM Transit Leases 22,689 SF Industrial Outdoor Storage Facility in Denver
DENVER — MTM Transit has leased an industrial outdoor storage (IOS) property in Denver. It is located at 280 West 62nd Ave. The 22,689-square-foot space features outdoor storage that could suitably accommodate a 100-passenger van fleet. It is situated near strong population bases and offers access to Denver’s major freeways. Mike Viehmann represented MTM in the lease transaction.
NorthPeak Arranges Sale of Industrial Building in Englewood, Colorado for $1.9M
ENGLEWOOD, COLO. — A local buyer has purchased a 14,200-square-foot industrial building in Englewood for $1.9 million. The facility is located at 2622 S. Raritan Circle. The seller, which was in a 1031 exchange, secured a higher price than what traditional financing would have offered due to a high interest rate environment, according to NorthPeak Commercial Advisors, which represented both parties. Meanwhile, the purchase allowed the buyer to continue purchasing triple-net industrial properties within the same business park as its other holdings. The transaction also allowed the company to simultaneously complete a 1031 exchange into a more passive investment than a previous building.
Asset Living to Manage St. Paul Collection Multifamily Community in Denver
DENVER — Asset Living has been selected to manage St. Paul Collection, a 165-unit apartment building in Denver’s Cherry Creek North neighborhood. St. Paul Collection offers one-, two- and three-bedroom floor plans. Community amenities include a pool with hot tubs and day beds, a lounge, fitness center, sun terrace, bike storage and a coffee bar.
Marcus & Millichap Brokers $2M Sale of Downing Street Office Building in Denver
DENVER — A local family medicine practice has acquired an 8,360-square-foot office building in Denver for $2 million. The practice plans to convert most of the building for its medical practice. The property is located at 1634 Downing St. The two-story building is only a few blocks from SCL Saint Joseph Hospital. An immigration law firm currently occupies the space. Cory Gross and Erik Enstad of Marcus & Millichap’s Denver office had the exclusive listing to market the property on behalf of the seller, a private investor.
Confluent, MorningStar Open 81-Unit Observatory Park Seniors Housing Community in Denver
DENVER — Project partners Confluent Senior Living and MorningStar Senior Living have completed construction of MorningStar at Observatory Park. Located in Denver’s historic Observatory Park neighborhood, the 89,900-square-foot senior living community represents the partners’ 13th joint venture across five states. The five-story, urban infill community offers 58 assisted living and 23 memory care suites as well as 47 underground parking spaces. Firms involved in the project included Hord Coplan Macht as the architect, Shaw Construction as the general contractor and Thoma-Holec Design as the interior designer.
NorthPeak Commercial Advisors Negotiates $10M Sale of Historic Apartment Buildings in Denver
DENVER — NorthPeak Commercial Advisors has brokered the sale of two apartment buildings at 1410 N. Marion St. and 1321 E. 14th Ave. in Denver. An undisclosed investment group bought the properties for $10 million. According to Apartments.com, the buildings were built in 1896 and rise three stories. The buyer is planning to renovate all 40 units. Greg Johnson and Conner Piretti represented the buyer and seller in this transaction. The seller, which owned the property for 40 years prior to the sale, was not disclosed.
EverWest Acquires Central Connection Industrial Project in Denver for $39.6M
DENVER — EverWest Real Estate Investors has purchased Central Connection, a 194,710-square-foot, Class A industrial asset in Denver, for $39.6 million. The two-building property is located at 1550 and 1210 E. 73rd Ave. in the North Central infill submarket. It is fully leased to six tenants in an area known for significant demand and high barriers to entry. Jeremy Ballenger, Jim Bolt, Tyler Carner and Jessica Ostermick of CBRE represented the seller, a joint venture between Comunale Properties and institutional investors advised by J.P. Morgan Asset Management.