BOULDER, COLO. — Newmark Knight Frank has brokered the sale of an industrial building located at 5360 Sterling Drive in Boulder. Alger Boulder I LLC acquired the property from Ivy 5360 Sterling Property LLC for $15.5 million. The property features 38,263 square feet of industrial space. John Jugl of Newmark Knight Frank Colorado represented the seller in the deal.
COLORADO SPRINGS, COLO. — Berkadia has arranged financing on behalf of Las Vegas-based Crystal View Capital for the acquisition of AAA Platte Self Storage, a self-storage facility in Colorado Springs. Located at 4510 Edison Ave., AAA Platte Self Storage is a 308,749-square-foot, 877-unit self-storage and industrial warehouse facility located near Peterson Air Force Base. Cutt Ableson and Johnny King of Berkadia’s Houston office secured the three-year, adjustable-rate loan, which MidCap Financial Services provided.
DENVER — Pinnacle Real Estate Advisors has arranged the sale of an office building located at 1666 S. University Blvd. in Denver. An undisclosed seller sold the asset to 1666 S University LLC for $2.3 million. The building features 7,514 square feet of office space. Darrin Revious of Pinnacle Real Estate Advisors represented the buyer in the deal.
GYPSUM, COLO. — Bellwether Enterprise Real Estate Capital, the commercial and multifamily mortgage banking subsidiary of Enterprise Community Investment, has closed a $20.6 Fannie Mae loan. The funds will be used for Phase I of Spring Creek Apartments, an affordable multifamily development in Gypsum, 25 miles west of Vail, Colo. Located at 750 Sunny Ave., the first phase of Spring Creek Apartments will include 150 garden-style apartments in a mix of one-, two- and three-bedroom layouts available to residents making between 30 percent and 60 percent of the area median income. Construction is currently underway with completed slated for summer 2020. Once fully developed, Spring Creek Apartments will offer 461 apartments, townhomes, duplexes and single-family homes, as well as a clubhouse and park facility including a leasing office, community room, business center and fitness center. Additionally, the complex will feature community gardens and walking trails to connect residents to the Eagle County, Colo., multi-use trail system. Anthea Martin of Bellwether Enterprise’s Denver office arranged the 24-month forward period followed by a 15-year Fannie Mae M.TEB loan on behalf of co-developers Gerry Flynn and Jeff Spanel. A fixed rate of 3.3 percent was secured for the transaction. Additional funding for Spring …
FOUNTAIN, COLO. — CBRE has arranged the sale of E Shops at Mesa Ridge, a retail center located at 6825 Mesa Ridge Parkway in Fountain. A Los Angeles-based private real estate fund sold the asset to a private discretionary investor for $4.1 million. Built in 2013, the 9,380-square-foot property features five tenant spaces. At the time of sale, the property was fully occupied by Noodles & Co., Sprint, Jersey Mike’s, Sports Clips and H&R Block. Parker Brown, Matthew Henrichs and Brad Lyons of CBRE Capital Markets, National Retail Partners, represented the seller in the deal.
GRAND JUNCTION, COLO. — Christian Living Communities (CLC), a Denver-based nonprofit owner-operator, has purchased Cappella of Grand Junction, an assisted living and memory care community in Grand Junction. Located just east of the Utah border, the community features 66 units in a 52,000-square-foot building. Cappella Living Solutions, the management and consulting division of Christian Living Communities, has operated the community since construction began in 2016 through a development partnership with Confluent Senior Living. CLC financed the acquisition with owner equity and tax-exempt bond financing. CLC now owns six senior living communities in Colorado and is responsible for the management of 20 additional communities across Colorado, Utah, Texas, Oklahoma, Ohio, Indiana and Missouri.
GOLDEN, COLO. — Scottsdale, Ariz.-based The Wolff Cos. has completed the disposition of Clear Creek Commons, an active adult apartment community located at 1027 Washington Ave. in downtown Golden. Colorado Springs-based Griffis/Blessing acquired the 55-plus active seniors housing property for $18.7 million. Built in 2003, Clear Creek Commons features 45 apartments in a mix of one- and two-bedroom layouts, averaging 821 square feet. Each apartment offers a washer/dryer, spacious closets and secured off-street parking, while select units feature a private balcony or patio and a wood-burning fireplace. Community amenities include a gourmet entertainment kitchen and dining room, a cardio/fitness center, media room and business center, a community gardening space, scheduled transportation, concierge services and bi-weekly housekeeping. Additionally, the property is home to Sassafras Restaurant and offers direct access to the Clear Creek hiking trails and Parfet Park. Dan Woodward, David Potarf, Matt Barnett and Jack Young of CBRE’s Denver office represented the seller and arranged acquisition financing for the buyer.
DENVER — Lowe has acquired Stanford Place II, an office tower located at 7979 E. Tufts Ave. in southeast Denver, for an undisclosed price. Built in 1982 and situated in the Denver Tech Center, the 18-story building features 366,184 square feet of Class A office space. The property offers 21,000-square-foot floorplates, nine-foot finished ceilings and abundant windows. Hospitality at Work, Lowe’s workplace experience and property management platform, has operated the property on behalf the prior owner since 2014 and oversaw a comprehensive building improvement and upgrade program at the property. Marty Caverly, Alan Chamorro, Mara Fabian and Andy Segal provide in-house representation for Lowe, while Mike Winn and Tim Richey of CBRE represented the undisclosed seller in the deal.
DENVER — Vukota Capital Management has completed the disposition of Stratford at Lowry, an apartment property located at 425 S. Gelana Way in Denver. Marble Partners and Lion Real Estate Group acquired the asset for an undisclosed price. The buyers plan to rename the property Cleo Apartments. Constructed in 1979, the property features 142 units in a mix of studio, one- and two-bedroom layouts averaging 823 square feet. Situated on 5.5 acres, the community features six two-story and two three-story buildings plus a new clubhouse. All units offer air conditioning and ceiling fans, while select units feature wood-style plank flooring, stainless steel appliances, a fireplace, private balconies/patios, vaulted ceilings, walk-in closets and private entries. Community amenities include a heated swimming pool, fitness center, business center, playground, dog park, picnic and barbecue areas, and laundry rooms. Terrance Hunt and Shane Ozment of Newmark Knight Frank Multifamily represented the seller in the deal.
AURORA AND COMMERCE CITY, COLO. — CBRE has arranged the sale of the Denver Distribution Portfolio, a three-building industrial portfolio located in Denver’s Airport submarket. A confidential investment firm sold the asset to Bethesda, Md.-based ASB Investment Management for an undisclosed price. The portfolio includes a 406,959-square-foot facility at 22100 E. 26th Ave. in Aurora, an 85,604-square-foot building at 18300 E. 28th Ave. in Aurora and a 140,630-square-foot property at 9410 Heinz Way in Commerce City. The 633,193-square-foot portfolio is fully leased to Subaru of America, Old West Mattress Co. and a national retailer. Constructed between 2000 and 2007, the three buildings feature dock-high and drive-in loading, ESFR sprinklers and 28-foot to 32-foot clear heights. Additionally the portfolio includes trailer parking, outdoor storage, covered loading and BNSF rail service. Jim Bolt, Tyler Carner and Jeremy Ballenger of CBRE represented the seller in the transaction.