Colorado

Stonebridge Cos. Opens 382-Room Dual-Branded Hilton Hotel in Downtown Denver

by Amy Works November 6, 2019

DENVER — Denver-based Stonebridge Cos., as owner and manager, has opened a 22-story, dual-branded hotel in downtown Denver. Located at 801 15th St., the 382-room asset features the 176-key Tru by Hilton Denver Downtown Convention Center and the 206-suite Home2 Suites by Hilton Denver Downtown Convention Center. Property amenities include 3,300 square feet of flexible meeting space with views of the Rocky Mountains, the street-level Tempo Bar, a shared lobby, grab-and-go market, complimentary breakfast bar, fitness center, guest laundry, valet parking and a five-story garage. The dual-branded hotel marks Stonebridge’s 23rd metro Denver property within its portfolio.

November 6, 2019

Acquisitions Colorado Multifamily Western

Gelt Sells 400-Unit Westhills Apartment Homes Near Denver for $92M

by Amy Works November 5, 2019

LAKEWOOD, COLO. — Los Angeles-based Gelt Inc. has completed the sale of Westhills Apartment Homes, a multifamily property located at 453 Van Gordon St. in Lakewood, a submarket of Denver. An undisclosed buyer acquired the community for $92 million. Built in 1972 and situated on 16.2 acres, the 27-building property features 400 units in a mix of two studios, 108 one-bedroom layouts and 290 two-bedroom units. Community amenities include two outdoor swimming pools, a fitness center, basketball court, dog park, playground and a clubhouse with kitchen and lounge area featuring WiFi. The garden-style community is within walking distance to the Federal Center Light Rail Station, which allows a convenient commute to downtown Denver.

November 5, 2019

Acquisitions Colorado Office Western

Investcorp, Schnitzer West Dispose of Two Adjacent Office Towers in Denver for $77.5M

by Amy Works November 1, 2019

DENVER — Investcorp International Inc. and Schnitzer West LLC have completed the disposition of Centerpoint Office Center I and II, two office towers in Denver situated on 3.6 acres at the intersection of Colorado Boulevard and Interstate 25. TerraCap Management LLC acquired the assets for a combined $77.5 million. The 14-story Centerpoint I offers 168,486 square feet of office space, and the 16-story Centerpoint II features 205,534 square feet of office space. The sellers originally purchased the adjacent Class A towers in 2016. Jenny Knowlton, Tim Richey, Mike Winn, Charley Will and Chad Flynn of CBRE brokered the transaction. Bank of America provided debt financing for TerraCap.

November 1, 2019

Colorado Industrial Market Reports Western Western Market Reports

Denver’s Industrial Market Is Still Going Strong

by Taylor Williams November 1, 2019

Denver’s industrial real estate market continues to fire on all cylinders with 37 consecutive quarters of positive net absorption, record amounts of new supply and record-low cap rates for investment properties. The region’s industrial product has benefitted greatly from a strong and diversified economy, significant population growth both locally and regionally and the continued trend by companies to modify their supply chain to accommodate same-day deliveries. Demand has come from existing businesses that have grown organically and are now serving a larger market and carrying increased inventories. It has also come from new companies that hadn’t previously had distribution centers here but now need to serve the Colorado Front Range and the Rocky Mountain region. A new phenomenon that impacted the market recently is increased demand by tenants and users seeking build-to-suits rather than leasing or purchasing speculative buildings. One reason has been affordability, as some new developers and their capital partners have accepted significantly lower yields on cost in order to “build into” the market, compared to existing local developers that have historically commanded higher yields for speculative product. An example of this was a project built by Becknell/UBS that contained a 541,000-square-foot, cross-dock building. Haier (GE) Appliances pre-leased …

November 1, 2019

Acquisitions Colorado Multifamily Western

Gelt Acquires 390-Unit Value-Add Apartment Community Near Denver for $61M

by Amy Works October 31, 2019

THORNTON, COLO. — Los Angeles-based Gelt Inc. has purchased Timber Lodge, a multifamily property located in Thornton, approximately nine miles from downtown Denver. BMC sold the asset for $61 million. Situated on 12.6 acres at 1769 Coronado Parkway, Timber Lodge consists of 15 two-story buildings with basements. Built in 1972, the property features 390 apartments in a mix of 178 one-bedroom units and 202 two-bedroom units. On-site amenities include two swimming pools, a fitness center, business center, playground, barbecue area, soccer field, dog park and carports. Terrance Hunt, Shane Ozment, Amanda Meldrum and MacKenzie Walker of Newmark Knight Frank represented the seller in the deal.

October 31, 2019

Acquisitions Colorado Office Western

Sperry Properties Sells Yosemite Office Plaza in Southeast Denver for $13.3M

by Amy Works October 31, 2019

DENVER — Irvine, Calif.-based Sperry Properties has completed the sale of Yosemite Office Plaza, an office property located at 3600 S. Yosemite St. in Denver. Miami-based SF Partners acquired the asset for $13.3 million. James Brady, Campbell Davis, Mike Winn, Jenny Knowlton and Tim Richey of CBRE represented the seller in the deal. CBRE’s John Marold, Mitch Bradley and Lindsay Gilbert are handling leasing for the property. Built in 1974 and renovated in 2018, the 10-story property features 126,436 rentable square feet on approximately 6 acres. The building also includes underground parking and surface parking, as well as a fitness facility and outdoor building terrace. At the time of sale, the property 97 percent occupied by 26 tenants.

October 31, 2019

Acquisitions Colorado Retail Western

Marcus & Millichap Brokers $9.2M Purchase of Country Club Village Retail Property in Colorado

by Amy Works October 29, 2019

WESTMINSTER, COLO. — Marcus & Millichap has facilitated the sale of Country Club Village, a retail asset located at 2721 and 2821-2851 W. 120th Ave. in Westminster. A California-based private investor acquired the asset for $9.2 million. Tenants at the 33,091-square-foot property include Caribou Coffee Co., TCBY Yogurt, Ana’s Mexican Restaurant, Hana Matsuri Sushi and Gillett Veterinary Clinic. Ryan Bowlby of Marcus & Millichap’s Denver office represented the buyer in the deal. Phillip Gause, also of Marcus & Millichap, secured financing for the transaction. The financing features a fixed, long-term interest rate with a 30-year amortization term and no prepayment penalty.

October 29, 2019

Colorado Market Reports Office Western Western Market Reports

Innovative Solutions Continue to Push the Office Market in Denver

by Taylor Williams October 25, 2019

Denver was one of the top major metros targeted by commercial real estate investors in 2018. This year is proving to be no different as the third quarter closes out with a flood of office deals. Office investors are being forced to look for deals outside Denver’s urban core. Value-add acquisitions are mainly redevelopments driven by tenant demand for “cool” workspace and talent wars. There is no arguing Denver’s office market is maturing, but there appears to be no threats of an impending plateau or decline. The headlines this year have been dominated by large office lease transactions, including WeWork tying up 220,000 square feet at McGregor Square in LoDo. WeWork has taken a commanding stance with 2 million square feet in Denver and counting. Much of that space is dedicated to enterprise office space solutions and headquarters locations. This year has also marked the notable expansion of coworking outside of Denver’s urban core into Midtown, Cherry Creek and Southeast Denver. Occupancy levels within WeWork locations historically ebb and flow with direct vacancy rates per submarket performance. For example, WeWork at Civic Center Plaza in Upper Downtown Denver has been slow to fill with memberships and term. A WeWork desk …

October 25, 2019

Acquisitions Colorado Multifamily Western

Bascom Northwest Ventures Buys 260-Unit Apartment Complex in Denver for $90.5M

by Amy Works October 21, 2019

DENVER — Bascom Northwest Ventures has acquired 1000 South Broadway Apartments, a multifamily property located at 1000 South Broadway in Denver. An undisclosed seller sold the asset for $90.5 million, or $348,076 per unit. Built in 2015, 1000 South Broadway Apartments features 260 Class A units. Avenue 5 Residential will manage the property. Terry Daly of Cushman & Wakefield arranged a $54.5 million loan with Wells Fargo Bank for the buyer. The property was also purchased with proceeds derived from the sale of a 15-year investment in an urban infill property in Bellevue, Wash.

October 21, 2019

Acquisitions Colorado Office Western

NKF Negotiates $32.5M Sale of Occidental Petroleum Office Building in Colorado

by Amy Works October 17, 2019

PLATTEVILLE, COLO. — Newmark Knight Frank (NKF) has facilitated the sale of a two-story office building located at 501 N. Division Blvd. in Platteville, approximately 40 miles north of Denver. Platteville Energy Partners sold the asset to an undisclosed buyer for $32.5 million, or $282 per square foot. Occidental Petroleum Corp. (formerly Anadarko Petroleum Corp.) fully occupies the 114,524-square-foot building. The company uses the facility as a mission critical operations center in the Denver-Julesburg Basin. John Jugl of NKF represented the seller, Platteville Energy Partners I LLC, in the transaction.

October 17, 2019

Newer Posts

Older Posts