Colorado

Presidio Property Trust Sells Centennial Technology Center in Colorado Springs for $15M

by Amy Works March 9, 2020

COLORADO SPRINGS, COLO. — San Diego-based Presidio Property Trust has completed the disposition of Centennial Technology Center, an office asset located at 4820 and 4920 Centennial Blvd. in Colorado Springs. Eagle, Idaho-based Alturas Capital Partners acquired the property for $15 million. Situated on 9.3 acres within the Garden of the Gods Office Park, Centennial Technology Center features 110,405 square feet of Class A office space. At the time of sale, the property was 100 percent leased with Comcast and Walter Kidde United Technologies as anchor tenants. Patrick Devereaux, James Brady and Campbell Davis of CBRE’s Denver office represented the seller in the transaction.

March 9, 2020

Acquisitions Colorado Multifamily Western

Watermark Residential Divests of 244-Unit Multifamily Asset in Colorado Springs

by Amy Works March 4, 2020

COLORADO SPRINGS, COLO. — Watermark Residential, a wholly owned affiliate of Thompson Thrift, has completed the sale of Watermark on Union, a stabilized, Class A apartment community in Colorado Spring’s Cordera community. Santa Barbara, Calif.-based NALS Apartment Homes acquired the asset, which has been renamed Aliso at Briargate, for undisclosed price. The 244 units feature kitchen islands, tile backsplashes, drop-in sinks, recycled glass countertops, stainless steel appliances, nine- to 12-foot ceilings, garden tubs, private balconies and full-size washers and dryers. On-site amenities include a clubhouse, resort-style pool with cabanas, fire pit, fitness center, detached garages, dog park and courtyards with barbecue grills. Kevin McKenna and Saul Levy of Newmark Knight Frank Multifamily represented the seller in the transaction.

March 4, 2020

Colorado Industrial Loans Western

Ready Capital Closes $14M Refinancing for Industrial Asset in Broomfield, Colorado

by Amy Works March 2, 2020

BROOMFIELD, COLO. — Ready Capital has closed a $14 million refinancing for an industrial property located in Broomfield. The undisclosed sponsor will use loan proceeds for capital expenditures and tenant costs needed to lease up the 140,000-square-foot, Class A asset. The non-recourse, interest-only loan features a floating rate, 36-month term, two extension options and flexible pre-payment. Additionally, the financing includes a facility to provide future funding for capital expenditures and tenant leasing costs.

March 2, 2020

Acquisitions Colorado Industrial Office Western

NavPoint Real Estate Arranges $11.2M Sale of Flex Building in Broomfield, Colorado

by Amy Works February 28, 2020

BROOMFIELD, COLO. — NavPoint Real Estate Group has negotiated the sale of a multi-tenant office, flex and R&D investment asset in Broomfield. Silverwood Investments sold the property to 295 Interlocken Boulevard LLC for $11.2 million. Built 1965 on 5.5 acres, the single-story building features 65,000 square feet of multi-tenant flex space. At the time of sale, the property was leased to a variety of tenants in the technology, food and transportation industries. The property is located at 295 Interlocken Blvd. Matt Call of NavPoint Real Estate Group represented the seller, while Eric Rutherford of WK Real Estate represented the buyer in the transaction.

February 28, 2020

Colorado Development Office Western

McCaffery, Ivanhoé Cambridge, Hines to Develop 240,000 SF Office Building in Denver

by Amy Works February 26, 2020

DENVER — McCaffery, Ivanhoé Cambridge and Hines have started construction of T3 RiNo, a six-story T3 (timber, transit and technology) office building in Denver. Situated in the River North Art District (RiNo), the 240,000-square-foot building will feature common, hospitality-driven social areas; large, private tenant terraces on each floor; a modern fitness facility and bicycle facility; 17,000 square feet of retail space; and convenient access to the Regional Transportation District (RTD) commuter rail system. Designed by Pickard Chilton Architects and DLR Group, T3 RiNo is slated for completion in spring 2022.

February 26, 2020

Colorado Loans Multifamily Seniors Housing Western

Live Oak Bank Funds $8.1M Refinancing for Greeley Village Assisted Living in Colorado

by Amy Works February 26, 2020

GREELEY, COLO. — Live Oak Bank has provided an $8.1 million loan for Greeley Village, a 71-unit assisted living and memory care community in Greeley, approximately 50 miles north of Denver. The borrower is KSL Seniors, a developer/owner with communities in Colorado, Utah, Idaho and Oregon. The 51,000-square-foot community opened during in fourth-quarter 2019. Cadence Senior Living operates the property. The three- to five-year, floating-rate loan refinanced a construction line of credit, providing bridge-to-permanent financing. It also allowed the borrower to recapture a line of credit capacity to pursue future projects.

February 26, 2020

Acquisitions Colorado Industrial Mixed-Use Multifamily Self-Storage Western

Denver Realty Group Acquires 25-Property Portfolio in Colorado Springs for $22M

by Amy Works February 25, 2020

COLORADO SPRINGS, COLO. — Denver Realty Group, through its DRGinvest platform, has purchased a 25-property portfolio in Colorado Springs for $22 million. The portfolio totals 186 units and includes multifamily, single-family homes and a storage facility. The off-market deal was acquired using a unique, deal-specific loan arranged by NorthMarq’s Denver office and placed with ArrowMark Commercial Real Estate Partners and Arbor Realty SR as lenders. DRG was represented by Zach Hansen of Denver Realty Group and Stuart Sloat of Olive Realty Estate Group as transaction brokers.

February 25, 2020

Acquisitions Colorado Multifamily Western

Halaby Capital Sells Willowbrook Apartments in Colorado for $11.7M

by Amy Works February 25, 2020

WESTMINSTER, COLO. — Denver-based Halaby Capital has completed the sale of The Willowbrook Apartments, a multifamily asset located at 7155 Raleigh St. in Westminster. Summit Communities of Denver sold the property for $11.7 million, or $123,684 per unit. Built in 1973, Willowbrook features 95 apartment units and is located directly across the street from the England Park and Westminster Greenhouse Redevelopment and a short walk via the Little Dry Creek path to the new Westminster Light Rail Station B Line. Bill Morkes and Craig Stack of Colliers International represented the seller, while the buyer was self-represented in the deal.

February 25, 2020

Acquisitions Colorado Retail Western

Legend Investment Group Arranges $2.2M Sale of Four-Tenant Retail Asset in Colorado

by Amy Works February 21, 2020

GREELY, COLO. — Legend Investment Group (LIG), a division of Legend Partners, has arranged the sale of a grocery out-parcel strip center, located at 6628 W. 10th St. in Greely. A local private investor sold the property to an undisclosed buyer for $2.2 million. Papa Murphy’s, Dickey’s BBQ, 420 Friendly’s and Hiroshi Teriyaki Grill fully occupy the 6,694-square-foot property. Situated on a 0.88-acre site, the property was built in 2013. Peter Peluso of LIG represented the seller in the deal.

February 21, 2020

Colorado Development Multifamily Western

Partnership Breaks Ground on 281-Unit Traverse Apartments in Lakewood, Colorado

by Amy Works February 19, 2020

LAKEWOOD, COLO. — Denver-based Trailbreak Partners, Colorado-based Highland Development Co. and T.O.D. Properties have broken ground on Traverse Apartments, a Class A multifamily property in Lakewood. Slated to open in early 2022, Traverse Apartments is the latest addition to West Line Village, T.O.D.’s transit-oriented neighborhood in Lakewood. The five-story building will features 281 apartments, a swimming pool, hot tub, rooftop patio, courtyard lounge areas, clubhouse, business center, fitness center, media room and pet spa. Traverse Apartments will also feature a 362-space parking structure. The project is located adjacent to the Sheridan Station on the W Line, which is five stops from downtown Denver. Martines Palmeiro Construction is serving as general contractor for the project, which KTGY Architecture + Planning designed.

February 19, 2020

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