Colorado

Philip Morris Plans $600M ZYN Manufacturing Facility in Aurora, Colorado

by Kristin Harlow July 17, 2024

AURORA, COLO. — Philip Morris International Inc. (PMI) has unveiled plans to invest $600 million over the next two years through one of its U.S. affiliates to open a manufacturing facility in Aurora, just east of Denver. PMI says the facility will produce Swedish Match ZYN nicotine pouches to help meet the growing global demand for smoke-free products. PMI plans to break ground on the development later this year and to begin preliminary operations by the end of 2025. Regular production is slated to begin in 2026. Swedish Match North America is also currently working to increase ZYN oral nicotine pouch production at its facility in Owensboro, Ky. PMI acquired Swedish Match in late 2022. Nicotine pouches are a flavored product marketed as an alternative to smoking or dipping tobacco. Long popular in Europe, they recently skyrocketed in popularity in the United States, fueled by social media influencers, according to ABC News. The project is expected to create 500 direct jobs with ongoing annual economic impact of $550 million and an additional 1,000 indirect jobs for the state of Colorado, according to PMI. The construction is expected to create nearly 5,000 temporary jobs. Career opportunities at the new facility will …

July 17, 2024

Colorado Industrial Leasing Activity Western

Broadrange Logistics Leases 1.1 MSF at 76 Commerce Center in Denver

by Amy Works July 16, 2024

DENVER — Broadrange, a Georgia-based third-party logistics company, has signed a long-term lease to occupy 1.1 million square feet at 76 Commerce Center in Denver. A servicer of the green energy sector, Broadrange plans to occupy the two buildings at 76 Commerce Center starting in September 2024. The company will use this property for distributing solar panel components. Situated on 155 acres, 76 Commerce offers four cross-dock buildings, 36-foot clear heights, four drive-in doors and 106 and 108 dock-high doors in Building 1 and Building 3, respectively, in addition to trailer parking and office space. Building 1 is also on a gated and secured site. Todd Witty and Daniel Close of CBRE represented the landlords, Hyde Development and Mortenson Properties, while Sam Dragan and Jim Bolt of CBRE represented the tenant in partnership with Atlanta-based Strategic Real Estate Partners in the transaction.

July 16, 2024

Acquisitions Colorado Multifamily Western

NorthPeak Commercial Brokers $2.3M Sale of Multifamily Property in Denver

by Amy Works July 16, 2024

DENVER — NorthPeak Commercial Advisors has arranged the sale of 995 Corona St., an apartment building in Denver. The 11-unit asset traded for $2.3 million, or $205,454 per unit. Greg Johnson and Conner Piretti of NorthPeak Commercial represented the undisclosed seller in the deal. The name of the buyer was not released.

July 16, 2024

Acquisitions Colorado Healthcare Office Western

Boulder Group Negotiates $2.5M Acquisition of Medical Office Property in Montrose, Colorado

by Amy Works July 15, 2024

MONTROSE, COLO. — The Boulder Group has arranged the purchase of a single-tenant medical office building located at 2011 Market St. in Montrose, a city of approximately 20,000 residents in the southwest quadrant of the state. A Colorado-based investor acquired the asset from a Midwest-based real estate investment and development company for $2.5 million. Heartland Dental occupies the newly constructed property on a new 10-year net lease. The lease includes 10 percent rental increases every five years and is corporately guaranteed. Heartland Dental has more than 1,700 locations across 38 states nationwide. The company is primarily owned by KKR. Zach Wright and Brandon Wright of The Boulder Group represented the buyer in the transaction.

July 15, 2024

Colorado Development Loans Multifamily Western

Blackburn Communities Receives $46M Construction Loan for Wadsworth Junction Apartments in Broomfield, Colorado

by Amy Works July 12, 2024

BROOMFIELD, COLO. — Northmarq has arranged $46 million in construction financing for Blackburn Communities for the development of Wadsworth Junction, a Class A multifamily property at 11495 Wadsworth Blvd. in Broomfield. Situated on 7.7 acres, the three-building community will offer 227 one-, two- and three-bedroom apartments averaging 967 square feet. Unit interiors will feature stainless steel appliances, granite/stone countertops, vinyl flooring throughout, washers/dryers, walk-in closets and patios/balconies. Planned community amenities include a clubhouse with business center, fitness room and bike room; a resort-style pool with spa, cabanas and grilling areas; covered parking; electric vehicle charging stations; and an onsite dog park. Jeff DeHarty and Carl Riggins of Northmarq’s Denver debt and equity team arranged four-year, interest-only loan with an extension option for the borrower through a regional commercial bank.

July 12, 2024

Acquisitions Colorado Loans Multifamily Western

JLL Arranges $11.9M in Acquisition Financing for Eastglen Apartments in Longmont, Colorado

by Amy Works July 9, 2024

LONGMONT, COLO. — JLL Capital Markets has arranged $11.9 million in acquisition financing for Eastglen Apartments in Longmont, a suburb north of Denver. The borrower is a joint venture between Two Arrows Group and LEM Capital. Tony Nargi and Brock Yaffe of JLL Capital Markets Debt Advisory arranged the five-year, fixed-rate loan through its Freddie Mac Targeted Affordable Housing team. Jones Lang LaSalle Multifamily, a Freddie Mac Optigo lender, will service the loan. Located at 630 Lashley St., Eastglen Apartments features 102 apartments, laundry facilities, a community swimming pool, courtyard, on-site surface parking lot and access to parks and trails.

July 9, 2024

Acquisitions Colorado Multifamily Western

Epp & Sons Acquires One19 Cherry Creek Apartments in Denver for $23M

by Amy Works July 8, 2024

DENVER — California-based Epp & Sons Inc. has purchased One19 Cherry Creek, a three-story multifamily community in Denver’s Cherry Creek submarket. Ready Capital sold the asset for $23 million. Located at 119 S. Harrison St., One19 Cherry Creek features 36 apartments, averaging 1,366 square feet. Built in 2021, the units feature walk-in closets, induction ranges, condo-grade finishes, cabinet-covered refrigerators and dishwashers, balconies, spa-inspired primary bathrooms and wide-plank hardwood flooring. Select units have oversized private terraces. Community amenities include a 24-hour gym, grilling stations, two-story underground parking garage, pet spa, Luxor package system and cold storage, 12 electric vehicle charging stations and an outdoor community terrace. Andy Hellman, Justin Hunt, Eril Toll and Brad Schlafer of CBRE represented the seller in the transaction.

July 8, 2024

Acquisitions Colorado Retail Western

Pinnacle Brokers Sale of 5,060 SF Retail Property in Denver

by Amy Works July 8, 2024

DENVER — Pinnacle Real Estate Advisors has arranged the sale of a retail property in Denver for $1.2 million. Located at 3830 Morrison Road, the asset features 5,060 square feet of retail space. Peter Sengelmann of Pinnacle represented the undisclosed seller in the deal. The name of the buyer was also not released.

July 8, 2024

Colorado Development Multifamily Western

Thompson Thrift Plans 344-Unit Landing at Lemay Multifamily Community in Fort Collins, Colorado

by Amy Works July 3, 2024

FORT COLLINS, COLO. — Thompson Thrift has released plans for The Landing at Lemay, a Class A apartment property in Fort Collins. Construction is slated to begin in July and move-ins are scheduled for late 2025. Located on 17 acres at the southeast corner of E. Vine Drive and N. Lemay Avenue, The Landing at Lemay will offer 344 apartments in a mix of one-, two- and three-bedroom configurations. Each apartment will feature stainless steel appliances, a glass-top range, hardwood-style flooring, multiple smart capabilities and full-sized washers and dryers. Select homes may feature a deluxe closet system with shelving, premium lighting and garage options. The property will include two firsts for Thompson Thrift: carriage homes with apartments built over attached private garages and large-scale electric vehicle charging capabilities. Community amenities will include a fully equipped, 24-hour fitness center, resort-style swimming pool, firepits, a billiards and shuffleboard area, dog park, pet spa, community-wide Wi-Fi and an outdoor entertainment kitchen.

July 3, 2024

Acquisitions Colorado Multifamily Western

NorthPeak Commercial Brokers Sale of 17-Unit Multifamily Building in Denver

by Amy Works July 3, 2024

DENVER — NorthPeak Commercial Advisors has arranged the sale of an apartment building located at 1335 N. Gaylord St. in Denver. The asset traded for $3.9 million, or $227,941 per unit. The 9,936-square-foot property features 17 apartments. Joe Hornstein and Scott Fetter of NorthPeak Commercial Advisors represented the undisclosed seller, while Greg Johnson and Conner Pieretti of NorthPeak Commercial Advisors represented the undisclosed buyer in the deal.

July 3, 2024

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