Colorado

Pollack Shores Real Estate to Develop 201-Unit Multifamily Property in Boulder, Colorado

by Amy Works October 1, 2019

BOULDER, COLO. — Pollack Shores Real Estate Group has acquired an 8.55-acre land parcel, located at 4750 Broadway in Boulder, for an undisclosed price. The fully entitled, shovel-ready development site was formerly the Colorado National Guard headquarters. Pollack Shores plans to develop The Armory Boulder, a 201-unit market-rate apartment and townhome community, on the site by 2021. Matrix Residential, a Pollack Shores company, will manage the property. The Armory Boulder will be Pollack Shores’ first development in the Boulder market. Chris Cowan and John Jugl Jr. of Newmark Knight Frank represented the joint sellers, Bruce Dierking of Armory Community LLC and Jim Loftus of Loftus Development, in the transaction.

October 1, 2019

Acquisitions Colorado Multifamily Western

Heitman Purchases 161-Unit Multifamily Community in Boulder, Colorado

by Amy Works September 30, 2019

BOULDER, COLO. — Heitman has purchased The Boulders, an apartment community located at 2850 Kalmia Ave. in Boulder. Broadshore Capital Partners sold the asset for an undisclosed price. Shane Ozment, Terrance Hunt, Justin Hunt and Andy Hellman of Newmark Knight Frank Multifamily represented the seller in the deal. Constructed in 1993, The Boulders features 161 apartments and offers access to the city’s 155-mile trail system. The buyer plans to renovate the property’s units to stay competitive in the market.

September 30, 2019

Colorado Development Retail Western

Forum Real Estate Group Purchases Former Kmart in Denver for $10.5M, Plans Multifamily Redevelopment

by Amy Works September 27, 2019

DENVER — Forum Real Estate Group has acquired a retail building, formerly occupied by Kmart, in Denver. J&W Management Corp. sold the asset for $10.5 million. Located at 2150 S. Monaco Parkway, the 110,000-square-foot property has been vacant for nearly seven years. Forum Real Estate is planning a more than 300-unit multifamily redevelopment with the possibly of new retail outparcels at the site. Jon Hendrickson, Mitch Veremeychik and Aaron Johnson of Cushman & Wakefield’s Capital Markets Group facilitated the transaction.

September 27, 2019

Acquisitions Colorado Office Western

Griffin Capital Disposes of 191,368 SF Office Building in Denver Tech Center for $48.8M

by Amy Works September 26, 2019

DENVER — Griffin Capital Essential Asset REIT has completed the sale of a Class A office building located at 7601 Technology Way in Denver. An undisclosed real estate investment trust acquired the property for $48.8 million. The seven-story, 191,368-square-foot property was 95 percent occupied at the time of sale. Jackson National Life Insurance Co. renewed a long-term lease and Zoom Video Communications executed a long-term lease for approximately 58,000 square feet of space at the asset. Mike Winn and Tim Richey of CBRE Capital Markets represented the seller in the deal.

September 26, 2019

Acquisitions Colorado Multifamily Western

Unique Properties Negotiates $30M Sale of Park Cheesman Apartments in Denver

by Amy Works September 24, 2019

DENVER — Unique Properties/TCN Worldwide has brokered the sale of Park Cheesman Apartments, a multifamily property in Denver. A Los Angeles-based multifamily office acquired the asset from an undisclosed seller, which owned the property for the last 42 years. This price was $30 million, or $340,909 per unit. Located at 1177 Race St. adjacent to Cheesman Park, the property features 88 units with balconies, two stories of parking and a rooftop deck with views of the city. At the time of sale, Park Cheesman was 98 percent occupied. Marc Lippitt and Justin Herman of Unique Properties/TCN Worldwide handled the transaction.

September 24, 2019

Acquisitions Colorado Multifamily Western

Pinnacle Real Estate Advisors Arranges $6.2M Sale of Royal Plaza Multifamily Asset in Colorado

by Amy Works September 24, 2019

PUEBLO, COLO. — Pinnacle Real Estate Advisors has facilitated the sale of Royal Plaza, an apartment complex located at 85 Scotland Road in Pueblo. An undisclosed buyer acquired the property for $6.2 million. The complex features 100 units in a mix of studio, one- and two-bedroom layouts. The undisclosed seller owned the property for four years and maintained 100 percent occupancy during its ownership. The buyer plans to replace the property’s roofs and continue renovating the units. Mike Krebsbach of Pinnacle Real Estate Advisors represented the buyer and seller in the transaction.

September 24, 2019

Acquisitions Colorado Multifamily Western

Newmark Knight Frank Brokers $23M Sale of Multifamily Property in Colorado Springs

by Amy Works September 13, 2019

COLORADO SPRINGS, COLO. — Newmark Knight Frank – Colorado has arranged the sale of Park Ridge, a multifamily property located in Colorado Springs. Park Ridge Apartment CS LLC sold the asset to Park Ridge SRP LLC for $23 million. Located at 2602 W. Serendipity Circle, the property features 204 apartments. Kevin McKenna and Saul Levy of Newmark Knight Frank – Colorado Multifamily handled the transaction.

September 13, 2019

Colorado Development Multifamily Seniors Housing Western

Erickson Living Plans Two-Building Seniors Housing Expansion in Highlands Ranch, Colorado

by Amy Works September 13, 2019

HIGHLANDS RANCH, COLO. — Erickson Living has unveiled plans for a two-building residential expansion at Wind Crest, a continuing care retirement community (CCRC) in Highlands Ranch, about 15 miles south of Denver. The property already opened an expansion in 2019, an independent living building named Prospect Crossing. The two new buildings, named Summit Square and Quincy Point, will add more than 200 independent living units. They are both scheduled to open in 2020. The expansion will also include 18,000 square feet of amenity space, including outdoor space, multiple new restaurants, a second fitness center and other shared spaces.

September 13, 2019

Colorado Development Industrial Western

Bradbury Properties, Confluent Development Launch Next Phase of 100-Acre Industrial Hub in Metro Denver

by Amy Works September 12, 2019

DENVER — Bradbury Properties and Confluent Development have broken ground on three additional buildings at HighField Business Park, an industrial park located at the intersection of E-470 and Peoria Street southeast of Centennial Airport in metro Denver. Upon completion, the three projects will bring the 100-acre near to full build-out, spanning approximately 10 years and totaling 1.25 million square feet of industrial space. Only 12 acres on the park’s north end will remain undeveloped. The new buildings include a 202,000-square-foot, single-story facility, slated for completion in second-quarter 2020; and 160,000-square-foot and 130,000-square-foot speculative buildings, slated for completion in first-quarter 2020. Brinkman Construction and Ware Malcomb are serving as general contractor and architect, respectively, for the FedEx property. Murray & Stafford and Intergroup Architects comprise the project team for the spec buildings. The spec facilities will feature front-park, rear-load design with shared truck courts. HighField Business Park currently features 750,000 square feet of fully leased industrial space. Upon completion of this phase of development, the park will consist of six buildings totaling 800,000 square feet of space. Current tenants at the park include Charter Communications, Gateway Classic Cars, EdgeConneX, Linn Star Transfer and Liteye Systems. Jim Bolt of CBRE leads the …

September 12, 2019

Colorado Development Multifamily Retail Western

Pollack Shores Real Estate Group to Develop 201-Unit Residential Village in North Boulder

by Amy Works September 12, 2019

BOULDER, COLO. — Pollack Shores Real Estate Group plans to develop The Armory, a 201-unit residential village in North Boulder. Situated on the grounds of a former Colorado National Guard post, The Armory marks Pollack Shores’ entry into the Colorado market. Located at 4750 Broadway in the NoBo Art District, The Armory will feature a mix of two-story apartment buildings, 18 three-story townhomes, 8,400 square feet of retail storefronts along Broadway and two public pocket parks. Additionally, as part of the project, the historic, 9,500-square-foot armory mess hall and smokestack will be preserved as an activity center for residents. Originally built in 1949, the repurposed landmark will feature yoga and fitness classes, a kitchen and bar area, clubroom, outdoor pool deck and leasing office. The project team includes The Mulhern Group, Martines Palmeiro Construction and JVA. Construction is scheduled to begin this fall, with delivery slated for 2021. Matrix Residential, the developer’s fully integrated property management firm, will oversee operations of the community. Armory Community LLC, a local investment group led by Bruce Dierking and Jim Loftus, the original visionaries behind the project, will retain a minority interest in the development.

September 12, 2019

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