Colorado

Gart Properties Buys 155,000 SF Orchard Plaza Retail Center in Denver

by Amy Works August 9, 2019

DENVER — Gart Properties, a Denver-based privately held real estate company, has purchased Orchard Plaza, a retail and service center located at the northwest corner of East Orchard Road and South Yosemite Street in the heart of the Denver Tech Center. Terms of the transaction were not released. Primrose School, Starbucks Coffee, Federal Express and Specialty Appliance are tenants at the 155,000-square-foot property. Additionally, Spice Trade Brewery & Restaurant recently joined the tenant roster and will open before year-end.

August 9, 2019

Acquisitions Colorado Multifamily Western

NKF Directs $54.5M Sale of 240-Unit Multifamily Property in Colorado Springs

by Amy Works August 8, 2019

COLORADO SPRINGS, COLO. — Newmark Knight Frank Colorado (NKF) has arranged the sale of RidgePoint at Gleneagle, an apartment community located in Colorado Springs. BSP Ridgepoine Colorado LLC acquired the property from GB RidgePointe LLC for $54.5 million. Located at 13531 Shepard Heights, the community features 240 units. Kevin McKenna and Saul Levy of NKF Colorado handled the transaction.

August 8, 2019

Acquisitions Colorado Multifamily Western

Nexus Commercial Brokers $1.3M Sale of Multifamily Property in Denver

by Amy Works August 6, 2019

DENVER — Nexus Commercial Realty has arranged the sale of a multifamily property located at 2945 N. Irving St. in Denver. Irving Properties LLC sold the 4,794-square-foot asset to Irving 29 LLC for $1.3 million. Brandon Kaufman of Nexus represented the buyer, while Gunnar Wilson and Jason Koch of Nexus represented the seller in the transaction.

August 6, 2019

Acquisitions Colorado Industrial Office Western

CBRE Arranges $22M Sale of 112,966 SF Industrial Flex Building in Denver

by Amy Works August 5, 2019

DENVER — CBRE has arranged the sale of a LEED Gold-certified industrial flex building located at 6144 N. Panasonic Way in northeast Denver’s Airport corridor. Omaha-based NewStreet Properties acquired the property from Denver-based Westfield Co. for $22 million. Westfield Co. originally constructed the 112,966-square-foot facility as a build-to-suit for Panasonic Enterprise Solutions (PESCO), a technology and solar subsidiary of Panasonic, in 2016. The smart property features warehouse, assembly, research and design space, as well as a two-story office space with Class A finishes. Situated on six acres, the property is adjacent to the 61st and Peña Light Rail Station. Tyler Carner, Jeremy Ballenger and Jim Bolt of CBRE represented the seller in the deal.

August 5, 2019

Colorado Development Hospitality Western

Hyatt to Develop Colorado’s First Thompson Hotels Property in Denver

by Amy Works July 26, 2019

DENVER — Hyatt Hotels Corp. plans to develop Thompson Denver, the first Thompson Hotels property in the state of Colorado. Slated to open in 2021, Thompson Denver will be located at 1600 Market St. in Denver’s LoDo district. T2 Hospitality is developing the 11-story hotel as a modern-day chalet. Denver-based DLR Group is designing the property, with interiors by Parts + Labor, in collaboration with the Thompson Hotels design team. The hotel will features 216 guestrooms, including 15 luxury suites and the signature Thompson Suite on the seventh floor; a grab-and-go café, which converts to a bar and lounge in the evening; and a 90-seat, ground-floor restaurant. Additionally, the hotel will feature an indoor/outdoor terrace with a 140-person lounge and bar area, and function and meeting spaces.

July 26, 2019

Affordable Housing Colorado Development Loans Multifamily Western

KeyBank Provides $45.5M Construction Loan for Affordable Housing Project in Aurora, Colorado

by Amy Works July 23, 2019

AURORA, COLO. — KeyBank Community Development Lending and Investment (CDLI) and KeyBank Commercial Mortgage Group (CMG) have secured a $45.5 million construction loan for the development of Range View Apartments in Aurora. Portland, Ore.-based DBG Properties LLC is the borrower and developer. KeyBank’s CDLI team provided the construction loan and KeyBank’s CMG team provided a $35 million forward commitment through Fannie Mae. The transaction includes the first execution in Colorado of the incoming averaging rules enacted with the 2017 tax reform bill, allowing a property to serve households up to 80 percent area median income (AMI) as long as the average household income is 60 percent AMI. In addition to the tax-exempt bonds, financing also included tax credits through the Colorado Housing and Finance Authority; HOME funds from the city of Aurora; a loan through the Colorado Division of Housing’s Colorado Housing Investment Fund, and tax equity from CREA, the equity investor and limited partner. Range View Apartments will feature 10 garden-style residential buildings, covering parking, a pool and a community building with play areas and a community rooms. The residential buildings will have one-, two- and three-bedroom apartments reserved for residents earning up to 30 percent, 60 percent and …

July 23, 2019

Acquisitions Colorado Office Western

Cushman & Wakefield Brokers $14.3M Office Asset Sale in Metro Denver

by Amy Works July 22, 2019

HIGHLANDS RANCH, COLO. — Cushman & Wakefield has negotiated the sale of two office buildings located at 200 and 300 Plaza Drive within Highlands Ranch Business Park in Highlands Ranch, a southern suburb of Denver. A private partnership acquired the assets for $14.3 million, or $192 per square foot. Aaron Johnson and Jon Hendrickson of Cushman & Wakefield Denver’s Capital Markets Group facilitated the transaction. Combined the properties offer 74,778 square feet of multi-tenant office space. At the time of sale, the two buildings were 99 percent occupied. The buildings were constructed in 1997/1999 and renovated in 2008..

July 22, 2019

Acquisitions Colorado Multifamily Western

Jupiter Equities Acquires 140-Unit Caliber at Cornerstar Apartment Complex in Colorado for $40.7M

by Amy Works July 16, 2019

AURORA, COLO. — Jupiter Equities has purchased Caliber at Cornerstar, a newly built apartment complex located at 15930 E. Briarwood Circle in Aurora. The Garrett Cos. sold the property for $40.7 million. Situated on 4.6 acres, Caliber at Cornerstar features 140 units in a mix of one-, two- and three-bedroom layouts with premium finishes, walk-in closets, full-size washers/dryers, granite or quartz countertops and nine-foot ceilings. Community amenities include a fitness center, attached and detached garages, a clubhouse and a resort-inspired pool. The three-building property was built in 2018. David Potarf, Dan Woodward and Matthew Barnett of CBRE represented the seller in the transaction.

July 16, 2019

Acquisitions California Colorado Industrial Top Stories Western

Prologis to Acquire Industrial Property Trust for Nearly $4B

by John Nelson July 16, 2019

SAN FRANCISCO AND DENVER — Prologis Inc. (NYSE: PLD) has signed a definitive merger agreement to acquire Industrial Property Trust Inc. (IPT) in a deal valued just shy of $4 billion. IPT is an industrial real estate investment platform sponsored by Black Creek Group, a real estate investment manager and development firm based in Denver. If approved by IPT’s shareholders, the overall transaction would span 236 properties located across 24 geographic areas. The roughly 37.5 million-square-foot portfolio is currently 97 percent leased. About 96 percent of the affected properties are in markets where Prologis already has a presence. The transaction would expand the San Francisco-based firm’s holdings in Southern California, the Bay Area, Chicago, Atlanta, Dallas, Seattle and New Jersey. “This is a compelling opportunity to acquire a portfolio of excellent asset quality and submarket composition consistent with our U.S. investment strategy and footprint,” says Eugene Reilly, chief investment officer of Prologis. “We expect to capture significant cost and revenue synergies.” The merger will include 100 percent of IPT’s wholly owned real estate assets, but will exclude the firm’s minority ownership interests in two unconsolidated joint venture partnerships valued at approximately $295 million. Black Creek Group expects to determine the …

July 16, 2019

Acquisitions Colorado Retail Washington Western

Loja Real Estate Acquires Pair of Western Shopping Centers for $34.4M

by Jeff Shaw July 10, 2019

LITTLETON, COLO., AND WOODINVILLE, WASH. — Loja Real Estate has acquired two shopping centers in Colorado and Washington for a combined $34.4 million. Loja purchased Village West in the Denver suburb of Littleton for $19.4 million. TJ Maxx anchors the property. Palmer Capital represented the unnamed seller in the transaction. Loja bought Woodgate Center in the Seattle-area city of Woodinville for $15 million. Capital Pacific represented the unnamed seller in the transaction.

July 10, 2019

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