Colorado

Centre Point Properties Acquires 10-Story Office Building in Metro Denver for $13.6M

by Amy Works February 4, 2019

GLENDALE, COLO. — Centre Point Properties LLC has purchased The Forum at Cherry Creek, a multi-tenant office building located at 425 S. Cherry St. in Glendale, a suburb of Denver. 425 LLC sold the property for $13.6 million, or $165 per square foot. Aaron Johnson and Jon Hendrickson of Cushman & Wakefield Denver’s Capital Markets Group listed the property to sell on behalf of Denver-based Millice Group. The Forum at Cherry Creek is a 10-story, 83,268-square-foot office property. At the time of sale, the property was 88 percent leased to a tenant roster of office and medical office users, with approximately 40 percent of the existing tenants having some medical use.

February 4, 2019

Crescent-Real-Estate-Colorado-Springs-CO

Acquisitions Colorado Loans Office Western

Crescent Real Estate Receives $102.5M in Financing for 13-Building Office Portfolio in Colorado Springs

by Amy Works January 28, 2019

COLORADO SPRINGS, COLO. — Crescent Real Estate LLC has received $102.5 million in acquisition financing for a suburban office portfolio in Colorado Springs. Trey Morsbach, Jim Curtin and Leon McBroom of HFF secured the five-year, floating-rate acquisition loan through Bank of America Merrill Lynch. The 13-building portfolio features more than 1 million square feet of office space. At the time of acquisition, the portfolio was 75 percent occupied by a variety of industry sectors, including aerospace, government and military/defense contractors, technology and healthcare. Major tenants include Northrop Grumman, Army National Guard, GSA, The Spectranetics Corp., Booz Allen Hamilton and United Healthcare.

January 28, 2019

Acquisitions Colorado Industrial Top Stories Western

Etkin Johnson Sells 19-Property Industrial Portfolio in Colorado to Berkeley Partners for $247.5M

by Taylor Williams January 28, 2019

DENVER — Etkin Johnson Real Estate Partners, a Denver-based investment and development firm, has sold its portfolio of industrial assets in Colorado to San Francisco-based Berkeley Partners for $247.5 million. The deal represents the largest industrial portfolio sale ever closed in Colorado. The portfolio, which was 93 percent leased at the time of sale, comprises 19 properties totaling approximately 1.95 million square feet of industrial space. The facilities range in size from 26,078 to 293,510 square feet. Etkin Johnson acquired the properties between 1990 and 1998. All 19 assets are located in cities within Colorado’s Front Range, including Denver, Boulder, Colorado Springs, Aurora and Golden. “This was a very well-constructed portfolio of infill industrial,” says Matt Novak, partner at Berkeley Partners, which has more than $625 million in assets under management. “The Denver metro has been experiencing rapid growth, and this acquisition provides us a critical mass of properties in the market. Our goal is to hold these assets for 10- to 20-plus years, benefiting from the favorable long-term industrial supply-demand fundamentals.” Jim Bolt, Jeremy Ballenger, Tyler Carner and Mike Winn of CBRE represented Etkin Johnson in the transaction, which marks Berkeley Partners’ first acquisition in Colorado. — Taylor Williams

January 28, 2019

Affordable Housing Colorado Development Loans Multifamily Western

KeyBank Provides $50.4M Development Financing for Affordable Housing in Boulder

by Amy Works January 25, 2019

BOULDER, COLO. — KeyBank has arranged $50.4 million in total combined financing for a tax-exempt bond transaction to support Koelbel & Co.’s construction of Diagonal Crossing. Located in Boulder, Diagonal Crossing will feature 105 garden-style apartments for families earning at or below 60 percent of area median income. KeyBank’s Community Development Lending & Investment (CDLI) team provided a $24.7 million construction loan and $10.4 million in Low-Income Housing Tax Credit equity. Additionally, KeyBank Real Estate Capital arranged a $15.3 million permanent loan through a forward commitment for Fannie Mae to issue a mortgage-backed security. Diagonal Crossing will be developed on two parcesl: Lot 3 and Lot 6. Lot 3 will feature 85 affordable housing units in two three-story buildings and one two-story building, while Lot 6 will feature 20 affordable housing units across four buildings. Sarah Geis and Beth Palmer Wirtz of KeyBank’s CDLI team collaborated with Jeff Rodman of KeyBank’s Commercial Mortgage Group on the financing for the project.

January 25, 2019

Acquisitions Colorado Multifamily Western

Marcus & Millichap Brokers $8.7M Sale of Eagleview Apartments in Colorado Springs

by Amy Works January 25, 2019

COLORADO SPRINGS, COLO. — Marcus & Millichap has arranged the purchase of Eagleview Apartments, a multifamily property located at 1803 Prairie Road in Colorado Springs. A private local investor acquired the property for $8.7 million. Built in 1968, the 52,000-square-foot building features 65 two-bedroom/one-bath units, covered parking, a swimming pool, fitness center and on-site laundry. Brian Haggar of Marcus & Millichap represented the buyer, while Phillip Gause, also of Marcus & Millichap, secured acquisition financing for the buyer. The name of the seller was not released.

January 25, 2019

Acquisitions Colorado Development Industrial Western

J.A. Green Development Buys 175 Acres for Expansion at JAG Logistics Center at Denver Airport

by Amy Works January 24, 2019

AURORA, COLO. — J.A. Green Development Corp. has acquired approximately 175 acres of land, located at 26100-26120 E. 68th Ave. in Aurora. The property, situated adjacent to the 75-acre parcel that JAG purchased in 2018, will be part of the JAG Logistics Center at DIA (Denver International Airport). ACP DIA 1287 Investors LLC sold the property for an undisclosed price. Situated at the southern border of Denver International Airport, the business park will ultimately contain more than 3 million square feet of Class A warehouse space in two phases. The logistics center will feature flexible build-to-suit sites ranging from 100,000 square feet to 1 million square feet with an available delivery in fourth-quarter 2020. Alec Rhodes, Tyler Smith and Aaron Valdez of Cushman & Wakefield’s Denver Industrial team are the exclusive listing agents for JAG Logistics Center at DIA, which is part of the Porteos master-planned development and located within a confirmed Opportunity Zone.

January 24, 2019

Colorado Development Loans Multifamily Western

HFF Secures $47.1M Construction Financing for 293-Unit Apartment Property in Metro Denver

by Amy Works January 23, 2019

LAKEWOOD, COLO. — HFF has arranged $47.1 million in financing for the construction of Brickhouse at Lamar Station, a Class A multifamily property located at 6300 W. 13th Ave. in Lakewood. Riverpoint Partners and Iron River Management are the borrowers. Josh Simon and Kristian Lichtenfels of HFF secured the 15-year construction-to-permanent loan through a correspondent insurance company lender. The loan includes three years of interest-only payments and a 35-year amortization schedule. Situated on 3.7 acres, the four-story Brickhouse at Lamar Station will feature 293 apartments, averaging 748 square feet, with stainless steel appliances, granite and quartz countertops, washers and dryers, wood flooring, and balconies or patios. Common area amenities include a swimming pool, two interior courtyards, fire pits, grilling stations, a large community room, 24-hour fitness center, yoga studio, top-floor club room, business center and pet spa. The development will also be within walking distance to the Lamar Station light rail stop. Completion is slated for mid-2020.

January 23, 2019

Colorado Development Hospitality Western

Stonebridge Cos. Developing Dual-Branded Hilton Hotel Project in Downtown Denver

by Amy Works January 22, 2019

DENVER — Stonebridge Cos. is developing a dual-branded Hilton property located at 801 15th St. in downtown Denver. The Denver-based company is serving as the owner, developer and operator for the 22-story project, which will feature 382 hotel rooms and suites. Within walking distance of the Colorado Convention Center, the 176-room Tru by Hilton Denver Downtown Convention Center and 206-suite Home2 Suites by Hilton property is slated to open in late 2019. Tru by Hilton will feature in-room entertainment; an open lobby with areas for guests to work, play games, eat and lounge; free Wi-Fi; and a 24/7 Eat & Sip market. The pet-friendly Home2 Suites will feature fully equipped kitchens and modular furniture in guest suites, complimentary internet, communal spaces, Spin2 Cycle, guest laundry, oversized fitness area and Home2 MKT for grab-and-go items. The development will also have a variety of shared amenities, including a fitness center, conference room, restaurant, bar, valet parking and a five-story, 74,500-square-foot parking garage with 153 stalls.

January 22, 2019

Acquisitions Colorado Office Western

Unique Properties Arranges $14.2M Sale of The Forum Office Building in Aurora, Colorado

by Amy Works January 18, 2019

AURORA, COLO. — Unique Properties has negotiated the sale of The Forum, an office building located in Aurora. An undisclosed buyer acquired the property for $14.2 million, or $82.04 per square foot. Located at 14001 E. Illiff Ave., the property features 174,622 square feet of office space. At the time of sale, the building was 76 percent occupied. The Lippitt/Shwayder Team of Unique Properties represented the undisclosed seller, while Newmark Knight Frank represented the buyer in the deal.

January 18, 2019

Acquisitions Colorado Office Top Stories Washington Western

Unico Sells 11-Property Office Portfolio in Seattle, Denver for $710M

by Kristin Harlow January 18, 2019

SEATTLE AND DENVER — Real estate investment and operating firm Unico Investment Group LLC has sold 11 office assets totaling 1.8 million square feet in Seattle and Denver for $710 million. Broad Street Principal Investments LLC, an affiliate of Goldman Sachs, was the buyer. The portfolio includes 10 creative office assets and one parking garage. The collection of properties is 85 percent leased to more than 190 tenants. Since 2014, Unico has invested $87 million in capital improvements for the properties. Some of the fully repositioned assets include the iconic Smith Tower in Seattle’s Pioneer Square, 1505 Fifth Ave. in Seattle’s central business district (CBD) and the DC Building in Denver’s CBD. The 27-building portfolio also includes new-construction buildings such as the Circa Building, which is located along Denver’s Platte Street. The Class A asset received the Mayor’s Design Award for Sustainability in 2018. Unico will retain a stake in the portfolio and will continue to operate and manage the properties on behalf of the new partnership. “We look forward to working with Goldman Sachs to fully complete the property repositions and new development opportunities still embedded within the portfolio,” says Jonas Sylvester, Unico president. Jason Flynn and Paul Nelson …

January 18, 2019

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