Colorado

Inverness-Business-Park-Englewood-CO

ENGLEWOOD, COLO. — BKM Capital Partners has entered the Denver market with the purchase of Inverness Business Park, located at 14 Inverness Drive East in Englewood. A private family office sold the property for $20.2 million. The eight-building asset features 215,268 square feet of Class A industrial space. At the time of acquisition, the park was 91 percent occupied by 86 tenants averaging approximately 2,750 square feet each. BKM plans to invest $2 million in upgrades to the asset, including a complete rebrand as well as fresh paint, upgraded landscaping, cosmetic upgrades to the lobby and signage, and various structural improvements. Newmark Knight Frank represented the seller in the transaction.

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Focus-Property-Group-Denver-CO

DENVER — Focus Property Group, a Denver-based property investor and developer, and Ascent Living Communities, an owner and operator of senior living communities based in nearby Centennial, have announced plans for a seniors housing community in Denver’s Hilltop neighborhood. The three-story property, which has not yet been named, will sit on 4.4 acres and feature 200 independent living, assisted living and memory care apartments. Focus Property Group acquired the site, a former milk processing and distribution center, in 2016. Focus teamed with Ascent Living Communities to co-develop, operate and manage the community. Construction is scheduled to begin in the first quarter of 2019, with initial move-ins planned for summer 2020. Hord Coplan Macht will design the project.

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1189-S-Perry-St-Castle-Rock-CO

CASTLE ROCK, COLO. — Pinnacle Real Estate Advisors has brokered the sale of a multi-tenant office building located at 1189 S. Perry St. in Castle Rock, a suburb of Denver. An undisclosed buyer acquired the property for $3.4 million, or $269.51 per square foot. Built in 2005, the property features approximately 12,801 square feet of office space. Corey Sandberg and Jeff Johnson of Pinnacle represented the undisclosed seller in the transaction.

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2250-Josephine-St-Denver-CO

DENVER — Nexus Commercial Real Estate has brokered the sale of Park Plaza Apartments, located at 2250 Josephine St. in Denver. Anchor Josephine LLC acquired the apartment building from Park Plaza Josephine LLC for $3.2 million. The 22-unit building features 20 one-bedroom units, one studio apartment and one two-bedroom unit. Adam Riddle of Nexus represented the seller, while Riddle and Austin Smith, also of Nexus, represented the buyer in the deal.

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The-Plaza-at-Riverbend-Timnath-CO

TIMNATH, COLO. — The Neenan Co. has started construction for The Plaza at Riverbend, a mixed-use retail center in Timnath, a suburb of Fort Collins. The project will total 39,000 square feet and include two freestanding single-story buildings with retail, office and restaurant space. The larger building will feature 23,000 square feet of commercial space. Studio 68 will own 9,307 square feet of space, slated to open by the end of the year. The second facility will feature 16,000 square feet of speculative commercial space. Serving as the project’s developer and design-builder, The Neenan Co. will sell the retail and office condominiums to each end user upon the project’s completion in late 2018.

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BOULDER, COLO. — Evans Senior Investments (ESI) has arranged the sale of Flatirons Terrace, a 54-unit independent living community, for an undisclosed price. Built in 2007, Flatirons Terrace is a Class A community in the heart of Boulder. It was 95 percent occupied at the time of sale. ESI represented the seller, Golden West Senior Living, a Boulder-based nonprofit. The buyer was Dial Retirement Communities, which will also operate the community. The Omaha-based company operates 17 communities in Illinois, Iowa, Kansas and Nebraska, with Flatirons Terrace being its first Colorado community.

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1423-Race-St-Denver-CO

DENVER — Pinnacle Real Estate Advisors has arranged the sale of an office building located at 1423 Race St. in Denver. George Wolf Memorial Trust purchased the property from Dave Chvosta for $1.7 million, or $323 per square foot. The property features 5,338 square feet of office space. Kevin Calame of Pinnacle Real Estate represented the buyer and seller in the deal.

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One_Dartmouth-Denver-Co

DENVER, COLO. — Besyata Investment Group and The Scharf Group have acquired One Dartmouth Place, an apartment community located in Southeast Denver, for $65.5 million. The seller was not disclosed. BH Management will handle the day-to-day property management and leasing of the 418-unit property.

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7910_W_Beardsley_Rd_10

GLENDALE, ARIZ., AND LITTLETON, COLO. — A joint venture between Advantage Storage and Harrison Street Real Estate Capital has acquired a two-property self-storage portfolio from a partnership between Wasatch Storage Partners and a private real estate fund advised by Crow Holdings Capital – Real Estate. The price was not disclosed. Together the properties total 147,521 square feet and 1,425 storage units. Both assets feature drive-up units, climate-controlled units, secure fencing with electric access control, 24-hour video surveillance and retail-oriented customer service offices. The portfolio includes the 96,950-square-foot, 955-unit self-storage facility located at 7910 E. Beardsley Road in Glendale, a Phoenix suburb; and the 50,571-square-foot, 470-unit facility located at 11645 W. Belleview Ave. in Littleton, a suburb of Denver. Brian Somoza and Steve Mellon of JLL brokered the sale.

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Walnut-Street-Boulder-CO

BOULDER, CO. — HFF has secured a $48 million refinancing for a three-property office portfolio along Walnut Street in downtown Boulder. Leon McBroom of HFF arranged the 12-year, fixed-rate loan through MetLife Real Estate Investments for the borrower, The W.W. Reynolds Cos. The portfolio comprises two historic buildings, Colorado (1919 14th St.) and James (1916-1922 16th St.), and the Wencel Building (1301 Walnut St.), which was completed in 2016. At the time of financing, the portfolio was 96 percent occupied to a variety of tenants, including companies in the technology, consulting, financial services and food and beverage industries.

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