Colorado

RedPeak Properties, Allstate Investments Sell Mixed-Use Property in Downtown Denver

by Amy Works July 24, 2018

DENVER — A joint venture between RedPeak Properties and Allstate Investments has sold 1600 Glenarm Place, a mixed-use, high-rise property located on the 16th Street Mall in downtown Denver. Northland Investment Corp. acquired the property, along with a 0.77-acre land parcel at 14th Street and Glenarm Place, for an undisclosed price. Constructed in 1967 as an office tower known as the Security Life Building, the property was converted into a multifamily property in 2006 by RedPeak Properties. The 31-story building features 333 apartments in studio, one-bedroom, two-bedroom and penthouse layouts, and 29,000 square feet of commercial space, including frontage along Denver’s 16th Street pedestrian mall. On-site amenities include an outdoor terrace with barbecue grills and fireplace, fitness center, demonstration kitchen, cyber lounge, conference room, movie theater, game room, resident library, reading room, valet parking, 24-hour concierge service and room service from Earl’s Restaurant on the property’s ground floor. Jordan Robbins, Jeff Haag and Anna Stevens of HFF represented the seller in the transaction.

July 24, 2018

Colorado Market Reports Multifamily Western Western Market Reports

Denver’s Multifamily Market Tests Its Limits

by Taylor Williams July 24, 2018

An interesting metric was reached in the Denver multifamily market during the first quarter of 2018 — and that’s record absorption. The city already boasts accolades for quality of life, talks of strong in-migration and speculation of becoming the location for the second Amazon headquarters. After these, the most common topic of conversation for multifamily professionals is the unprecedented construction pipeline and just when will we hit an inflection point where the market won’t accept any more Class A, market-rate apartments. It seems we’re still not there. As of the first quarter of 2018, the trailing 12-month absorption was more than 10,000 units. That’s more units than what was completed in 2017 and the highest absorption on record. The result was metro-wide vacancy dipping year-over-year to 5.79 percent, limited concessions and metro-wide annual rent growth at 3.8 percent. Denver’s average rent now stands at $1,405 per unit and $1.62 per square foot. The Central Business District (CBD) experienced the most absorption this quarter, accounting for nearly 25 percent of total metro absorption. Annual rents also grew by 2.7 percent, leading the CBD to regain its title for most expensive rental submarket in Denver with rents per-unit averaging $1,835. But development …

July 24, 2018

Acquisitions Colorado Retail Western

LIG, Hanley Investment Negotiate $3.2M Sale of Retail Center in Metro Denver

by Amy Works July 19, 2018

WESTMINSTER, COLO. — Legend Investment Group (LIG), a division of Legend Partners, and Hanley Investment Group Real Estate Advisors have arranged the sale of a retail strip center located at 13591 Huron St. in Westminster, a northwest suburb of Denver. An East Coast-based private investor acquired the property from Redlands, Calif.-based Mark Development for $3.2 million, or $603 per square foot. At the time of sale, the 5,389-square-foot property was fully occupied by Dunkin’ Donuts, Bank of America and Huron Liquor. Built in 2016, the retail center is situated on 1.1 acres within the Quail Crossing Commercial subdivision. LIG and Peter Peluso of Legend Partners represented the buyer in the deal, while Jeff Lefko, Bill Asher and Jeremy McChesney of Hanley Investment Group Real Estate Advisors represented the seller.

July 19, 2018

Colorado Market Reports Office Western Western Market Reports

Denver’s Dynamic Office Market Changes Face of Downtown

by Taylor Williams July 17, 2018

Denver’s office market has been riding a wave of expansion, entering its ninth straight year of growth, with net absorption totaling 186,826 square feet in the first quarter of 2018. While vacancy ticked up — ending at 15.9 percent, up from 15.1 percent in the prior quarter and from 14.6 percent one year ago — it is expected to fall over the next several quarters as tenants continue to absorb space in both new and existing buildings. The Denver office market’s impressive expansion has lasted 33 consecutive quarters, resulting in a total of 9.7 million square feet of absorption, 7.4 million square feet of new deliveries and a 409-basis-point plunge in vacancy. The majority of the 9.7 million square feet absorbed between the first quarter of 2010 and the first quarter of 2018 occurred in three key submarkets. This included the Southeast Suburban (SES), Downtown and Northwest (NW) markets, which recorded 3.3 million, 2.9 million and 1.3 million square feet of absorption, respectively. The Downtown market ended the quarter with absorption of 214,317 square feet, and Class A median asking rates were up 39.5 percent from year-end 2009 to $39.76 per square foot. Asking rates in some of the newest …

July 17, 2018

Acquisitions Colorado Office Western

Newmark Knight Frank Arranges $17.1M Sale of Office Building in Metro Denver

by Amy Works July 10, 2018

WESTMINSTER, COLO. — Newmark Knight Frank has brokered the sale of an office building located at 1765 W. 121st Ave. in Westminster, a northwest suburb of Denver. Northridge Property Owner LLC/Westminster 121 LLC acquired the property from Denver Northridge Equities for $17.1 million. The building features 124,945 square feet of office space. Riki Hashimoto and Daniel Grooters of Newmark Knight Frank represented the seller in the transaction.

July 10, 2018

Bridgeside-Professional-Building-Parker-CO

Acquisitions Colorado Office Western

Trevey Negotiates $2.1M Sale Office Property in Parker, Colorado

by Amy Works July 10, 2018

PARKER, COLO. — Trevey Land and Commercial has arranged the sale of Bridgeside Professional Building, located at 11031 Pikes Peak Drive in Parker. Pikes Peak Properties sold the building to an undisclosed buyer for $2.1 million. With more than 10,500 square feet of leasable space, the two-story property features a brick façade and a basement. At the time of sale, several tenants, including a dental office, occupied the property. Nick Nickerson and Mitch Trevey of Trevey Land and Commercial represented the seller, while Tom Ethington of Pinnacle Real Estate Advisors represented the buyer in the deal.

July 10, 2018

Acquisitions Colorado Multifamily Western

Pinnacle Real Estate Brokers $6.8M Sale of Multifamily Building in Denver

by Amy Works July 2, 2018

DENVER — Pinnacle Real Estate Advisors has arranged the sale of Observatory Park, an apartment building located at 2035 S. Josephine St. in Denver. Old Faithful Properties sold the property to Michael Blackman for $6.8 million, or $316 per square foot. The 21,674-square-foot building features 40 apartment units. Kevin Calame of Pinnacle represented the seller in the transaction.

July 2, 2018

Acquisitions Colorado Retail Western

Newmark Knight Frank Brokers $5.1M Sale of Shopping Center in Metro Denver

by Amy Works June 29, 2018

LONE TREE, COLO. — Newmark Knight Frank has arranged the sale of Meadows Shopping Center, located at 8870 E. Maximus Drive in Lone Tree, approximately 20 miles south of Denver. Meadows Partners LLC sold the property to Meadows Shopping Center LLC for $5.1 million. The shopping center features 19,755 square feet of retail space. Riki Hashimoto and Daniel Grooters of Newmark Knight Frank represented the seller in the deal.

June 29, 2018

Colorado Development Office Top Stories Western

Patrinely Group, USAA Real Estate Break Ground on 30-Story Office Tower in Downtown Denver

by David Cohen June 27, 2018

DENVER — Patrinely Group and USAA Real Estate have started construction of Block 162, a 30-story office tower in downtown Denver. Located at 675 15th St., the 595,000-square-foot building will include 20 floors of office space on levels 11-30 with an average floor plate size of 29,500 square feet. The property will also include 9,900 rentable square feet of ground-floor retail, three underground parking levels and a 10-floor, above-grade parking garage. “Given the continued strength of the Denver marketplace and the lack of available large blocks of Class A space, we recognized that now is the right time to bring a prestigious building like Block 162 to the urban Denver market,” says Robert Fields, president and CEO of Patrinely Group. “We believe that this state-of-the-art building will continue the amazing transformation of downtown and provide prospective tenants a true 21st century work environment for their employees.” Planned amenities for office tenants at the building include a fitness center, social lounge, conference and meeting space, and a sky terrace on the 11th floor with an outdoor roof garden, seating areas and fire pits. Patrinely Group, which specializes in commercial office building and build-to-suit corporate headquarters, and USAA Real Estate are the co-developers of Block 162. The architect …

June 27, 2018

Acquisitions Colorado Industrial Western

Eight O One Acquires 60,468 SF Industrial Property in Denver for $7.6M

by Amy Works June 26, 2018

DENVER — Eight O One LLC has purchased an industrial property located at 620 E. 52nd Ave. in Denver. TC Crossroads #7 LLC sold the property for $7.6 million. The property features 60,468 square feet of industrial space. Mike Wafer, Timothy D’Angelo and Mike Wafer Jr. of Newmark Knight Frank represented the seller in the deal.

June 26, 2018

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