Colorado

JV Breaks Ground on Park 12 Hundred Tech Center in Westminster

by Nellie Day July 13, 2017

WESTMINSTER, COLO. — A joint venture between Conor Commercial Real Estate and WHI Real Estate Partners has broken ground on Park 12 Hundred Tech Center, a 324,000-square-foot industrial center in Westminster. The center will be situated on a 26-acre infill parcel within the Park 12 Hundred mixed-use business park. Park 12 Hundred Tech Center will contain four buildings that will incorporate ESFR sprinkler systems, flexible office space and sizable truck courts for optimal maneuverability. It is scheduled for completion in the second quarter of 2018. McShane Construction Co. and Ware Malcomb are providing the design-build construction services for the center. Chris Ball and Joe Krahn of Cushman & Wakefield represent the exclusive marketing team.

July 13, 2017

Colorado Multifamily New Mexico Seniors Housing Western

Confluent Sells Two MorningStar-Operated Seniors Housing Communities in Southwest

by Nellie Day July 12, 2017

WHEAT RIDGE, COLO., AND ALBUQUERQUE, N.M. — Confluent Senior Living, a subsidiary of Denver-based Confluent Development, has sold two of its seniors housing communities, MorningStar of Wheat Ridge and MorningStar of Albuquerque. Denver-based MorningStar Senior Living co-developed and will continue to operate both communities. Holliday Fenoglio Fowler (HFF) brokered the deal on behalf of the buyer, Harbert Seniors Housing Fund I LP. The price was not disclosed. Located in the Denver suburb of Wheat Ridge, MorningStar of Wheat Ridge was completed in March 2016. The 58,000-square-foot development includes 64 assisted living and memory care units. The project was fully leased by February 2017, less than a year after completion, and is currently 96.9 percent occupied. Located in northwest Albuquerque, MorningStar of Albuquerque opened in February 2016. The 61,000-square-foot development includes 69 assisted living and memory care units. The project is currently 95.6 percent occupied. The communities represent Confluent’s first sale of senior living assets to Harbert Seniors Housing Fund. Ryan Maconachy and Chad Lavender led the HFF investment sales team. Sarah Anderson led HFF’s debt placement team.

July 12, 2017

Colorado Multifamily Top Stories Western

Gelt Acquires 580-Unit Apartment Portfolio in Lakewood, Colorado for $107M

by Kristin Harlow July 7, 2017

LAKEWOOD, COLO. — Gelt Inc. has acquired a 580-unit apartment portfolio in Lakewood, a western suburb of Denver, for $107 million. The two-property portfolio includes Ascend at Red Rocks and Elevate at Red Rocks. Built in 1981 and located at 13105 W. 2nd Place, Ascend at Red Rocks is comprised of 408 units spanning 16.5 acres. The property offers one-, two- and three-bedroom units ranging from 850 square feet to 1,260 square feet. Built in 2000 and located at 409 Zang St., Elevate at Red Rocks is comprised of 172 units across 9.5 acres. The property features one-, two- and three-bedroom units ranging from 673 square feet to 1,101 square feet. Community amenities at both properties include 24-hour fitness centers, heated swimming pools, recently renovated clubhouses, media and business centers, volleyball courts, BBQ grills and laundry rooms. Ascend and Elevate are located just minutes from the Union Boulevard/Federal Center area, the largest employment center in Lakewood, according to Gelt. Gelt plans to upgrade some of the units by installing vinyl plank flooring, stainless steel appliances and washers/dryers. At Elevate, Gelt will modernize the existing leasing office, clubhouse and playground. The fitness center will be updated at Ascend. A dog park, sports court …

July 7, 2017

Colorado Multifamily Seniors Housing Western

Blue Moon Capital Partners Buys 117-Unit Seniors Housing Community in Boulder

by Nellie Day July 6, 2017

BOULDER, COLO. — Blue Moon Capital Partners, a Boston-based private equity investor, has acquired The Carillon at Boulder Creek, a 117-unit seniors housing community near the University of Colorado in Boulder. The price was not disclosed. Blue Moon replaces affiliates of Legacy Capital Partners, an Ohio-based private equity investor, in an existing joint venture. The remaining partners are MGL Partners, a Denver-based real estate developer/investor, and Leisure Care, a seniors housing operator. This marks the second Colorado investment for the Blue Moon, MGL and Leisure Care relationship. Northwestern Mutual provided the debt. MGL led the acquisition and redevelopment of The Carillon in 2006 when it was a nine-story assisted living and nursing care building. MGL completely gutted and renovated the existing structure and added two four-story wings on either side of the original building.

July 6, 2017

Colorado Loans Office Western

Gershman Mortgage Closes $6.5M Loan for Medical Office Building in Denver

by Nellie Day July 5, 2017

DENVER — Gershman Mortgage has closed a $6.5 million loan for a medical office building in Denver. The building is located at 36 Steele St. in Cherry Creek. The space will bring together two plastic surgeon offices into a single space. This was the second leg of a previously closed purchase and renovation of the property, which was completed in 2016. The new financing facility provided a little more than $6.5 million of combined permanent, fixed-rate debt.

July 5, 2017

Colorado Multifamily Western

Waterton Buys Greenwood Plaza Apartment Complex in Centennial

by Nellie Day June 28, 2017

CENTENNIAL, COLO. — Waterton has purchased the 266-unit Greenwood Plaza in Centennial for an undisclosed sum. The community is located at 7610 E. Caley Ave. Greenwood Plaza features units that range from one to three bedrooms. The property is situated near the Denver Tech Center. Waterton plans to renovate the units’ interiors. On-site amenities include a fitness center, media room, business center, outdoor grilling area, clubhouse, and heated outdoor swimming pool and spa.

June 28, 2017

Colorado Industrial Market Reports Western Western Market Reports

Denver Industrial Market is Still Climbing

by Camren Skelton June 27, 2017

Denver’s industrial market has had an impressive run so far this economic cycle – so much so that the top-of-mind-question is, “Where do we go from here?” Last year was a prolific year, attracting new investors, delivering 4.5 million square feet of Class A space and posting the fifth straight year of sub-5 percent vacancy. But the outlook for 2017 is brighter given Denver’s strong economic foundation, the arrival of e-commerce users and delivery of much-needed warehouse inventory. E-commerce Arrives in a Big Way E-commerce arrived in Denver in 2016 but is only just rolling out. Construction began earlier this year on a 1.1-million-square-foot fulfillment center, which will be the market’s largest industrial building upon completion. Several other last-mile e-commerce facilities are opening in the region that are intended to provide same-day or fresh food delivery. The local e-commerce footprint is approaching 3 million square feet in total. E-commerce companies are actively securing sites in Denver largely in response to the region’s explosive population growth. Colorado was the second-fastest-growing state in 2015, and Colorado’s Front Range communities are home to more than 5 million people. Between 2010 and 2016, Denver added nearly 1,000 new residents a week and ranked 12th …

June 27, 2017

Colorado Multifamily Western

Phoenix Realty Group Buys Silver Cliff Apartment Homes in Englewood, Colorado

by Nellie Day June 23, 2017

ENGLEWOOD, COLO. — Phoenix Realty Group has acquired the 312-unit Silver Cliff Apartment Homes in Englewood for an undisclosed sum. The Class B complex is located at 5275 S. Delaware St. It was completed in 1991. The property will undergo improvements in operations, enhancements to the on-site amenities and upgrades to the apartment interiors through a value-added program.

June 23, 2017

Colorado Retail Western

Faris Lee Brokers $2.4M Sale of Pueblo West Retail Center in Colorado

by Nellie Day June 21, 2017

PUEBLO WEST, COLO. — Faris Lee Investments has arranged the $2.4 million sale of Pueblo West Retail Center, a 13,000-square-foot, Walmart Supercenter shadow-anchored strip center located in Pueblo West. The triple-net-leased property is fully occupied by eight tenants including Little Caesars, Jackson-Hewitt, Fantastic Sam’s and Sally Beauty Supply. Tom Chichester of Faris Lee represented the buyer, a private investor from San Clemente, Calif. CBRE represented the seller, a private investor from San Diego.

June 21, 2017

Colorado Market Reports Office Western Western Market Reports

Five Transformative Years Elevate Denver’s Office Market

by Camren Skelton June 20, 2017

The region is creating transformative projects that are substantially elevating the desirability of its office market five years into Denver’s strong development cycle. This trend — strongest in Denver’s Central Business District (CBD) and Southeast Suburban (SES) submarkets — is attracting a new breed of tenants to the Denver landscape. About 1.4 million square feet of Class A office space has been delivered in Denver’s CBD since 2012, with an equal amount under construction. Deliveries in the previous development cycles (1999 to2003 and 2007 to 2010) were on a smaller scale, delivering about 800,000 square feet and more than 1.5 million square feet, respectively. During the 2007 to 2010 development cycle, which had the unfortunate timing of commencing right before the financial crisis, new product struggled with pre-leasing. It took an average of 10 quarters to lease up to stabilized occupancy at 85 percent. Only one project, 1800 Larimer Street, was more than 85 percent leased in the first year. In contrast, the current cycle is much different and much stronger. The amount of square footage being added to the CBD outweighs the previous other two cycles. Leasing activity is white hot as well, with new product averaging 60 percent …

June 20, 2017

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