Colorado

Franklin Street Properties Buys Dominion Towers in Downtown Denver for $154M

by Jeff Shaw December 5, 2016

DENVER — Franklin Street Properties Corp. (NYSE: FSP), a Massachusetts-based REIT, has acquired the Dominion Towers office property in downtown Denver for $154 million. The property includes a 19-story tower and a 28-story tower that are connected. The Class A buildings total 613,527 rentable square feet, resulting in a purchase price of $251 per rentable square foot. Dominion Towers is situated in the center of downtown Denver, within one block of light rail access and adjacent to the 16th Street Mall. The towers are 89 percent leased, and EOG Resources Inc., an oil and gas company, is the largest renter, taking up 29 percent of the property through December 2026. FSP funded the acquisition of Dominion Towers with cash on hand and the proceeds of a $150 million unsecured, two-year bridge loan with JPMorgan Chase Bank NA as administrative agent. FSP plans to implement $3 million in capital improvements to the property. “We believe that the acquisition of Dominion Towers will provide additional opportunities for value creation by growing our presence in downtown Denver to almost 2 million rentable square feet,” says Jeffrey Carter, president and chief investment officer of FSP. FSP’s stock price closed at $12.25 per share on …

December 5, 2016

Colorado Hospitality Top Stories Western

CBRE Arranges $121M Sale of Four Seasons Resorts and Residences in Vail, Colorado

by Kristin Harlow December 2, 2016

VAIL, COLO. — CBRE Hotels has arranged the sale of the Four Seasons Resort and Residences in Vail for $121 million. The 134-room resort is located at 1 Vail Road, and includes 121 hotel guestrooms and 13 condominiums. The resort offers slope-side ski-valet facilities located adjacent to Gondola One in Vail Village. Additional amenities include a 14,935-square-foot spa, over 7,000 square feet of flexible meeting and event space, dining and retail space. Bernard Van der Lande of CBRE Capital Advisors, along with Mark Darrington and Larry Kaplan of CBRE Hotels, represented the seller, Barclays. Barclays acquired the property out of bankruptcy when it was under construction in 2009. New York City-based Extell Development Co. was the buyer. — Kristin Hiller

December 2, 2016

Colorado Industrial Western

HFF Secures $295M Refinancing for Five Industrial Portfolios

by Nellie Day December 1, 2016

SALT LAKE CITY, DENVER AND PHOENIX — HFF has secured $294.6 million in financing for five industrial portfolios. The light industrial portfolios contain 59 properties in five states, including Utah, Colorado and Arizona. The portfolio features a total of 69 buildings encompassing more than 8 million square feet throughout Salt Lake City, Denver, Phoenix, Atlanta and Dallas. The transaction includes three 15-year, fixed-rate loans that were placed with Great-West Life & Annuity Insurance Co. and two 15-year, fixed-rate loans that were placed with Voya Investment Management. The proceeds will be used to refinance existing debt. HFF’s Joe B. Thornton Jr., John Rose, Jeremy Womack, Josh Simon and Gregg Shapiro worked on behalf of the borrower.

December 1, 2016

Colorado Multifamily Western

Inspire Communities Buys Candlewood Park MHC in Clifton

by Nellie Day November 28, 2016

CLIFTON, COLO. — Inspire Communities has purchased the 431-site Candlewood Park MHC in Clifton for an undisclosed sum. The all-age manufactured housing community is located at 424 32 Road, adjacent to Grand Junction. KeyBank Real Estate Capital provided financing for the deal. Inspire Communities represented itself in this transaction. Jeff Mueller of Mueller & Hoffman represented the seller. Inspire Communities also recently purchased the 477-site Whisper Creek RV Resort in Fort Myers, Fla. “These investments fit our criteria for acquiring market-leading manufactured housing communities where we can add homes and improve operations,” says Erik Rollain, Inspire Communities’ CIO. “We are excited to acquire our second RV resort and we hope to make additional investments in Florida and in Colorado.”

November 28, 2016

Colorado Industrial Western

Prologis Buys 40-Acre Industrial Site in Denver

by Nellie Day November 17, 2016

DENVER — Prologis has purchased a 40-acre industrial site in Central Denver for an undisclosed sum. The infill site is located at 6030 Washington St. The area is undergoing a significant redevelopment, which may displace a number of industrial tenants who will need to seek out new spaces within the area. Some of the most notable projects include the redevelopment of the National Western Stock Show, the reconstruction of I-70 between Brighton and Colorado boulevards and the continued transformation of the RiNo district. Matt Trone, Steve Hager and Sam Slaton of Cushman & Wakefield represented the seller, Northwest Pipe Co., in this transaction. The team will also act as Prologis’ leasing agents.

November 17, 2016

Colorado Multifamily Western

KeyBank Arranges $55.3M in Acquisition Financing for Highline Village Apartment Homes in Aurora

by Nellie Day November 15, 2016

AURORA, COLO. — KeyBank Real Estate Capital has arranged $55.3 million in acquisition financing to the 467-unit Highline Village Apartment Homes in Aurora. The community is located at 490 S. Joplin St. It was built in 1984. Tim DeWispelaere arranged the financing.

November 15, 2016

Colorado Multifamily Top Stories Western

Oak Coast Properties Acquires 959-Unit Apartment Complex in Denver for $129M

by Katie Sloan November 9, 2016

DENVER — Oak Coast Properties has acquired Pembrooke on the Green Apartments, a 959-unit multifamily community located in Denver, for $129 million. The 37-building property is located at 10700 E. Dartmouth Ave., close to the Denver Technological Center, downtown Denver, Fitzsimons Life Science District and Denver International Airport. The community was 95 percent occupied at the time of sale, and offers a mix of studio, one- and two-bedroom units with fireplaces, frost-free refrigerators and walk-in closets. Shared amenities at the complex include a barbecue and picnic area, a business center, carports, two clubhouses, community kitchen, dog park, fitness center, two heated swimming pools, sauna, laundry rooms, playground, soccer field, splash park and walking path. The company has set aside $1.9 million for capital improvements, which will include upgrades to landscaping and outdoor furniture; concrete and stair repairs; roof and gutter repairs; steel fixes; exterior upgrades to the leasing office, pools, clubhouses and laundry rooms; and mechanical work including electrical and plumbing. Renovations are scheduled to begin immediately. Charles Halladay, Lee Redmond and Brock Yaffe of HFF’s debt placement team assisted in securing a $103 million Freddie Mac loan for the acquisition of the property. Miami-based Pensam Residential provided a portion of the …

November 9, 2016

Colorado Retail Western

Quaker Steak & Lube Accelerates Expansion

by Nellie Day November 4, 2016

DENVER — Family casual-dining franchise Quaker Steak & Lube has increased its franchise development efforts and is seeking entrepreneurs interested in opening multiple restaurants in Colorado. The chain also plans to expand within Florida, Indiana, Kentucky, Michigan, Ohio, Pennsylvania, South Carolina, Tennessee and Wisconsin. Earlier this year the TA Restaurant Group acquired Quaker Steak & Lube. The TA Restaurant Group is a division of TravelCenters of America, a Fortune 500 company. The more than 750 locations in the TA Restaurant Group’s operation include 10 proprietary and nearly 30 franchised restaurant brands nationwide. Quaker Steak & Lube, founded over 40 years ago in Pennsylvania in a renovated filling station, now includes over 50 locations in 14 states across the U.S. Since opening its first restaurant in 1967, the TA Restaurant Group includes more than 750 quick-service restaurants, full-service restaurants and other food outlets. The TA Restaurant Group is a division of TravelCenters of America LLC, which offers diesel and gasoline fueling, restaurants, truck repair facilities, convenience stores and other services in 43 states and in Canada.

November 4, 2016

Colorado Retail Western

CraftWorks Purchases Seven Old Chicago Pizza Restaurants

by Nellie Day October 25, 2016

BROOMFIELD, COLO. — CraftWorks Restaurants & Breweries Inc., an operator of brewery restaurant chains, has acquired seven existing Old Chicago Pizza & Taproom locations from longtime franchise partner OCI Enterprises Inc. The locations will remain open for business. In 2015, Old Chicago launched its new restaurant prototype — a 5,000-square-foot build with an additional 1,000 to 1,200 square feet of outdoor patio space, a new kitchen and upgraded bar technology. CraftWorks Restaurants & Breweries Inc. features nearly 200 franchised and company-owned restaurants primarily operating under the Old Chicago Pizza & Taproom, Gordon Biersch Brewery Restaurants, Rock Bottom Restaurants & Breweries and ChopHouse & Brewery brands.

October 25, 2016

Colorado Hospitality Loans Western

Columbia Sussex Corp. Receives $70M Loan for Hyatt Regency Denver Tech Center

by Nellie Day October 18, 2016

DENVER — Columbia Sussex Corp. has received a $70 million loan to finance the 451-room Hyatt Regency Denver Tech Center. The hotel is located at 7800 E. Tufts Ave. in the Technological Center submarket of Southeast Denver. The area is home to about 11 million square feet of office space and about 1,000 companies. Hyatt Regency Denver Tech Center features 29,600 square feet of function space, a 533-space parking garage, the Root25 Taphouse & Kitchen, Perks coffee shop, Hyatt StayFit fitness center and an indoor swimming pool with outdoor sun deck. The hotel has operated as a Hyatt Regency since it was built in 1985. It recently underwent a $12.5 million renovation to transform the lobby, upgrade the common areas and introduce the signature restaurant and lounge. Rob Rubano and Greg Stampley of Eastdil Secured arranged the financing. Square Mile Capital Management LLC originated the transaction, and brought in Natixis to acquire the $52.5 million senior mortgage component of the debt. Columbia Sussex acquired the asset from JMI Realty.

October 18, 2016

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