PARKER, COLO. – An unnamed buyer has purchased a 6,406-square-foot mixed-use property in Parker for $1.3 million. The property is located at 18575 Stage Run Road. It consists of retail and office space. The new owner plans to relocate an existing hair salon to the center, as well as add a full-service spa. Construction is set to commence immediately for the new tenants. Mitch Trevey and Nick Nickerson of Trevey Land and Commercial represented the seller, Martinez Global International, in this transaction.
DUBLIN, CALIF. — Ross Stores has opened 25 Ross Dress for Less and nine dd’s DISCOUNTS stores across 16 different states in September and October. These new locations round out the company’s 2016 expansion plans to add approximately 90 locations during the year. Ross Stores, Inc. is headquartered in Dublin, Calif., with 1,342 stores in 36 states, the District of Columbia and Guam. The company also currently operates 193 dd’s DISCOUNTS in 15 states.
DENVER – HFF has arranged $30.6 million in financing for Tuscany Plaza, a 260,000-square-foot office property in the southeastern Denver suburb of Greenwood Village. The Class A plaza is located at 6312 S. Fiddlers Green Circle. The asset sits adjacent to the Arapahoe at Village Center light rail station. Tuscany Plaza is 90 percent leased to tenants like Red Robin and Xanterra Parks and Resorts. HFF’s Jim Curtin and Eric Tupler arranged the seven-year, 3.45 percent, fixed-rate loan through a correspondent life insurance company. The borrower was Crescent Real Estate LLC.
CASTLE ROCK, COLO. — Pinnacle Real Estate Advisors LLC has arranged the $6 million sale of 4989 Factory Shops Blvd., a 10,113-square-foot shopping center located in Castle Rock, roughly 30 miles outside of Denver. Tom Ethington and Rob Edwards of Pinnacle represented the undisclosed seller in the transaction. Tenants at the center include MOD Pizza, Jersey Mike’s Subs and AT&T.
DENVER — BH Equities LLC, Pensam Residential and Wafra Capital Partners have acquired the Breakers Resort apartment community in Denver for $350 million. The community is located at 9099 E. Mississippi Ave. The Breakers is the largest physical asset in metro Denver, according to the buyers. It includes a nearly 190-acre site that spans 1,523 units among six villages, a privately owned lake and a 26,000-square-foot recreation center situated within minutes of downtown Denver and Cherry Creek. Koelbel and Co. and the Bascom Group developed the property. The new owners plan to implement a capital improvement program that will include re-purposing several individual community clubhouses, as well as improvements to the Catamaran Club, Riviera Cafe and the Marina. The Breakers’ sale is among the largest multifamily transactions in the U.S. this year, second only to a sale in Manhattan, according to Jeff Hawks of ARA Newmark, which brokered the sale. The deal will restructure ownership and allow Koelbel and Co. to maintain its involvement as a minority owner. Berkadia arranged Freddie Mac acquisition financing for the deal.
LAKEWOOD, COLO. — Gelt has purchased the 400-unit Westhills apartments in Lakewood for $66 million. The community is located at 453 Van Gordon St. Westhills was built in 1972. FPA Multifamily, the previous owner, recently renovated about 30 percent of the units. Gelt plans to fully renovate approximately 100 of the original units with vinyl plank flooring, stainless steel appliances, new cabinet faces, new fixtures, and the addition of stackable washer-dryer units. Gelt will also upgrade the remaining units, which were renovated a decade ago, by adding stainless steel appliances, vinyl plank flooring and new fixtures. The owner will also add new amenities like a bike room, storage room, entertainment room and barbeque pits. Notable employers in the area include the Denver Federal Center, St. Anthony’s Medical Center, Lakewood Technology Center, Red Rocks Community College and the Colorado Mills Mall. The garden-style community is also within walking distance of the Federal Center Light Rail Station. This is Gelt’s second acquisition in the Denver region. The firm is looking to acquire 2,000 apartment units over the next 12 months. In addition to Denver, its target markets include Salt Lake City, Portland, Seattle, Reno, the San Francisco Bay Area and Los Angeles.
CENTENNIAL, COLO. — Central Development has announced plans to build Encompass Business Park, a 55-acre office and industrial park, in Centennial. The Class A park will be situated on South Blackhawk Street, between East Arapahoe Road and East Fremont Avenue. The site, formerly known as Centennial East Corporate Center, will soon contain a 150,000-square-foot spec industrial building. This will be the largest individual spec industrial project in southeast Denver, according to Central Development. The new Encompass Business Park will offer a total of 13 development sites, ranging from 14,000 square feet to 150,000 square feet, with broad and flexible zoning that can accommodate retail, office, flex, industrial, medical and storage uses. Central Development purchased the land for Phase I from Jordan-Arapahoe LLC for $4.5 million. NGKF’s Kittie Hook and Wade Fletcher represented the LLC and assisted Central Development in the acquisition. The team is also handling the marketing, sales and leasing for Encompass. Central Development’s capital partner on the project is an LLC managed by Washington Capital Management.
COLORADO SPRINGS AND AURORA, COLO. — New Dawn Memory Care has reopened its two memory care communities in Colorado Springs and Aurora. Radiant Senior Living was named as the operator of both communities. The Portland, Ore.-based operator manages 18 seniors housing communities in Washington, Oregon, North Dakota and Colorado.
ENGLEWOOD, COLO. — GolfTEC has leased 17,000 square feet of office/flex space at the Inverness Business Park in Englewood. The space is located at 67 Inverness Drive E. JLL’s Todd Roebken, David Welker and Mike Deatley represented the golf lesson provider. TJ Smith and David Hazlett of Colliers represented the landlord in this transaction.
COLORADO SPRINGS, COLO. — Koelsch Communities is developing Springs Ranch Memory Care Community, a 72-unit memory care community in Colorado Springs, approximately 65 miles south of Denver. Development costs are estimated at $18.4 million. Koelsch expects to open the community in spring 2017. The 72 units are divided into 12-resident cottages in a neighborhood setting. Development Partners include Madrona Point Development, RJ Development and Koelsch Construction. Koelsch Communities is an Olympia, Wash.-based seniors housing operator with 22 locations in six states. Springs Ranch will mark the company’s first entry into Colorado.