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.
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 …
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.
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.
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 …
AURORA, COLO. — Pathfinder Partners, a San Diego-based investment firm, has acquired a 104-unit independent living community within the Shalom Park Senior Living Campus in the Denver suburb of Aurora. Pathfinder, along with Denver-based Hillcrest Development Group, paid $16 million for the property and plan to implement $3 million of improvements. The community, which Pathfinder will rebrand as V-Esprit, is situated on approximately 15 acres and includes 104 units consisting of 60 apartments and 44 patio homes averaging 1,050 square feet. The seller was Shalom Park, a Colorado nonprofit that still owns the balance of the Shalom Park Senior Living Campus. V-Esprit residents will continue to have access to the combined campus amenities. The $3 million renovation project is slated to include converting four of the one-bedroom apartment units (leaving 100 units in total) into a clubhouse and card room, and renovating and modernizing the theater room, library, communal dining area and leasing office. Pathfinder also plans to make improvements to the apartment interiors. This is Pathfinder’s first seniors housing acquisition.
DENVER — Inline Distributing Co. has purchased its new 69,550-square-foot industrial facility at Crossroads Commerce Park in Denver. The building is situated along 52nd Avenue just west of Washington Street in unincorporated Adams County. Construction on the facility commenced last fall. It was completed in early June. Murray & Stafford was the general contractor, while Ware Malcomb acted as architect. JLL’s Nick Steitz represented the construction products supplier, while NKF’s Mike Wafer, Tim D’Angelo and Mike Wafer Jr. represented the seller, Trammell Crow Co., in this transaction.
DENVER — Swisslog Healthcare has signed a 10-year lease for 29,731 square feet of office space in Denver. The space is situated within the 90-acre Circle Point Corporate Campus at Circle Point 2. The lease was part of Swisslog Healthcare’s goal to relocate its global headquarters from the Montbello industrial neighborhood to the tech-savvy Northwest Corridor. JLL’s Jason White, Billy Byrne and Mitch Zatz represented the material transport, medication management and supply chain management services and solutions provider. The company will take occupancy in January 2018.
FORT COLLINS, COLO. — Cress Capital has purchased a 500,000-square-foot office and flex industrial portfolio in Fort Collins. The property is known as the Prospect Portfolio. It was built between 1984 and 2004. Prospect Portfolio is situated near the intersection of Prospect and Timberline, one mile west of I-25.
LAMAR, COLO., MONTE VISTA, COLO., AND MYRTLE POINT, ORE. — Lancaster Pollard has arranged $9.5 million in FHA financing for Summit Healthcare REIT. The loans will refinance the acquisition loans on three skilled nursing facilities in the Western United States. The three facilities are Juniper Village at Lamar, a 60-unit skilled facility in Lamar; Juniper Village at Monte Vista, a 58-unit facility in Monte Vista; and Myrtle Point Care Center in Myrtle Point, which features 28 units of skilled nursing and 18 units of assisted living. Jason Dopoulos led the transaction for Lancaster Pollard. The financing, which has a 30-year term, lowered the fixed interest rate on the properties. Summit is a public, non-traded company that recently transitioned from an industrial REIT to a healthcare REIT.
