Colorado

Eide Bailly Leases Office Space at One Belleview Station in Denver

by Nellie Day August 26, 2016

DENVER — Accounting firm Eide Bailly has leased 29,704 of office space at One Belleview Station, a transit-oriented-development within the Denver Tech Center. The firm will occupy the entire seventh floor. One Belleview Station is scheduled for delivery on Dec. 1 of this year. It will feature 318,000 square feet of Class AA office space. The new space will allow Eide Bailly to consolidate its Golden and Denver Tech Center offices into a single location. The general contractor for One Belleview Station is Weitz, while Gensler’s Denver studio is the architect. The master developer is Front Range Land and Development Co.

August 26, 2016

Colorado Hospitality Western

Summit Hotel Properties Buys Marriott in Boulder for $61.4M

by Nellie Day August 25, 2016

BOULDER, COLO. — Summit Hotel Properties has purchased the 157-room Marriott hotel in Boulder for $61.4 million. The hotel is located at 2660 Canyon Blvd. The Marriott is situated within walking distance of the University of Colorado, Folsom Field and Pearl Street Mall. Notable employers in the area include IBM, Google, NCAR, Qualcomm and Covidien. The hotel has achieved a revenue per available room (RevPAR) of $167 a night over the past 12 months. This represents a 51 percent premium over the Summit’s pro forma RevPAR for its portfolio.

August 25, 2016

Colorado Industrial Western

Majestic to Build Largest, Single-Phase Spec Industrial Project in Colorado History

by Nellie Day August 18, 2016

AURORA, COLO. — Majestic Realty Co. has announced plans to build the largest single-phase speculative industrial development in Colorado’s history, according to the firm. The three buildings will contain a total of 834,580 square feet of spec industrial warehouse and distribution space that will be situated within the Majestic Commercenter. The developers plan to break ground on the new buildings this fall for completion by summer 2017. At that time, Majestic Commercenter will feature 4.2 million square feet throughout 17 buildings. Amazon recently pre-leased a 452,400-square-foot building at the center.

August 18, 2016

Colorado Multifamily Western

Opus Group Begins Construction on the Glenn Apartment Complex in Centennial

by Nellie Day August 18, 2016

CENTENNIAL, COLO. — The Opus Group has begun construction on the Glenn, a 306-unit apartment complex in Centennial. The community will be the first project to break ground at the Jones District, a 42-acre master-planned development. The Glenn will be situated west of Interstate 25. The Jones District will eventually contain 1.8 million square feet of mixed-use space, including residential, hotel, office and retail projects, making it Centennial’s largest commercial development. A ceremonial groundbreaking for The Glenn was held Aug. 17. The project is scheduled for completion in December 2017.

August 18, 2016

Colorado Multifamily Seniors Housing Western

Drever to Build 64-Unit Memory Care Community in Fort Collins

by Nellie Day August 16, 2016

FORT COLLINS, COLO. — Drever Capital Management has unveiled plans for a new Windsong-branded memory care community in Fort Collins, about 60 miles north of Denver. Vista Pointe Development will assist in the development of the project. Construction is slated to begin in September. Rental rates are expected to range between $4,900 and $5,200, well below the market’s average, according to Drever. Based in California, Drever Capital Management acquires, manages and develops commercial real estate properties.

August 16, 2016

Colorado Loans Multifamily Seniors Housing Western

Spectrum Retirement Communities Receives $24.3M to Refinance Denver Care Facility

by Nellie Day August 5, 2016

DENVER — Greystone, an investment firm, has provided a $24.3 million loan to Spectrum Retirement Communities to refinance HighPointe Assisted Living and Memory Care, a 97-unit assisted living and memory care community in Denver. The loan carries a seven-year term and three years of interest-only payments. Greystone’s Scott Kavel and Cary Tremper originated the loan.

August 5, 2016

Colorado Retail Western

NewMark Merrill Completes Phase I of Development at Former Twin Peaks Mall in Longmont

by Nellie Day August 2, 2016

LONGMONT, COLO. — NewMark Merrill Cos. has completed Phase I of development at Village at the Peaks, a 500,000-square-foot lifestyle center located in Longmont. The property was the former site of Twin Peaks Mall, which NewMark Merrill acquired in 2012 for $8.5 million. Tenants at the 90 percent-occupied center include anchors Whole Foods Market, Sam’s Club and Regal Cinemas. Phase II of the development, which will total up to 40,000 square feet, is currently being marketed for lease.

August 2, 2016

Colorado Retail Western

Old Chicago Pizza & Taproom Plans to Refresh 37 Restaurants

by Nellie Day August 1, 2016

BROOMFIELD, COLO. — Old Chicago Pizza & Taproom’s franchise partners are reinvesting an average of $150,000 into refreshing 37 existing franchised restaurants. This effort will include renovations to the interior and exterior, as well as to the dining room and beer equipment. Upgrades to beer equipment and systems include a new tap tower, glass mug coolers, stainless glass storage cabinet and stein racks. The restaurants will also now display its beer menu on a mounted, 60-inch LCD screen. As part of the refresh, the service team will also undergo extensive beer training. Additional interior renovations include front-of-the-house upgrades to its wall signage and décor, fresh paint, new tabletops and bases, backless barstools and a community table that seats up to 20. Old Chicago’s exteriors will display an updated logo as well as a new exterior monument. To complement the new design elements, the company is now working with Open Table and using its software for all reservation systems. Founded in 1976, Old Chicago operates in 24 states with more than 100 restaurants nationwide. The restaurant chain recently 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 …

August 1, 2016

Colorado Office Western

Schnitzer West, J.P. Morgan to Develop Civica Cherry Creek Office Building in Denver

by Nellie Day July 28, 2016

DENVER — A joint venture between Schnitzer West and J.P. Morgan Asset Management will develop Civica Cherry Creek, a boutique office building in Denver. The seven-story building will feature 100,500 square feet of office space and 11,500 square feet of retail atop a four‐story underground parking garage. The developers broke ground this month with a scheduled completion of December 2017. The building will include amenities including a rooftop terrace with outdoor meeting space, private library, concierge services, conference center, outdoor lounge at street level and locker rooms.

July 28, 2016

Colorado Multifamily Western

Cedar Creek Apartment Complex in Lakewood Sells for $2.3M

by Nellie Day July 28, 2016

LAKEWOOD, COLO. — An unnamed buyer has acquired the 12-unit Cedar Creek apartments in Lakewood for $2.3 million. The community is located at 8721- 8761 W. Hampden Ave. Cedar Creek was built in 2007 and 2008. The acquisition equates to $193,833 per unit and $135.29 per square foot. Josh Newell and Connor Knutson represented both the buyer and local seller in this transaction.

July 28, 2016

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