BRIGHTON, COLO. — Inland Real Estate Acquisitions has acquired the 252-unit Solaire Apartments in Brighton for $57.5 million. The community is located at 1287 S. 8th Ave., about 20 miles northeast of Denver’s CBD. Solaire Apartments was 94 percent leased as of the closing date. Community amenities include a heated swimming pool, hot tub, 24-hour fitness center, outdoor grilling stations, business center and playground. The community is also situated on one of the nation’s largest geothermal systems, allowing Solaire Apartments to provide its residents with renewable energy. Inland Real Estate Acquisitions was represented in-house by Matthew Tice.
Denver’s economic growth, its reputation as a commercial hub in the Rockies and the growth in e-commerce sales are all factors contributing to the metro’s strong industrial property performance. Denver employers are on track to add 39,000 new workers to their headcounts by year end, expanding the local workforce by 2.8 percent, with the professional and business services and construction sectors driving employment gains. As household formation and retail spending has increased, demand for industrial space in Denver has followed suit. The city’s strategic position as a Western state commercial hub, along with the rapid rise in e-commerce sales, has attracted retailers and distributors, such as FedEx and Amazon, to the area. These large retailers and distributors are contributing to the high demand for industrial space, especially given the limited number of industrial property deliveries in 2015. The industrial construction pipeline is growing as a result of this demand. Spurred on by Denver’s positive economic performance, developers have expanded the industrial development pipeline, including higher levels of speculative development. About 3.7 million square feet of industrial space will have come online by the end of the year. About 1 million square feet of space was delivered in 2015. The breakneck …
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 …
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
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.
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.”
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.
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.
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 …
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.