PAONIA, GLENWOOD SPRINGS AND ROCKY FORD, COLO. — Seniors housing owner/operator Grace Healthcare has officially exited all Western U.S. states with the $15.3 million sale of its final three skilled nursing communities in Colorado. Evans Senior Investments negotiated the sale to an undisclosed California-based investor. The price equates to $67,700 per bed. The new owners will lease the properties to a new operator that already has a presence in Colorado. The three properties are Paonia Care and Rehab Center in Paonia, Grace Healthcare & Rehab in Glenwood Springs and Pioneer Health Care Center in Rocky Ford. Located on the Western Slope in Colorado, Paonia Care and Rehab Center is approximately 70 miles from the city of Grand Junction. The facility features 60 beds in a 16,424-square-foot, single-story building. Located 80 miles southwest of Aspen, Grace Health & Rehab is located on 1.5 acres and features 54 skilled nursing beds and 16 assisted living beds. Pioneer Health Care Center features 94 beds on 4.1 acres. The 36,842-square-foot community offers memory care and rehabilitative care. In June, Grace announced it had sold all its remaining California and Arizona properties in a $14.7 million deal, also negotiated by Evans Senior Investments.
MONUMENT, COLO. — Bethesda Senior Living Communities, a Colorado Springs-based nonprofit developer and operator, has broken ground on Bethesda Gardens Monument, a 60-unit assisted living and memory care community in the Colorado Springs suburb of Monument. The $13 million development is the first ground-up construction for Bethesda in more than 15 years, and will be the first seniors housing community in Monument, according to the developer. Bethesda expects to complete construction in fall 2017. The architect on the Colorado project is Lantz-Boggio Architects of Denver. Brinkman Construction of Fort Collins will provide construction services, and Compass Bank of Denver provided financing. With the two new projects, Bethesda now operates 18 seniors housing communities in Arizona, Indiana, Nebraska, Missouri, Colorado and Texas.
DENVER — CVS Health has opened the first CVS Pharmacy locations in Target stores in Colorado. The pharmacies are located in several metropolitan areas, including Denver, Colorado Springs and Fort Collins, and are operated through a store-within-a-store format. With the addition of 39 rebranded CVS Pharmacy locations in Target stores, the company now has its first presence in the state.
FORT COLLINS, COLO. — 2001 Danfield LLC has purchased the LSI Logic building, a 158,000-square-foot office building in Fort Collins, for $5.6 million. The building is located at 2001 Danfield Court. It previously served as a computer chip manufacturing facility for LSI Logic. The LLC plans to convert the space into a multi-tenant office building. CBRE’s Peter Kast and Ham Southworth represented the seller, LSI Corp., in this transaction.
COLORADO SPRINGS, COLO. — Monmouth Real Estate Investment Corp. has purchased a 225,362-square-foot industrial building in Colorado Springs for $28.8 million. The community is located at 125 N. Troy Hill Road. The space is net leased to FedEx Ground Packaging System for 10 years. The building is situated on 27.4 acres, directly across from the Colorado Springs Airport.
ARVADA, COLO. — Pinnacle Real Estate Advisors LLC has arranged the $4.1 million sale of Indiana Marketplace, a 14,738-square-foot shopping center located in the Denver suburb of Arvada. The property is located at 14805-14807 W. 64th Ave. Jeff Johnson and Matt Ritter of Pinnacle represented the undisclosed 1031 exchange buyer in the transaction.
DENVER — A partnership between Investcorp and Griffin Partners has purchased a 10-building office/flex portfolio in Denver for $78.5 million. The portfolio includes 345 Inverness Drive S. and Arapahoe Business Park, comprising a total of 484,737 square feet. The Inverness property is a three-building, 175,287-square-foot complex that was built in 2001. Arapahoe Business Park is a seven-building complex that was completed in two phases from 1998 to 2001. The park contains a total of 309,450 rentable square feet and is situated at the entrance to Centennial Airport Center. Both projects sit east of Interstate 25. The assets are 95 percent leased to 15 tenants. The tenant roster is composed of companies within the technological, research and development, laboratory testing, light manufacturing, distribution and automotive fields. NGKF’s Dave Tilton, David Lee and Jason Addlesperger represented the seller, Hines REIT, in this transaction. The NGKF team was retained to lease and manage the portfolio.
COLORADO SPRINGS, COLO. — Monmouth Real Estate Investment Corp. has purchased a 225,362-square-foot industrial building in Colorado Springs for $28.8 million. The facility is located at 125 N. Troy Hill Road. It is net leased to FedEx Ground Packaging System for the next 10 years. The property is situated directly across from the Colorado Springs Airport and is in close proximity to Interstate 25.
DENVER — A joint venture between United Properties and Principal Real Estate Investors have announced the second phase of Inova Dry Creek, a 650,000-square-foot, mixed-use campus in Denver. Phase II will contain a second speculative Class A office building containing 235,800 square feet. Construction will commence in the coming weeks, with an expected delivery date in the third quarter of 2017. Development plans call for three additional buildings on the 58-acre site. The developers broke ground on Inova 1, the first phase of the campus, in September. It is slated for completion in November, with Comcast taking occupancy in the first quarter of 2017. The JV will also soon break ground on Inova Flex, a 70,632-square-foot flex property at the campus. Power Home Remodeling Group has recently signed a lease at this space. Powers Brown Architecture has designed the project, while Adolfson & Peterson Construction is serving as the general contractor for Inova 1.
ARVADA, COLO. — An unnamed buyer has purchased a 20-unit apartment building in Arvada for $2.4 million. The community is located at 5351-5361 Everett St. It was originally built in 1961 and renovated in 2014. The building is just off West 52nd Avenue near Olde Town Arvada. Josh Newell of Pinnacle Real Estate Advisors’ The Newell Team represented the buyer. The firm’s Jeff Johnson and Matt Ritter of the Johnson Ritter Team represented the seller in this transaction.