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.
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.
ARVADA, COLO. — Co-developers MorningStar Senior Living and Confluent Development have broken ground on MorningStar Senior Living of Arvada, a 141-unit independent living, assisted living and memory care community in the Denver suburb of Arvada. The developers expect to complete construction in fall 2017, with an information center opened by January of that year. The 160,000-square-foot development will feature 71 suites for independent living, 41 suites for assisted living and 29 suites for memory care. The community will be situated on 4.5 acres, encircled by six parks and Arvada Reservoir. Suites will range from studio to two-bedroom layouts, and 340 to 1,200 square feet. MorningStar of Arvada is the sixth joint venture between affiliates of MorningStar Senior Living, a Denver-based senior living developer and operator, and Confluent Development, a Denver-based development and investment firm. It will be MorningStar’s 16th ground-up seniors housing development. Rosemann & Associates of Denver is serving as the architect for the new development, and Thoma-Holec Design of Phoenix is the interior designer.
GOLDEN, COLO. — Rocky Mountain Senior Living has hired OZ Architecture to design Golden Lodge Assisted Living, a 111-unit assisted living and memory care community in the Denver suburb of Golden. The community will feature two buildings – a 65,000-square-foot, four-story assisted living community with 75 units, and a 24,000-square-foot, single-story memory care community with 36 units. Colorado-based Vivage Senior Living will operate the community once it is completed. Construction is scheduled to begin in the fourth quarter of 2016 for completion in the fall of 2017. OZ Architecture is a Colorado-based design firm.
Grace Healthcare Exits Western Markets with $15.3M Sale of Three Colorado Skilled Nursing Facilities
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.