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Blackstone Agrees to Acquire Apartment REIT AIR Communities for $10B, Take Company Private

by Taylor Williams

NEW YORK CITY AND DENVER — Private equity behemoth Blackstone (NYSE: BX) has agreed to acquire AIR Communities (NYSE: AIRC) for $10 billion in an all-cash deal that would take the Denver-based multifamily REIT private. The deal is expected to close during the third quarter. AIR Communities, which is formally named Apartment Income REIT Corp., owns 76 multifamily properties totaling roughly 27,000 units across 10 states and Washington D.C. The properties are primarily concentrated in coastal markets such as Los Angeles, Miami and Boston. Under the terms of the deal, Blackstone will also assume all of AIR Communities’ outstanding debt. Blackstone also plans to invest more than $400 million to maintain and improve the existing communities in the portfolio. The purchase price of $39.12 per share represents a premium of 25 percent to AIR Communities’ closing share price on April 5, 2024, the last full day of trading prior to the announcement. The price also represents a 25 percent premium to AIR Communities’ weighted average share price over the previous 30 days. “AIR Communities represents the highest quality, large-scale apartment portfolio we have ever acquired and is located in markets where multifamily fundamentals are strong,” says Nadeem Meghji, global co-head …

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AcquisitionsColoradoIndustrialWestern

Graham Street Realty Sells 144,464 SF Commerce Square Industrial Property in Denver

by Amy Works

DENVER — Graham Street Realty (GSR), an affiliate of Hamilton Zanze, has completed the disposition of Commerce Square, a light industrial facility located in the Interstate 70 East submarket in Denver. Terms of the transaction were not released. GSR originally purchased Commerce Square in December 2020. The asset comprises 144,464 rentable square feet of shallow-bay light space across two Class B buildings. Commerce Square offers above-standard loading capabilities, front park/rear load orientation, 18-foot clear heights, dock and drive-in loading capabilities and 265 parking spaces. At the time of sale, the property was 96.4 percent leased. Paramount Property Co., an Oakland, Calif.-based GSR affiliate, managed Commerce Square during GSR’s ownership of the asset.

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AcquisitionsColoradoOfficeWestern

Coldwell Banker Brokers $7.3M Acquisition of Office Building in Longmont, Colorado

by Amy Works

LONGMONT, COLO. — Coldwell Banker Commercial Realty has arranged the sale of an office and research and development building in Longmont, approximately 35 miles north of Denver. Mountain View Fire Protection District acquired the asset from Gunbarrel Properties LLC for $7.3 million. Constructed in 1998, the two-story building features 36,900 square feet of space. The property is located at 6328 Monarch Park Place. Brian Campbell of Coldwell Banker Commercial Realty represented the buyer in the deal.

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ColoradoDevelopmentMultifamilyWestern

Cortland Begins Construction of 294-Unit Cortland Peterson Multifamily Property in Colorado Springs

by Amy Works

COLORADO SPRINGS, COLO. — Cortland has commenced construction of Cortland Peterson, an apartment community located near Peterson Space Force Base in Colorado Springs. The initial phase of the 294-unit project is slated for completion in summer 2025, with the final phase scheduled for delivery in summer 2026. Consisting of two-, three- and four-story buildings, the community will offer a mix of living options for residents. Units will feature granite countertops and matte black fixtures in the kitchens and bathrooms, smart locks, Nest thermostats and hardwood flooring. Community amenities will include a large courtyard with a pool, cabanas, a hot tub, an outdoor grill and kitchen, a fire pit, fitness center and a leash-free dog park. Additionally, Cortland Peterson will offer a fourth-story sky lounge with a bar and views of Pikes Peak. The project is a joint venture with Promus Realty Properties, Iviron Capital Partners and BMO Bank.

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AcquisitionsColoradoOfficeWestern

NorthPeak Commercial Brokers Sale of 5,092 SF Office Property in Aurora, Colorado

by Amy Works

AURORA, COLO. — NorthPeak Commercial Advisors has arranged the acquisition of an office building in Aurora, a suburb east of Denver. The asset traded for $1 million. The names of the seller and buyer were not released. Located at 14100 E. Evans Ave., the property features 5,092 square feet of office space. Steve Cummock and Drew Williams of NorthPeak Commercial Advisors represented the buyer in the deal.

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Berkadia Structures $81.2M in Joint Venture Equity for Alexan Pena Station Apartment Development in Denver

by Amy Works

DENVER — Berkadia has arranged $81.2 million in joint venture equity for Trammell Crow Residential (TCR) for the development of Alexan Pena Station, a multifamily development project in Denver. Cody Kirkpatrick, Chinmay Bhatt and Noam Franklin of Berkadia JV Equity & Structured Capital represented the sponsor, TCR, to arrange the joint venture equity partnership. Berkadia secured the equity through MBK Rental Living, a privately held real estate investment and development firm. Located on the northeast side of Denver, Alexan Pena Station will feature 578 one-, two- and three-bedroom apartments, with an average unit size of 976 square feet, spread across 12 buildings. The community will offer 46 affordable units for individuals earning up to 60 percent of the area median income. Alexan Pena Station will be built over two phases on a 20-acre site with more than 725 parking spaces.

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ColoradoDevelopmentIndustrialWestern

Westfield Co. Develops 472,800 SF Pivot Denver Spec Industrial Project

by Amy Works

DENVER — Westfield Co. is developing Pivot Denver, a 472,800-square-foot, Class A industrial property in central Denver. The core and shell are already complete and the speculative development is 33.5 percent pre-leased to three tenants totaling approximately 159,000 square feet. Situated on the site of the Denver Merchandise Mart, Pivot Denver features four facilities: 162,000-square-foot Building 1; 33,600-square-foot Building 2; 154,800-square-foot Building 3 and 122,400-square-foot Building 4. The buildings offer ample dock/grade loading, 28-foot to 32-foot clear heights and ample parking. Total Tool, a construction tool supplier, inked a deal to occupy 59,000 square feet; an undisclosed tenant leased 75,000 square feet; and Crescent Electric Supply Co., an electric wholesale supply and distribution company, leased 25,000 square feet. Construction of Pivot Denver began in late 2022. Tyler Smith, Alec Rhodes and Aaron Valdez of Cushman & Wakefield are handling leasing of the project on behalf the landlord.

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AcquisitionsColoradoOfficeWestern

DS Real Estate Sells Single-Tenant Office Property in Golden, Colorado for $3.8M

by Amy Works

GOLDEN, COLO. — DS Real Estate LLC has completed the disposition of a single-tenant office building located at 607 19th St. in Golden, a suburb west of Denver. An undisclosed buyer acquired the asset for $3.8 million, or $315.85 per square foot. Formerly a retail bank building, the 12,031-square-foot property was redeveloped into a modern office space in 2017. The asset features ample parking, offices with mountain views, two conference rooms, a breakroom with a built-in speakeasy bar in the former bank vault space, and bathrooms with large locker/shower areas. Brett MacDougall and Michael DeSantis of Unique Properties Inc. / TNC Worldwide represented the seller, while Kurt Liss of JLL represented the buyer in the deal.

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Newmark Arranges 494,398 SF in Leases at Central Park Logistics Center in Denver

by Amy Works

DENVER — Newmark has arranged two new industrial leases totaling 494,398 square feet at Central Park Logistics Center, a newly constructed, two-building industrial asset in Denver. New York-based Brookfield Properties developed and owns the 695,899-square-foot complex. Discount Tire and Marcone Supply Inc. will occupy 339,000 square feet and 156,000 square feet, respectively, filling the entirely of Building 2 at 9400 E. 46th Place. Mike Wafer and Mike Wafer Jr. of Newmark represented the landlord in the transactions. Wafer also served as tenant advisor for Discount Tire, and Mike Statter of Cresa represented Marcone Group in the lease transaction.

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AcquisitionsColoradoRetailWestern

M&J Wilkow, MetLife Purchase Chapel Hills East Retail Property in Colorado Springs

by Amy Works

COLORADO SPRINGS, COLO. — M&J Wilkow Ltd. and MetLife Investment Management, on behalf of its clients, have acquired Chapel Hills East, a core retail asset in Colorado Springs. Terms of the transaction were not released. Developed in 1995/1996, Chapel Hills East features 225,000 square feet of retail space. The property is currently 100 percent occupied by a variety of tenants, including Whole Foods Market, Nordstrom Rack, Best Buy, DSW, Old Navy, Barnes & Noble and Office Depot. Chapel Hills East is the fifth joint venture co-owned by M&J Wilkow and MetLife Investment Management.

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