Colorado

LaSalle Investment Management Buys Mixed-Use Building in Denver

by Nellie Day July 15, 2015

DENVER — LaSalle Investment Management has purchased 16M, a mixed-use project in Downtown Denver’s LoDo (lower downtown) district, for an undisclosed sum. The Class AA property will be located at the southwest corner of the 16th Street Mall and Market Street. The 189,284-square-foot trophy property features ground-floor restaurant space, five stories of office space and 36 luxury apartments on the upper four floors. It also contains a rooftop terrace, fitness center and three levels of underground parking. The new development will serve as the regional headquarters of Morgan Stanley, D.A. Davidson and The ONE Group, which operates upscale restaurants and lounges. It will also be home to the first U.S. location of STK Rebel, an upscale, trendy steakhouse that is sister properties with the popular restaurant STK. 16M will also feature Panera Bread and Garbanzo Mediterranean Grill. This is the third property LaSalle has acquired within the LoDo market. It purchased Millennium Financial Center and Writer Square in September 2013.

July 15, 2015

Colorado Retail Western

Retail Strip Center in Pueblo Sells for $3M

by Nellie Day June 25, 2015

PUEBLO, COLO. – A 7,371-square-foot retail strip center in Pueblo has sold to a local private investor for $3 million. The center is located at 1425 US Highway 50 West. It is full occupied by McAlister’s Deli, Papa John’s Pizza and Open MRI. The McAlister’s Deli franchisee has agreed to enter into a new 15-year, triple-net master lease once this transaction has closed. It will contain two, 10-year renewal options. The buyer was represented by Drew Isaac and Howard Stark of Marcus & Millichap’s Denver office. The seller, a private investor, was represented by Barry Higgins and David Lee of the same firm.

June 25, 2015

Colorado Loans Retail Western

HFF Arranges $89.5M Construction Loan for A Block @ Union Station

by Nellie Day June 24, 2015

DENVER — Holliday Fenoglio Fowler L.P. (HFF) has arranged an $89.5 million construction loan for A Block @ Union Station, a 310,055-square-foot, mixed-use development in Denver’s Union Station Neighborhood. Continuum Partners LLC worked with HFF to arrange the four-year construction loan with Wells Fargo and CrossHarbor Capital Partners. Continuum also raised $14.5 million in equity from more than 20 investors in addition to contributing land to the project, which will contain hotel, office and retail space. New construction will include a 12-story, 200-room hotel managed by Kimpton; a five-story, 45,458-square-foot office building along with approximately 13,000 square feet of retail/restaurant space; and a 197-space subterranean parking garage with 100 spaces dedicated to public parking. Both properties will contain ground floor retail, with Bank of America already under lease for 3,496 square feet of space. Eric Tupler and Leon McBroom of HFF led the debt placement team in the transaction.

June 24, 2015

Colorado Office Western

City Office REIT Buys Superior Pointe Office Property in Denver

by Nellie Day June 19, 2015

DENVER — City Office REIT has acquired Superior Pointe, a 149,006-square-foot office property in Metro Denver, for $25.8 million. The Class A property is located at 7595 E. Technology Way. Superior Pointe is 90 percent occupied. Notable tenants include Microsoft, Quiznos and ProBuild. The acquisition is anticipated to generate an initial full-year cash NOI yield of about 7.5 percent, based on the purchase price and planned capital improvements.

June 19, 2015

Colorado Multifamily Student Housing Western

Marcus & Millichap Arranges $24 Million Sale of Boulder Community

by Nellie Day June 18, 2015

BOULDER, COLO. — Marcus & Millichap has arranged the sale of Plaza on Broadway, a 39-unit, 152-bed multifamily student housing community in Boulder. The $24.05 million sales price equates to $616,667 per unit, $158,224 per bed and approximately $474 per square foot. Built in 2013, the property is situated on 1.44 acres, located directly across from the University of Colorado-Boulder campus at 17th Street and Broadway. The property sits on a 60-year ground lease. Jacob Steele, associate vice president investments, and Nick Steele, associate, both in Marcus & Millichap’s Denver office, facilitated the sale on behalf of equity members. Plaza on Broadway is a community built with emphasis on sustainable living through high-efficiency mechanical systems for reduced water and energy consumption, natural ventilation and a location that allows residents ease of access to public transportation. Community amenities include bike storage, fitness center, laundry facilities, interior study spaces, television rooms, exterior courtyards and underground parking. The unit mix features mostly four-bedroom apartments with private bathrooms for each bedroom.

June 18, 2015

Colorado Market Reports Retail Western Western Market Reports

Investor Demand Outpaces Retail Property Listings in Booming Denver Metro

by Nellie Day June 9, 2015

A booming Denver economy has strengthened the local real estate market, creating strong demand across all property sectors, including multifamily, housing, office and retail. The wealth effect stemming from robust employment and rising home values will specifically drive retail sales in the Denver metro this year. A thriving retail market will attract new tenants to the metro, and facilitate healthy rent growth. Employers will continue to expand in the metro, pushing total employment to a new high and drawing additional residents to the metro. Hiring will expand 3.3 percent this year as employers are expected to add 45,000 total workers to payrolls. Metro Denver has also attracted high-wage earners. For instance, Lockheed unveiled plans to add 850 high-paying jobs at its Jefferson County facility over the next few years. Meanwhile, rising housing demand has lifted the median price of an existing home nearly 60 percent over the past six years. This has caused Denver to become one of the most expensive non-coastal housing markets in the nation. High home values will positively affect how homeowners feel about their ﬁnancial situation, encouraging retail spending. Retail construction will slow this year as many developers focus on redevelopment projects like the Southwest Plaza …

June 9, 2015

Colorado Hospitality Western

WoodSpring Suites to Develop Six New Hotels in Denver

by Nellie Day June 8, 2015

DENVER — WoodSpring Suites has announced its plan to open six new hotels in the Denver area over the next four years. The company has partnered with Pure Strike Development LP and CAMTOD Group on the agreement. Value Place was rebranded as WoodSpring Suites this past April. This development agreement will grow the brand to a total of 15 properties throughout Colorado. The group’s first hotel in the Denver area will be located in Centennial. It is scheduled to break ground next March. Once completed, the hotel will feature amenities like in-room kitchens, free high-speed internet and guest laundry facilities. The extended-stay hotel brand also recently announced its newest addition, WoodSpring Suites Signature, which is “designed to appeal to less price sensitive guests,” according to the company. WoodSpring Suites is focused on strategic expansion across the U.S. through corporate- and franchise-owned development. The company expects to break ground on 30 additional properties by the end of the year. Expansion plans through 2017 include the addition of corporate and franchised properties in major metropolitan markets like Los Angeles, Seattle, Portland, Ore., Chicago, Philadelphia, Boston, Miami and Minneapolis.

June 8, 2015

Colorado Industrial Western

Denver Industrial Property Sells for $5.5M

by Nellie Day June 4, 2015

DENVER – A 61,954-square-foot industrial property in Denver has sold to Parkhill Development Company for $5.5 million. The space is located at 3000 and 3201 Walnut Street. The seller, WSM Properties, was represented by DTZ’s Aaron Valdez, Alec Rhodes and Tyler Smith.

June 4, 2015

Colorado Multifamily Western

Plaza on Broadway Apartments in Boulder Sells for $24M

by Nellie Day May 22, 2015

BOULDER, COLO. – The 39-unit Plaza on Broadway apartments in Boulder has sold to an unnamed buyer for $24 million. The community is located at 955 Broadway Street. It was built in 2013. Plaza on Broadway is situated directly across from the University of Colorado-Boulder. The property sits on a 60-year ground lease. The sale was executed by Jacob and Nick Steele of Marcus & Millichap’s Denver office.

May 22, 2015

Colorado Retail Western

Good Times Burgers & Frozen Custard Completes Sale-Leaseback in Centennial

by Nellie Day May 21, 2015

CENTENNIAL, COLO. – Good Times Burgers & Frozen Custard has completed a sale-leaseback in Centennial. The restaurant is located at 14505 East Arapahoe Road. The asset was purchased by a local individual investor. The seller, Good Times Drive Thru, entered into a new long-term, triple-net lease at closing. Good Times was represented by Drew Isaac of Marcus & Millichap’s Denver office.

May 21, 2015

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