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.
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.
The Colorado Springs industrial real estate market continues to rebound with a decrease in vacancy to 8.1 percent, an increase in the average asking rate to $6.19 per square foot (NNN) and a net positive absorption of 199,101 square feet. Along with these improvements, there has been a healthy number of owner/user acquisitions in the industrial market that has created a more competitive market for both tenants and owner/user buyers over the past year. Colorado Springs will also soon benefit from Sierra Nevada Corporation’s recent decision to construct its new $88-million hangar facility at the Colorado Springs Airport, a development that will significantly aid the city’s struggling southeast submarket. Designed as a 90,000-square-foot facility, construction is slated to begin in early 2016. The company estimates it will create about 2,100 new jobs. The city will further benefit from the formation of a new 225,200-square-foot FedEx distribution facility currently scheduled to open in 2016 These new developments reflect the abundance of opportunities and land options near the airport in the southeast submarkets, with available sites ranging from small sites of less than an acre to sites larger than 50 acres. The southeast area also offers a wide range of office/warehouse flex …
COLORADO SPRINGS, COLO. – The 220-unit Cheyenne Crossing apartment complex in Colorado Springs has sold to OP Cheyenne LLC for $25 million. The Class B+ community is located at 640 Wycliffe Drive. The deal was organized and sponsored by OpenPath Investments LLC (OPI). The firm identifies workforce housing properties with more than 100 units that offer value-add or operational upside opportunities within the Western States.
DENVER – Lincoln Meadows, a 10,010-square-foot retail property in the Denver submarket of Parker, has sold to Prime Management LLC for $2.1 million. The center is located at 18366 Lincoln Ave. The four-tenant community shopping center is part of a retail development anchored by Lowe’s. Its current tenants include Sports Clips, Jersey Mike’s, Opa Grill and Pho Vy. Cory Gross of Marcus & Millichap’s Denver office represented both the buyer and the seller, Lee & Park, in this transaction.
LOVELAND, COLO. – Glowgolf has opened a 36-hole miniature golf course at the Promenade Shops at Centerra in Loveland. The indoor, glow-in-the-dark course also has an area for birthday parties and group events. The Promenade is located at 5971 Sky Pond Drive. It is managed by Poag Shopping Centers LLC.
WESTMINSTER, COLO. — InvenTrust Properties Corp. has purchased the Shops at Walnut Creek, a 216,325-square-foot shopping center in Westminster, for $57.1 million. The center is located at W 104th Circle. It is situated off US Highway 36, about 15 miles northwest of Downtown Denver. The Shops at Walnut Creek is anchored by T.J. Maxx/HomeGoods, Petsmart, Dollar Tree and Michaels. Most of the anchor tenants have eight years remaining on their leases. The center is currently 93 percent occupied. InventTrust also owns and manages three other retail properties in central Colorado. They include Cheyenne Meadows in Colorado Springs; Quebec Square Shopping Center in Denver; and Centerplace of Greeley in Greeley.
AURORA, COLO. — Majestic Realty Co. has announced plans to build an additional 452,400-square-foot speculative industrial warehouse and distribution facility at its Majestic Commercenter in Aurora. The center is located at the intersection of I-70 and Tower Road. The Class A industrial property is scheduled for completion in November. Majestic notes favorable market conditions, historically low industrial vacancy rates and recent lease agreements motivated the company to move forward on a sister property to its most recent 500,000-square-foot Building #28. Majestic recently signed long-term lease agreements with Fresca Foods for 158,000 square feet and Niagara Bottling for 132,000 square feet at Building #28. The new building will be constructed and designed by Commerce Construction Co.
LAKEWOOD, COLO. — Easterly Government Properties Inc. has purchased a 115,650-square-foot office building in Lakewood for $20.2 million. The building is located at 12155 West Alameda Parkway in Lakewood’s Union Square office area. The structure is occupied by the Western Area Power Administration (WAPA). It is leased to the General Services Administration, on behalf of the Department of Energy, until 2029. The property was built in 1999. Easterly was represented by Richard Bird of Marcus & Millichap. The seller, a private investor, was represented by Tammy Saia of the same firm.
DENVER – A portfolio of five 7-Eleven properties in the Denver area has sold to a Northern California buyer in a 1031 Exchange for $12 million. The single-tenant, net-leased properties are under corporate guarantees from 7-Eleven. The seller, a Colorado-based private real estate investment company, was represented by JLL’s Matt Berres and Jason Schmidt.
