ERIE, COLO. – The Town of Erie is moving forward on an agreement that would give it the exclusive option to purchase a 20-acre site where a shopping center anchored by King Soopers would soon be developed. The 125,000-square-foot center would be located at the northwest corner of Highway 7 and Sheridan. The option agreement was recently approved, making way for King Sooper to submit a development application. Once that is completed, the town and the supermarket can move forward on a development agreement.
DENVER – Boulder Tech Center, a 169,596-square-foot flex/research and development campus in Boulder County, has received an $8-million loan. The four-building campus is located at 6400 and 6450 Dry Creek Parkway and 6325 and 6450 Monarch Parkway. The non-recourse, 10-year loan features an interest rate of 3.7 percent and a 25-year amortization schedule. It was arranged by Stephen P. Bye of NorthMarq Capital’s Denver regional office.
COLORADO SPRINGS, COLO. – The Shoppes on Academy, a 7,599-square-foot shopping center in Colorado Springs, has sold to an unnamed buyer for $4.1 million. The Class A center is located at 7252 North Academy Blvd. Notable tenants include Verizon, Floyd’s 99 Barber Shop and Five Guys Burgers and Fries. The seller was represented by Tom Ethington and Rob Edwards of Pinnacle Real Estate Advisors.
FORT COLLINS, COLO. – Genesis Hospitality has subleased 20,000 square feet of industrial space in Fort Collins. The space is located at 1730 East Prospect Road. It was sublet from Advanced Energy. Jared Goodman and Jason Ells of Cassidy Turley and JLL’s Mike Deatly and Todd Roebken represented both parties in this transaction.
DENVER – The Garlic Knot Pizza has leased 1,900 square feet of space at Willow Grove Shopping Center in Denver. The center is located at 1402-1422 S. Parker Road. It is anchored by Wal-Mart. The New York-style pizza and pasta restaurant is scheduled to open in the fourth quarter of this year. The landlord was represented by Jim Hoffman and Tony Pierangeli of the SRS Real Estate Partners Denver.
DENVER – Gladstone Commercial Corporation has acquired a 189,210-square-foot industrial building in Denver for $10 million. The building is located in an industrial park near Downtown Denver. It is fully leased to Premium Pet Health (PPH) through December 2024. The building serves as PPH’s headquarters, as well as its manufacturing and distribution center. PPH specializes in the sourcing, production, sales and distribution of all proteins used by the pet care industry. PPH is a wholly owned subsidiary of Smithfield Foods.
DENVER – A 189,210-square-foot industrial building in Denver has sold to Gladstone Commercial Corporation for $10 million. The building is located in an industrial park, near Downtown Denver. It has direct rail service and easy access to I-25, 1-270 and the Denver airport.
DENVER – Ivanhoé Cambridge and Callahan Capital Properties have acquired a 40 percent interest in a Denver-based portfolio that includes the US Bank Tower, the Tabor Center and the adjacent Two Tabor development site. The interest was purchased from Canada Pension Plan Investment Board for more than $200 million. The 572,000-square-foot Tabor Center is located at 1200 17th Street. The property includes a 30-story trophy office tower and a 163,000-square-foot, mixed-use property with retail and health club amenities. The 520,000-square-foot US Bank Tower is located at 950 17th Street. The 26-story, Class A tower is just steps from Tabor Center. These acquisitions position Ivanhoé Cambridge as one of the main landlords in Denver’s commercial business district. The firm now has an ownership position that represents about 6 percent of Downtown Denver’s Class A office inventory. This is Ivanhoé’s sixth acquisition with Callahan, bringing the partners’ U.S. office platform investments to more than $2.4 billion. A Callahan affiliate continues to be an equity partner and asset manager for these properties.
DENVER – Advenir has acquired two apartment communities in the Denver submarket of Longmont. The apartments sold for a combined purchased price of about $80 million, according to industry sources. The communities included in the transaction are the 360-unit, 18-building Advenir@Wyndam, formerly Wyndam Apartment Homes, and the 210-unit, 15-building Advenir@Wildwood, formerly Wildwood Apartment Homes. Advenir@Wyndam is located at 2540 Sunset Drive. It was built in 1990 and renovated in 2010. Advenir@Wildwood is located at 3226 Lake Park Way. It was also recently renovated. Advenir has acquired 1,000 apartment units since August in the Greater Denver area, and nearly 3,000 units since late 2011. The firm is actively looking to expand its portfolio. Advenir represented itself in this transaction. The unnamed seller was represented by HFF’s Jordan Robbins. Freddie Mac financing was secured by Eric Tupler and Josh Simon of the same firm.
DENVER – Lee & Associates has opened an office in Denver. The new outpost is located at 1610 Wynkoop Street. The office will be headed up by John R. Bitzer, who will act as managing broker. He will be joined by principals JR Bitzer and Ron Webert. Bitzer is a 30-year industry veteran. He founded Bitzer Real Estate Partners in 1995. This is Lee’s 51st office. The firm also recently opened an office in Cleveland as part of its regional and national office expansion strategy.