LONE TREE, COLO. — Kaufman Hagan Commercial Real Estate has negotiated the sale of Park Meadows Village, a shopping center in Lone Tree. The asset traded for $3 million, or $392.67 per square foot. Three long-term tenants fully occupy the 7,640-square-foot retail plaza at 9447 Park Meadows Drive. Ryan Floyd and Colby Constantine of Kaufman Hagan handled the transaction. The names of the seller and buyer were not released.
WEST VALLEY CITY, UTAH AND ENGLEWOOD, COLO. — Westcore has completed the disposition of The Raceway Commerce Center in West Valley City and Potomac Park I & II in Englewood to a partnership between Hyde Development and Mortenson Properties for an undisclosed price. Jeff Chiate, Will Strong, Michael Matchett, Phillip Eilers and John Schreck of Cushman & Wakefield, along with Joe Cesta, Tyler Carner and Jeremy Ballenger of CBRE, represented the seller and procured the buyer in the transaction. The properties are part of the National Core Industrial Portfolio, a multi-state portfolio totaling 2.4 million square feet across eight assets in six states. Located at 6057 W. SR-201 Frontage Road and 2234 S. 5900 West in West Valley City, The Raceway Commerce Center offers 397,894 square feet of industrial space with a clear height of 32 feet, expansive truck courts and LED lighting. Located at 7955 and 7901 S. Potomac St. in Englewood, Potomac Park I & II offer 28-foot to 30-foot clear heights, dock-high and drive-in loading and ESFR fire sprinklers.
DENVER — Malman Real Estate has arranged the purchase of a 38,108-square-foot industrial property located at 901-999 Vallejo St. in Denver. 901-999 Vallejo LLC acquired the asset from East Prentice Denver Tech Center for $5.4 million. Taylor Roy and Jeff Geman of Malman represented the buyer in the off-market transaction. The seller was unrepresented.
SAN DIEGO — On behalf of Sunroad Enterprises, JLL Capital Markets has arranged a $1.1 billion venture with Fairfield to capitalize a 15-property multifamily portfolio that spans six states. JLL also arranged $415 million in financing with Freddie Mac for 10 assets. The loan will be serviced by JLL Real Estate Capital, a Freddie Mac Optigo Lender. Additionally, $250 million of financing was secured from accounts managed by KKR. The assets, which represent a portion of Sunroad’s overall portfolio, were assembled over a six-year period. Totaling 3,830 units, the portfolio consists of six Class A core assets and nine value-add assets with ongoing renovations underway. The assets have an average vintage of 2011 and are a mix of 65 percent garden-style communities and 35 percent mid-rise communities, with six in Arizona, one in Nevada, three in Colorado, two in North Carolina, two in South Carolina and one in Georgia. Aldon Cole, Roberto Casas, Tim Wright and Bharat Madan of JLL handled the majority of the transactions, while Mark Wintner of JLL handled the Colton Apartments asset in Henderson, Nev.
DENVER — Kaufman Hagan has arranged the sale of 3478 W. 32nd Avenue, a 3,043-square-foot, owner-user retail building in Denver’s Highlands Square. The asset traded for $1.8 million, or $591.52 per square foot. The names of the seller and buyer were not released. Zachary Bierman of Kaufman Hagan represented the seller in the deal.
BROOMFIELD, COLO. — Hamilton Zanze has sold Harvest Station in Broomfield, 17 miles north of Denver. According to the Denver Business Journal, Four Peaks Multifamily Partners bought the property, developed in 2014, for $85 million. San Francisco-based Hamilton Zanze bought the property in 2016. Situated at 11775 Wadsworth Blvd., Harvest Station features 119 one-, two- and three-bedroom units. Amenities include a resort-style pool and hot tub, grilling stations, an outdoor fireplace and TV lounge, a clubhouse with a gaming lounge, business center, dog park and dog wash and a 24-hour fitness center with a yoga room. Residents also have access to digital package lockers, bike repair and electric vehicle charging stations.
PITTSBURGH AND LAKEWOOD, COLO. — The PNC Financial Services Group Inc. (NYSE: PNC) has entered into a definitive agreement to acquire Lakewood-based FirstBank Holding Co., including its banking subsidiary FirstBank, in a deal valued at $4.1 billion. Founded in 1963, FirstBank Holding has $26.8 billion in assets under management as of June 30 and provides commercial and retail banking services across Colorado and Arizona. The bank operates 95 FirstBank retail bank branches. PNC plans to retain all of FirstBank’s retail branches, as well as the onsite banking team members. The bank branches will be rebranded as PNC Bank branches following the closing of the merger, after which FirstBank will be fully merged into PNC Bank NA. “For decades, FirstBank has been proud to serve Colorado and Arizona with a strong community focus, deep customer relationships and dedicated commitment to our employees,” says Kevin Classen, CEO of FirstBank. “In PNC, we have found a partner that not only values this legacy but is committed to building on it. Their scale, technology and breadth of financial services will allow us to offer even more to our customers, while ensuring that our employees and communities continue to thrive.” Upon completion of the merger, Classen …
SALIDA, COLO. — Prime Investment Properties has arranged the sale of Silver Ridge Lodge in Salida. An undisclosed California-based buyer acquired the motel for an undisclosed price. The recently renovated motel features 35 guest rooms, an owner’s quarters and a four-unit building dedicated to staff housing. Dan Emert of Prime Investment Properties and Hotel Brokers International represented the undisclosed seller and assisted the buyer in the transaction.
STEAMBOAT SPRINGS, COLO. — Brinkman Real Estate has completed the disposition of Sundance Plaza, a multi-tenant mixed-use property in Steamboat Springs, to Denver-based private REIT. Located at 225 Anglers Drive, Sundance Plaza offers retail and office space. At the time of sale, the property was 98 percent occupied. Jon Hendrickson, Aaron Johnson and Mitch Veremeychik of Cushman & Wakefield represented the seller in the deal.
COLORADO SPRINGS, COLO. — Ventas has completed a $3.7 million renovation at Liberty Heights, its senior living community in Colorado Springs. The project included updates to the property’s dining room, resident corridors and shared spaces, with improvements to lighting, flooring and finishes. Blackcomb Construction Group partnered with the owner on the renovation. Situated on 26 acres, Liberty Heights totals 234 residences and offers a full continuum of care. Senior Lifestyle manages the property on behalf of Ventas.