BRIGHTON, COLO. — Houston-based Lovett Industrial has broken ground on Lovett 76 Logistics Center, a Class A industrial facility in Brighton. Situated within Bromley Business Park, the 613,758-square-foot, cross-dock building will feature 36-foot clear heights, seven-inch reinforced concrete slab, 224 dock-high doors, 180-foot truck courts and at least 121 trailer parks, tenant dependent. Construction started in September and completion is slated for July 2023.
CHARLOTTE, N.C. — Charlotte-based Extended Stay America has signed a development agreement with a partnership comprising Concord Hospitality and Whitman Peterson to build 15 new Extended Stay America Premier Suites hotels. The properties will be located in major markets throughout the West, including Denver, Phoenix, Las Vegas and Salt Lake City. Concord Hospitality is a hotel management and development company based in Raleigh, N.C., and will handle the development, branding and operations of the properties. Whitman Peterson is a private real estate equity company based in Westlake Village, Calif. The firm will provide equity, identify markets and assist with development. “Extended Stay America Premier Suites has a unique business model that will allow us to reach business and corporate extended-stay travelers looking for a higher level of amenities,” says Mark Laport, CEO and president of Concord. “This agreement is the first step in increasing our presence in the higher-end extended-stay segment.” The Extended Stay America Premier Suites brand comprises both new construction and renovated properties with upgraded amenities, including fully equipped kitchens, apartment-style layouts for working and dining, free in-room Wi-Fi, cable, onsite guest laundry, free breakfast and upgraded design elements such as larger TVs, increased storage space and a …
AURORA, COLO. — Cypress Equity Investments (CEI) has completed construction of Revel, a transit-oriented multifamily community at 291 Dearborn Way in Aurora. Located off Interstate 225 and within walking distance of the Second Avenue and Abilene Station on Denver Regional Transportation District’s light rail line, the garden-style property offers access to Interstate 225, Denver International Airport and downtown Denver. KTGY designed the property, which features 300 units spread across five four-story residential buildings, which surround a two-story clubhouse, all on 8.1 acres with landscaping designed by Norris Design. The property’s grounds feature native plantings and outdoor amenity spaces for year-round indoor-outdoor living for residents and their pets. Units are available in a mix of studio, junior one-bedroom, one-bedroom, two-bedroom and three-bedroom layouts with floor-to-ceiling windows, a balcony or patio, in-unit washers/dryers, large bathtubs, stainless steel appliances, designer-inspired kitchen backsplashes, quartz countertops, USB combo outlets and wood-style flooring. Community amenities include work-from-home suites, a 24/7 fitness center, a fitness-on-demand room, club room with spacious events kitchen, resident lounge with conference space and co-working areas, and a pet spa and dog run. Additional outdoor amenities include an outdoor kitchen; resort-style pool with sun shelf, cabanas and hot tub; and a private park. …
LONE TREE, COLO. — HR Assets has acquired Park Meadows Medical Center, a multi-tenant medical office property located at 9218 Kimmer Drive in Lone Tree. Park Meadows Medical LLC sold the asset for $14.8 million in an off-market transaction. The three-story, 34,685-square-foot building offers medical office space and a surgery center. At the time of sale, the property was 100 percent occupied. William Lucas, Stuart Thomas and Doug Wulf of Cushman & Wakefield’s Denver office represented the seller in the transaction.
LAKEWOOD, COLO. — Ziegler and M&T Realty Capital Corp. have acted as financial advisor in a $19.5 million Fannie Mae financing on behalf of Essex Communities. The transaction will refinance the existing debt on Carmel Oaks, an age-restricted independent living community in Lakewood. The 10-year, fixed-rate loan was structured at a 75 percent loan-to-value ratio with five years of interest-only payments followed by a 30-year amortization. The loan also carries a declining prepayment schedule, which will provide the borrower with additional flexibility in future years. In addition to refinancing the existing debt, the loan also provided funding for Essex to recover capital improvement expenditures and initial equity.
BOULDER, COLO. — Ivy Realty has completed the disposition of 6707 Winchester Circle, a single-story office/industrial building in Boulder. Evermore Partners acquired the asset for $8.8 million. Situated on 3.6 acres within Gunbarrel Tech Center, 6707 Winchester features 33,296 square feet of flex office space. Fully renovated in 2016, the property offers 28,832 square feet of office and lab space and 4,000 square feet of warehouse and distribution space. The warehouse space features three dock-high doors and one roll-up door. On-site amenities include a fitness center with showers and locker rooms, an outdoor patio with barbecue space, and bike storage. At the time of sale, the property was fully leased to four tenants, with life sciences companies comprising 33 percent of the rent roll. Larry Thiel, Jason Schmidt and Rob Key of JLL Capital Markets represented the seller in the transaction.
CENTENNIAL, COLO. — Denver-based EverWest Real Estate Investors has completed the disposition of Peakview Apartments, a multifamily community situated within Denver Tech Center in Centennial. Griffis Residential acquired the four-story asset for $115 million. Located at 7700 E. Peakview Ave., Peakview Apartments features 304 studio, one-, two- and three-bedroom residences, a resort-style swimming pool, rooftop deck, fitness center, and bicycle storage and repair facilities. A structured, controlled-access deck provides parking. Peakview is two blocks from the Arapahoe light rail station. The asset was constructed in 2015.
GREENWOOD VILLAGE, COLO. — Focus Property Group has completed the disposition of 5500 Greenwood, an office property in Greenwood Village. A private investor acquired the asset for $15.7 million. Located at 5500 Greenwood Plaza Blvd., the property offers 69,855 square feet of office space. Built in 1974, the two-story building is fully leased to seven tenants, including Galloway & Co. and Enterprise Coworking. The location features easy access to both Interstate 25 and C-470. Patrick Devereaux, James Brady, Campbell Davis and Chad Flynn of CBRE Capital Markets in Denver represented the seller in the transaction.
LOVELAND, COLO. — JLL Capital Markets has arranged $12.5 million in construction financing for the development of Boyd Lake Commerce Center Phase I, a Class A outdoor storage project situated on 95 acres in Loveland. The borrower is BLCC One, an affiliate of co-developers Saunders Commercial Development Co. and Winslow Investments. Leon McBroom led the JLL Capital Markets team in arranging the three-year, non-recourse, floating-rate loan through a regional bank. Once completed, the 100,000-square-foot building will offer 28-foot clear heights, 28 loading docks, 188 parking spaces, ESFR sprinkler systems, glass storefront and LED lighting. Additionally, the property will include four acres of outdoor yard space. Boyd Lake Commerce Center is a master-planned development that is expected to include five additional industrial buildings, one office building and one flex project with numerous build-to-unit opportunities throughout.
COLORADO SPRINGS, COLO. — Blue West Capital has brokered the sale of a single-tenant, net-leased retail building located at 1358 Republic Drive in Colorado Springs. A private REIT sold the asset to a Florida-based investor for $4.4 million. Firestone Complete Auto Care occupies the 6,116-square-foot building, which was constructed in 2021, on a long-term, absolute triple-net lease that includes rental increases every five years. Brandon Gayeski and Zach Wright of Blue West Capital represented the seller in the transaction.
