ARVADA, COLO. — Marcus & Millichap has arranged the sale of a single-tenant industrial facility at 5861 Tennyson St. in Arvada. The property traded for an undisclosed price. Priority Plastics occupies the 80,640-square-foot industrial manufacturing facility, which was built in 2000 on 5.3 acres. Alyssa Tomback of Marcus & Millichap’s Denver office represented the private investor seller in the deal. The name of the buyer was not released.
CONIFER, COLO. — Marcus & Millichap has arranged the sale of Kings Valley Marketplace, a retail property in Conifer, approximately 30 miles southwest of Denver. A limited liability company sold the asset to a local investor/operator for $10.3 million. Located at 30403 Kings Valley Drive, Kings Valley Marketplace features 58,473 square feet of retail space. Current tenants include Kum & Go, Forest Service, Conexsmart and Kings Emporium. Together these tenants occupy 35,396 square feet, or 62 percent of the fully leased center. Barry Higgins of Marcus & Millichap’s Denver office represented the seller in the transaction.
DENVER — Phoenix-based ViaWest Group is entering the Denver market with plans to develop Downtown Distribution Center, a freestanding, Class A industrial building at 5601 Franklin St. in Denver. Situated on 9.32 acres, the 134,400-square-foot building is slated for delivery in second-quarter 2023. The property will feature modern design with 32-foot clear heights, 28 dock-high doors, two drive-in doors, heavy power, ESFR sprinklers, ample trailer and auto parking, clerestory windows and Class A office space. Drew McManus, Bryan Fry and Ryan Searle of Cushman & Wakefield brokered the sale of the land to ViaWest and will handle leasing of the new project.
LONGMONT, COLO. — Essex Financial Group has arranged $13.8 million in financing for the purchase of Front Range Business Park, a two-building industrial/flex complex located in the Boulder County city of Longmont. Essex worked on behalf of the buyer, Ivy Realty, to source the seven-year, fixed-rate loan with a regional bank. The financing includes an interest-only component with prepayment flexibility to match the buyer’s business plan. The seller was not disclosed. Front Range Business Park is 100 percent leased to the State of Colorado’s Front Range Community College (FRCC) on a long-term lease. Built in 1988, the property was originally designed for small-bay industrial/flex use and includes nine dock-high loading doors between the two buildings. The property was converted for the school in 2003, where FRCC has been the sole tenant for the past 19 years. Paul Donahue, Cooper Williams, Nate Schneider and Andrea Mehlem of Essex’s Capital Markets team secured the financing.
WESTMINSTER, COLO. — NewPoint Real Estate Capital has provided a $69 million HUD 223(f) loan on behalf of Ascent Westminster LLC to refinance Ascent, a mixed-use community in Westminster. Built in 2019, Ascent features 25,625 square feet of retail space and 255 apartments, with 10 percent of the units designated affordable at 80 percent of area median income. The five-story, elevator-served building features studio, one- and two-bedroom units, a swimming pool, fitness center, sports simulator, fire pits, barbecue grills and a club room. Additionally, the property features 12 townhome-style units with attached two-car garages. John Motzel of NewPoint originated the loan. The borrower used the loan to pay off a two-year, lease-up bridge loan provided by Barings, a subsidiary of MassMutual. Kyle Morgue of The Carlton Group served as broker on the transaction.
COLORADO SPRINGS, COLO. — NAI Highland has arranged the sale of a two-building office and industrial portfolio, located at 1120-1140 Moreno Ave. in Colorado Springs. The asset traded for $2.8 million. The terms of the transaction were not disclosed. Situated on 2.2 acres, the property consists of a 10,187-square-foot office building and a 3,200-square-foot industrial building. Randy Dowis and Bob Garner of NAI Highland handled the transaction.
DENVER — Developer Legacy Partners and architect KTGY have broken ground on Araceli, an apartment property located within the Tech Center district of Denver. Designed as a 13-story wing and a 12-story wing, Araceli will feature 236 one-, two- and three-bedroom plus den units with built-in desks and workspaces and an amenity deck with a pool, grills, fireplaces and covered and exposed seating. Additional amenities include an event space with kitchen, gathering area and outdoor deck for residential gatherings, a coworking space, fitness center, pool deck, clubhouse and leasing office. The project team includes Catamount Constructors, Prescient, Jordan & Skala Engineers, Studio 10 Interior Design, S.A.Miro, Terracon and Kimley-Horn.
JOHNSTOWN, COLO. — Carson Development is developing Ledge Rock Center, a 200-acre, master-planned, mixed-use community in Johnstown, approximately 25 miles southeast of Fort Collins. At full build out, Ledge Rock Center will offer more than 1 million square feet of retail space, 1,200 apartments and 200 single-family residences. Murdoch’s Ranch and Home Supply has already committed to one anchor tenant space, pre-leasing 85,000 square feet. Phase I of the retail development is slated for completion at the end of 2022 or first-quarter 2023. Michael Kendall, Daniel Miller and Cameron Flint of CBRE will handle retail leasing efforts for the development.
DENVER — Armstrong Capital Development has completed the disposition of a self-storage facility in Denver. An institutional buyer acquired the asset for an undisclosed price. Located at 7200 E. 36th Ave., the 80,400-square-foot facility consists of a three-story, climate-controlled building with 569 units ranging in size from 5-foot by 5-foot to 10-foot by 30-foot. Onsite amenities include 24-hour video surveillance, prominent visibility and convenient access to more than 68,900 vehicles per day. Built in 2019, the property was 96 percent occupied at the time of sale.
COLORADO SPRINGS, COLO. — NAI Highland has arranged the sale of Airport Business Center, a four-building industrial park in Colorado Springs. An undisclosed buyer acquired the asset for $28.1 million. Situated on 12.7 acres, the park totals 213,240 square feet of fully leased industrial space. Additionally, the asset features 6.1 acres of surplus land for future development. The business park is located at 2510, 2520 and 2590 Aviation Way and 2504, 2506 and 2510 Zeppelin Road. Randy Dowis and Paul Engel of NAI Highland represented the undisclosed seller in the deal. Dowis and Engel are also working with the buyer on plans to develop the surplus land.
