LAKEWOOD, COLO. — Capstone Colorado Land Team has brokered the sale of a 7.65-acre lot at 10785 Colfax Ave. in Lakewood. Austin, Texas-based Artesia Real Estate Investors acquired the land parcel for an undisclosed price. The site includes the former Sears department store and a separate outparcel building that previously operated as the Sears Automotive Center. The two unoccupied buildings offer a total of 163,957 square feet of commercial space. Travis Hodge and Anthony Bobay of Capstone represented the undisclosed seller, while Artesia Real Estate Investors was self-represented in the transaction.
DENVER — Broe Real Estate Group has unveiled plans for the second phase of its $200 million Cherry Creek North redevelopment project in Denver. 250 Clayton, an eight-story, 175,000-square-foot mixed-use building, will complement 200 Clayton, the company’s eight-story, 76,000-square-foot first phase. Fully preleased, 200 Clayton is on track for delivery in spring 2023. The Beck Group designed 250 Clayton, which will feature retail space and institutional-quality commercial office space with floor plates as large as 27,000 square feet. Construction of the second phase is scheduled to begin in fourth-quarter 2023.
COLORADO SPRINGS, COLO. — Origin Investments and Jackson Dearborn Partners have formed a joint venture to develop Solace at The Ranch, a $117.9 million multifamily community at 7718 E. Woodmen Road in Colorado Springs. Construction is underway for the project, which will feature a three-story, 374-unit, garden-style apartment community and 12 carriage house-style units. The first units are slated for delivery by year-end 2024, with the balance of the units being delivered in phases over a period of several months. The community will consist of 21 residential buildings and a clubhouse. The unit mix will be 52 three-bedroom, 210 two-bedroom and 112 one-bedroom layouts, and the carriage houses will be a mix of two- and three-bedroom floor plans. Additionally, the community will offer 628 parking spaces, including 189 attached and detached garages. The carriage house units will sit atop attached garages. Sub4 Development is serving as general contractor for the project.
DENVER — Institutional investors advised by J.P. Morgan Global Alternatives have sold Airport Central Portfolio, a two-building industrial property near Denver International Airport in Denver. Boston-based TA Realty acquired the asset for an undisclosed price. Jeremy Ballenger, Tyler Carner, Jim Bolt and Jessica Ostermick of CBRE National Partners in Denver represented the seller in the deal. Situated on 15 acres at 11777 E. 55th Ave. and 11475 E. 53rd Ave., the 340,960-square-foot asset includes two multi-tenant distribution buildings. The buildings are 93 percent leased to seven diversified tenants. Current unit sizes range from 19,000 square feet to 86,200 square feet with the ability to divide and combine units in the future as tenant demand dictates. The buildings feature clear heights ranging from 24 feet to 26 feet with dock-high and drive-in loading, ESFR/wet sprinklers and rail service by Union Pacific.
WINDSOR, COLO. — Serfer Land Ventures has completed the disposition of a 48-acre industrial campus located at 6166 Weld County Road 74/Harmony Road in Windsor. IA Windsor LLC bought the asset for $9.8 million. SiteOne Landscape Supply fully occupies the site. In 2019, SiteOne constructed a 12,821-square-foot showroom and 14,922-square-foot warehouse on the site. Jared Goodman, Aki Palmer, Cole VanMeveren, Tyler Murray and Nate Heckel of Cushman & Wakefield represented the buyer and seller in the deal.
MONUMENT, COLO. — Thompson Thrift unveiled plans to develop Alta25, a Class A apartment property in Monument, a suburb of Colorado Springs. The 264-unit community is slated to open in 2025. Located at 16218 Jackson Creek Parkway, Alta25 will comprise eight three-story, garden-style buildings and 96 detached garages. The one-, two- and three-bedroom apartments will average 987 square feet and feature gourmet bar-kitchens with quartz countertops, tile backsplashes, stainless steel appliances, designer fixtures and finishes, Alexa-compatible smart hub to integrate all smart devices, smart thermostats, smart door locks, walk-in closets and full-size washers/dryers. The units will also offer patio, balcony and private yard options. Community amenities will include a clubhouse, swimming pool, 24-hour fitness center, Amazon package hub, storage and work spaces, courtyards, grilling stations, outdoor game area, electronic firepit with seating area, dog park and pet spa with grooming station. Alta25 is adjacent to Monument Marketplace, which features more than 658,000 square feet of retail and restaurant space, and within The Village at Jackson Creek, a mixed-use project currently in development.
WESTMINSTER AND ENGLEWOOD, COLO. — CA Ventures has sold its Anthology of Westminster and Anthology of Englewood senior living assets to Harrison Street. “Anthology’s Westminster and Englewood assets have leased incredibly well — particularly having opened their doors at the onset of the COVID-19 pandemic in February 2020,” says Justin Dickinson, president of Anthology Senior Living. “The strong financial performance of each asset despite a volatile global macroeconomic environment and never-before-seen headwinds across the industry is a testament to both our investment strategy and the talent of our team.” The Westminster community totals 137 units nine miles northwest of downtown Denver near a prominent retail corridor and residential neighborhoods. The upscale senior living community includes 107 assisted living units and 30 memory care units. The Englewood community totals 130 units seven miles south of downtown Denver and features unobstructed views of the Rocky Mountains and Cherry Hills Country Club. The property comprises 106 assisted living units and 24 memory care units across seven stories.
Like many communities across the West, affordable housing is a top issue in Denver. Monthly rent in Denver is now around $2,005, according to Zillow’s June 2022 data. This is up 20.4 percent since June 2019. The city is trying to do something about the lack of affordability. It approved the Expanding Housing Affordability Policy (EHA) this June, which overhauled Denver’s affordable housing requirements for new development. EHA was allowed after the 2021 passage of a Colorado statute, HB21-1117, which overturned a Colorado Supreme Court case commonly known as the Telluride decision. HB21-1117 expanded the ability of local Colorado governments to require inclusion of income-restricted units within new rental housing — something that had previously been prohibited in Colorado. While Denver has led within the state with EHA, other municipalities in Colorado, such as Littleton and Aspen, are beginning to consider new affordable housing policies in response to HB21-1117. In Denver, EHA primarily affects multifamily projects of 10 or more units. Those projects must proceed under EHA unless they submitted a concept site plan by June 30, 2022, and achieve final site development plan approval by Aug. 30, 2023. Non-residential projects and residential projects of nine or fewer units may …
THORNTON, COLO. — Greystone has provided a $30.4 million Fannie Mae Delegated Underwriting & Servicing loan to refinance the 206-unit Parkview Terrace Apartments in Thornton. Dale Holzer of Greystone’s Newport Beach, Calif., office originated the financing for Milky Way Apartments LLC. Constructed in 1972, Parkview Terrace offers 60 one-bedroom, 138 two-bedroom and eight three-bedroom units. The loan is a permanent exit from bridge acquisition financing that Greystone provided in July 2021. The non-recourse, fixed-rate financing carries a seven-year term with full-term interest-only payments.
ENGLEWOOD, COLO. — CBRE has arranged the sale of Inverness Business Park at 35 Inverness Drive East in Englewood, a southeast suburb of Denver. Terms of the transaction were not released. Teledyne Technologies, a manufacturer of air quality monitoring instrumentation and software, fully leases the 65,000-square-foot property, which it has occupied since 2004. Built in 1980, the multi-use building has a single-story warehouse and a two-story office space. The warehouse space includes a loading dock with five overhead rolling doors. The property also features a tenant cafeteria area and outdoor patio space. Patrick Devereaux, James Brady and Campbell Davis of CBRE represented the undisclosed seller in the deal. The name of the buyer was not released.