Colorado

Berkadia Negotiates $110.9M Sale of Springs at Foothills Farms Apartments in Colorado Springs

by Amy Works September 20, 2022

COLORADO SPRINGS, COLO. — Berkadia Institutional Solutions has arranged the sale of Springs at Foothills Farms, a garden-style multifamily community located at 1203 Affirmed View in Colorado Springs. Wisconsin-based Continental Properties Co. sold the asset to California-based Hamilton Zanze & Co. for $110.9 million. Built in 2021, Springs at Foothills Farms features 264 apartments in a mix of studio, one-, two- and three-bedroom floor plans with in-unit washers/dryers, private patios or balconies, attached and detached garage options and walk-in closets. Community amenities include a swimming pool, fitness center and outdoor barbecue area. Nick Steele, John Laratta, Nate Moyer and Tyler King of Berkadia Denver represented the seller in the deal. Additionally, Clay Akiwenzie of Berkadia Incline Village arranged $58.1 million in permanent acquisition financing on behalf of the buyer. The 10-year loan was financed through Freddie Mac.

September 20, 2022

Acquisitions Colorado Office Western

North Beacon Capital Buys Cole Center Office Building in Golden, Colorado for $32.7M

by Amy Works September 15, 2022

GOLDEN, COLO. — North Beacon Capital has acquired Cole Center, a recently renovated office building at 1687-1707 Cole Blvd. in Golden, which is in the Denver West region. Bancroft Capital and Viking Partners sold the asset for $32.7 million. Renovated in 2021, the four-story Cole Center features 155,610 square feet of multi-tenant office space. On-site amenities include an outdoor plaza with covered seating, 201 subterranean parking spaces, a new fitness center with showers and lockers, and on-site bike storage. At the time of sale, the property was 88 percent leased with 75 percent of the tenants being investment grade. Larry Thiel and Jason Schmidt of JLL Capital Markets represented the seller in the transaction.

September 15, 2022

Acquisitions Colorado Industrial Western

Pinnacle Real Estate Brokers $6.1M Sale of Industrial Building in Denver

by Amy Works September 14, 2022

DENVER — Pinnacle Real Estate Advisors has arranged the sale of an industrial property located at 3625 E. 48th Ave. in Denver. The 62,114-square-foot building traded for $6.1 million. The names of the seller and buyer were not released. Dallas Sandberg of Pinnacle’s Johnson Ritter Team assisted the buyer and seller in the deal.

September 14, 2022

Acquisitions Colorado Office Retail Western

Joint Venture Acquires 140,832 SF Office, Retail Building in Denver’s Cherry Creek North

by Amy Works September 12, 2022

DENVER — A joint venture led by Corum Real Estate Group and Koch Real Estate Investments has purchased 210 University, an office and retail property located in Denver’s Cherry Creek North district. The price was not disclosed Totaling 140,832 square feet, 210 University was 89.4 percent occupied at the time of sale. Current tenants include Baird, US Bank, Cherry Creek Imaging and Western Veterinary Partners. The building includes two ground-floor retail spaces occupied by Little Ollie’s and Paradise Cleaners. Additionally, the asset includes one of the largest parking garages in Cherry Creek North. Peter Merrion, Mark Katz and Hilary Barnett of JLL Capital Markets’ investment sales and advisory team represented the undisclosed seller in the transaction. Kristian Lichtenfels, William Haass and Leon McBroom of JLL Capital Markets’ debt advisory team secured a five-year, interest-only, fixed-rate loan with a national balance-sheet lender for the buyer.

September 12, 2022

Acquisitions Colorado Multifamily Student Housing Western

Brickstone Acquires Kensington Apartments Near the University of Colorado Boulder for $71M, Plans Renovation

by Amy Works September 8, 2022

BOULDER, COLO. — Brickstone Partners has acquired Kensington Apartments near the University of Colorado Boulder for $71 million. The property offers 163 units one block from the university’s campus. Shared amenities include a clubhouse, fitness center, indoor swimming pool and on-site laundry facility. Brickstone plans to begin a comprehensive two-year renovation program, which is set to incorporate upgrades to unit interiors including cabinetry, countertops, appliances, flooring, lighting and plumbing fixtures; extensive enhancements to the property’s shared amenity spaces and clubhouse; refreshed exterior landscaping; and the addition of upgraded safety features. “We are excited to add Kensington to our extensive portfolio of Colorado communities and for the opportunity to enhance the property to better serve the needs and desires of its residents and of this great city and institution,” says Brickstone founder Daniel Otis.

September 8, 2022

Acquisitions Colorado Multifamily Seniors Housing Western

ESI Negotiates $51.5M Sale of Seven-Property Skilled Nursing Portfolio in Colorado

by Amy Works September 8, 2022

COLORADO — Evans Senior Investments (ESI) has arranged the sale of seven skilled nursing facilities in Southwest Colorado for $51.5 million, or approximately $92,000 per bed. An owner-operator sold the 558-bed portfolio to an East Coast-based owner-operator looking to expand its reach in the West. The properties were built between 1957 and 2017. Prior to the COVID-19 pandemic, the portfolio was 77 percent occupied and produced nearly $6.2 million in annual net operating income. Throughout the pandemic, the portfolio’s occupancy decreased and at the time of marketing was only 65 percent occupied. “The competitive bidding arena and strong price per bed for a rural portfolio whose census and cash flow were well below stabilized levels showcases the willingness of buyers and lenders continuing to work together to get deals finished with the headwinds that they continue to face,” says Brendan DeSilvia, associate at ESI.

September 8, 2022

Acquisitions Colorado Office Western

Flywheel Buys 63,335 SF Infill Office Property in Central Denver

by Amy Works September 8, 2022

DENVER — Denver-based Flywheel Acquisitions has purchased an infill office building on nearly 2.3 acres in Denver. 4100 Investors LLC sold the asset for $14.7 million. A single tenant occupies the full, three-story property. Aaron Johnson, Jon Hendrickson and Mitch Veremeychik of Cushman & Wakefield represented the seller in the transaction. Located at 4100 E. Arkansas, the 63,335-square-foot asset is surrounded by walkable restaurant and retail amenities. Additionally, the property offers a fitness center in the building.

September 8, 2022

Acquisitions Colorado Retail Western

Blue West Capital Arranges $5.3M Sale of Used Car Lot in Lakewood, Colorado

by Amy Works September 6, 2022

LAKEWOOD, COLO. — Blue West Capital has negotiated the sale of a 1.6-acre redevelopment site at 5991 W. Colfax Ave. in Lakewood. An undisclosed national development acquired the property from a used car dealer for $5.3 million. Located three miles west of downtown Denver, the site was previously used as a used car dealership for 18 years. The seller discontinued operations and vacated the property prior to closing. Brandon Gayeski of Blue West Capital represented the seller, while Carly Kelly (Gallagher) of Blue West Capital, represented the buyer in the deal.

September 6, 2022

Colorado Development Multifamily Seniors Housing Western

OZ Architecture Completes Design of The Reserve at Lone Tree Seniors Housing Community in Colorado

by Jeff Shaw September 2, 2022

LONE TREE, COLO. — OZ Architecture has completed the design of The Reserve at Lone Tree, a seniors housing community located within the RidgeGate master-planned community in Lone Tree. Experience Senior Living Development (ESLD), a NexCore company, is a partner on the project. The community will offer 124 independent living units in a nine-story building alongside 60 assisted living and 24 memory care units in an attached five-story building. The project is scheduled break ground in fourth-quarter 2022, with anticipated completion in 2024. Independent living units will be up to 1,930 square feet, while assisted living apartments will range between 430 and 1,100 square feet. RidgeGate spans 3,500 acres southeast of Denver and includes the RidgeGate Parkway Regional Transportation District (RTD) station, as well as more than 1,000 acres of parks to support an active lifestyle.

September 2, 2022

Colorado Development Life Sciences Top Stories Western

PMB, Montgomery Street Partners Plan $280M Coal Creek Innovation Park Life Sciences Development in Superior, Colorado

by Jeff Shaw September 2, 2022

SUPERIOR, COLO. — PMB, in partnership with Montgomery Street Partners, has unveiled plans for Coal Creek Innovation Park, a $280 million speculative life sciences development in downtown Superior. Totaling 365,000 square feet between Denver and Boulder, the park will be the first speculative purpose-built life sciences project in Boulder County, according to the developers. Initial plans for the project include three office/lab buildings ranging in size from 85,000 square feet to 150,000 square feet, and a fourth building with ground-floor retail space, amenities and structured parking. The buildings will offer 16-foot floor-to-floor heights and flexible infrastructure to accommodate office, lab and R&D uses. Shared lab services, including RODI (reverse osmosis deionized) water, dedicated laboratory water, compressed air, glass wash and a lab waste system, will be available to all tenants. Additionally, the project will have a gym with showers, bike rooms and shared conference facilities. “Life sciences companies are looking to the Boulder/Denver region as a place where they can plant their flag or grow their operations,” says Erik Abrahamson, senior vice president at CBRE. “They are attracted to Colorado’s highly educated and skilled workforce and ecosystem of educational and research institutions. While historically it has been difficult to find available lab space in Boulder County, projects like …

September 2, 2022

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