LOUISVILLE, COLO. — Essex Financial Group has secured $7.9 million in financing for the acquisition of 1850 Dogwood, an industrial warehouse/production facility within Colorado Tech Center in Louisville. Ivy Realty is the borrower and buyer. Alternative Foods, a wholly owned subsidiary of Savencia Fromage & Dairy, fully occupies the 58,901-square-foot property. The company uses the property as a processing facility for plant-based foods. The facility features 20-foot clear heights, dock-high and drive-in doors, and infrastructure for the tenant’s food production and processing lines. Paul Donahue, Cooper Williams, Nate Schneider and Andrea Mehlem of Essex arranged the five-year, fixed-rate loan for the borrower.
COLORADO SPRINGS, COLO. — Matthews Southwest Hospitality (MSWH) has unveiled plans for a United States Air Force Academy Hotel in Colorado Springs. The development site is located at the U.S. Air Force Academy (USAFA) campus beneath Pikes Peak and the Rocky Mountains. The 317,000-square-foot resort-style hotel will feature 375 guest rooms with 19 suites; 26,000 square feet of meeting space and flexible banquet space with exterior terraces; a 12,000-square-foot grand ballroom and 6,000-square-foot junior ballroom; a signature rooftop bar and restaurant; six food and beverage outlets; fitness and spa facilities; an elevated pool; event lawn; and numerous outdoor spaces. The hotel will be part of TrueNorth Commons, a mixed-use development at the North Entrance of the U.S. Air Force Academy, which will include a USAFA visitor campus and commercial retail and office space. MSWH is developing the property with owner Provident Group – Falcon Properties. Atlanta-based BLUR Workshop is serving as architect and interior designer and GE Johnson will serve as general contractor. CoralTree Hospitality will manage the hotel. Construction is slated to begin this spring, with completion scheduled for 2024.
BOULDER, COLO. — CBRE has arranged the sale of a two-property student housing portfolio located near the University of Colorado, Boulder. Greystar acquired the communities — The Hive 9Seventy and The Hive Baseline — for an undisclosed price. Jaclyn Fitts, William Vonderfecht and Casey Schaefer of CBRE represented the undisclosed seller in the transaction. The Hive 9Seventy is located at 970 28th St. and The Hive Baseline is located at 2726 Moorhead Ave. Both properties are located within walking distance of the university. “Our team is thrilled to represent this significant transaction in the high-barriers-to-entry Boulder market,” says Fitts. “The portfolio received amazing interest from investors and offered average monthly per-bed rents of $1,532, with the ability to drive revenue through furnishing the properties and unit renovations at The Hive Baseline.”
JOHNSTOWN, COLO. — Buc-ee’s has unveiled plans to enter the Colorado market with a travel center in Johnstown, approximately 60 minutes north of Denver. The development, which is the company’s first location outside of the South, is set to open in 2024. Located south of Weld County Road 48 and west of Interstate 25, the 74,000-square-foot Buc-ee’s Johnstown will offer 120 fueling positions and a store with thousands of snack, meal and drink options, including Texas barbecue, homemade fudge, kolaches, jerky and fresh pastries, for travelers. The location will be the most western and highest altitude Buc-ee’s to date. Founded in 1982, Buc-ee’s has 35 stores across Texas. The company begin its multi-state expansion in 2019 and now has locations in Florida, Georgia, Alabama, South Carolina, Kentucky and Tennessee.
Confluence Cos. Sells Lydian Mixed-Use Building in Denver to Cohen Rojas Capital Partners for $66.2M
DENVER — Confluence Cos. has completed the disposition of The Lydian, a Class A mixed-use property located at 2590 Welton St. in Denver. Cohen Rojas Capital Partners acquired the asset for $66.2 million. Built in 2018, The Lydian features 129 apartments; 8,176 square feet of ground-floor retail space occupied by a yoga studio and upscale cocktail lounge; 14,500 square feet of designated co-working office space; a rooftop lounge and pool; fitness center; coffee bar; underground parking; and bike storage. Twenty-two of the apartments are rent restricted for those earning up to 80 percent of area median income. Dan Woodward, Dave Potarf, Matt Barnett and Jake Young of Walker & Dunlop Investment Sales completed the sale on behalf of the seller. Justin Nelson and Jay Thomas of Walker & Dunlop’s Capital Markets Group arranged the acquisition financing for the buyer.
COLORADO SPRINGS, COLO. — Parkview Financial has provided a $42.5 million loan to Austin, Texas-based Shir Capital for the purchase, redevelopment and repositioning of Hotel Elegante, a hotel at 2886 S. Circle Drive in Colorado Springs. Built in 1974 on 17 acres, Hotel Elegante features 496 guest rooms, a conference center, restaurant, pool and lounge. With the sale complete, Shir Capital has a planned phased renovation for the common areas, as well as the conversion of the rooms to studio apartments over the next 24 months. Working within the current room layouts, Shir Capital will add kitchenettes and closets, and perform upgrades to modernize the rooms. The units are approximately 350 square feet and all utilities will be included in the rent. Additionally, the 29,600-square-foot conference center will be converted into self-storage, which a third-party operator will manage. Malcomb Davies and Zack Streit of The Davies Group at Los Angeles-based George Smith Partners arranged the financing on behalf of the borrower.
CENTENNIAL, COLO. — Orange County, Calif.-based Dornin Investment Group has completed the disposition of Highland Place I, an office building located at 8085 Chester St. in Centennial. Bridle Dale LLC acquired the asset for $22.2 million. Jon Hendrickson, Aaron Johnson, Eric Wichterman and Mike Coover of Cushman & Wakefield represented the seller in the transaction. Built in the 1980s, Highland Place I features 138,771 square feet of office space on 6.2 acres within the Panorama/Highland Business Park, a 115-acre master-planned business park in Denver’s Southeast Suburban submarket. The property features a full-height atrium lobby, fitness center, outdoor seating area and Rocky Mountain views.
DENVER — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of a newly constructed retail building located in Denver. Colorado-based Rustic Partners acquired the property from Evergreen DevCo for an undisclosed price. Evergreen developed the 23,300-square-foot asset as a build-to-suit for Sprouts Farmers Market. The grocery store anchors the new shopping center at the northeast corner of 56th Avenue and Tower Road. Ryan Bowlby and Drew Issac of IPA, along with James Rassenfoss of Marcus & Millichap, represented the seller and procured the buyer in the deal.
LONGMONT AND LOVELAND, COLO. — Essex Financial Group has secured two permanent loans totaling $29.2 million to refinance two multifamily properties. Both loans were sourced from the same national life insurance company. The loans are low-leverage and feature full-term interest-only payments. The borrower is M. Timm Development. Located in Longmont, Grandview Meadows Apartments features 144 units across six three-story buildings totaling 142,308 square feet. The property is the first phase of a four-phase multifamily development, which will total 508 units. Built in 2001, the community features one-, two- and three-bedroom layouts, a clubhouse, pool, fitness center, playground and business center. Essex sourced an $18 million loan for the stabilized property. The second loan was for Thompson Valley Apartments, a 104-unit multifamily asset in Loveland. Essex secured $11.2 million to refinance the property, which features one-, two- and three-bedroom units. The community was built in 2000. Alex Riggs and Blaire Butler of Essex Financial Group originated the loans, which Essex Financial Services will service.
BASALT, COLO. — Dallas-based Realty Capital Residential and Lang Partners have secured a $54.5 million construction loan for the development of Tree Farm Lofts in Basalt. JLL Capital Markets arranged the construction financing, which was provided by Andy Kolos of Wintrust’s Denver Commercial Real Estate office. Located within the 40-acre Tree Farm mixed-use development, the six-building community will feature 196 apartments, ranging from 485 square feet to 1,110 square feet, in a mix of studios, one-bedroom, two-bedroom and co-living floor plans. Forty of the apartments will be designated as affordable. Community amenities will include co-working office space, an outdoor terrace with firepits, a resort-style pool, hot tubs, a grill area, clubhouse with a fitness center, pet wash and bike, kayak and ski storage. Construction is underway, with completion scheduled for July 2024.