Colorado

Hall Structured Finance Arranges $55.6M Construction Loan for Dual-Branded Marriott Hotel Project in Colorado Springs

by Amy Works August 25, 2021

COLORADO SPRINGS, COLO. — Dallas-based Hall Structured Finance (HSF) has closed a new first lien construction loan totaling $55.6 million to finance the development of a dual-flagged Marriott hotel property in downtown Colorado Springs. Construction is currently underway for the Springhill Suites/Element Hotel, which will offer a total of 261 guest rooms. The project is a joint venture between Olive Real Estate Group, Hotel Equities, Hotel Operations Services and Colarelli Construction. Completion is slated for spring 2022. Hotel Equities will manage the hotels upon opening. The 136-key Springhill Suites will feature all-suite guest rooms with office desks and kitchenettes. The 125-key, extended-stay Element Hotel will offer rooms with fully equipped kitchens, stainless steel appliances and eight- to 10-foot ceiling heights. Shared hotel amenities will include an open-air courtyard with lounge seating, business center, indoor pool with a whirlpool, complimentary breakfast and a fitness center. Additional amenities will include meeting and event space, a ground-floor restaurant with outdoor seating and a 6,700-square-foot rooftop bar, restaurant and lounge. John Pascal of Paramount Capital Advisors brokered the loan.

August 25, 2021

Acquisitions Colorado Multifamily Western

Colliers Brokers $65M Sale of Enchanted Springs Apartments in Colorado Springs

by Amy Works August 24, 2021

COLORADO SPRINGS, COLO. — Colliers Multifamily Advisory Group has arranged the sale of The Enchanted Springs Apartments, a multifamily property located at 3281 Divine Heights in Colorado Springs. A private investor sold the property to Hamilton Zanze for $65 million, or $325,000 per unit. Built in 2020, Enchanted Springs features 200 apartments, an indoor fitness center, clubhouse, resort-style swimming pool, spa and business center. Bill Morkes, Craig Stack and Keegan Hofer of Colliers represented the seller in the transaction.

August 24, 2021

Colorado Loans Multifamily Seniors Housing Western

Colliers Mortgage Provides $15.9M HUD Loan for Multifamily Development in Grand Junction, Colorado

by Amy Works August 20, 2021

GRAND JUNCTION, COLO. — Colliers Mortgage, part of Colliers International | U.S., has closed a $15.9 million HUD 213 loan for the new construction of Village Cooperative of Grand Junction, an age-restricted cooperative project in Grand Junction. The 62-unit property will be age restricted to residents with heads of household 62 years of age or older. The community will include community decks, outdoor fire pits, interior bar areas and a fitness center. The 40-year, fully amortizing loan was arranged for the borrower, Village Cooperative of Grand Junction.

August 20, 2021

Colorado Multifamily Western

Berkadia Arranges $18M Apartment Property Sale in Loveland, Colorado

by Madison Pettway August 13, 2021

LOVELAND, COLO. — Berkadia has negotiated the sale of The Gallery Flats, a mid-rise multifamily property in Loveland, about 50 miles north of Denver. The property sold for $18 million, or $273,485 per unit, the highest price per unit ever achieved for a multifamily asset in Loveland. Built in 2014 and located at 585 N. Lincoln Ave., The Gallery Flats comprises 66 units and features high ceilings, washers/dryers, energy-efficient appliances, plank flooring, a media room, clubhouse, ﬁtness center, controlled access, barbecue/picnic area and bike storage.Berkadia’s Nick Steele, John Laratta and Tyler King led the transaction on behalf of the undisclosed seller. No buyer information was provided.

August 13, 2021

Colorado Loans Mixed-Use Western

PGIM Real Estate Provides $77M Loan for Refinancing of Mixed-Use Development in Boulder, Colorado

by Kristin Harlow August 12, 2021

BOULDER, COLO. — PGIM Real Estate has provided a $77 million loan to the joint venture of The John Buck Co., Kinship Capital and Element Properties for the refinancing of two newly constructed properties in Boulder. Both properties are part of the brand new S’PARK community located 30 miles northeast of Denver. The first property, Timber, features 150 luxury multifamily units and 2,000 square feet of ground-level retail. The second property, Market, features 42,000 square feet of office space and 11,000 square feet of ground-level retail. Market’s office space is fully leased to Splunk, a global technology firm. JLL advised the borrower in the transaction. PGIM Real Estate is the real estate investment and financing business of PGIM, the $1.5 trillion global investment management business of Prudential Financial Inc.

August 12, 2021

Acquisitions Colorado Industrial Western

IG Logistics Acquires Industrial Property in Denver for $21M

by Madison Pettway August 11, 2021

DENVER —IG Logistics LLC has acquired the Lipan Street Industrial Park in Denver from EP Investments LLC for $21 million. The 34-acre industrial site includes outside storage, trailer parking, a fueling station and a truck maintenance facility. Freeman Expositions, an event services provider, and System Transport, a West Coast-based flatbed trucking company, recently signed long-term leases to occupy the property. Existing tenant Mesilla Valley Transportation, a New Mexico-based transportation fleet, extended its lease for 3.5 acres. All Fleet Services, a Denver-based transport company, also leased the 22,000-square-foot shop and diesel station on the property. Each transaction was completed prior to the sale but were all contingent upon IG Logistics acquiring the property. Cushman & Wakefield negotiated the leases, excluding the Mesilla deal, and was retained to handle leasing following the acquisition. Lipan Industrial Street Park is located at 6045 Lipan Street, providing access to I-25 and I-76, Colorado’s main freeways. The property currently has a 14,000-square-foot freestanding office building available for lease and an additional 11-acre parcel to be used for trailer parking or as a potential industrial build-to-suit. IG Logistics is the industrial platform for Imperium Capital.

August 11, 2021

Colorado Industrial Western

Opus Group Breaks Ground on 282,108 SF Second Phase of Industrial Development in Thornton, Colorado

by Madison Pettway August 11, 2021

THORNTON, COLO. — The Opus Group has broken ground on two speculative industrial buildings in Thornton, 10 miles north of Denver. The buildings, totaling 282,108 square feet, are the second phase of North Washington Commerce Center. The multi-tenant park offers a variety of sizes, clear heights and loading options. The 163,686-square-foot building will offer 35 dock positions, 270 parking stalls, 15 trailer parking spots and four drive-in doors. The 118,422-square-foot building will offer 28 dock positions, 196 parking stalls and four drive-in doors. Opus is the design-builder, architect and project developer. Both buildings are slated for completion in January 2022.

August 11, 2021

Acquisitions Colorado Northmarq Office Western

NorthMarq Secures Nearly $60.1M in Acquisition Financing for Office Portfolio in Denver

by Madison Pettway August 10, 2021

DENVER — NorthMarq has secured nearly $60.1 million in acquisition financing through a credit union for a two-property office portfolio in the Denver Tech Center submarket. The office portfolio includes the 273,963-square-foot Stanford Place I, financed for nearly $37. 7 million, and the 202,158-square-foot Yosemite, financed for $22.4 million. Stanford Place I, located at 8055 E. Tufts Ave., is a 14-story building that is approximately a quarter mile from I-25 and I-225. Yosemite, located at 6455 S. Yosemite St., is a 10-story office building within walking distance of a light rail system and several retail amenities. The 10-year, fixed-rate loan includes three years of interest-only payments followed by a 30-year amortization schedule. NorthMarq secured the loan for the borrower, Alturas Capital Partners LLC.

August 10, 2021

Colorado Industrial Leasing Activity Western

Three New Tenants Sign Leases Totaling Nearly 67,000 SF at JAG Logistics Center Industrial Park in Aurora, Colorado

by Madison Pettway August 10, 2021

AURORA, COLO. — JAG Logistics Center @ Den, a 265-acre industrial park being developed south of Denver International Airport in Aurora, has added three new tenants to the recently completed Trade 2 building. The 188,000-square-foot asset is owned, managed and developed by JAGreen Development. The warehouse space features mezzanine level office space, on-site trailer parking and cross dock design. MAI Mechanical, a mechanical and plumbing subtractor, leased 16,390 square feet of space at the Trade 2 building. TruTeam, an installer of insulation and building products, leased 24,830 square feet. General Logistics Systems US Inc., a logistics and delivery company, leased 25,480 square feet. Cushman & Wakefield’s Aaron Valdez, Alec Rhodes and Tyler Smith represented the landlord in each transaction. Trade 1, also totaling 188,000 square feet, is already 100 percent leased.

August 10, 2021

Acquisitions Colorado Healthcare Illinois Industrial Life Sciences Midwest Office Top Stories Western

NexCore, Nuveen Acquire National Medical Office and Life Sciences Portfolio for $620.4M

by John Nelson August 10, 2021

CHICAGO AND DENVER — NexCore Group, a national healthcare real estate developer and owner, has teamed up with global investment management firm Nuveen Real Estate to acquire a portfolio of 27 medical office and two life sciences buildings spanning nearly 1.2 million square feet. IRA Capital, a private equity firm based in Southern California, sold the portfolio in two transactions totaling $620.4 million. The portfolio spans 13 states: Arizona, California, Florida, Illinois, Michigan, North Carolina, New Jersey, New York, Ohio, Oklahoma, Pennsylvania, Texas and Wisconsin. The medical office properties comprise ambulatory surgery centers, micro-hospitals, freestanding emergency departments and single- and multi-tenant clinics. The properties were 99 percent leased at the time of sale to 38 tenants, the vast majority of which are well-established healthcare systems. The medical office buildings sold for about $463 million, according to NexCore, which will manage the facilities moving forward. Allianz Real Estate provided $234 million in acquisition financing on behalf of NexCore and Nuveen for the medical office portfolio. The financing is structured on a seven-year term with both a fixed-rate tranche totaling $163.8 million and a floating-rate tranche totaling $70.2 million. Chicago-based Nuveen is using equity for the medical office assets via its newly launched U.S. Cities …

August 10, 2021

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