DENVER — Pinnacle Real Estate Advisors has brokered the sale of The Mercury Café in downtown Denver. An owner-operator acquired the property from the undisclosed seller for $2.1 million. Located at 2195 California St., the property features 9,870 square feet of restaurant space. Jason McClanahan and Dallas Sandberg of the Johnson Ritter team of Pinnacle Real Estate Advisors represented the seller in the transaction.
AURORA, COLO. — Consolidated Investment Group has started construction of Building 5 and Building 6 at Eastpark 70, a currently four-building, 900,000-square-foot industrial park in northeast Aurora. Building 5 will feature 158,900 square feet, divisible to 40,000 square feet, and Building 6 will offer 77,100 square feet, divisible to 30,000 square feet. The buildings will feature 32-foot clear heights, ESFR sprinklers, dock-high and drive-in loading, trailer parking and office space available to suit. Eastpark 70 is zoned M-1 industrial with approval for outside storage. Completion for Building 5 is slated for January 2022, with delivery of Building 6 scheduled soon thereafter. Todd Witty and Doug Viseur of CBRE are handling leasing for the buildings. Current tenants at Eastpark 70 include UPS, Wayfair and Benjamin Moore.
WESTMINSTER, COLO. — Kenai Capital Advisors has partnered with CWCapital Investment Management to purchase a portfolio of properties — three office/flex buildings and one development parcel on Church Ranch Boulevard in Westminster. Etkin Johnson sold the assets for an undisclosed price in an off-market transaction. Totaling 151,746 square feet, the portfolio includes 7237, 7401 and 7403 Church Ranch Blvd. and an adjacent, 6.19-acre, vacant development site, which has received preliminary approval for an 80,000-square-foot flex industrial building. The existing flex buildings are situated on a 12.6-acre campus and are currently 82 percent leased to eight tenants, with 27,96 square feet of space available for lease. Tenants include Motorola, Cummins, Concentra Health Services and UCHealth. Built in 2000, the buildings feature 16- to 18-foot clear heights, 4.24:1,000 parking ratio, individual suite entrances, roll-up doors, 800-amp power, LED lighting, expansive window lines, manicured landscaping with multiple fountains and mountain views.
DENVER — Evergreen Devco has completed the disposition of a multi-tenant retail building located at the northeast corner of 56th Avenue and Central Park Boulevard in northeast Denver. 5565 N Beeler LLC acquired the building, which is located within The Shops at Beeler Park. The acquisition price was not released. Situated on 33,371 square feet, the 8,500-square-foot building is fully leased to five tenants: Epic Cycles, Aspen Lane, Paws’n’Play, Box State Barbers and Northfield Pediatric Dentistry. Dorit Fischer and Hayden Hirschfield of Shames-Makovsky Realty Co. represented the buyer in the deal.
CENTENNIAL, COLO. — Central Development has broken ground for Encompass 171, the fourth building at its Encompass Business Park in Centennial. Established in 2017, the 62-acre infill industrial park offers last-mile warehousing, industrial and technology uses for tenants. Encompass 171 will feature 171,600 square feet of warehouse space, 28-foot clear heights, a speed bay and a 190-foot-deep truck court. Alcorn Construction is serving as general contractor for the building. Current tenants at Encompass Business Park include Amazon, Room & Board, Brakes Plus, Mygrant Glass, Winn-Marion Cos., Rincon Research and Evoqua Water Technologies.
CENTENNIAL, COLO. — MorningStar Senior Living and Edgemark Development LLC have unveiled plans for MorningStar Senior Living at Holly Park in the Denver suburb of Centennial. Groundbreaking is scheduled for fourth-quarter 2021 for planned completion in 2023. The four-story project will be located on three acres and offer 160 units of independent living, assisted living and memory care. This will be MorningStar’s second location in Centennial and 13th in Colorado. MorningStar and Edgemark will co-develop and own the community.
DENVER — Nuveen Real Estate has completed the sale of Palomino Park Apartments, located at 6700 Palomino Parkway in the Highlands Ranch submarket of southeast Denver. An undisclosed buyer acquired the asset for $435 million. Totaling 1,184 units, Palomino Park consists of three villages: Blue Ridge, Green River and Red Canyon, each offering its own identity and 4,000-square-foot clubhouse. The acquisition also includes access to the Colorado Club, a 26,000-square-foot recreation center situated on a 30-acre central park within the master-planned community. The park serves as an amenity for the three apartment villages, as well as the two for-sale, owner-occupied villages within the 106-acre master-planned development. Matthew Lawton, Jordan Robbins and Pamela Koster of JLL Capital Markets represented the seller in the transaction. Andy Scott, Whitaker Johnson and Robert Bova of JLL arranged $282.7 million in acquisition financing for the buyer.
COLORADO SPRINGS, COLO. — Capstone has brokered the purchase of The Gardens at Hidden Creek, an apartment community located in Colorado Springs. The property traded for $17.5 million. The names of the seller and buyer were not released. Located at 1111-1123 Verde Drive, The Gardens at Hidden Valley feature 125 units in a mix of 19 studios, 82 one-bedroom/one-bath, 23 two-bedroom/two-bath and one three-bedroom/one-bath layouts. On-site amenities include a pool, cybercafé, picnic area, fitness center, barbecue area and clubhouse. Adam Riddle and Patrick Knowlton of Capstone represented the buyer in the deal.
By Tyler Smith, Managing Director, Cushman & Wakefield While the office and retail sectors in Denver continue to grapple with pandemic-related disruptions, the industrial sector remained the dominant performer within the commercial real estate market through the early part of 2021. The Denver industrial market recorded more than 718,000 square feet of positive net absorption, and nearly 3.8 million square feet of leasing activity during the first quarter of 2021. However, with metro-wide vacancy trending above the five-year average and 1.8 million square feet of speculative development delivering vacant during the first quarter of 2021, the discussion in the Denver market remains focused on whether industrial supply has begun to outstrip demand. The maturation of Denver’s industrial market has closely mirrored the city’s population growth over the past decade. Denver experienced a population boom of nearly 20 percent from 2010 to 2020. Fueled by the resulting uptick in consumer demand and increased economic diversification, Denver’s industrial inventory skyrocketed as well, growing by 19.4 percent during the same period. Since 2017 alone, over 22 million square feet of new development has delivered in the market. Despite robust leasing activity and nearly 10 years of uninterrupted positive net absorption, industrial vacancy in Denver has been …
LITTLETON, COLO. — Money360 has provided an undisclosed borrower with a $7.4 million loan for the acquisition of an industrial building in Littleton. Loan proceeds will be used to fund future leasing costs and a capital expenditure program to renovate add value to the property. The three-year loan features two 12-month extension options.
