Colorado

CIM Group Purchases 710-Unit The Lex at Lowry Multifamily Community in Denver

by Amy Works July 2, 2021

DENVER — CIM Group has purchased The Lex at Lowry, an apartment property located on 26 acres at 240 S. Moncao Parkway in Denver. Terms of the transaction were not released. Originally built in 1972, The Lex at Lowry consists of 24 buildings offering a total of 710 units in a mix of townhome and mid-rise buildings in one-, two- and three-bedroom layouts. Community amenities include 1,204 parking stalls, multiple swimming pools, tennis courts, a yoga and spin studio, racquetball court, indoor basketball court, fitness center and business and conference facilities. The property also features a playground, dog park and ample outdoor seating areas with fire pits. This acquisition brings CIM Group’s Denver-area residential portfolio to more than 1,300 units.

July 2, 2021

Colorado Market Reports Retail Western Western Market Reports

Colorado’s Retail Sector Reemerges Amid Strong Market Signs

by Jeff Shaw June 30, 2021

By Stuart Zall, President, The Zall Company No matter how you look at it, Colorado is in a great position for strong post-pandemic recovery and growth. People are moving here from around the country at historic numbers. With low interest rates and an influx of buyers prepared to pay well over asking prices, the residential real estate market is experiencing unprecedented activity, and we expect the commercial market to follow suit. Now that the vaccine has created less concern about COVID-19, people are getting out again and we’re seeing a lot of pent-up demand as businesses reopen, eateries expand capacity and restrictions on crowd size are lifted. Downtown Denver Takes Action To Lure People Back Within the Front Range retail market, downtown Denver took the biggest pandemic hit by far. Prior to 2020, downtown served a population of more than 150,000 daytime workers, the convention center was booked for years out, bringing thousands of conventioneers from all over the country, and sports and tourist venues like Elitch Gardens attracted huge crowds. Now the city is working hard to bring back workers. The Downtown Denver Partnership recently launched the Denver’s Ready campaign to encourage employers and employees to return to in-person work. Enticements include extension …

June 30, 2021

Acquisitions Colorado Mixed-Use Multifamily Retail Student Housing Western

University & Evans Sells Mixed-Use Student Housing, Retail Property in Denver for $17.3M

by Amy Works June 28, 2021

DENVER — University and Evans, a limited liability company based in Denver, has completed the disposition of the fee simple interest in University Lofts, a student housing and retail property located at 2076 University Blvd. in Denver. An entity doing business as DU Univ Lofts Acq. LLC purchased the asset for $17.3 million. Built in 2006, the 44,495-square-foot property features 35 residential units totaling 97 bedrooms, as well as 8,636 square feet of street-level retail space. The five-story building also features a two-story underground parking structure with 69 heated parking stalls. The residential component is master leased by the University of Denver for student housing through summer 2022. The four-tenant retail space is 48 percent leased to TCF Bank and Paradise Dentistry, which will open in the third quarter. Patrick Henry and Boston Weir of Henry Group represented both the buyer and seller in the transaction. The new owner plans to renovate the unit interiors and convert a portion of the existing retail space into amenity space for residents.

June 28, 2021

Acquisitions Colorado Restaurant Retail Western

Pinnacle Real Estate Arranges $2.1M Sale of Mercury Café in Downtown Denver

by Amy Works June 23, 2021

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.

June 23, 2021

Colorado Development Industrial Western

Consolidated Investment Breaks Ground on Two Buildings at Eastpark 70 Industrial Park in Aurora, Colorado

by Amy Works June 22, 2021

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.

June 22, 2021

Acquisitions Colorado Industrial Office Western

Kenai Capital, CWCapital Acquire Four-Property Flex Portfolio in Westminster, Colorado

by Amy Works June 21, 2021

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.

June 21, 2021

Acquisitions Colorado Retail Western

Evergreen Devco Sells Multi-Tenant Retail Building at Shops at Beeler Park in Denver

by Amy Works June 21, 2021

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.

June 21, 2021

Colorado Development Industrial Western

Central Development Breaks Ground on 171,600 SF Warehouse at Encompass Business Park in Centennial, Colorado

by Amy Works June 18, 2021

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.

June 18, 2021

MorningStar-Senior-Living-Holly-Park-Centennial-CO

Colorado Development Multifamily Seniors Housing Western

MorningStar Senior Living, Edgemark Plan 160-Unit Seniors Housing Community Near Denver

by Amy Works June 18, 2021

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.

June 18, 2021

Acquisitions Colorado Multifamily Western

Nuveen Real Estate Sells 1,184-Unit Palomino Park Apartments in Southeast Denver for $435M

by Amy Works June 17, 2021

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.

June 17, 2021

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