Colorado

Treeline Multifamily Partners Buys West 38 Multifamily Community in Wheat Ridge, Colorado

by Amy Works March 5, 2021

WHEAT RIDGE, COLO. — An affiliate of Denver-based Treeline Multifamily Partners has purchased West 38, an apartment property located at 7333 West 38th Ave. in Wheat Ridge, a western suburb of Denver. Wazee Properties sold the asset for an undisclosed price. West 38 totals 165 apartments and 7,243 square feet of ground-floor retail space. Units feature stainless steel appliances, quartz countertops, designer cabinetry, custom tile backsplashes, under-cabinet LED lighting, gooseneck faucets, recessed light fixtures, LVT wide-plank wood flooring, walk-in closets, in-unit washers/dryers, Nest thermostats and vaulted ceilings. Community amenities include a resort-style pool and spa; fitness center and yoga room; gated and covered structured parking; bike and ski repair facilities; conference and coworking spaces; a clubhouse; indoor and outdoor lounges; and cooking stations. Terrance Hunt, Shane Ozment, Chris Cowan, Amanda Meldrum and Craig Ratterman of Newmark represented the seller in the deal. Additionally, Charlie Williams, Tim Weldon and David Treadwell of Newmark placed acquisition financing on behalf of the buyer.

March 5, 2021

Acquisitions Colorado Multifamily Western

NorthPeak Commercial Brokers $3.2M Sale of Mississippi Plaza Apartments in Denver

by Amy Works March 5, 2021

DENVER — NorthPeak Commercial Advisors has arranged the sale of Mississippi Plaza Apartments, a multifamily property located at 1380 W. Mississippi Ave. in Denver. The undisclosed buyer, part of a 1031 exchange out of Wyoming, acquired the asset for $3.2 million, or $135,000 per unit, from an undisclosed seller in an off-market transaction. The 13,521-square-foot property features 24 apartments. Kevin Calame and Matt Lewallen of NorthPeak Commercial Advisors represented both parties in the transaction.

March 5, 2021

Acquisitions Colorado Net Lease Restaurant Retail Western

Marcus & Millichap Brokers Sale of Torchy’s Tacos-Occupied Building in Denver for $3.2M

by Amy Works March 3, 2021

DENVER — Marcus & Millichap has brokered the acquisition the of a restaurant property located at 6325 E. Hampden Ave. in Denver. A private investor purchased the asset from another private investor for $3.2 million. Torchy’s Tacos occupies the 5,045-square-foot property, which features a drive-thru and outdoor seating, on a net-lease basis. Brian Bailey and Drew Isaac of Marcus & Millichap secured and represented the buyer, while Robin Nicholson of David, Hicks & Lampert represented the seller in the deal.

March 3, 2021

Acquisitions Colorado Office Western

Vista Investment Group Enters Denver Market with $30.4M Signature Centre Office Building Acquisition

by Amy Works March 2, 2021

DENVER — Los Angeles-based Vista Investment Group has purchased Signature Centre, a five-story, Class A office building located at 14143 Denver West Parkway in Denver. An undisclosed seller sold the asset for $30.4 million. The 185,743-square-foot building features a 2,400-square-foot fitness center with showers and lockers; balconies; an on-site deli; three-level underground parking garage; and a surface parking lot. Built in 2007, the property is one of seven LEED Platinum Core & Shell-certified buildings in Colorado. It features passive solar design and airflow systems, hydronic heating and cooling, and 100 percent raised flooring. At the time of sale, the property was fully occupied and serves as the global headquarters of CoorsTek, a manufacturer of technical ceramics. Tim Richney, Charley Will, Mike Winn, Chad Flynn and Jenny Knowlton of CBRE’s Denver office represented the seller in the transaction.

March 2, 2021

Colorado Development Industrial Western

Confluent Development, Invesco Real Estate Plan 243,950 SF Industrial Park in Central Denver

by Amy Works February 26, 2021

DENVER — Confluent Development and Invesco Real Estate have unveiled plans for Central Park Business Center, an infill industrial business park located at the intersection of Interstate 70 and Central Park Boulevard. Construction is slated to start in March on the 243,950-square-foot project, located at 9575 E. 40th Ave., with delivery scheduled for fourth-quarter 2021 The industrial park will feature two Class A buildings, divisible down to approximately 20,000 square feet, with direct interstate visibility. Building One will consist of 130,900 square feet, divisible to 22,880 square feet, and Building Two will total 113,050 square feet, divisible to 19,760 square feet. Both facilities will offer front-park, rear-load design with 60-foot speed bays, dock-high and drive-in loading, 28-foot clear heights, ESFR sprinklers and a combined total of 248 parking spaces.

February 26, 2021

Acquisitions Colorado Hospitality Western

Legendary Capital Buys 141-Room Courtyard by Marriott Denver-Aurora Hotel in Colorado for $27.9M

by Amy Works February 26, 2021

AURORA, COLO. — Legendary Capital has purchased Courtyard by Marriott Denver-Aurora, a newly constructed hotel located at 255 N. Blackhawk St. in Aurora, for $27.9 million. The name of the seller was not released. Completed last year, the four-story hotel features 141 guest rooms, a business center, three meeting rooms, a fitness center, an outdoor patio with seating and firepit, valet laundry service and a two-story, 55,715-square-foot parking deck. Additionally, the first-floor lobby offers seating areas, a bar/lounge/bistro area and 24-hour front desk. Gordon Allred and Joshua Tammen of Marcus & Millichap’s Ontario, Calif., office handled the transaction. Adam Lewis of Marcus & Millichap serves as broker of record in Colorado.

February 26, 2021

Acquisitions Colorado Industrial Western

EverWest Acquires Two-Building Industrial Portfolio in Aurora, Colorado for $66.4M

by Amy Works February 25, 2021

AURORA, COLO. — EverWest Real Estate Investors has purchased Tower Business Center, a 422,961-square-foot industrial portfolio in Aurora, from a joint venture between United Properties and Artis REIT for $66.4 million. Delivered in 2019, Tower Business Center features a 289,113-square-foot building and a 133,848-square-foot building located at 18701 and 18901 E. 38th Ave. The facilities offer 32-foot clear heights, a combined 73 dock-high and five drive-in doors, 130-foot truck courts with secured yards, LED lighting and ESFR sprinkler systems. In total, the campus offers parking for 417 cars and 73 trailers. The 18701 cross-dock building is fully leased to Tempur Sealy, and the 18901 building, with cooler, dry storage and riping capabilities, is fully occupied by Sprouts Farmers Market. Jim Bolt, Jeremy Ballenger, Tyler Carner and Jessica Ostermick of CBRE’s Denver office represented the seller in the transaction.

February 25, 2021

Affordable Housing Colorado Development Multifamily Western

Overland Property Group, The Dinerstein Cos. Plan 525 Apartment Units at Gateway Landing in Denver

by Amy Works February 25, 2021

DENVER — Equity Ventures Commercial Development and Wall Development Group have announced plans for 525 affordable and market-rate apartments to the Gateway Landing, the partnership’s 34-acre mixed-use development in Denver’s Green Valley Ranch. The newly announced residential units, located at the northeast quadrant of Green Valley Ranch and Peña boulevards, will be developed through partnerships with Overland Property Group (OPG) and The Dinerstein Cos. (TDC). The Reserves at Green Valley Ranch by OPG will offer 216 affordable apartment units in a mix of one-, two- and three-bedroom units. Amenities will include a 7,500-square-foot clubhouse, 24/7 fitness center, movie theater, game room, indoor and outdoor fireside rooms, and a business center. TDC will deliver Millennium Green Valley Ranch, a seven-building, market-rate multifamily complex. Developed to accommodate the regional workforce, the 312-unit community will offer apartments with nine-foot ceilings, stainless steel appliances, dual-bath vanities, full-size washers/dryers, flat-front cabinets, granite countertops, modern lighting fixtures, custom finishes, private balconies and keyless entries. Community amenities will include a resort-style pool and spa with poolside cabanas, an outdoor kitchen area, landscaped courtyards, fitness center, resident lounges, clubhouse, business center, wireless internet access, bike storage and an automated parcel system. At build-out, Gateway Landing will offer residential, …

February 25, 2021

Acquisitions Colorado Industrial Western

Cress Capital Sells Two Industrial Properties in Fort Collins for $30.6M

by Amy Works February 24, 2021

FORT COLLINS, COLO. — An affiliate of Cress Capital has completed the disposition of two single-story R&D buildings in Fort Collins. An undisclosed buyer acquired the properties for $30.6 million. Located at 1625 Sharp Point Drive and 24224 Midpoint Drive, the assets offer a total of 115,627 square feet of industrial space. At the time of sale, Advanced Energy Industries fully occupied both facilities on a long-term basis. Cress originally acquired the properties in May 2017 as part of a 23-buliding portfolio in the Prospect East Business Park. Jeremy Ballenger, Jim Bolt, Tyler Carner, Will Pike and Pete Kelly of CBRE represented Cress Capital in the transaction.

February 24, 2021

Acquisitions Colorado Industrial Western

Tepuy Properties Buys 26,400 SF Industrial Property in Broomfield, Colorado

by Amy Works February 22, 2021

BROOMFIELD, COLO. — Tepuy Properties, a real estate syndicator and property management company, has purchased its second asset in Broomfield. The company acquired a single-story industrial building located at 1 Park St. for $1.7 million. Tepuy plans to spend more than $1 million on repairs and improvements at the 26,400-square-foot property, which was built in 1986 and suffered years of neglect due to bankruptcy and lien proceedings. At the time of sale, the property was 54 percent vacant with Shoot Indoors, a public gun range, as the sole tenant. Eric Rutherford of WK Real Estate represented Tepuy, while Joe Krahn of Cushman & Wakefield represented the seller in the deal.

February 22, 2021

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