Colorado

JLL Capital Markets Structures $54M in Refinancing for 298,888 SF Office Tower in Denver

by Amy Works March 10, 2021

DENVER — JLL Capital Markets has arranged $54 million in refinancing for 1660 Linc, a 31-story, Class A office tower in Denver’s Uptown neighborhood. Located at 1660 Lincoln St. and built in 1972, 1660 Linc features 298,888 square feet of office space, parking for 425 vehicles, an 8,800-square-foot tenant lounge, training room for 40-plus people, a game room, coffee bar, and gym complete with yoga room and Peloton bikes. The property was renovated in 2016 and 2019-2020 with more than $19 million in improvements, including the installation of a central plant and HVAC systems, a lobby expansion and conversion of the entry into an open, sky-lit space. The current tenant roster includes Ciancio Ciancio Brown PC, United States Meat Export Federation and a number of small start-ups. Leon McBroom led the JLL Capital Markets teams that secured the four-year bridge loan, which features a one-year extension, through Benefit Street Partners. Funds that Westport Capital Partners manages own the borrower.

March 10, 2021

Colorado Development Multifamily Top Stories Western

Crescent Communities Plans $181M Apartment Project in Denver’s RiNo Art District

by Kristin Harlow March 10, 2021

DENVER — Crescent Communities has started development of NOVEL RiNo, a $181 million apartment project in Denver’s River North (RiNo) Art District and Cole neighborhood. Located at 1300 40th St., the community will feature 483 multifamily units, 15,800 square feet of retail space with a 2,702-square-foot rooftop cocktail lounge. The property will feature a mix of studio, one- and two-bedroom floor plans, with a portion of the units designated as affordable housing. Community amenities will include a sixth-floor pool deck, three outdoor courtyards, a covered outdoor pavilion and a food truck reserved for resident use. The project will embrace the artistic and industrial history of the neighborhood through art installations by local artists and industrial-inspired architecture, according to the developer. Crescent and its equity partner, Dart Interests, acquired the development site in February from EXDO Development. Sumitomo Mitsui Banking Corp. is providing project financing. “Denver is a place we identified years ago for its long-term potential, and we are excited to find an opportunity that matches our investment criteria,” says Jonathan Winson, senior vice president of investments for Dart. The first residences are slated to open in spring 2023. JLL is managing the retail leasing, additional details of which will …

March 10, 2021

Acquisitions Colorado Office Western

Graham Street Realty Sells Flatiron Parkway Office Building in Boulder, Colorado

by Amy Works March 9, 2021

BOULDER, COLO. — Graham Street Realty has completed the disposition of 5665 Flatiron Parkway, an office building located in Boulder. Terms of the transaction were not released. GSR originally acquired the asset in February 2019 as part of a three-property portfolio, including 3005 Center Green Drive, 2945 Wilderness Place and 5665 Flatiron Parkway, totaling 114,862 square feet of leasable office and lab space. Situated within East Boulder’s Flatiron Business Park, 5665 Flatiron offers suites ranging from 10,000 square feet to 20,000 square feet.

March 9, 2021

Acquisitions Colorado Multifamily Western

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

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