Colorado

Data Center REITs CyrusOne, CoreSite to Sell for Combined $25B in Two Separate Mega Deals

by John Nelson November 16, 2021

DALLAS AND DENVER — In two separate transactions exceeding $25 billion in value, data center REITs CyrusOne Inc. (NASDAQ: CONE) and CoreSite Realty Corp. (NYSE: COR) have agreed to be acquired. KKR and Global Infrastructure Partners (GIP) are teaming up to acquire all outstanding shares of common stock for CyrusOne at $90.50 per share for a deal value of approximately $15 billion, including the assumption of debt. In the other mega transaction, telecommunications firm American Tower Corp. (NYSE: AMT) has agreed to acquire Denver-based CoreSite for $170 per share in cash. The total consideration for the transaction is approximately $10.1 billion, including the assumption and/or repayment of CoreSite’s existing debt at closing. The purchase price for CyrusOne, a Dallas-based company that owns and operates 50 data centers worldwide, reflects an approximately 25 percent premium over CyrusOne’s stock price on Sept. 27, which was the last day of trading before market speculation of a potential sale was published. KKR and GIP plan to grow CyrusOne’s global footprint of data centers following the closing of the acquisition. The company’s provides IT infrastructure for more than 1,000 clients, including 200 Fortune 1000 companies, according to CyrusOne. The transaction, which CyrusOne’s board of directors …

November 16, 2021

Colorado Development Loans Multifamily Western

Prime West Receives $71.8M in Financing for Alloy Sunnyside Multifamily Development in Denver

by Amy Works November 12, 2021

DENVER — Prime West has obtained $71.8 million in combined joint venture equity and construction financing for the development of Alloy Sunnyside, an apartment community at 4120-4158 N. Jason St. in Denver’s Sunnyside neighborhood. JLL Capital Markets arranged co-general partner capital with Angelo Gordon, limited partnership joint venture equity through a REIT and construction financing from a national money center bank for the borrower. Leon McBroom, Mark Erland and Will Haass of JLL Capital Markets Debt Advisory team secured the financing for the borrower. Slated for completion in early 2023, Alloy Sunnyside will feature 209 apartments in a mix of studio, one-, two- and three-bedroom layouts averaging 731 square feet. Units will offer in-unit washer/dryers, luxury vinyl tile hardwood flooring, walk-in closets, stainless steel appliances and private balconies. The community will feature 2,400-square-foot of ground-floor retail space, structured parking, a community entertainment room, fitness center, outdoor pool and sundeck, terrace lounge, dog wash station and parcel lockers. The project team includes Catamount Constructors as general contractor and RATIO Architects as architect.

November 12, 2021

Acquisitions Colorado Multifamily Western

Seagate Colorado Partners Divests of Arista Uptown Apartments in Broomfield, Colorado for $95M

by Amy Works November 9, 2021

BROOMFIELD, COLO. — Seagate Colorado Partners has completed the sale of Arista Uptown Apartments at 8500 Arista Place within Arista, a 200-acre, transit-oriented, master-planned community in Broomfield. Kennedy Wilson and the real estate business within Goldman Sachs Asset Management acquired the property for $95 million. Completed in 2012, the property features 272 apartments in a mix of studio, one- and two-bedroom floor plans with 10-foot ceilings. Community amenities include a resort-style pool, clubhouse, fitness center and dog park. Dave Martin and Brian Mooney of Northmarq’s Denver investment sales team represented the seller in the deal. David Link and Jeff DeHarty of Northmarq’s Denver debt and equity team arranged $53 million in acquisition financing for the buyer through a long-standing life company relationship.

November 9, 2021

Acquisitions Colorado Multifamily Western

Inland Private Capital Divests of Conifer Creek Apartments in Aurora, Colorado for $127M

by Amy Works November 4, 2021

AURORA, COLO. — Inland Private Capital Corp. has completed the disposition of Conifer Creek Apartments, a multifamily community in Aurora. Grand Peaks, which previously owned the property from 2011 to 2013, repurchased the asset for $127 million. Located at 2205 S. Racine Way, Conifer Creek Apartments features 480 apartments in a mix of townhomes and condominium-style units spread across 53 residential buildings with tuck-under garages in every building. The property’s floor plans range from 668 square feet to 1,192 square feet and offer full-size washers/dryers, walk-in closets, individual hot water heaters, fireplaces, and expansive balconies and patios with outside storage. The community was built in 1986. Dave Martin and Brian Mooney of Northmarq’s Denver office represented the seller in the transaction.

November 4, 2021

Acquisitions Colorado Healthcare Office Western

CBRE Arranges Sale of 57,250 SF Dry Creek Medical Office Building in Englewood, Colorado

by Amy Works November 3, 2021

ENGLEWOOD, COLO. — CBRE has brokered the sale of Dry Creek Medical Office Building, located at 125 Inverness Drive East in Englewood. Terms of the transaction were not released. Chris Bodnar, Lee Asher, Ryan Lindsley and Jordan Selbiger of CBRE Healthcare and Life Sciences Capital Markets partnered with Dann Burke, Stephani Gaskins and Anna Heiserman of CBRE’s Denver office to represent the undisclosed seller in the deal. Built in 2000, Dry Creek Medical Office Building features 57,250 square feet of space. At the time of sale, the property was 87 percent leased to a variety of tenants, including two surgery centers, imaging, OB/GYN, dentistry, ophthalmology, neurology, pain management and plastic surgery specialists.

November 3, 2021

Acquisitions Colorado Restaurant Retail Western

Blue West Capital Negotiates Sale of Mineral Shops in Littleton, Colorado

by Amy Works November 1, 2021

LITTLETON, COLO. — Blue West Capital has brokered the sale of Mineral Shops, a neighborhood retail center at 4760 W. Mineral Ave. in Littleton. Terms of the transaction were not released. Mineral Shops features 9,910 square feet of retail space and was 100 percent occupied at the time of sale. Tenants include Rita B Salon, Blush Nail Salon, King Liquor, Dunkin’ and Columbine Dentistry. Robert Edwards and Carly Kelly of Blue West Capital represented the buyer, a Texas-based private real estate investment company, and seller, a San Francisco-based private real estate investor, in the deal.

November 1, 2021

Colorado Development Loans Multifamily Seniors Housing Western

Edison Equity Receives $23M Construction Loan for 55 Resort Apartments in Greeley, Colorado

by Amy Works October 26, 2021

GREELEY, COLO. — Dallas-based Edison Equity Management has received $23 million in construction financing for the development of 55 Resort Apartments, an age-restricted multifamily property located in Greeley. Located on the former site of the Garnsey & Wheeler Ford dealership, 55 Resort Apartments will feature 84 apartments for adults aged 55 or older. Each unit will feature stainless steel appliances, quartz countertops, hardwood flooring and tiled bathrooms. The four-story complex will include a business center, meeting room, fitness center, clubhouse, bike room, movie theater room, swimming pool, service coordination, a dog park, outdoor kitchen and grills, and covered and surface parking. Additionally, 55 Resort Apartments will offer exercise classes, service coordination and social activities, as well as 5,000 square feet of retail space leased to Austin’s American Grill restaurant. The development is slated to open in summer 2022. Dallas-based Hall Structured Finance closed the first lien construction loan for the borrower. Amir Giryes of Pando Cos. sourced the financing for the project.

October 26, 2021

Acquisitions Colorado Healthcare Life Sciences Western

Norvin Healthcare Properties Purchases 60,000 SF Post-Acute Facility in Golden, Colorado

by Amy Works October 26, 2021

GOLDEN, COLO. — Norvin Healthcare Properties has acquired Post Acute Medical Rehabilitation Hospital of Golden from Golden Senior Housing I Propco LLC for an undisclosed price. Post Acute Medical (PAM) occupies the 60,000-square-foot in-patient rehabilitation facility, located at 600 Golden Ridge Road. PAM is currently completing a $4.2 million renovation of the building, which will expand the capacity of the facility to 60 rehabilitation beds. Chris Bodnar, Lee Asher, Ryan Lindsley and Jordan Selbiger of CBRE U.S. Healthcare and Life Sciences Capital Markets represented the seller in the deal. Sabrina Solomiany, Zack Holderman and Cole Reethof of CBRE’s U.S. Healthcare and Life Sciences Debt & Structured Finance worked on behalf of the buyer to secure acquisition financing.

October 26, 2021

Acquisitions Colorado Retail Western

Blue West Capital Arranges $2.8M Sale of USPS-Occupied Property Near Denver

by Amy Works October 25, 2021

CASTLE ROCK, COLO. — Blue West Capital has brokered the sale of a single-tenant building located at 220 S. Wilcox St. in Castle Rock. A California-based 1031 exchange investor acquired the newly constructed asset for $2.8 million. The United States Postal Service occupies the 5,382-square-foot property as a mission-critical financial station that combines retail operations and carrier logistics. Zach Wright and Brandon Gayeski of Blue West Capital represented the seller, a Midwest-based real estate development firm, in the deal.

October 25, 2021

Colorado Development Industrial Western

Brookfield Properties Breaks Ground on 695,899 SF Central Park Logistics Center in Denver

by Amy Works October 22, 2021

DENVER — Brookfield Properties has broken ground for the development of Central Park Logistics Center, an industrial project located at 9300 and 9400 E. 46th Place in Denver. Slated for delivery in spring 2022, Central Park Logistics Center will feature two buildings offering a total of 695,899 square feet of last-mile warehouse and industrial space. The buildings will feature 32-foot and 36-foot clear heights, cross-dock and front-park/rear-load designs, TPO cool roofs, clerestory windows, ESFR sprinkler systems, modern truck courts with ample car and trailer parking, and speculative office space completed with core and shell construction. Building 1, which will be located at 9300 E. 46th Place, will total 201,501 square feet, divisible down to 35,000 square feet. Building 2, located at 9400 E. 46th Place, will total 494,398 square feet, divisible down to 75,000 square feet. Ware Malcomb is serving as project architect and Brinkman Construction is the general contractor. Mike Wafer and Mike Wafer Jr. of Newmark are exclusive leasing agents for the project.

October 22, 2021

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