Colorado

Westcore Buys 11-Building Industrial Campus Near Denver for $48M

by Amy Works December 10, 2020

BROOMFIELD, COLO. — Westcore has purchased an 11-building industrial complex at West Midway Boulevard and Burbanks Street in Broomfield. Commander Leasing LLC sold the asset for $48 million. Westcore plans to implement an extensive renovation and branding plan at the 509,164-square-foot campus. Renovations include a new paint scheme, parking lot upgrades and various other improvements. Tyler Carner, Jeremy Ballenger, Jim Bolt and Jessica Osternick of CBRE represented the seller, while Westcore was self-represented in the deal.

December 10, 2020

Colorado Development Loans Multifamily Western

X Company Receives $105.3M Construction Loan for 22-Story Residential Tower in Denver

by Amy Works December 9, 2020

DENVER — The X Company has received $105.3 million in construction financing for X Denver2 (XD2), a multifamily project in the Arapahoe Square neighborhood of downtown Denver. Eric Tupler, Christopher Peck and Josh Smith of JLL Capital Markets arranged the loan through CIM Group for the borrower. Located at the corner of 21st and Arapahoe streets, the 22-story XD2 will offer private residences and fully furnished co-living suites with individual bedrooms and bathrooms. Additionally, the property will feature more than 15,700 square feet of collaborative working space; a three-story members-only club offering a resort-style pool and deck; full-serve fitness center with daily classes; and entertainment lounge equipped with a bar. The project also borders the upcoming infrastructure updates that are transforming 21st and Wynkoop streets into an easily accessible walk-path, restricting vehicles on each street.

December 9, 2020

Acquisitions Colorado Industrial Western

Newmark Brokers Sale of 14,492 SF Industrial Property in Golden, Colorado

by Amy Works December 8, 2020

GOLDEN, COLO. — Newmark has arranged the sale and subsequent lease of a 14,492-square-foot flex industrial building located at 16360 Table Mountain Parkway in Golden. Bespoke Holdings Co. acquired the property for an undisclosed price. The name of the seller was not released. Fix-It 24/7 is relocating its headquarters from Arvada to the building in Golden. The property features six drive-in bays, 22-foot to 32-foot clear heights, industrial-grade electrical power, radiant-heated warehouse and trucking area, five finished offices and a modern welcome mezzanine. Additionally, the property features abundant parking and mountain views. Tenant improvements will include four additional executive offices and a conference room with an oversized garage door wall. Mike Viehmann of Newmark represented the buyer and tenant in the transaction.

December 8, 2020

Acquisitions Colorado Net Lease Retail Western

Pinnacle Real Estate Advisors Negotiates $5.1M Sale of Single-Tenant, Net-Leased Property in Colorado

by Amy Works December 7, 2020

THORNTON, COLO. — Pinnacle Real Estate Advisors has arranged the sale of a single-tenant, net-leased asset located at 16255 Washington St. in Thornton. WashCo LLC sold the retail property for $5.1 million, or $669.41 per square foot. The name of the buyer was not released. Cory Sandberg of Pinnacle Real Estate Advisors represented the seller in the deal .

December 7, 2020

Colorado Multifamily Video Webinar Western

Webinar: What Will Denver Multifamily Activity Look Like in 2021?

by Sarah Daniels December 1, 2020

The recent webinar “What Will Denver Multifamily Activity Look Like in 2021?“, hosted by Western Real Estate Business, brought together industry leaders to discuss how the area’s apartment sector can continue to operate successfully. What can investors and developers expect in 2021? Tune in to this two-part presentation for an in-depth discussion of investor insights, followed by an analysis from developers. See below for a list of some important topics covered, including rent collection, occupancy levels, investment activity, cap rates and much more. Panel One: Investment Managing uncertainty in acquisitions Work-from-home considerations Valuations and how they have been impacted Tenants and collections Interest rates and debt markets Cap rates Panel Two: Development Rising costs for building Rent relief and delinquency Asset returns and equity Leverage, capital stacks and acquisitions Impact of COVID-19 protocols on leasing, renewals and evictions 2021 multifamily revenue predictions Development Panel: Craig Stack, Colliers International (moderator) Bobby Khorshidi, Archway Capital Phillip Gause, Marcus & Millichap David Moghaven, Trion Properties Jason Wine, Avanti Enrique Huerta of Clear Capital Investment Panel: Mike McKenzie, Dwight Capital (moderator); Lane Cutter, Legacy Partners Cory Palmeiro, MPC. Christopher Gillies, LMC – A Lennar Company Emilie Baratta, Turnbuckle Development Doug Elenowitz, Trailbreak Partners Webinar sponsors: Archway …

December 1, 2020

Colorado Development Industrial Retail Western

Hyde, Mortenson Expand HighPoint Business Park by 274 Acres, Break Ground on Spec Building in Aurora

by Amy Works November 25, 2020

AURORA, COLO. — Hyde Development and Mortenson Properties have acquired 145 acres north of the existing 125-acre site of HighPoint Industrial and Logistics Business Park in Aurora, with plans to expand the project onto the new land. Details of the acquisitions were not released. The companies announced the development of HighPoint Logistics Park, a 2.2 million-square-foot industrial park near Denver International Airport, in February. Additionally, next month, the development team will add 129 acres to the project and break ground on the park’s first structure — Build 1, a 541,840-square-foot, Class A speculative building. Slated for completion in third-quarter 2021, Building 1 will features 36-foot clear heights, 50-foot by 54-foot column spacing, an ESFR sprinkler system, 92 dock-high and four drive-in doors, 68 trailer parking spaces and 273 parking spaces. With the recent and upcoming additions, HighPoint Park will eventually span 400 acres and offer up to 15 buildings totaling more than 5 million square feet at full build-out. While the full-site plan for HighPoint is still flexible, the initial plans include retail development through the middle of the park, along East 64th Avenue, providing walkable retail options for tenants and visitors. The development will also feature outdoor seating areas …

November 25, 2020

Acquisitions Colorado Industrial Western

Inland Real Estate Buys 151,668 SF Last-Mile Logistics Building in Metro Denver for $57M

by Amy Works November 25, 2020

THORNTON, COLO. — Oak Brook, Ill.-based Inland Real Estate Group has acquired a newly constructed last-mile logistics building in Thornton. The Opus Group sold the asset, which its Denver office developed in 2019, for $57 million. Located at 900 E. 128th Ave., the 151,688-square-foot facility features 30-foot clear heights, 24 dock-high doors, six drive-in ramped doors, surface parking and a three-level parking structure. At the time of sale, the property was fully leased to a single tenant as an e-commerce distribution facility. Will Strong and Greer Oliver of Cushman & Wakefield’s National Industrial Advisory Group represented the seller in the deal. Joe Krahn and Harper Davis, also of Cushman & Wakefield, provided leasing services for the property.

November 25, 2020

Colorado Loans Multifamily Seniors Housing Western

PGIM Real Estate Arranges $60M Freddie Mac Loan for Lincoln Meadows Senior Living in Parker, Colorado

by Amy Works November 23, 2020

PARKER, COLO. — PGIM Real Estate has arranged a $60 million Freddie Mac loan for the refinancing of Lincoln Meadows Senior Living in Parker. Trace Wilson of PGIM originated the transaction on behalf of Denver-based Spectrum Retirement Communities, which owns and operates the property. The floating-rate loan has a 10-year term, with five years of interest-only payments and a 30-year amortization. Located 20 miles south of Denver, Lincoln Meadows features 208 independent living, assisted living and memory-care units, a beauty salon, bistro, fitness center, resident lounges and movie theater, as well as 24-hour staffing for assisted living and memory-care residents. The breakdown of units includes 130 independent living units, 60 assisted living units and 18 memory care units.

November 23, 2020

Acquisitions Colorado Multifamily Western

Tower 16 Capital, Dune Real Estate Acquire 450-Unit Fairways at Lowry Apartments Near Denver

by Amy Works November 20, 2020

AURORA, COLO. — Tower 16 Capital Partners, in partnership with Dune Real Estate Partners, has purchased Fairways at Lowry Apartments, a multifamily property located in Aurora. A private seller sold the asset for an undisclosed price. Located at 9913 W. First Ave., Fairways at Lowry features 450 apartments in a mix of one- and two-bedroom layouts, a clubhouse, gym, swimming pool and playground. Tower 16 will oversee a $6.8 million improvement program that will modernize the apartments, create a new clubhouse and gym and update the pool area. Additionally, the buyers plan to add outdoor amenities, including barbecue areas, seating, outdoor gaming and a sports court. Terrance Hunt and Shane Ozment of Newmark represented the buyer and seller in the deal. Charlie Williams, also of Newmark, coordinated debt financing for the buyer.

November 20, 2020

Acquisitions Colorado Industrial Self-Storage Western

NitNeil Partners Acquires Self-Storage Facility in Metro Denver

by Amy Works November 19, 2020

BRIGHTON, COLO. — NitNeil Partners has purchased a self-storage property located at 850 Baseline Road in Brighton. Terms of the transaction, which is the company’s first acquisition in the metro Denver market, were not released. Situated 20 miles northeast of Denver, the single-story, drive-up facility features 450 self-storage units, totaling 64,850 rentable square feet. The property will operate under the CubeSmart brand.

November 19, 2020

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