Colorado

McCaffery, Ivanhoé Cambridge, Hines to Develop 240,000 SF Office Building in Denver

by Amy Works February 26, 2020

DENVER — McCaffery, Ivanhoé Cambridge and Hines have started construction of T3 RiNo, a six-story T3 (timber, transit and technology) office building in Denver. Situated in the River North Art District (RiNo), the 240,000-square-foot building will feature common, hospitality-driven social areas; large, private tenant terraces on each floor; a modern fitness facility and bicycle facility; 17,000 square feet of retail space; and convenient access to the Regional Transportation District (RTD) commuter rail system. Designed by Pickard Chilton Architects and DLR Group, T3 RiNo is slated for completion in spring 2022.

February 26, 2020

Colorado Loans Multifamily Seniors Housing Western

Live Oak Bank Funds $8.1M Refinancing for Greeley Village Assisted Living in Colorado

by Amy Works February 26, 2020

GREELEY, COLO. — Live Oak Bank has provided an $8.1 million loan for Greeley Village, a 71-unit assisted living and memory care community in Greeley, approximately 50 miles north of Denver. The borrower is KSL Seniors, a developer/owner with communities in Colorado, Utah, Idaho and Oregon. The 51,000-square-foot community opened during in fourth-quarter 2019. Cadence Senior Living operates the property. The three- to five-year, floating-rate loan refinanced a construction line of credit, providing bridge-to-permanent financing. It also allowed the borrower to recapture a line of credit capacity to pursue future projects.

February 26, 2020

Acquisitions Colorado Industrial Mixed-Use Multifamily Self-Storage Western

Denver Realty Group Acquires 25-Property Portfolio in Colorado Springs for $22M

by Amy Works February 25, 2020

COLORADO SPRINGS, COLO. — Denver Realty Group, through its DRGinvest platform, has purchased a 25-property portfolio in Colorado Springs for $22 million. The portfolio totals 186 units and includes multifamily, single-family homes and a storage facility. The off-market deal was acquired using a unique, deal-specific loan arranged by NorthMarq’s Denver office and placed with ArrowMark Commercial Real Estate Partners and Arbor Realty SR as lenders. DRG was represented by Zach Hansen of Denver Realty Group and Stuart Sloat of Olive Realty Estate Group as transaction brokers.

February 25, 2020

Acquisitions Colorado Multifamily Western

Halaby Capital Sells Willowbrook Apartments in Colorado for $11.7M

by Amy Works February 25, 2020

WESTMINSTER, COLO. — Denver-based Halaby Capital has completed the sale of The Willowbrook Apartments, a multifamily asset located at 7155 Raleigh St. in Westminster. Summit Communities of Denver sold the property for $11.7 million, or $123,684 per unit. Built in 1973, Willowbrook features 95 apartment units and is located directly across the street from the England Park and Westminster Greenhouse Redevelopment and a short walk via the Little Dry Creek path to the new Westminster Light Rail Station B Line. Bill Morkes and Craig Stack of Colliers International represented the seller, while the buyer was self-represented in the deal.

February 25, 2020

Acquisitions Colorado Retail Western

Legend Investment Group Arranges $2.2M Sale of Four-Tenant Retail Asset in Colorado

by Amy Works February 21, 2020

GREELY, COLO. — Legend Investment Group (LIG), a division of Legend Partners, has arranged the sale of a grocery out-parcel strip center, located at 6628 W. 10th St. in Greely. A local private investor sold the property to an undisclosed buyer for $2.2 million. Papa Murphy’s, Dickey’s BBQ, 420 Friendly’s and Hiroshi Teriyaki Grill fully occupy the 6,694-square-foot property. Situated on a 0.88-acre site, the property was built in 2013. Peter Peluso of LIG represented the seller in the deal.

February 21, 2020

Colorado Development Multifamily Western

Partnership Breaks Ground on 281-Unit Traverse Apartments in Lakewood, Colorado

by Amy Works February 19, 2020

LAKEWOOD, COLO. — Denver-based Trailbreak Partners, Colorado-based Highland Development Co. and T.O.D. Properties have broken ground on Traverse Apartments, a Class A multifamily property in Lakewood. Slated to open in early 2022, Traverse Apartments is the latest addition to West Line Village, T.O.D.’s transit-oriented neighborhood in Lakewood. The five-story building will features 281 apartments, a swimming pool, hot tub, rooftop patio, courtyard lounge areas, clubhouse, business center, fitness center, media room and pet spa. Traverse Apartments will also feature a 362-space parking structure. The project is located adjacent to the Sheridan Station on the W Line, which is five stops from downtown Denver. Martines Palmeiro Construction is serving as general contractor for the project, which KTGY Architecture + Planning designed.

February 19, 2020

Colorado Industrial Market Reports Western Western Market Reports

Colorado Springs Industrial Market on Pace for Another Level Year

by Taylor Williams February 15, 2020

The Colorado Springs industrial market has trended positively over the past 10 years. Though it is a very gradual trend, we are now at a point where we anticipate the market to slow or level off. The market will not see a lot of change throughout 2020, though we expect the market to stay positive due to the lack of new construction, high costs, possible hesitancy related to elections and lack of available quality industrial product. The overall vacancy rate for the Colorado Springs industrial market started the year below 7 percent. That rate has dipped lower each quarter, nearing 5 percent at the end of 2019. We foresee room for the rate to continue dropping through 2020, but believe we may see a slight rise in the vacancy rate due to some new construction and existing occupants becoming more efficient with their spaces. This industrial market has not seen the amount of new construction needed over the past two years to keep pace with the high demand the market has experienced. This will impact growth and trends throughout 2020. There was roughly 72,000 square feet of new industrial product under construction during 2019. When it comes to new construction …

February 15, 2020

Interpark-Industrial-Center-Broomfield-CO

Acquisitions Colorado Industrial Western

United Properties, Brue Baukol Divest of Interpark Industrial Center in Colorado for $47.8M

by Amy Works February 14, 2020

BROOMFIELD, COLO. — The Denver office of United Properties and Brue Baukol Capital Partners have completed the disposition of Interpark Industrial Center, a two-building industrial property located at 11325 Main St. and 11380 Reed Way in Broomfield. San Francisco-based Stockbridge Real Estate purchased the asset for $47.8 million. Completed in 2018 and situated on 16.1 acres, the property offers a total of 239,816 square feet of industrial space. The asset features ESFR sprinklers, 24-foot clear heights, modern column spacing, dock-high and drive-in loading, and ample parking. Additionally, Interpark Industrial Center includes a 220-foot shared truck court and 60-foot concrete loading pads. The property is currently 89.7 percent leased to three tenants: Swisslog Healthcare, MKS Instruments and GC Imports. Tyler Carner, Jeremy Ballenger, Jim Bolt, Jessica Osternick and Frank Kelley of CBRE’s Denver offices, along with Jeremy Kroner of CBRE’s Boulder office, represented the seller in the transaction.

February 14, 2020

Colorado Market Reports Multifamily Western Western Market Reports

Colorado Is Experiencing Residential Growth, But Uncertainty Could Temper That

by Taylor Williams February 14, 2020

The past 10 years has brought population growth to Colorado, which many associate with Amendment 64, or the legalization of marijuana, along with an overall flat interest rate. The new issue is whether Colorado can sustain this growth, despite the heavy focus on affordability. So far, however, the state has experienced continued growth in population, income and multifamily sales volume, according to CoStar. Tapestry Segmentation also reports a median household income in the Greater Denver area of $76,094, which is 28 percent higher than the national figure reported by the U.S. Census. The Denver multifamily market is enticing to tenants as many view the option to lease as an easier path than purchasing a home. This, in turn, has enticed investors and developers to build due to demand. Investors also see opportunity in converting apartments to condos when the market shifts. At the same time, there are concerns that the Federal Reserve’s Interest on Excess Reserves (IOER) policy could present uncertainty to the overarching environment. The intention of the IOER policy is to allow banks to have a lower reserve, which is intended to remove the volatility of interest rates. However, many experts are questioning if …

February 14, 2020

Colorado Development Office Retail Western

Shorenstein Properties, Nichols Partnership to Develop One Platte Office/Retail Project in Denver

by Amy Works February 12, 2020

DENVER — A joint venture between Shorenstein Properties and Nichols Partnership has unveiled plans for One Platte, a five-story office and retail development located at 1701 Platte St. in downtown Denver. Situated on 1.5 acres in the Central Platte Valley neighborhood, One Platte will feature a 250,000-square-foot building offering 240,000 square feet of office space and 10,000 square feet of ground-floor retail space. The Beck Group is providing design-build services for the development. The building will feature floor-to-ceiling windows with views of the Rocky Mountains and Denver skyline. Amenities include a lounge, rooftop terrace, event spaces, fitness center, bicycle lockers and a secure underground parking facility. Construction started Feb. 11 on the project, with completion slated for early 2022.

February 12, 2020

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