Colorado

AGC Biologics Acquires Vacant AstraZeneca Plant in Colorado, Plans to Invest $100M

by Alex Tostado June 4, 2020

BOULDER, COLO. — AGC Biologics has acquired a vacant, 300,000-square-foot pharmaceutical plant in Boulder from AstraZeneca. The Japan-based company plans to invest $100 million in the plant and create 280 jobs, according to multiple news outlets. The facility will provide AGC with additional capacity and significantly larger production scale. AGC expects to move into the facility in April 2021, 18 months sooner than it would take to build a new facility, according to the company. In February, the Colorado Economic Development Commission approved a tax credit on the property worth up to $6.4 million. AstraZeneca vacated the 20-acre property in January 2019, according to the Denver Post. The sales price was not disclosed, though the Boulder Daily Camera reports the property traded for $40 million. The Camera also reports jobs at the plant will pay an average of $96,253 per year. “This facility will enable us to continue to advance the development, manufacturing and commercial functions within our dynamic global company,” says AGC Biologics CEO Patricio Massera. Although the specific drugs and research planned for the facility were not disclosed, Massera made reference to “mammalian projects,” suggesting that animal research will take place there. The property is located at 5550 Airport …

June 4, 2020

Acquisitions Colorado Industrial Western

Dalfen Industrial Acquires 75,000 SF Aurora Center I at Gateway Near Denver International Airport

by Amy Works June 3, 2020

AURORA, COLO. — Dalfen Industrial has purchased Aurora Center I at Gateway, an industrial property located near Interstate 70 and intermodal facilities in Aurora, between downtown Denver and the Denver International Airport. Built in 2003, the 75,000-square-foot asset features a fully gated secured truck court and 12 dock-high doors. Additionally, the property features unpaved land on the east side of the building that could be used as yard, additional trailer parking or as a potential 30,000-square-foot building expansion. Terms of the transaction, including the name of the seller and acquisition price, were not released.

June 3, 2020

Colorado Company News Western

Baceline Investments Offers Resources, Individual Guidance for Small Business Tenants

by Amy Works June 2, 2020

DENVER — As retailers continue to face uncertain times during the COVID-19 pandemic, Denver-based Baceline Investments has shifted its focus to providing support and creating tools, resources and personal guidance for the small businesses of its 73 neighborhood shopping centers under management nationwide. The boutique private equity real estate investment and management company’s national portfolio currently includes 900 small business tenants. “We’ve taken an all-hands-on-deck approach to supporting our small business partners,” says Todd Laurie, partner and executive vice president of fund services for Baceline. “We’ve mobilized our company into task-force teams and support teams, and we immediately reached out to every small business tenant to offer guidance and assistance with securing government assistance loans.” Through guides and an online resource center, the company is providing tools and resources that include information on state-by-state, stay-at-home orders, financial relief and loan resources, social distancing and sanitation measures, marketing templates and initiatives to support businesses as they reopen. Additionally, Baceline is offering information regarding protection against coronavirus phishing attempts, tenant stipends to assist in purchasing barrier and PPE supplies, including sources for exclusively discounted sneeze and cough shields, as well as five industry-specific reopening handbooks for fitness centers, salons and spas, retail, …

June 2, 2020

Acquisitions Colorado Industrial Western

Scannell Properties Sells 99,960 SF Industrial Asset Near Colorado Springs Airport

by Amy Works May 29, 2020

COLORADO SPRINGS, COLO. — The Denver office of Scannell Properties has completed the sale of an industrial property located at 2640 Zeppelin Road in Colorado Springs. Walnut Creek, Calif.-based Nearon Enterprises purchased the asset for $14.6 million. Developed by Scannell Properties and completed last year, the 99,960-square-foot property is a multi-tenant distribution center leased to Geary Pacific Corp. and a national home improvement retailer. The building features 30-foot clear heights, ESFR sprinklers, dock-high and drive-in loading, LED lighting and a front-park, rear-load design. Situated in east Colorado Springs, the property is three miles from the Colorado Springs Airport and seven miles from downtown Colorado Springs. The building is located within a larger business park that will consist of four buildings at full build-out. Tyler Carner, Jeremey Ballenger, Jim Bolt and Jessica Osternick of CBRE’s Denver office represented the seller in the deal. Scannell Properties is a privately owned commercial real estate developer that has completed 328 built-to-suit or speculative development projects exceeding 63 million square feet in 44 states and three Canadian provinces.

May 29, 2020

Acquisitions Colorado Industrial Top Stories Western

United Properties Sells Industrial Property in Denver for $85.7M

by Alex Tostado May 29, 2020

DENVER — United Properties has sold Enterprise Business Center Building Six, a 647,483-square-foot industrial building in Denver’s Northfield neighborhood. An undisclosed investor advised by Zurich Alternative Asset Management LLC (ZAAM) acquired the asset for $85.7 million. Denver-based Beverage Distributors Co. LLC fully leases the property. The tenant’s parent company, Breakthru Beverage Group, distributes wine, spirit and beer brands and has distribution centers in 12 states, Washington, D.C. and Canada. The property is situated at 3980 Central Park Blvd., eight miles east of downtown Denver. Building Six is part of the 38-acre, 2 million-square-foot Enterprise Business Center, which comprises seven total buildings. All seven buildings are fully leased. “Its physical and locational merits are obvious,” says Sean Bannon, managing director and head of U.S. real estate for ZAAM. “What we found equally compelling was the recession-resiliency of the tenant. We anticipate holding this asset for the long term.” In 2017, United Properties built Building Six, which includes warehouse space, nearly 84,000 square feet of office and showroom space plus 70,000 square feet of climate-controlled cooler space. The center can accommodate 1 million cases of product. It also has a west-facing roof deck with unobstructed mountain views and the “Alchemy Room” for beverage …

May 29, 2020

Acquisitions Colorado Industrial Western

CBRE Arranges $7.1M Sale of Serta Distribution Center in Metro Denver

by Amy Works May 27, 2020

AURORA, COLO. — CBRE has negotiated the sale of a distribution facility located at 15800 E. 40th Ave. in Aurora, about 10 miles east of Denver. Serta Simmons Bedding sold the property to Dallas-based Dalfen Industrial for $7.1 million. Built in 2003 for Serta’s own operations, the 75,000-square-foot building features a fenced, secure loading area, ESFR sprinklers, dock-high and drive-in loading, 24-foot clear heights, radiant heat throughout, mechanical pit levelers, dock lights and seals, skylights and an air exchange system. Additionally, the facility features 6,500 square feet of office space. Todd Witty and Doug Viseur of CBRE’s Denver office represented the seller in the transaction.

May 27, 2020

Acquisitions Colorado Multifamily Seniors Housing Western

Blueprint Brokers Sale of Three Skilled Nursing Facilities in Colorado

by Amy Works May 27, 2020

DENVER — Blueprint Healthcare Real Estate Advisors has arranged the sale of two skilled nursing facilities in the Denver metro area and a third in Eastern Colorado. The portfolio totals 250 skilled nursing beds, as well as 25 assisted living units. LTC Properties sold the assets as part of its plan to divest all its Preferred Care-branded communities. The buyer is a private company looking to expand its presence in Colorado, as well as its relationships with its third-party operators in the state. The price was not disclosed.

May 27, 2020

Acquisitions Colorado Multifamily Western

Oakmont Properties Acquires Fusion 355 Multifamily Complex Near Denver for $90M

by Amy Works May 20, 2020

BROOMFIELD, COLO. — Sacramento, Calif.-based Oakmont Properties has purchased Fusion 355, an apartment property located at 355 Eldorado Blvd. in Broomfield’s Interlocken neighborhood. Stockton, Calif.-based AG Spanos sold the asset for $90 million. Built in 2019, Fusion 355 features 286 apartments in a mix of apartment and townhome floor plans with in-unit washers/dryers, ceiling fans, storage units, vaulted ceilings and hardwood flooring. The 256,376-square-foot property is a controlled access, smoke-free community with a 24-hour fitness center; yoga studio; dog park; media and game rooms; elevator access; bike storage; a heated swimming pool with spa and Baja deck; community garden; 400 parking spaces; and private garages. At the time of sale, the property was 85 percent leased. Dan Woodward, David Potarf and Matt Barnett of CBRE Capital Markets Denver represented the seller, while Marc Ross of CBRE’s Sacramento office represented the buyer in the transaction.

May 20, 2020

Alcove at Arapahoe Shopping Center Boulder Colorado

Colorado Loans Retail Western

JLL Arranges $26.7M Refinancing for Alcove on Arapahoe Shopping Center in Boulder, Colorado

by Amy Works May 12, 2020

BOULDER, COLO. — JLL Capital Markets has secured $26.7 million in refinancing for Alcove on Arapahoe, a community shopping center in Boulder. The firm placed the 10-year, fixed-rate loan with Nationwide for the borrower, an existing co-investment partnership that Regency Centers manages. Built in 1957 and renovated in 2019, Alcove on Arapahoe offers 159,050 square feet of retail space. Tenants include Safeway, HomeGoods, Verizon Wireless and Flower Child. Tarik Bateh, Kristian Lichtenfels and Jennifer Swanson of JLL Capital Markets arranged the financing for the borrower.

May 12, 2020

Acquisitions Colorado Multifamily Western

Valhalla Holdings Sells Stone Mountain Apartment Homes in Colorado for $83M

by Amy Works May 8, 2020

NORTHGLENN, COLO. — Boulder, Colo.-based Valhalla Holdings has completed the disposition of Stone Mountain Apartment Homes, a 15-building multifamily community located at 11625 Community Center Drive in Northglenn. West Palm Beach, Fla.-based Priderock Capital Partners acquired the asset for $83 million. Built in 2001, the 282,948-square-foot property features 320 units in a mix of one- and two-bedroom layouts. Community amenities include a clubhouse; year-round heated pool and spa with a poolside kitchen; 24/7 fitness center; pet wash stations; bicycle repair station; community garden with free individual plots; electric vehicle charging stations; lit private garages with workshop space available; and a nine-hole putting garden. Dan Woodward, David Potarf and Matt Barnett of CBRE Capital Markets in Denver represented the seller in the transaction.

May 8, 2020

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