Colorado

Cale Enterprises Breaks Ground on 142,180 SF Mountain Gateway Industrial Park Near Denver

by Amy Works February 3, 2020

ARVADA, COLO. — Los Angeles-based Cale Enterprises has broken ground for Mountain Gateway, a two-building industrial park in Arvada, a suburb 10 miles northwest of Denver. Slated for completion in third-quarter 2020, Mountain Gateway will feature 142,180 square feet of speculative industrial space. Located at West Ridge Road and Robb Street, the facilities will feature 20 dock-high doors, 11 drive-in doors, 24-foot clear heights, an ESFR fire protection system, office spaces to suit and 290 parking spaces. Building 1 will feature 59,710 square feet, while Building 2 will offer 82,470 square feet. Tyler Carner and Jeremy Ballenger of CBRE are handling marketing for the development.

February 3, 2020

Acquisitions Colorado Industrial Western

LaSalle Investment Management Buys 345,126 SF Parc Santa Fe Industrial Asset Near Denver

by Amy Works January 31, 2020

LITTLETON, COLO. — LaSalle Investment Management (LIM) has acquired Parc Santa Fe, an industrial development located on 22 acres along South Santa Fe Drive in Littleton. Jackson-Shaw, LaPour Partners and Stream Realty Partners sold the asset for an undisclosed price. Totaling 345,126 square feet, the three-building property features 24-foot and 28-foot clear heights, gated outside storage and car parking, ample dock doors and abundant power. The development consists of an 85,903-square-foot building, a 169,590-square-foot facility and a 89,633-square-foot building. Delivered in September 2019, the project represented the first new industrial development in the area since 1997. At the time of sale, the asset was 62 percent leased. Tyler Reed, Peter Beugg and Dominic DiOrio of Stream Realty, along with Bo Mills of JLL’s Los Angeles office, handled the acquisition. Stream Realty will continue to handle leasing and management of Parc Santa Fe on behalf of LIM, with Reed, Beugg and DiOrio leading leasing efforts and Tom Bahn leading property management.

January 31, 2020

Acquisitions Colorado Multifamily Western

CBRE Brokers $46.2M Sale of Torrey Pines Apartment Complex in Denver

by Amy Works January 29, 2020

DENVER — CBRE has arranged the sale of Torrey Pines, a multifamily property located at 7575 E. Arkansas Ave. in Denver. Greenwood Village, Colo.-based Vukota Capital sold the asset to Los Angeles-based Marble Partners for $46.2 million. Dan Woodward, David Potarf and Matt Barnett of CBRE represented the seller in the deal. Built in 1980, the 15-building community features 203,640 square feet of rentable space across 235 apartments. Community amenities include 58 covered parking spaces, 353 open parking spaces, a clubhouse, fitness center, swimming pool and fenced dog park.

January 29, 2020

Acquisitions Colorado Industrial Western

CWCapital, Kenai Capital Buy Three-Building Industrial Portfolio in Colorado for $41M

by Amy Works January 24, 2020

ENGLEWOOD, COLO. — A joint venture between CWCapital and Kenai Capital Advisors has acquired a three-building industrial portfolio in the Compark Business Park in Englewood. Hendricks Commercial Properties sold the portfolio for $41 million. The 263,734-square-foot portfolio includes 8560 Upland Drive, 8490 Upland Drive and 14800 Grasslands Drive. While the portfolio was fully occupied at the time of closing, the building at 14800 Grasslands Drive is now available for immediate lease or sale. The 50,488-square-foot Class A industrial manufacturing building features heavy power, large drive-in doors, dock loading, 24-foot ceiling clearance, ESFR fire sprinklers, available outdoor yard space and the ability to add additional loading. The two buildings on Upland Drive are fully occupied by a variety of tenants, including Charter Communications, Quantum Corp. and LabCorp. The facilities each feature 24-foot ceiling heights, ESFR fire sprinklers, heavy power and customization for each tenant’s specifications. Jeremy Ballenger of CBRE represented the seller, while Tyler Reed, Peter Beugg and Dominic DiOrio of Stream Realty represented the buyer in the transaction.

January 24, 2020

Acquisitions Colorado Net Lease Retail Western

Marcus & Millichap Negotiates $7M Sale of Service Station/Convenience Store in Brighton, Colorado

by Amy Works January 23, 2020

BRIGHTON, COLO. — Marcus & Millichap has arranged the sale of Kum & Go, a service station and convenience store located in Brighton, a northeastern suburb of Denver. A limited liability company sold the property for $7 million. Located at 5112 E. Bromley Lane, the 6,975-square-foot, net-leased property features 12 gas pumps and 24 nozzles for personal vehicles and four semi bays for commercial vehicles. The property also features a Go Fresh Market and charging stations for electric vehicles. Timothy Nichols of Marcus & Millichap’s Chicago Oak Brook office represented the seller, while Skyler Cooper, also of Marcus & Millichap, served as broker of record in Colorado.

January 23, 2020

Acquisitions Colorado Multifamily Western

NKF Negotiates $145M Sale of Luxe at Mile High Multifamily Asset in Denver

by Amy Works January 22, 2020

DENVER — Newmark Knight Frank (NKF) Multifamily has brokered the sale of Luxe at Mile High, an apartment community in Denver. An undisclosed buyer acquired the newly constructed property from San Antonio-based Embrey for $145 million, or $379,581 per unit. Located at 3200 W. Colfax Ave., Luxe at Mile High features 382 units in a mix of one- and two-bedroom layouts with quartz countertops and state-of-the-art appliance packages, including full-size washers/dryers and stainless steel kitchen appliances. Terrance Hunt and Shane Ozment of NKF handled the transaction.

January 22, 2020

Acquisitions Colorado Multifamily Western

Colliers Brokers $26.1M Sale of Palmer Park Apartments in Colorado Springs

by Amy Works January 20, 2020

COLORADO SPRINGS, COLO. — Colliers International Multifamily Advisory Group has arranged the sale of The Palmer Park Apartments, a multifamily property located at 1304 E San Miguel St. in Colorado Springs. Roundhouse, a Los Angeles-based investment and development firm, sold the asset to Los Angeles-based Clear Capital for $26.1 million, or $130,500 per unit. The acquisition price is a record price per square foot for the multifamily assets built in Colorado Springs before 1990. Built in 1949, Palmer Park Apartments features 200 units. Originally constructed as military housing in a low-density setting with 20 two-story buildings on nine acres, the property has operated as a market-rate property for years. Bill Morkes and Craig Stack of Colliers International represented the seller, while the buyer was self-represented in the transaction.

January 20, 2020

Acquisitions Colorado Multifamily Western

Gelt Acquires Kallisto at Bear Creek Multifamily Community Near Denver for $145.5M

by Amy Works January 17, 2020

LAKEWOOD, COLO. — Los Angeles-based Gelt has purchased Kallisto at Bear Creek, an apartment property located at 2605 S. Miller Drive in the Bear Creek area of Lakewood. Holland Partner Group sold the asset for $145.5 million. Built in two phases in 1987 and 1996, Kallisto at Bear Creek is situated on 38 acres and comprises 51 two- and three-story buildings. The 472-unit property features mostly one- and two-bedroom layouts with a mix of traditional flats and townhome floor plans. Units feature private balconies or porches, wood and gas fireplaces, washers/dryers, walk-in closets and extra storage. On-site amenities include a community garden, tennis court, two swimming pools, a hot tub, 31 acres of landscaped open spaces, barbecue areas, a clubhouse, business center, dog park and fitness center. Gelt plans to invest $3.5 million in capital improvements over the next four years at the property. Projects will include the interior renovation of the remaining 75 percent of units by installing vinyl flooring, stainless steel appliances, quartz countertops, new cabinet faces and hardware, tile backsplashes and ceiling fans. Jordan Robbins, David Martin and Pamela Koster of JLL represented the seller and buyer in the deal. With this latest acquisition, Gelt now owns …

January 17, 2020

Acquisitions Colorado Multifamily Seniors Housing Western

MidCap Financial, Ashley Creek Village II Sell Two Multifamily Assets in Vernal, Utah

by Amy Works January 17, 2020

VERNAL, UTAH — MidCap Financial and Ashley Creek Village II have completed the disposition of a two-property multifamily portfolio in Vernal, in the eastern part of the state near the Colorado border. DLP Real Estate Capital acquired the assets, which offer a total of 296 units, for an undisclosed price. Completed in 2013 and 2015, the portfolio comprises 13 buildings with garden-style construction. At the time of sale, the portfolio was 95 percent occupied. The portfolio includes the 96-unit Ashley Creek Village, located at 210 E. 500 South, and the 128-unit Willow Park, located at 110 N. 2500 West. Ashley Creek Village features private garages, a clubhouse, 24-hour fitness center, outdoor basketball court, playground and firepit. Willow Park features outdoor space with private garages, walking and biking trails, a playground area and a clubhouse. Patrick Bodnar and Eli Mills of CBRE’s Salt Lake City office represented the sellers in the deal.

January 17, 2020

Acquisitions Colorado Multifamily Student Housing Western

Griffis/Blessing Purchases Lion Village Student Housing in Colorado Springs for $34M

by Amy Works January 10, 2020

COLORADO SPRINGS, COLO. — Griffis/Blessing has acquired Lion Village, a student housing complex in Colorado Springs, from a local developer for $34 million. Colorado Springs-based Griffis/Blessing has served as property manager for the asset since its opening in 2015. With its third construction phase completed last year, Lion Village features 141 units totaling 508 student housing beds in a mix of two-, three- and four-bedroom layouts averaging 1,021 square feet. Each apartment comes fully furnished, including housewares and a washer and dryer, and with utilities, including internet and cable. Additionally, each bedroom has its own private bathroom and closet. Community amenities include a heated swimming pool, business center, fitness center and 24-hour maintenance. Nick Steele, John Laratta, Tyler King, Nate Moyer of Berkadia’s Denver brokered the transaction.

January 10, 2020

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