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Pathfinder Partners Acquires M-U Development in Denver

24 Jan 2014, 8:33 pm

By Gabriel Circiog, Associate Editor

San Diego-based Pathfinder Partners LLC has purchased the newly constructed King Lofts, marking the company’s 10th Colorado acquisition. Pathfinder partnered with Denver-based The Craft Companies LLC on the acquisition.

Located at 3451 West 38th Avenue in Denver’s West Highland neighborhood, King Lofts is a three-story condominium building featuring 18 units above 2,700 square feet of ground-floor retail space. Developed in 2008 as a condominium project, King Lofts underwent a foreclosure sale in 2012 before any units were sold. Currently fully leased, the project was purchased by Pathfinder from the successor owner for $4.25 million.

The property features six one-bedroom, 10 two-bedroom and two loft units ranging in size from 863 to 1,330 square feet. The property also contains a ground level parking garage. The retail space is fully leased to two tenants – a salon and a Pilates studio.

King Lofts will continue to be operated as a rental community by Pathfinder for the near future. The company plans to rebrand and rename the property and also intends to improve several common area elements, including adding a rooftop sky-deck.

“We like Denver’s diversified economy and significant population and employment growth as well as King Lofts’ ideal center-city location and proximity to shops and restaurants,” says Lorne Polger, senior managing director of Pathfinder Partners. “The project also provides dual exit strategies – in the future, we can sell individual condominiums or market the property as a stabilized rental community. The property’s creative, contemporary architectural elements and condominium-level interior finishes make it a unique and appealing rental option for the neighborhood.”

For more Denver market data, click here.



HFF Closes Sale of Panorama Corporate Center in Englewood

13 Jan 2014, 7:53 pm

By Gabriel Circiog, Associate Editor

Holliday Fenoglio Fowler LP recently announced it has closed the sale of the 821,242-square-foot Panorama Corporate Center in Englewood, Colo.

The Class A office campus was marketed exclusively by HFF on behalf of the seller, a joint venture between Equity Office and institutional investors advised by J.P. Morgan Asset Management. The asset was purchased by Denver-based Miller Global Properties LLC free and clear of existing debt.

Located at the southwest corner of the Interstate 25/Dry Creek Road interchange adjacent to the Dry Creek light rail station, Panorama Corporate Center is currently 92.3 percent leased and is anchored by United Launch Alliance. The property features seven institutionally maintained buildings which were completed between 1996 and 2008. Situated on 53.3 acres of land, the property also features two additional land parcels totaling 11.3 acres, zoned for any combination of office, retail, industrial or residential uses.

With the purchase, Miller Global Properties LLC has extended its portfolio in Englewood where the company already owns The Point at Inverness. The 186,945-square-foot Class A office building is located at the southeast corner of the intersection of County Line Road and Interstate 25 in the Inverness Business Park.

For more Denver market data, click here.

Photo Courtesy of: www.hyderinc.com

 



Holiday Inn Express Hotel & Suites Denver East – Peoria Street Opens in Denver

6 Jan 2014, 7:35 pm

By Adrian Maties, Associate Editor

The Holiday Inn Express Hotel & Suites Denver East – Peoria Street is now open. InterContinental Hotels Group announced the opening of the new hotel at the end of December. It is designed with the Holiday Inn brand family’s $1 billion global brand relaunch in mind.

The five-story hotel is located at 12140 E. 45th Avenue, near Coors Field, home of the Colorado Rockies, as well as a variety of local shopping and restaurants. It offers 81 spacious guestrooms and suites for both business and leisure travelers. Rooms feature flat screen TVs, comfortable queen or king-sized beds, refrigerators, microwave ovens and much more. Hotel amenities include a 24-hour fitness center, complimentary high-speed Internet access, indoor swimming pool, and a business center with computers. With a redesigned logo and signage, the new hotel is owned and managed by 4470 Peoria HIX LLC, and is franchised by an affiliate of InterContinental Hotels Group.

“Holiday Inn Express hotels are designed to be the smart choice for value-conscious business and leisure travelers,” says Heather Balsley, SVP, Americas Holiday Inn® brand family. “With more than 2,200 properties worldwide and 450 more in the pipeline, the Holiday Inn Express portfolio continues to provide our guests with an enhanced-stay experience at a great value.”

Marcus&Millichap reports that hotel occupancy in the Mountain West Region is recovering from the low levels during the recession. In the first four months of the year, regional occupancy increased to 53.2 percent, with two of the five states in the region posting higher occupancy than one year ago. Colorado was one of them. Occupancy in the state climbed to 55.8 percent during the period on the strength of a 5.9 percent rise in room demand.

“We are excited to be a part of the Holiday Inn brand family,” says Caleb Brooks, general manager. “Denver is a vibrant city and there are so many options for travelers whether they want to enjoy the outdoors or the city’s numerous sporting venues. Our hotel is conveniently located to many of the city’s major attractions.”

Photo credits: InterContinental Hotels Group

Charts courtesy of Marcus & Millichap Real Estate Investment Services

 



Gladstone Commercial Corporation Purchases Parkside Office Plaza; AWH Partners LLC to Acquire Eight Embassy Suites Hotels

20 Dec 2013, 10:04 pm

By Gabriel Circiog, Associate Editor

Gladstone Commercial Corporation recently announced that it purchased Parkside Office Plaza, a 97,797-square-foot office building located in Englewood, Colorado.

The Class A, three-story, single-tenant office building is leased to ViaSat Inc. through September 2021 and is the home of ViaSat’s Exede Internet and other consumer broadband services. The LEED Gold property is located in the Inverness Business Park, a master-planned park in the southeast submarket of Denver.

“This acquisition is consistent with our strategic decision to expand our acquisition efforts in both primary and secondary markets in the Western U.S.,” says Andrew White, managing director of the company. “The Class A construction, strong tenancy and premiere location in Denver’s Southeast submarket will provide stable and attractive returns for our investors.”

In other real estate news, New York-based AWH Partners LLC recently announced it has placed eight Embassy Suites Hotels under contract for an undisclosed price and will close in January 2014. AWH Partners worked through a complicated bankruptcy process involving a quick, all-cash, no-contingency closing. The ownership group will invest more than $50 million in physical upgrades in order to complete a substantial repositioning to the portfolio over the next two years. The hotel management arm of AWH Partners, Spire Hospitality will manage the eight hotels. AWH Development, AWH Partners’ in-house development arm will oversee renovations.

The eight-hotel portfolio includes the Embassy Suites Colorado Springs and Embassy Suites Denver. Talking about the acquisition, Russ Flicker, principal AWH Partners, said: “The acquisition of this portfolio marks a banner year for AWH and brings our investment in hotels to more than $400 million and 3,700 keys since 2011. We are very excited about the opportunities for growth in 2014 in hospitality and beyond.”

For more Denver market data, click here.

Logo Courtesy of: Gladstone Commercial Corporation.

Photo Courtesy of: http://embassysuites3.hilton.com

 



Phillips Edison-ARC Shopping Center REIT Inc. Acquires Three Grocery-Anchored Shopping Centers, Including Golden Town Center

13 Dec 2013, 8:57 pm

By Gabriel Circiog, Associate Editor

Phillips Edison-ARC Shopping Center REIT Inc. recently announced the acquisition of three grocery-anchored shopping centers. The acquisitions will expand the REIT’s presence in Maryland, Colorado and Minnesota and bring the total number of properties acquired by the company in the last quarter to 14.

The Colorado property included in the deal is the Golden Town Center, a 117,882-square-foot shopping center located at 17121 South Golden Road in Golden, a suburb of Denver situated 16 miles west of the city. The shopping center is anchored by a 69,693-square-foot King Soopers grocery store. In the Denver metropolitan statistical area, King Soopers is the number one grocer by market share. Golden Town Center features other tenants, including H&R Block, Big 5 Sporting Goods and JP Morgan Chase.

The other two properties included in the deal are the Collington Plaza, a 121,915-square-foot grocery store-anchored shopping center in Bowie, Md.; and Northstar Marketplace, a 96,356-square-foot shopping center located in Ramsey, Minn.

In other local news, TruStar Energy recently announced it has broken ground on a large time-fill / fast-fill CNG fueling station for the City of Denver. Scheduled to be completed in the spring of 2014, the station will handle simultaneously 136 vehicles via time-fill hoses and two vehicles at a fast-fill dispenser. The Denver station is TruStar Energy’s third project in Colorado. Jose Cornejo, manager of Denver Public Works, said:

“Denver Public Works is very excited to grow our CNG fleet with the installation of the new fueling station,” says Jose Cornejo, manager of Denver Public Works. “Overall, Denver is conscious of the way we utilize our fleet and fuel sources. The new CNG station will allow our fleet to be more sustainable while also saving tax payer money.”

For more Denver market data, click here.

Photo Courtesy of: www.phillipsedison.com



RiverRock Real Estate Group Awarded 630,000 SF Portfolio to Manage; ARA Reports Sale of Elliot Apartments

5 Dec 2013, 12:00 am

By Gabriel Circiog, Associate Editor

West Coast-based commercial real estate management and leasing firm RiverRock Real Estate Group recently announced that the firm has been awarded the management of a 630,000-square-foot portfolio by AEW Capital Management. The portfolio features office and industrial spaces in Denver and surrounding communities.

This represents the second new AEW management assignment in the past three months. In July, RiverRock was awarded management of a 2.6 million-square-foot portfolio of office and industrial space located in Southern California and Arizona.

“We are excited to expand into the Denver market and look forward to growing our presence,” says Steve Core, president of RiverRock Real Estate Group. “We have an excellent team in place and are confident that we can produce significant results for the client.”

In other local real estate news, Atlanta-based ARA brokered the sale of the eight-unit Elliot Apartments in Lakewood, Colorado. The seller was represented in the transaction by ARA Colorado’s Justin Hunt, Spencer Bradley and Andy Hellman. The Elliot Apartments were purchased by a private local investor for $670,000. Upon closing, the property was 97 percent occupied.

Built in 1961, the property was remodeled in 2006. The Elliot Apartments is located within walking distance of Sloan’s Lake and features one- and two-bedroom floor plans averaging 700 square feet.

“Lakewood has been one of the more active metro Denver submarkets when it comes to rent growth,” says Hunt. “During the past 12 months rents in North Lakewood have increased roughly 9.7% and we’ve also seen values of comparable properties in Lakewood follow this trend with an increase of roughly 17% year-over-year,”

Bradley added, “The Elliot Apartments attracted significant interest due to its even mix of one and two bedroom floor plans, strong recent rent growth, and great location just west of Sloan’s Lake. This combination helped us sell the property at full list price.”

For more Denver market data, click here.

Logo Courtesy of: www.riverrockreg.com



Cole Corporate Income Trust Inc. Acquires Five Corporate Properties

2 Dec 2013, 7:50 pm

By Gabriel Circiog, Associate Editor

The private capital management business of Cole Real Estate Investments Inc., Cole Capital, recently announced the acquisition of five single-tenant corporate properties by Cole Corporate Income Trust Inc. The combined price of the acquisitions, which includes two properties in San Jose, Calif., one in St. Louis, Houston and Colorado Springs, Colo., was around $202.1 million.

“These latest acquisitions are consistent with CCIT’s strategy of securing mission-critical properties nationwide that are essential for corporate operations,” says Thomas W. Roberts, executive vice president and head of real estate investments at Cole Real Estate Investments Inc. “These ‘necessity’ properties boast credit-quality tenants, long-term leases, valuable rent increases and varied industries, while providing geographic diversification to the expanding CCIT portfolio.”

The Colorado Springs facility included in the transaction is leased to FedEx Corporate Services Inc., with a guaranty from FedEx Corporation. The three-story building features 155,508 square feet of Class A office space and is used by FedEx as the primary facility for the development and programming of various technologies used by the company to route and track its delivery services. The lease has about 11 years remaining, plus renewal options.

In other local news, Denver Parks and Recreation recently broke ground on the new Cuatro Vientos/ Four Winds Park. Located on the corner of Alameda Avenue and Newton Street in the Westwood neighborhood, the lot had been vacant for many years. The new $2.3 million investment is expected to open to the public early next summer.

“This is a significant investment in the Westwood neighborhood,” says District 3 Councilman Paul López. “I’m proud to have partnered with the city on this project, transforming an old eye sore into a beautiful community park.”

Construction is set to begin before the end of 2013 and the park will feature a new playground area, a water play feature, a shaded shelter and picnic area, a concrete walking trail and turf playing fields. Funding partner on the project is Great Outdoors Colorado, a Community Block Grant from The Denver Office of Economic Development.

For more Denver market data, click here.



Faris Lee Investments Completes Sale of Willow Run Shopping Center

20 Nov 2013, 10:53 pm

By Gabriel Circiog, Associate Editor

Faris Lee Investments has recently announced it has completed the $10.8 million sale of Willow Run Shopping Center in Westminster, Colo.

Located at 12900 – 12910 North Zuni Street in the northwestern suburb of Denver, the shopping center was built in 2000 and is situated on about 11 acres of land. There are more than 245,000 customers and 67,500 daytime employees within a three-mile radius of the property.

At the close of escrow the 91,565-square-foot property was 80 percent leased. The anchor tenant of Willow Run Shopping Center is the grocery store Safeway, while other tenants include Allstate, Subway and neighborhood retailers. Outlying tenants at the center, that weren’t part of the sale, include JPMorgan Chase, McDonalds and Conoco Philips.

The seller, San Mateo, Calif.-based TNP SRT Willow Run LLC was represented by Richard Chichester, Jeff Conover and Tom Chichester of Faris Lee Investments. Shaun Riley of Faris Lee Investments represented the buyer, Denver-based Gart Investment Company.

“Faris Lee’s marketing strategy was to target local Colorado-based investors/owners who understood the immediate area,” Conover says. “With a history of ownership in the Colorado market, Gart Investment Company was at the top of our list of investors we believed would see the value in the asset and proactively utilize its tenant and management relationships to fully maximize the investment.”

The closing cap rate on the property was 6.56 percent. “Willow Run offered the buyer a property well below replacement cost at a low price-per-square-foot of $118,” Riley says “Additionally, the buyer appreciated the upside opportunity through leasing the 20 percent vacancy, creating potential for additional cash flow and added value.”

For more Denver market data, click here.

Photo Courtesy of: www.farislee.com



Crescent Real Estate Holdings LLC Renovates Johns Manville Plaza & 707 17th Street in Denver City Center

14 Nov 2013, 12:34 am

By Gabriel Circiog, Associate Editor

Crescent Real Estate Holdings LLC recently announced the completion of renovation works to Johns Manville Plaza and 707 17th Street in the Denver City Center. The renovations aim to provide customers improved access, street views and more amenities for food, shopping and entertainment options.

Renovations at Johns Manville Plaza include the addition of a bright access lobby to Stout Street. The new lobby is intended to accommodate customer traffic to Denver’s Light Rail parking lots and downtown retail. It also offers a new modern storefront around the ground floor. Renovations at 707 17th Street include the conversion of a back lobby into a second main entry. The company also added a bike room for customers that enjoy bicycling to work.

The recently renovated outdoor plaza has become a popular meeting space for customers during coffee and lunch breaks. The outdoor plaza now features enhanced lighting in order to provide a pleasant evening seating experience for the guests at the Marriott Denver City Center Hotel.

“Our customers enjoy the improved amenities and have demonstrated their approval of the upgrades through high utilization of new spaces,” says Ashton Steele, senior property manager for Crescent Real Estate Holdings LLC. “We understand the added value of these amenities makes Denver City Center a more attractive office option.”

The strategy has had a positive effect and at the beginning of the year Johns Manville renewed its 118,865-square-foot lease at the Johns Manville Plaza. During 2013 Crescent also secured another 73,341 square feet in new leases at the same location and added 21,284 square feet in renewals and new leases in 707 17th Street.

For more Denver market data, click here.



Prologis Inc. Preleases 258,000 SF Development in Denver

6 Nov 2013, 10:33 pm

By Gabriel Circiog, Associate Editor

San Francisco-based Prologis Inc. recently announced it has entered into a new lease agreement for a 258,000-square-foot facility in Denver.

Located at Prologis Stapleton Business Center North, the state-of-the-art facility will be occupied by a manufacturer of exhibits. The location provides direct access to downtown Denver, major interstates and Denver International Airport.

“Demand for mid-size spaces across our portfolio is very strong,” says Larry Harmsen, chief operating officer, Prologis Americas. “We are pleased to strengthen our relationship with this repeat customer and support their expansion needs.”

As of Sept. 30 Prologis Inc. had a portfolio that included approximately 320 million square feet of logistics and distribution space. As previously reported by Commercial Property Executive, the company announced several acquisitions and developments in Europe earlier this year.

In other local real estate news, Inland American Lodging Group Inc., a wholly owned subsidiary of Inland American Real Estate Trust Inc., recently announced the acquisition of three luxury boutique hotels from Kimpton’s Hotel Monaco collection. Hotel Monaco Denver, located on the corner of Champa and 17th Street, was one of the three boutique hotels included in the $189 million deal. The six-story hotel opened in 1998 after an extensive redevelopment of Denver’s historic Railway Exchange Building and Art Modern Title Company Building. It features 189 guest rooms, including 29 suites and numerous amenities including a fitness center, a full-service salon and spa and more than 4,000 square feet of meeting space. The property also includes the 248-seat Panzano restaurant.

For more Denver market data, click here.

Logo Courtesy of: www.prologis.com.







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