Office 6 Industrial 10 Multifamily 14 Retail 20 Finance 22 Law & Accounting 26 CDE News 34 Who's News 44 Conversion project Greeley assisted living to become traditional apartments INSIDE NoCo expansion Premier Members Credit Union breaks ground on Erie branch Out-of-state investor Salt Lake City-based Lotus Co. buys north Denver office 6 20 18 FEATURED Portfolio sale Newly founded firm acquires six-building flex asset 10 CONTENTS JUNE 1-14, 2022 by Jenna Walters AURORA – A partnership is bringing a 2 million-square- foot industrial park to a site south of the Denver Interna- tional Airport. Aurora-based JAGreen Development LLC, along with an affiliate of New York- based real estate private equity firm Raith Capital Partners, is planning Aeros Logistics Cen- ter, a Class A park on a 157- acre site along the East 56th Avenue corridor in Aurora. The partnership recently acquired the land for an undisclosed amount. Cushman & Wake- field’s Aaron Valdez, Alec Rhodes and Tyler Smith rep- resented JAG in the acquisition and will handle the marketing efforts at Aeros. The master planned park, zoned Airport District, will accommodate a variety of uses, including logistics, distribution, manufacturing, construction and data centers. Companies will be able to build to suit for sale or lease. Upon comple- tion, the park could feature two 1 million-sf east/west-facing cross-dock buildings or be divided into smaller parcels. Valdez commented on the park’s desirable position within the market, saying, “Aeros will be a premier industrial devel- opment providing occupants with high-end quality, effi- ciency and functionality close to major transportation and logistical routes for regional and interstate commerce. With more than 100,000 homes in development and under con- struction in northeast Denver and Aurora, companies choos- ing Aeros will have access to an expanding labor base.” “For more than 80 years, JAG has developed high-quality industrial facilities across the U.S., and we continue to see enormous potential and value for industrial property near the Denver International Airport,” added Dan Green, CEO and co-managing partner of JAG. “Aeros begins another chap- ter in our company’s storied history in this desired and flourishing market where we have strived to help build the future.” The developer is behind the 260-acre JAG Logistics Center @ DEN industrial park under- way at East 64th Avenue and Powhaton Road in Aurora. The project, also being marketed by Valdez, Rhodes and Smith, has had success in the mar- ket, securing tenants includ- ing General Logistics Systems U.S. Inc., MAI Mechanical and TruTeam. s 2 million-sf industrial park planned near DIA by Jenna Walters AURORA – A local invest- ment and management compa- ny acquired an Aurora apart- ment community with plans to improve the asset. Summit Communities pur- chased Arboreta Apartments, the 268-unit property at 2038 S. Vaughn Way in Aurora. The buyer acquired the asset from seller Evergreen Devco Inc. for $69.5 million. John Blackshire and Tom Wanberg of Tran- swestern exclusively brokered the transaction. Situated on 14 acres within the Cherry Creek School Dis- trict, Arboreta Apartments offers one- and two-bedroom units ranging from 665 to 1,090 square feet. The apartments are complete with updated cabi- netry and stainless steel appli- ances, granite countertops, spacious walk-in closets, and washers and dryers. Commu- nity amenities include a fitness center, dog park, two heated, resort-style swimming pools and a playground. The property hit the market in November, and Transwest- ern conducted a call for offers in December. According to Blackshire, prospective buyers were attracted to the prop- erty’s large average unit size and sur- rounding open space, includ- ing a nature preserve, a golf course and athletic fields. The marketing campaign resulted in several showings and offers. Blackshire noted that while Evergreen took excellent care of the property, it presented some value-add opportunities. Summit Communities plans to renovate the units and possi- bly complete light community amenity improvements, Black- shire added. Summit Communities adds the asset to a portfolio of nearly two dozen similar multifam- ily properties across the state, including the 112-unit High- line Lofts in Aurora, which it acquired earlier this year for $29 million. s Summit Communities buys Aurora asset Arboreta Apartments is under new ownership. John Blackshire A rendering shows what Aeros Logistics Center will look like upon completion.