Colorado-Real-Estate-Journal_286633

Page 12 - June 15-July 5, 2022 www.crej.com Industrial n Affordable housing n Annexation n Borrower nancing n Boundary disputes n Condominiums and cooperatives n Conservation easements n Construction law n Covenants n Easements n Entitlements n Entity structures n Environmental compliance n Exchanges n Foreclosures n Historic preservation n Land use planning n Lender nancing n Multifamily n Municipal law n Title and Survey n Zoning DEVELOPERS CONTRACTORS LENDERS LANDLORDS INSURERS INVESTORS OWNERS TENANTS BORROWERS Contact Merc Pittinos | 303.295.9812 Jake Tiernan | 303.292.7925 www .moyewhite.com Contact us for your real estate transactional and litigation needs including: Real Estate Counseling Moye White represents clients across the full-spectrum of real estate activities including acquisition, nancing, investment, development, leasing, and disposition. by Jenna Walters LOVELAND – Growcentia, a Colorado-based biological agriculture technology com- pany, relocated its headquar- ters to McWhinney’s 3,000-acre Centerra master planned com- munity in Loveland. Growcentia signed an eight- year lease with McWhin- ney to occupy a portion of its 123,000-square-foot industrial facility at 4545 Viking Way. The tenant leased 30,000 sf and will consolidate all operations to the facility, moving from several locations in Fort Collins. Mike Jensen of Fort Collins Real Estate represented Growcentia in the transaction, while Mike Eyer and Julius Tabert from CBRE represented McWhinney. According to Growcentia CEO Scott Wiley, the com- pany custom designed and built out its new space to include two research and development l a b o r a t o r i e s , two microbio- logical fermen- tation m anu- facturing bays, a blending manufacturing bay, an indoor plant trial and experimenta- tion station, 28-foot clearance warehousing space, shipping capabilities with four loading docks, and office space for its executive and management teams. Wiley noted that $2.2 million in tenant improvement costs were invested into the space. Ware Malcomb served as McWhinney's project architect, and Golden Triangle Construc- tion was the general contractor involved. “We are pleased to partner with Growcentia and welcome them to our growing Center- ra community,” commented Clyde Wood, McWhinney’s vice president of commercial development for Northern Colorado. “Our best-in-class industrial building, together with a competitive lease rate, was ideally suited for their expanding business needs.” Wiley agreed that Centerra was the perfect fit for Grow- centia, saying the company searched across Northern Col- orado for its new space before landing on the master planned community, which allowed for the build-out of all necessary improvements under the com- pany’s strict move-in timeline. Wiley noted that the entire development team excellent- ly executed the project under challenging market conditions, ultimately making for Grow- centia’s smooth transition to Loveland. All improvements were com- pleted in April, and Growcen- tia celebrated its grand open- ing at the Centerra facility last month. “Growcentia is proud to call Northern Colorado home, and we look forward to expanding upon our nature-based grow- ing solutions in this region,” said Growcentia’s founders in a prepared joint statement. “This new state-of-the-art facil- ity will enable us to accommo- date growth for the foreseeable future, heighten the complex- ity and diversity of our product lines, and expand R&D initia- tives to serve both our national and international customers and truly change the way the world grows.” Other News n ARVADA – Outour Stor- age Investment, in a joint venture with Drake Capital, acquired the 10-acre, 585-unit RV and boat storage lot at 5775 Tennyson St. in Arvada. The buyer purchased the property from seller Ivywild Capital for $8.05 million. Nick Steitz and Jason White of JLL represent- ed the seller in the transaction. Ivywild Capital acquired the property last year for $5.65 million. During its hold, Ivy- wild Capital implemented an updated management system and significantly raised rents. Parker Samelson and Daniel Belk, co-founders of Ivywild Capital, said the firm saw an opportunity to capture a high internal rate of return for its investors by selling. It is expected to achieve a net IRR on investor equity of more than 35%. According to Samelson, the asset garnered significant buyer interest after hitting the market earlier this year. He attributed the interest to rising demand for outdoor storage space in the market. The opportunity to remove a flood line and rede- velop the site for warehouse use also proved attractive to select buyers, Samelson said. The property received several offers before selling to an expe- rienced outdoor storage invest- ment company. Outour Storage Investment plans to operate the proper- ty under its current RV and boat storage use, potentially increasing rents even further. n DENVER – Apex Ware- house Systems signed a 78,308-sf lease at 4250 Oneida St., Unit 20, in Denver. The ten- ant will occupy its new space under a 61-month lease with landlord St. Paul Fire and Marine Insurance Co. Nick Steitz of JLL represented the tenant in negotiations, while a team from Cushman & Wake- field represented the landlord. According to Steitz, the ten- ant is relocating to the indus- trial facility from a similar, nearby warehouse location. He said Apex was attracted to the property because of the prox- imity to its existing operation. The tenant also liked the rare outdoor storage opportunity the property presented, Steitz added. Minor improvements, includ- ing some office build-out and the installation of two 20-foot dock-high doors, will be com- pleted before the tenant occu- pies later this summer. Steitz, working with Mitch Zatz of JLL, also represented tenant MRC Global Inc. in a 35,200-sf lease at 13575 E. 37th Ave. in Denver. The tenant signed an 86-month lease with landlord Westcore. n ENGLEWOOD – Bailey’s Moving & Storage will be the first tenant to occupy Build- Growcentia moves operations to Centerra industrial facility Please see Bailey's, Page 47 Scott Wiley

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