Colorado-Real-Estate-Journal_286633

Office 6 Industrial 10 Multifamily 14 Retail 18 Law & Accounting 22 Finance 24 CDE News 34 Who's News 48 Record sale The Social in Fort Collins recently traded hands INSIDE New tenant A law firm signed a 100,000-sf lease at Block 162 Grand opening A new nine-vendor food hall offering is coming to Candelas 18 6 14 FEATURED On the move Growcentia relocated its operations from Fort Collins to Loveland 12 CONTENTS JUNE 15-JULY 5, 2022 by Jenna Walters BROOMFIELD – St. John Properties soon will be underway on a $95 million business park development in Broomfield after the City Council granted approval to initial construction. This summer, St. John Prop- erties will break ground on Simms Technology Park, a planned 600,000-square-foot business park near North Simms Street and West 112th Avenue. Upon completion, the project will encompass 14 buildings with office, flex, and research and development space, in addition to comple- mentary retail amenities. The park is situated on an 81-acre site that St. John Properties acquired from Brocade Com- munications Systems LLC for $6.25 million in 2020. Grading and infrastructure work is expected to begin this summer, followed by the groundbreaking of the project’s first phase of devel- opment. Phase 1 comprises three single-story office build- ings totaling approximately 100,000 sf and two flex/R&D buildings totaling nearly 70,000 sf. Additionally, four pad sites available for sale or lease could include restau- rant, convenience store/gas station or fast-food uses. Additionally, two new pub- lic roads, deemed Doppler Drive and Brocade Parkway, will be constructed as part of the project’s initial phase. St. John Properties also will complete significant upgrades to West 112th Avenue, includ- ing the addition of sidewalks, lighting, supplemental land- scaping and the expansion of the road by one additional lane. Phase 1 of the project is expected to be completed in summer 2023. According to Brandon Jenkins, St. John Properties’ regional partner for Colorado, Simms Technology Center is set to contribute to the boom- ing population and economic growth of Broomfield. “This strategically located acreage provides the oppor- tunity to execute our long- term development strategy in a submarket of Colorado that contains every essential metric for sustained growth and economic vitality,” Jen- kins said. “We appreciate the support of the Broomfield City Council to greenlight a business community that will be a long-term job generator, a home to businesses both small and large and a signifi- cant contributor to the local tax base.” s St. John Properties will start $95M project by Jenna Walters DENVER – A global asset manager acquired a Class A office building in the Denver Tech Center. Macquarie Asset Manage- ment , on behalf of a client, purchased One DTC West, the 76,095-square-foot property at 4949 S. Niagara St. in Denver. According to public records, the buyer acquired the prop- erty from One DTC West LLC for $42.25 million, or approxi- mately $555 per sf. Tim Richey, Charley Will, Chad Flynn and Jenny Knowlton of CBRE bro- kered the transaction on behalf of the seller. Built in 2018, One DTC West features efficient 23,000-sf floor plates, continuous window lines, 9-foot ceilings, a 3 . 1 : 1 , 0 0 0 p a r k i n g ratio, unob- s t r u c t e d m o u n t a i n views, and an on-site coffee shop and deli. The property is fully leased to multiple tenants and features an 8.7-year average weighted lease term. Current building tenants include Kent- wood Real Estate and Alpine Bank. According to Will, the office building hit the market in the first quarter and garnered sig- nificant interest from foreign and core domestic investors. He attributed the interest to the quality of the asset and its proven No. 1 infill, urban- suburban location in Denver with immediate access to the Belleview light-rail station, restaurants, retail, multifamily and new construction office product. s Global investor buys office building in DTC A rendering shows what Simms Technology Park will look like upon completion. One DTC West recently traded hands. Charley Will

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