Colorado-Real-Estate-Journal_295008

Office 6 Industrial 10 Multifamily 14 Retail 18 Finance 22 Law & Accounting 26 CDE News 30 Who's News 40 California buyer MIG Real Estate buys, will renovate Westminster MF INSIDE Record-breaking PepsiCo to build company’s largest U.S. facility near DIA Growing presence BMC Investments begins 10th Cherry Creek North project 6 10 14 FEATURED First tenants Gustave A. Larson and Winlectric sign leases at Mulberry Connection 10 CONTENTS AUGUST 3-16, 2022 by Jenna Walters GOLDEN – Local master/ vertical developer AC Devel- opment broke ground on the first phase of a $900 mil- lion redevelopment project in downtown Golden. Anchored by a new global headquarters for manufactur- er CoorsTek, the redevelop- ment will span 12.4 acres, or five city blocks, and comprise approximately 1.25 million square feet of office, multifam- ily, residential, placemaking retail and hotel space. The Coors family has long owned the site at Washing- ton Avenue and Ninth Street, where CoorsTek was founded in 1910. However, industrial operations at the historic site ceased earlier this year, and the unanimous approval by Golden’s City Council of the site’s redevelopment and rezoning followed. AC Development is now underway on the project’s first phase, including the sta- bilization of buildings to be restored, demolition of numer- ous structures, infrastruc- ture planning and construc- tion, and design of multiple commercial buildings. Upon com pletion in 202 5, the first phase will include approxi- mately 275,000 sf of new and adaptively reused office space, 10,000 sf of restaurant/retail space, new Eighth and Ninth street connections through the site, below-grade parking and a plaza. Future phases, to be com- pleted over the next 10 years, will include public open spac- es, an arts district, innovative mobility strategies, mixed- income housing, additional retail space and a hotel. AC Development is collaborating with Tryba Architects on the redevelopment project. “AC Development is dedi- cated to creating extraordi- nary urban places built on a foundation of commitments to a healthy planet, excep- tional placemaking and posi- tive community impact,” said Dan Cohen, president of AC Development. “We couldn't be any more excited to take these major steps forward to deliver on those commitments through transforming this incredible site into a deeply sustainable, connected and vibrant district.” s AC Development starts $900 million project by Jenna Walters AURORA – The Opus Group acquired undeveloped land near Denver Interna- tional Airport, where it plans to build a new multibuilding industrial park. The developer purchased 320 acres situated between Interstate 70 and DIA from the McVey Family and two part- nerships syndicated by Izzy Sonenreich of Warehouse Hotline, formerly Sun Empire Properties. Sonenreich and daughter Aviva Sonenreich, also of Warehouse Hotline, represented the sellers in the $49.7 million land sale. CBRE’s Todd Witty and Daniel Close represented Opus in the land acquisition and were retained to handle leasing at the planned park. Additionally, CBRE’s Tyler Carner, Jeremy Ballenger and Jessica Oster- mick advised the capital raise and helped source Principal Real Estate Investors as the joint venture partner. “Our team first identified the potential of this site for industrial development two years ago. Opus is the perfect leader to bring the site’s vision to life. We worked with them to get the land under contract in a competitive time frame. While there are other large- scale industrial development projects underway in the area, Sun Empire has a competi- tive advantage in being farther along in the entitlement pro- cess, thereby expediting the timeline for future tenants,” said Witty. Opus plans to build a 3.9 million-square-foot industrial park at the site. Sun Empire will comprise several build- ings ranging from 200,000 to 625,000 sf, with the ability to expand to 1 million sf, at the southeast corner of East 56th Avenue and Harvest Mile The Opus Group to build 3.9 million-sf park A rendering shows what downtown Golden could look like following the CoorsTek redevelopment. A rendering shows what Sun Empire is anticipated to look like. Please see Opus, Page 12 42-52 CREJ CONFERENCE SERIES

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