Colorado-Real-Estate-Journal_297339

Office 6 Industrial 10 Multifamily 14 Retail 20 Law & Accounting 24 Finance 26 CDE News 30 Who's News 44 California buyer Lakewood office sells for nearly $10 million INSIDE Proposed development 1 million-plus-sf project under review in Fort Collins New to Denver In-N-Out is underway on first Denver location 20 10 6 FEATURED Value-add play Cortland will renovate newly acquired MF in the Springs 14 CONTENTS AUGUST 17-SEPTEMBER 6, 2022 47-57 CREJ CONFERENCE SERIES by Jenna Walters DENVER – A luxury apart- ment building in Denver’s Jefferson Park neighborhood recently traded hands. GF Properties Group, the real estate business arm of the Southern Ute Indian Tribe Growth Fund, is the new owner of The Alcott, the 248- unit property at 2424 Alcott St. The buyer acquired the build- ing from Northwestern Mutu- al. According to public records, the asset traded for $126 mil- lion, representing $508,064 per unit. Jordan Robbins and Pam Koster of JLL brokered the transaction. Completed in 2020, The Alcott offers one- and two-bed- room units ranging from 579 square feet to 1,141 sf. Commu- nity amenities at the property include a heated swimming pool, rooftop clubhouse, and a fitness and business center. According to Robbins, the property’s amenities, unob- structed views of downtown Denver and quality construc- tion contributed to competi- tive interest from a variety of prospective buyers. He said the asset ultimately received five- plus offers before selling. Trevor Nazzaro, GF Proper- ties Group vice president, said The Alcott’s location was a driver in the acquisition. “The Alcott is a trophy asset in a favorable location that helps to diversify our real estate portfolio,” Nazzaro said. “Den- ver has been a top 10 metro area for job and population growth for many years. We expect that growth to continue into the future, which will lead to steady returns for our own- ership.” GF Properties Group will bring on property manager Kairoi Residential to over- see the daily operations at the property. s Denver multifamily sells for $126 million by Jenna Walters DENVER – A Portland, Oregon-based family owned commercial real estate firm recently acquired a Class A office building in the Denver Tech Center. Menashe Properties Inc. is the new owner of Stanford Place III, the 367,445-square- foot office tower at 4582 S. Ulster St. in Denver. The buyer purchased the asset from SteelWave and Angelo Gordon Cos. Public records show the building sold for $50 million. How- ever, Jordan Menashe, CEO of Menashe Properties, said the actual sales price was slightly less due to credits provided by the seller. Stanford Place III offers 22,000-sf floor plates and recently renovated main lobby, common area corri- dors and restrooms. Addi- tionally, the property fea- tures an on-site Starbucks Café and deli, a tenant lounge, fitness center, secure bike storage, a conference facility, and surface and cov- ered parking. At closing, the build- ing was 70% occupied by a mix of long-term tenants. Menashe Properties has since signed one lease agree- ment and is negotiating two other leases for a 6,000-sf space and the entire eighth floor. Menashe Properties has hired Robert Whittelsey and Abby Pattillo of Colliers to handle the leasing. Menashe Properties adds the asset to a portfolio including the eight-build- ing, 556,000-sf Aurora Mar- ketplace office campus on 25 acres at 13005-3055 S. Parker Road and 11050-11100 E. Bethany Drive in Aurora. “We are excited to increase our footprint in (the Denver area) to around 1 million square feet with the addi- tion of Stanford Place III,” said Menashe. “Our team’s ability to move swiftly and close without financing cer- tainly helped move this deal over the finish line. We are well-positioned for contin- ued growth and expansion with new acquisitions in the office, retail or industrial sectors and in existing and new markets.” s Menashe Properties Inc. buys DTC office The Alcott recently sold for $126 million. Menashe Properties Inc. will work to lease up Stanford Place III after acquiring the property earlier this month. Jordan Menashe

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