Office 6 Industrial 10 Multifamily 14 Retail 18 Finance 28 Law & Accounting 32 CDE News 34 Who's News 45 Downtown trade Eight-story office building in Denver sells for $17 million INSIDE University project UCCS to get a new engineering center Value-add play Two Arrows Group buys, will update Federal Heights asset 14 23 6 FEATURED Groundbreaking McWhinney is underway on two new industrial buildings 10 CONTENTS SEPTEMBER 21-OCTOBER 4, 2022 by Jenna Walters SUPERIOR – Developers are planning a $280 million life sciences project in Downtown Superior. Health care real estate devel- oper PMB, in partnership with Montgomery Street Partners, is bringing a new 365,000-square-foot life sci- ences development to a 10.1- acre site at the intersection of Main Street and McCaslin Boulevard. According to Bill Jencks, senior vice president at PMB, the land represents one of the last infill sites in Boulder County and one of the last available commercial sites in Downtown Superior. Initial plans for Coal Creek Innovation Park include three office/lab buildings ranging from 85,000 to 150,000 sf and a fourth building with ground- floor retail, amenities and structured parking. The build- ings will have 16-foot floor- to-floor heights and flexible infrastructure to accommodate office, lab, and research and development uses. Addition- ally, the campus will feature shared lab services, including Rodi water, dedicated labora- tory water, compressed air, glass wash and a lab waste system. Nelson Udstuen of CBRE, who, along with the brokerage firm’s Erik Abrahamson, was hired to market the develop- ment for lease, commented on the project’s necessity in the market: "Life sciences compa- nies have extremely specific and technical needs for their space. Coal Creek Innovation Park is purposefully designed with these in mind – from 100% outdoor air return in the lab areas to generator back-up and expanded electrical load capacity. A biotech company that locates here can focus exclusively on its science as its real estate needs are already met.” The project will meet grow- ing demand for life sciences space in the Boulder market, which has maintained over 1 million sf of active life sciences tenant requirements for nearly two years, according to CBRE research. Superior gets $280 million life sciences park by Jenna Walters COLORADO SPRINGS – A garden-style multifam- ily community in Colorado Springs recently traded in a record-breaking sale. California-based multi- family investment company Hamilton Zanze & Co. is the new owner of Springs at Foothills Farm, the 264- unit apartment property at 1203 Affirmed View. The buyer purchased the prop- erty from Wisconsin-based Continental Properties Company Inc. Nick Steele, John Laratta, Nate Moyer and Tyler King of Berkadia Denver brokered the trans- action. The asset sold for $110.88 million, which the Berka- dia team said represents the largest single-asset sales transaction in the history of Colorado Springs. The price per unit was $420,000. Clay Akiwenzie of Berka- dia Incline Village secured $58.15 million in perma- nent acquisition financing. Freddie Mac provided the 10-year loan. Built in 2021, Springs at Foothills Farm offers stu- dio, one-, two- and three- bedroom units complete with washers and dryers, private patios or balconies, attached and detached garage options, and walk-in closets. Community ameni- ties at the property include a swimming pool, fitness cen- Colorado Springs MF trades in record sale A rendering shows what Coal Creek Innovation Park will look like upon completion. Please see Superior, Page 21 Springs at Foothills Farm is under new, California ownership. Please see Foothills, Page 21