Colorado-Real-Estate-Journal_310590

Groundbreaking McWhinney begins Class A industrial development INSIDE California investor Academy Plaza in Colorado Springs is under new ownership Repositioning Biodesix Inc. leases, will reimagine Louisville department store 18 17 12 FEATURED Portfolio buy Bell Partners Inc. acquires multitsate portfolio for $313 million 14 CONTENTS NOVEMBER 2-15, 2022 by JennaWalters LONGMONT – Micron Technology Inc. will anchor Broe Real Estate Group’s revitalized Max Technology Center in Longmont. The company, a producer of computer memory and com- puter data storage, signed a long-term lease with joint ven- ture partners BREG and Alva- rez & Marsal Capital Real Estate. It will occupy 207,000 square feet at the 25-acre Max Technology Center at 2452 Clo- ver Basin Drive. CBRE's Erik Abrahamson brokered the lease, which BREG says rep- resents Colorado's largest flex lease of the year. Micron is the first tenant to secure space at the new 475,000-sf Max Technology Center. After acquiring the property in 2017, BREG com- pletely reimagined the former manufacturing facility with a $100 million transformation. The redevelopment, to be com- pleted early next year, includes enhanced interior and exterior common area amenities, an upgraded campus façade and extensive investment in build- ing systems. “Max Technology Center is the culmination of thoughtful partnership, planning and investment necessary to reposition an existing asset into a vibrant c a m p u s attractive to life sciences, advanced manufacturing and flex office tenants,” commented BREG CEO Doug Wells . According to Wells, the owner is in talks with sev- eral other users looking to secure space at the property. With approximately 265,000 sf remaining, the center can accommodate multiple additional tenants. As completion of the renovations approaches, Wells anticipates an uptick in the already strong ten- ant interest in Max Tech- nology Center, with other users hopefully soon joining Micron on the tenant roster. Before occupying, Micron will invest significant capi- tal to build out its space to accommodate its specific use, Wells noted. s Broe Real Estate Group inks record lease by Jenna Walters COLORADO SPRINGS – An affordable housing devel- oper recently broke ground on a new $79 million multifamily project in Colorado Springs. Lincoln Avenue Capital is underway on InterQuest Ridge Apartments, a 240-unit apartment property that will provide housing for working families, veterans and individ- uals at 10945 Shade View in Colorado Springs. Upon completion, the prop- erty will offer one-, two-, three- and four-bedroom units for those earning a maximum of 60% of the area median income. Additionally, 20 units will be designated for veter- ans associated with the Mount Carmel Veterans Service Cen- ter and their families. Com- munity amenities will include a clubhouse, playground, outdoor pool area, fitness and yoga rooms and a covered bar- becue pavilion. According to LAC, the proj- ect is meant to serve those bur- dened by high rents in north- ern Colorado Springs, a city with one of the highest veteran populations in the country. “As an impact-driven com- pany, we're committed tomak- ing it easier for people to live where they work in commu- nities like Northern Colorado Springs where more affordable homes are needed,” said Ben Taylor, LACvice president and project partner. "We're espe- cially proud that InterQuest Ridge will prioritize quality apartments for veterans and their families facing an afford- able housing crisis here and throughout Colorado." The project is underwaywith help from several financing partners, including construc- tion and permanent loans from Citibank, an equity investment in federal low-income hous- ing tax credits from Aegon , an allocation of tax credits and tax-exempt bonds from Colo- rado Housing and Finance Authority and the city of Colorado Springs, and a gap loan from the Colorado Department of Local Affairs. InterQuest Ridge Apart- ments is expected to deliver in 2024. s Affordable housing underway in the Springs Micron Technology Inc. is the first user to secure space at Max Technology Center. Doug Wells A rendering shows what InterQuest Ridge Apartments will look like upon completion. Office 6 Industrial 10 Multifamily 14 Retail 16 Health Care 18 Law & Accounting 20 Finance 23 Property Management 26 CDE News 30 Who's News 40

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