Colorado-Real-Estate-Journal_312861

New concept Girl Scout experience center opening in Lowry INSIDE Growing portfolio Woodspear Properties buys Aurora community Trophy sale Epic One office building sells for $32 million 6 16 20 FEATURED Redevelopment Denver Mart site to become Class A industrial 14 CONTENTS NOVEMBER 16-DECEMBER 6, 2022 Office 6 Industrial 12 Multifamily 16 Retail 20 Law & Accounting 22 Finance 25 C DE News 30 Who's News 42 by Jenna Walters BROOMFIELD – A private- ly held real estate company added an 11-building indus- trial portfolio in Broomfield to its list of national holdings. Lightstone is the new owner of the Commander Industrial Portfolio, totaling 511,581 square feet of indus- trial space at 2100, 2300, 2380, 2400 and 2275 W. Midway Blvd.; 2105-2165 Alter St.; and 400, 452, 500, 510 and 520 Bur- bank St. The investor acquired the asset from Westcore for $72 million. A team from CBRE brokered the transaction. Addition- ally, JLL’s Peter Rotchford, Mark Root and Lucas Borges secured $40 million in acquisi- tion financing for Lightstone. Wintrust Financial provided the five-year loan. Situated along the U.S. Highway 36 corridor, Com- mander Industrial Portfolio features 16- to 24-foot clear heights and up to 30% office finish. The asset is fully occu- pied by 17 tenants across eight industries, including food and beverage, manufacturing, dis- tribution and transportation. According to Lightstone President Mitchell Hoch- berg, the portfolio is well- positioned for growth, as it is located in one of the most sought-after industrial mar- kets in the country. He said limited supply and multiple demand drivers will allow Lightstone to add significant value to the portfolio over time. Lightstone adds the asset to a portfolio of 174 residential, hospitality and commercial properties across 26 states. s Lightstone buys Broomfield industrial asset by Jenna Walters COLORADO – Two mul- tifamily properties originally listed as a portfolio recently sold to separate buyers for a combined $260 million. Arbour Commons, the 394- unit apartment community at 663 W. 148th Ave. in Westmin- ster, sold for $150 million, or $380,710 per unit. According to public records, McWhin- ney sold the asset to a related entity of Core Realty Hold- ings LLC. Dan Woodward, Dave Potarf, Matt Barnett and Jake Young with Walker & Dunlop exclusively bro- kered the transaction. Built in 2014, Arbour Com- mons offers studio, one-, two- and three-bedroom units rang- ing from 635 to 1,371 square feet. Community amenities include a fitness center, vol- leyball court, swimming pool, dog park, car wash, gaming lounge and cyber cafe. The Walker & Dunlop team also exclusively brokered the $110 million sale of The Trails at Timberline, the 314-unit community at 2451 S. Tim- berline Road in Fort Collins. McWhinney sold the asset to Benedict Canyon Equities. The Trails at Timberline offers a mix of one-, two and three-bedroom units aver- aging nearly 1,000 sf. Com- munity amenities include a large clubhouse with a theater room, a bowling alley, golf simulator, pool, dog wash and car wash. According to Young, Arbour Commons and The Trails at Timberline were listed together as a portfolio. While it would have been ideal to secure one buyer, Young noted, the team anticipated both properties would garner active and aggressive bidders individually because of their scale. The overall quality construc- tion of both properties and their exten- sive ame- nity pack- ages proved desirable to prospective buyers and resulted in their sepa- rate sales, Young said. Both properties are expect- ed to undergo some level of cosmetic improvements. The buyers add the assets to impressive portfolios, with Core Realty Holdings LLC owning or professionally managing 10.6 million sf of commercial and multifamily real estate across the country, and Benedict Canyon Equities boasting a total owned asset value of $3.9 billion as of Feb- ruary. s McWhinney sells 2 properties for $260M Lightstone is the new owner of the 11-building Commander Industrial Portfolio. The Trails at Timberline is one of two multifamily properties McWhinney recently sold. Jake Young

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