Colorado-Real-Estate-Journal_316364

Page 8 - December 7-20, 2022 www.crej.com F rom the constructionof tene- ments in the 1800s to thehigh- rise steeland concrete luxury residential towersbuilt today, for-renthousinghas comea longway.Butone constant is the useofwood tobuild rentalhous- ing.Over theyears,architectsand engineershavepushed the limitsof whatwood cando,and theadoption of the 2015 InternationalBuilding Codeallows this to continue. Not everyone ishappy though. Therehasbeen some recentback- lashabout thenumberof four-and continueddemand forhousing,esca- lating construction pricesand theabil- ity toachieve even higherdensities under the recent IBC,wedon’tantic- ipate thenumber ofnewwood-frame buildingsadded to theDenver land- scapewilldimin- ish. Themost sig- ability todesignapodiumbuilding basedon theoverallbuildingheight. Podiumbuildingswillno longer be restricted toonlyone levelof podium structurebelow thepodium deck. This givesdesigners theability to designa seven-story,midrisebuild- ingwith five levelsofwood-frame constructionover two levelsof con- cretepodium –allabove grade.With thisadditionalabove-grade levelof concrete, the flexibilityandoppor- tunities to increasedensity, reduce costorbothbecomepossible. outof the ground to save the costof building subterranean,which is typi- cal in traditionalpodiumdesigns. Anotheroptionwouldbe to leave the subterraneanparking,which allowsanadditional levelof residen- tialunitswithin the concretepor- tionof the structure, thus increasing density.Bothoptionswill change how thedesignworldand residen- tialdevelopers lookat thepotential ofa site. When evaluatinganapartment site,adeveloper typically considers fourwood-frameapartmentdesigns: Photography©BradNicol The2015 InternationalBuildingCodeofferswood-frame construction theability todesignapodiumbuildingbasedon theoverallbuildingheight.Podiumbuildingswillno longerbe restricted to only one level of podium structure below the podium deck. October 2015 New wood-frame codes allow for more flexibility NathanSciarra, AIA Studio director, KTGYArchitecture + Planning,Denver 1536 Cole Blvd., Building 4, Suite 300, Lakewood, CO 80401 | 303-623-1148 | www.crej.com Jon Stern Publisher & Founder x 101 jstern@crej.com All rights reserved. No part of this publication may be stored, reproduced, or transmitted in any form or by any means without the publisher’s prior written permission. All contributed articles published in the Colorado Real Estate Journal represent solely the individual opinions of the writers, and not those of the Colorado Real Estate Journal. REPORT AN ERROR IMMEDIATELY (ISSN 1060-4383) Vol. 31 No. 23 www.crej.com EDITORIAL CONSULTANT: Jill Jamieson-Nichols PRODUCTION/GRAPHIC DESIGN: Heather Lewis ext.108 hlewis@crej.com CREJ CONFERENCE SERIES: Jon Stern ext.101 jstern@crej.com ADVERTISING: Lori Golightly ext.102 lgolightly@crej.com CUSTOMER SERVICE: Jolene Wollett ext.103 jwollett@crej.com EDITORIAL Jenna Walters, Reporter & Associate Editor Sales, Lease and New Development Projects: Office, Industrial, Multifamily, Retail, Health Care, Senior Housing, Hotel, Land Finance Transactions ext.107, jwalters@crej.com Kris Stern Associate Quarterlies Publisher: Office & Industrial Properties, Retail Properties, Multifamily Properties, Property Management, Health Care, Senior & Life Sciences Editor: Construction, Design & Engineering News; Property Management News; Who’s News; and Expert Articles, including Law, Accounting and Finance Publisher: Building Dialogue ext. 109, kostern@crej.com MARKETING Lori Golightly, Director of Client Services Advertising: Print & Digital Conferences: Exhibitor/Sponsor Information ext. 102, lgolightly@crej.com Office by Jenna Walters ENGLEWOOD – A Class A office building in Englewood recently traded hands. The 140,162-square-foot office property at 333 Inverness Drive South is under new ownership by Mica Holdings LLC. Accord- ing to public records, the buyer purchased the asset for $11.1 million. Abby Pattillo of Col- liers International represented the buyer in the transaction, while CBRE’s James Brady, Pat- rick Devereaux and Campbell Davis represented the undis- closed seller. According to CBRE marketing material distributed in February, 333 Inverness features highly efficient, large floor plates and offers a 6.24:1,000 parking ratio, one of the highest in the market- place. The marketing material notes that T-Mobile fully occu- pies the 1998-built facility under a lease agreement that ends in June. Listed for sale earlier this year, the property garnered sig- nificant inter- est from both investors and owner-users, Brady noted. He attributed the interest to the building’s functional layout, high parking ratio and relatively new construction compared to other assets in the market. The opportunity to add up to 80,000 sf to the existing footprint also proved attractive, Brady noted. The building ultimately sold to an owner-user that will like- ly occupy it upon T-Mobile’s vacancy. Pattillo could not be reached for comment on the transaction or the buyer’s plans for the property Other News n ARVADA – The 30,454- square-foot multitenant office building at 12191 W. 64th Ave. in Arvada recently traded hands between buyer Caram Commer- cial Group LLC and seller Arvada Executive Offices LLC for $2.65 million. Jamie Mitchell and Paul Nora of Pinnacle Real Estate Advisors exclu- sively brokered the transaction. According to Nora, the Pin- nacle team has handled leasing at the property for more than three years and put it up for sale within the last year. The property went under and fell out of contract with an international investor before selling to Caram Commercial Group LLC, an out- of-state buyer investing in the Denver metro area for the first time. The buyer adds the asset to a portfolio consisting of office product and other commercial asset types. At closing, the property was approximately 75% occupied. The buyer plans to modernize the building with proactive cosmetic improvements, Nora said. n AURORA – Eric Gold of Sheldon-Gold Realty Inc. recently brokered two separate off-market office property sales in Aurora. Gold represented seller Aspect Investments LLC in the sale of the 9,873-sf officebuilding at 13750 E. Rice Place, along with the seller’s School of Rock franchise busi- ness. The Vittorio J Pater Revo- cable Living Trust purchased the property and business, with the real estate selling for $1.2 million, or approximate- ly $122 per sf. A c c o r d i n g to Gold, busi- ness operations will continue as usual at the property, and no property improvements are needed. Gold also represented seller and developer Evans & Evans LLLP in the $1.1 million sale of the 9,587-sf office property at 1270 and 1300 S. Chambers Road. The deal represents the first time the property has sold. The buyer, Angels of Colorado Home Care, was the largest tenant operating at the property. It will continue operations as usual following the acquisition, Gold noted. n DENVER – South Flor- ida- and New York-based real estate investment and develop- ment firm BH3 Management is expanding its operations to Den- ver, opening a new office in the city’s Cherry Creek North neigh- borhood. BH3 signed a 1,012-sf lease at 162 Adams St. and will occupy the office space under a three- year term. Hudson Cramer with Unique Properties Inc.-TCN Worldwide brokered the lease transaction. A five-person team led by Chief Operating Officer Michelle Guber currently works at the office, but the firm anticipates the team will double within a year. According to BH3 Co-CEO Daniel Lebensohn, Denver was selected for the expansion in part because its commercial real estate market shows a faster post-pan- demic recovery than most U.S. metropolitan areas, with consis- tently increasing rents across all sectors, including retail, multi- family, industrial and office. “As a growing opportunistic Class A office property in Englewood sells for $11 million Paul Nora Eric Gold Please see BH3, Page 20 The office building at 333 Inverness Drive South in Englewood is under new ownership. James Brady