Colorado-Real-Estate-Journal_316364

Planned upgrades McWhinney buys, will renovate Fort Collins hotel INSIDE New product Magnetic Capital plans Cherry Creek project Expanding park Prologis Park 70 to grow by 1 million square feet 12 6 20 FEATURED First-time sale Corsican Apartments trade for $31 million 14 CONTENTS DECEMBER 7-20, 2022 Office 6 Industrial 10 Multifamily 14 Retail 18 Law & Accounting 22 Finance 24 CDE News 32 Who's News 44 by Jenna Walters DENVER – Developers secured the first tenant at the $400 million office project underway at 1900 Lawrence St. in downtown Denver. Riverside Investment & Development Co., in partner- ship with Convexity Proper- ties and Canyon Partners Real Estate, signed a lease with law firm Gibson, Dunn & Crutcher LLP at the 30-story project. The tenant will occupy the 31,000- sf top floor of 1900 Lawrence under a 10-plus year lease term. The law firm will relocate to 1900 Lawrence in early 2025 from its current downtown office location at 1801 California St. It is the first user to secure space at the Goettsch Partners - designed project, which broke ground earlier this year. Upon completion in May 2024, 1900 Lawrence will com- prise 700,000 sf of office space and 10,000 sf of ground-floor retail space. It will feature 11 tenant floors with private out- door terraces. Property ameni- ties will include a fitness center, multiuse conference facilities and a tenant lounge. Addi- tionally, to keep up with the needs of today’s office users, the building will be equipped with hospital-grade ventilation systems, and touchless elevator and access control. “Our hope in establishing Riverside’s Denver presence was that best-in-class tenants would be drawn to the oppor- tunity to occupy a differenti- ated product, one that raises the bar for wellness, produc- tivity and amenitization,” said Chris Payne, vice president and Denver market lead for Riverside Investment & Devel- opment. “We are very proud to announce Gibson Dunn as our first tenant and look forward to delivering exceptional value to the firm and its employees.” JLL’s Dan McGowan, Jan- essa Biller, Tom Doughty and Elizabeth Cooper represented First tenant signs at 1900 Lawrence project by Jenna Walters WESTMINSTER – A joint venture partnership active in the Denver area recently added a nearly 100% leased shopping center in Westminster to its growing portfolio. Partners Dunton Commer- cial LLC and CentrePoint Prop- erties acquired Westminster Plaza, the 98,975-square-foot retail center at 7303-7353 Fed- eral Blvd., for $20.1 million, or just over $200 per sf. The JV acquired the asset from Slate Asset Management in a trans- action brokered by CBRE’s Brad Lyons and Matt Henrichs. Essex Financial Group secured $13.6 million for the acquisition. An Essex Capital Markets team led by Blaire Butler and Matt Perigard worked on behalf of the JV to source the five-year, fixed-rate, nonrecourse permanent loan at 68% of the pur- chase price. At closing, Westminster Plaza was 95% leased to a diverse tenant base, including Vasa Fitness, Chipotle, Buffalo Wild Wings, Dunkin’ Donuts and Rent-A-Center. The stable ten- ancy of the well-performing asset, requiring no immedi- ate improvements, proved especially attractive to the JV, according to Nate Melchior of Dunton Commercial. “This is an incredibly stable retail asset with great fun- damentals,” Melchior com- mented. “We were able to take advantage of the uncertainty in the market and acquire this asset at an attractive basis. In addition, our debt terms have been locked in for over two months, giving us an even greater advantage relative to the market.” The partnership remains bullish on neighborhood retail assets in the Denver metro area and is excited to add to its exist- ing portfolio, Melchior said. The JV’s portfolio includes Sixth Avenue West, the 124,010- sf office building at 350 Indiana St. in Golden, acquired earlier this year for $20.9 million. The JV also owns the 155,000-sf Bowles Marketplace retail cen- ter in Littleton, which it pur- chased in 2021 for $30.25 mil- lion. s JV acquires Westminster shopping center Westminster Plaza is under new ownership. Nate Melchior Law firm Gibson, Dunn & Crutcher will occupy the top floor of the 1900 Lawrence development. Please see 1900, Page 25