Mountain town buy Ascent Living Communities now owns a Glenwood Springs facility INSIDE Growing portfolio Kornfeld Real Estate acquires suburban shopping center Value-add play Amplify Development Co. buys, will renovate student housing asset 14 18 20 FEATURED Changing places Mortenson to build, relocate to River North office 8 CONTENTS JANUARY 4-18, 2023 Office 6 Industrial 10 Multifamily 14 Retail 18 Finance 22 Law & Accounting 26 CDE News 30 Who's News 44 by Jenna Walters DENVER – An industrial project by Houston-based Lovett Industrial is seeing strong tenant interest just weeks after its groundbreak- ing. Lovett Industrial is under- way on Broadway Logistics Center, a 201,329-square-foot industrial facility situated on 14.95 acres that the develop- er recently purchased for an undisclosed amount at 70th Avenue and Broadway in cen- tral Denver. Upon completion, the devel- opment will feature a front- park, rear-load design with 130-foot truck courts, 50 trailer stalls, 204 auto parking stalls, 32-foot clear heights, 57 dock- high doors and storefront office space. Project partners include Texas Capital Bank, which provided construction financ- ing, general contractor Brink- mann Constructors, civil engineer Kimley-Horn and Powers Brown Architecture. Ted Hart, senior managing director at Lovett Industrial, commented on the need for industrial product like Broad- way Logistics Center in the central Denver submarket: “Broadway Logistics Center is uniquely positioned to serve the core of Denver as well as the greater metropolitan area given its infill nature and adja- cency to Interstates 25, 270 and 76. Development sites for Class A industrial in Central Denver are unique, and occu- pier demand is strong.” Cushman & Wakefield’s Drew McManus, who, along with the brokerage firm’s Ryan Searle and Bryan Fry, is marketing the project for lease, agreed that Broadway Logis- tics Center is providing neces- sary product in a supply con- strained market, and interest levels have been high. “ W e ’ v e had the project on the market for a couple weeks, and we’ve seen strong initial interest, which is not neces- Lovett Industrial starts high-demand project by Jenna Walters COLORADO SPRINGS – Origin Investments, in a joint venture partnership with Jack- son Dearborn Partners, is underway on a $117.9 million multifamily project in Colo- rado Springs. The JV is developing Solace at The Ranch, a 374-unit apart- ment community at 7718 E. Woodmen Road. JDP-affiliate Sub4 Development is the general contractor for the proj- ect, slated for completion by year-end 2024. Upon completion, Solace at The Ranch will encompass 21 buildings offering 112 one-, 210 two- and 52 three-bed- room units averaging 1,046 square feet. The project also will offer 12 carriage houses with two- and three-bedroom floor plans. Community ame- nities will include a clubhouse, fitness center, swimming pool, outdoor gathering places and 628 parking spaces. According to Origin Invest- ments Managing Director Tom Briney, the project was bol- stered by Colorado Springs’ positive growth outlooks, with Origin Investments’ Multi- lydics research tool predicting exceptionally optimistic rent growth levels for the project’s micro-location. Over the next few years, Colorado Springs is expected to be the highest per- forming market of any Origin invests in across the country, Briney added. “We are excited to further our c o m m i t - ment to sup- porting the growth and development of Colorado S p r i n g s , ” said Briney. “This site repre- sents another quantifiable, in the path of growth and prog- ress opportunity as Colorado Springs continues its expansion and evolution.” Solace at The Ranch repre- sents the JV’s first project but is the fourth project Origin Invest- ments is working on in Colora- do Springs. The others include the 207-unit Elan Rio Grande, the 277-unit Ensley, and the 321-unit Fiona, set to be the largest apartment commu- nity in downtown Colorado Springs upon its completion. s JV begins $118M project in Colorado Springs A rendering shows what Solace at The Ranch will look like upon completion. Tom Briney SCALE: *PRELIMINARYNOTFORCONSTRUCTION,PERMIT,ORREGULATORYAPPROVAL. COLORADO DENVER *RENDERING ISREPRESENTATIVEOFDESIGN INTENTONLY. IT ISNOTAPHOTOREALISTICREPRESENTATIONOFACTUALMATERIALSPROPOSEDANDSHOULDBECONSIDEREDPRELIMINARYATALLSTAGES. *ALLBUILDINGAREASAREAPPROXIMATEUNTILBUILDINGFOOTPRINT /ENTRYDESIGNSAREFINALIZED. APROJECTFOR COPYRIGHT© 2022POWERSBROWNARCHITECTURE. THISDRAWINGANDTHEARCHITECTURALWORKDEPICTEDTHEREINARETHESOLEPROPERTYOFPOWERSBROWNARCHITECTURE.NOPORTIONOF THISDRAWINGMAYBECOPIEDWITHOUTTHEEXPRESSWRITTENCONSENTOF THEARCHITECT. 224015 BUILDING IMAGE LOVETT INDUSTRIAL 70TH & BROADWAY 08/03/22 Author Broadway Logistics Center can accommodate a single user or multiple tenants. Please see Lovett, Page 12 Drew McManus