Colorado-Real-Estate-Journal_323386

Exchange buyer Greenwood Village office building sells in 1031 deal INSIDE Springs sale Windmill Apartments trades for $63 million New tenant PrimeSource Building Products signs lease at HighPoint Elevated 12 14 6 FEATURED Neighborhood center The Shops at Riverfront Park is under new ownership 18 CONTENTS JANUARY 18-31, 2023 Office 6 Industrial 10 Multifamily 14 Retail 18 Finance 24 Economic Outlook 28 CDE News 32 Who's News 41 by Jenna Walters COLORADO SPRINGS – A 289,018-square-foot Class A flex portfolio is under new ownership in Colorado Springs. The asset, comprising the two adjacent buildings at 10125 and 10205 Federal Drive, recently sold to an undisclosed private partner- ship for $54.3 million. Cush- man & Wakefield’s Aaron Johnson and Jon Hendrick- son brokered the transac- tion on behalf of the seller, Flywheel Capital. Flywheel acquired the port- folio in September 2018 and executed a significant capital i m p r o v e - ment and reposition- ing program during its ownership that includ- ed replac- ing the roofs and HVAC and infrastructure upgrades. The improvements contrib- uted to the full lease-up of both buildings, the Cushman & Wakefield team noted. Building A at 10125 Federal is a 191,924-sf multitenant office building anchored by Northrop Grumman, one of the largest defense contrac- tors in the world. Building B is a 97,094-sf manufactur- ing and distribution build- ing that is fully leased to ConcealFab Inc., a company that engineers and manufac- tures wireless infrastructure mounting and concealment solutions. The portfolio features a seven-plus-year weighted average lease term, Johnson noted. Flywheel Capital sells flex portfolio for $54M by Jenna Walters DENVER – Texas-based Crescent Real Estate added a downtown Denver hospi- tality property to its national portfolio. Crescent is the new owner of the Kimpton Monaco Den- ver, the 189-key hotel at 1717 Champa St. According to pub- lic records, the investment firm purchased the asset for $50.8 million from IA Lodging Den- ver Champa LLC. The firm declined to name the brokers involved in the transaction. The Kimpton is located in two historic buildings – the Railway Exchange Build- ing, built in 1917, and the Art Moderne Title Building, built in 1928. Kimpton converted the buildings into a full-service hotel in 1998. The property fea- tures 8,200 square feet of meet- ing space and is home to the Panzano restaurant and bar. The hotel’s lobby and guest rooms were renovated in 2019. According to Jason Ander- son, co-chief executive officer of Crescent, the firm plans to continue improvements at the property. “Our planned renovation will further improve the offer- ing for our guests by updat- ing the meeting space and the acclaimed Panzano restaurant and bar. We believe strong- ly in the Denver market and remain convinced it will con- tinue to benefit from strong demographic and economic tailwinds that will position the city as a net-winner moving forward,” said Anderson. In addition to the modest improvements, Crescent will replace the former brand man- ager with operator HEI Hotels and Resorts. The firm adds Kimpton Monaco Denver to a significant portfolio consist- ing of other Denver hospitality assets. “In addition to our own- ership of The Brown Palace and Holiday Inn Express, the Kimpton Monaco adds anoth- er enviable flag to one of our favorite markets. As owners of the Kimpton Brice in Savan- nah, Georgia, we believe in the strength of the Kimpton brand, especially in the Den- ver market with limited IHG inventory.” s Crescent Real Estate acquires Denver hotel The two adjacent buildings at 10125 and 10205 Federal Drive in Colorado Springs sold following recent seller upgrades. Aaron Johnson Crescent Real Estate will improve the meeting and restaurant space at Kimpton Monaco Denver after recently acquiring the property. Please see Flywheel, Page 48