Colorado-Real-Estate-Journal_327946

Refinance loan JLL secures $30 million for Telluride resort property INSIDE Growing footprint Beckman Coulter Life Sciences expands in Loveland Majority ownership Trinity Investors invests in Avanti Residential community 14 12 38 FEATURED All filled up McGregor Square achieves full occupancy of its office space 6 CONTENTS FEBRUARY 15-28, 2023 Office 6 Industrial 10 Multifamily 14 Retail 18 L aw & Accounting 36 Finance 38 CDE News 42 Who's News 54 by Jenna Walters BASALT – Crescent Real Estate added a Basalt hospi- tality property to its growing Colorado portfolio. Crescent is the new owner of Element Basalt-Aspen, the 113-key hotel at 499 Market St. According to public records, Crescent acquired the prop- erty from Willits Block 12 LLC for $42.35 million. The firm declined to identify the bro- kers involved in the transac- tion. Built in 2015, Element Basalt- Aspen operates under a fran- chise agreement with Marriott International. The hotel offers various room types, complete with fully equipped kitchens and views of the Roaring Fork Valley. The property features an indoor pool, outdoor hot tub, fitness center, meeting space and an on-site restau- rant. The hotel is situated within Willits Town Center, compris- ing 250,000 square feet of com- mercial space, 120,000 sf of res- idential condominiums, and dining and retail amenities, including Whole Foods, Star- bucks, Bristlecone Mountain Sports and an Aveda salon. Jason Anderson, co-chief executive officer of Crescent, said the hotel’s central location was a desirable aspect of the investment opportunity. “We are particularly impressed with the incredible growth occurring across the Roaring Fork Valley and spe- cifically in Basalt,” Anderson said. “Our prime location with- in the acclaimed Willits Town Center provides our guests with unparalleled access to a diverse array of amenities throughout the greater mixed- use development while also providing quick, convenient access to Aspen, Snowmass, the Aspen Airport and the incredible assortment of activi- ties the Valley has to offer.” Crescent plans to update the guestrooms and public spaces at Element Basalt-Aspen. The firm also will employ HEI Hotels & Resorts to take over management at the property. “Element Hotels stand out in the select-service space in terms of its high-quality, con- temporary design and focused rooms. Public space renova- tion will further enhance the guest experience by refreshing and modernizing the hotel’s guest-facing spaces,” Ander- son said. Crescent adds Element Crescent Real Estate acquires Basalt hotel by Jenna Walters DENVER – A North Caro- lina-based real estate invest- ment firm added an irreplace- able multibuilding asset in Denver’s Platte Street neigh- borhood to its growing Den- ver portfolio. Asana Partners purchased the Platte Street portfolio, comprising 108,568 square feet across three buildings at 1537, 1549 and 1553 Platte St.; 2401 and 2415 15th St.; and 2400 16th St. The firm acquired the asset from Goldman Sachs and Unico Properties for $39.75 million, or $366 per sf. CBRE’s Tim Richey, Jenny Knowlton, Charley Will and Chad Flynn brokered the transaction on behalf of the sellers. Located at the nexus of Den- ver’s Lower Downtown and Lower Highland districts, the brick-and-timber mixed-use portfolio is home to various boutique retailers, restau- rants and creative office users. According to CBRE marketing material distributed in Octo- ber, the portfolio is approxi- mately 86% occupied by 23 tenants, with a weighted aver- age lease term of 5.1 years. The asset has undergone $4.7 mil- lion of renovations since 2015, including updated façades, plaza hardscape improve- ments, lobby remodels and other improvements. According to Knowlton, the Platte Street portfolio garnered very strong interest from pro- spective buyers largely due to its incredible location, mixed- use nature and ample parking. “ P l a t t e S t r e e t has really emerged as a unique and coveted loca- tion for office tenants and retailers,” Knowl- ton said. “The accessibility for the city’s young workforce liv- ing in surrounding neighbor- hoods is unparalleled, so there is a natural draw to the retail and office space. It’s also close to LoDo/Union Station, bik- ing trails and Interstate 25.” CBRE marketing material Asana Partners buys mixed-use portfolio Crescent Real Estate purchased Element Basalt-Aspen for $42.35 million. Asana Partners is the new owner of a portfolio in Denver’s Platte Street neighborhood. Please see Asana, Page 22 Please see Crescent, Page 22 Jenny Knowlton