Colorado-Real-Estate-Journal_332572

Popular product Industrial outdoor storage asset in Commerce City sells INSIDE Newly named AC Development announces name for Golden project Planning stages Blackburn Communities to develop Broomfield apartments 16 22 12 FEATURED Growing portfolio Utah-based Legacy acquires 143 Union Blvd. 6 CONTENTS MARCH 15-APRIL 4, 2023 Office 6 Industrial 10 Multifamily 14 Retail 18 Finance 23 Law & Accounting 26 CDE News 34 Who's News 50 by Jenna Walters AURORA – A joint venture between The Opus Group and Principal Real Estate Inves- tors recently broke ground on a 3.9 million-square-foot industrial development in Aurora. The partnership is under- way on the first phase of Sun Empire, comprising two Class A buildings on a 316-acre site the developers acquired last year near East 56th Avenue and Harvest Road. One build- ing will total 624,535 sf, while the other will span 204,496 sf. Upon completion, the two buildings collectively will have dock-level and drive-in loading with more than 140 trailer parking spaces and 660 car parking spaces. The larger of the two, Building 1A, will feature a cross-dock design divisible to 156,133 sf. Building 1B will have a rear- load design with parking in the front and will be divisible to 51,124 sf. Additionally, the buildings will include ame- nities such as office suites and dock levelers. The part- nership anticipates the build- ings will be ready for occu- pancy in the first quarter of 2024. “Our vision with the first two buildings is to provide a turnkey solution for future tenants. We decided to take the extra step to invest right off the bat in the amenities we know help tenants oper- ate better. We also have sized the first two buildings to meet the bifurcation of demand in the market for both small-bay industrial space and large, bulk distribution space,” said Joe Swensson, director of real estate development at Opus. The first buildings can be leased to a single user or mul- tiple tenants, according to CBRE. The brokerage firm’s Todd Witty and Daniel Close are marketing the entire Sun Empire project for lease, build- to-suit for lease or sale, and user land sales. In addition to the construc- tion of the first two buildings, the developers are mass-grad- ing the entire 316-acre site. “Preparing the whole site at once means if a tenant is inter- ested in Sun Empire but one of the first two speculative build- ings does not meet their needs, they can initiate a build-to-suit elsewhere in the park immedi- ately,” commented Close. Future phases of devel- opment at Sun Empire will include buildings ranging from 200,000 to 1 million sf with substantial trailer and car parking, and dock and drive- in loading. s Developers begin 3.9M-sf industrial project by Jenna Walters COMMERCE CITY –Anew- construction luxury multifam- ily community in Commerce City recently traded hands. KG Investors LLC purchased The Range at Reunion, the 180- unit property at 15068 E. 103rd Place, from developer South- western Property Corp. for an undisclosed amount. Dan Woodward, Dave Potarf, Matt Barnett and Jake Young of Walker & Dunlop brokered the transaction. Completed last year, The Range at Reunion encompass- es six three-story garden-style apartment buildings offering one-, two- and three-bedroom units ranging in size from 681 to 1,244 square feet. The units feature quartz countertops, shaker cabinets, stainless steel appliances, walk-in closets, wood-style flooring, soak- ing tubs, private balconies/ patios and keyless entry. The property also has luxury com- munity amenities including a state-of-the-art fitness center; clubhouse with business cen- ter and conference room; pool and outdoor lounge; spa; dog park and wash area; resident TV lounge; built-in grills; and private garages for rent. According to Young, the property was listed for sale last spring and garnered rela- tively strong interest during a time when market volatility was picking up due to inter- est rate movement. Despite market challenges, he said, buyers were attracted to the property’s location, size, qual- ity of construction, speed of lease-up and in-place Depart- ment of Housing and Urban Development financing. Since the property is a brand- new build coming off lease-up, Young said the buyer has no plans for physical changes, but it plans to move rents to mar- ket rate. s Commerce City multifamily trades hands A rendering gives a sneak peek at the Sun Empire development. Image credit: Dark Roast Media. KG Investors LLC is the new owner of The Range at Reunion.