Colorado-Real-Estate-Journal_335975

Long-term view A Boulder investor with a long- term view buys Northpark INSIDE Nice ‘alternative’ An age-restricted apartment community trades for $77 million Net lease times 2 A Starbucks and Shake Shack in Greenwood Village fetch $8.95M 20 16 12 FEATURED Riding The Current A tenant takes 17,367 square feet at The Current office building in RiNo 6 CONTENTS APRIL 5-18, 2023 Office 6 Industrial 10 Multifamily 16 Retail 20 Finance 32 Law & Accounting 37 CDE News 40 Who's News 50 by Katie Spence DENVER — Award-winning hospitality entrepreneur Rob- ert Thompson of Angevin & Co., in partnership with Vita Development Group, plans to combine the nation’s fastest- growing sport, pickleball, with award-winning cuisine and drinks in the heart of Denver’s Fox Park. Slated to open in 2025, Camp Pickle, Thompson’s new “eat- ertainment” concept will offer 100,000 square feet of outdoor space, plus 60,000 sf of indoor space, for a total of 160,000 sf of pickleball, food and beverage offerings, plus other games like darts and duckpin bowling. Thompson detailed to CREJ that the food and beverage offerings will include smoked protein, Mexican and campfire cooking, and the dining experi- ence will resemble an elevated food hall format. Diners will receive “real plate-ware,” with the food designed to be enjoyed on-site, not taken out. “It’s not fast-casual dining,” said Thompson. “We are not a ‘paddle club.’ There’s a lot of paddle clubs out there that have very skin- ny food and b e v e r a g e o f f e r i n g s . This is a full, comprehen- sive brand experience that sort of borderlines on a lifestyle experience,” said Thompson. The Denver location of Camp Pickle will be in the middle of Fox Park, a 41-acre urban development in the Globev- ille neighborhood adjacent to downtown Denver. “Our partnership with Jose Carredano and the Fox Park development team helps to ful- fill the vision of creating a place where community, recreation, and innovation are integrated,” said Thompson, founder and CEO of Angevin & Co. “Pick- leball is exploding with 36.5 million people playing in the past year alone.” Thompson said currently, there is one pickleball court for every thousand players, and even with health clubs and New ‘eatertainment’ concept underway by Jill Jamieson-Nichols A St. Louis-based company that recently expanded into the Front Range market bought an office/retail portfolio in the heart of Cherry Creek North for $54 million. St. Louis-based Altus Properties acquired the 100,915-square-foot portfolio, which comprises half a city block at East Second Avenue and Josephine Street, from Unico Properties. The asset consists of four buildings that were 100% leased at the time of the sale. “Altus continues to expand into the Denver market with this high-profile acquisition. Second & Jo – a well-located property that benefits from flight to quality and with a diversified tenant base – aligns with our commercial real estate investment strategy and is the third acquisition in Colorado’s Front Range by Altus,” said Alex Borchert, managing part- ner at Altus Properties. Located directly across the street from Whole Foods Mar- ket and surrounded by res- taurants, shops and hotels, the portfolio includes a six-story office tower at 2401 E. Second Ave.; two- and three-story office/retail buildings at 220 Josephine and 201 Columbine St., respectively; and a single- story retail building at 2415 E. Second Ave. Bank of America anchors the property, which includes more than a dozen tenants in the financial services, real estate, wealth management and medi- cal fields. They include Charles Schwab, STK Steakhouse, Mer- rill Lynch and others. “Second and Josephine is a dynamic property comprised of four contiguous Class A buildings that were 100% leased at the time of sale,” said Billy Woodward, Unico’s Colorado market leader. “This successful sale and investment allow us to identify new oppor- tunities in the Denver market.” CBRE brokers Tim Richey, Jenny Knowlton, Charley Will and Chad Flynn handled the transaction. Essex Financial Group arranged financing for the acquisition. Altus Properties, with offices in St. Louis, Minneapolis and Denver, owns numerous prop- erties in St. Louis and Minne- apolis, along with industrial development ground in Den- ver and the Academy Gate- way retail center in Colorado Springs. s Altus adds 2nd & Josephine to portfolio Feed Media PR Rendering of Camp Pickle, a 160,000-square-foot development in Denver’s Fox Park Robert Thompson The portfolio at East Second Avenue and Josephine Street in Cherry Creek North is Altus Properties’ third acquisition in Colorado. Please see Camp Pickle, Page 52