Colorado-Real-Estate-Journal_340426

Redeveloping mall Foothills Mall to get new life following community input INSIDE Powering up Eaton signs lease for half of Baseline Innovation Bldg. 3 12 20 FEATURED Adding up JAG Logistics Center welcomes five tenants to industrial site 14 CONTENTS MAY 3-16, 2023 Office 6 Industrial 12 Multifamily 16 Retail 20 Finance 28 Law & Accounting 34 CDE News 36 Who's News 48 Next chapter Owners sell Cherry Creek office building after 48 years 8 by Avalon Jacka DENVER – Invesco selected BMC Investments and Prism Places to reimagine Clayton Lane in Cherry Creek North. The redevelopment plan will transform the vacant Sears site and retail west of Clayton Lane into a mixed-use pedes- trian zone with more than 100,000 square feet of retail and 430 multifamily units. Whole Foods, the adjacent garage on Second Avenue and the area east of Clayton Lane will remain the same. The retail aspect of the proj- ects will feature small-format floor plans d e s i r a b l e for boutique retail and restaurants. Stenn Par- ton, presi- dent of Prism Places, noted that acting as a single land- lord in the area, as opposed to fractured ownership seen in other parts of Cherry Creek North, gives Prism Places the ability to curate the retail expe- rience in the district. “We’ll be able to bring in brands that have been looking at Cherry Creek a long time but wanted to make sure they could be around an executed project that has thoughtful merchandising involved,” Par- ton said, adding that can lend business tenants the confi- dence that neighboring brands will be like-minded. Additionally, BMC Invest- ments and Prism Places will partner with minority-owned businesses on two “affordable retail” spaces and will also support minority artists by using their works in common areas or a gallery. “Cherry Creek is a really expensive market, and rents are really high, and it precludes some types of businesses from being able to be here,” Matt Joblon, founding partner and chief execu- tive officer of BMC Invest- ments, said. “So, working closely with the com- munity and e n s u r i n g that we can Invesco names Clayton Lane developers by Avalon Jacka LAKEWOOD – A vacant land parcel near the Denver Federal Center has sold after years of on-and-off negotia- tions with multiple potential buyers. The U.S. General Services Administration transferred the title to Lakewood Land Partners LP, a partnership between Jeb Boshart and Lin- coln Property Co. in Dallas, for $30.01 million. “We hope the sale of this property will provide a spark of energy for the city of Lake- wood by transforming under- utilized federal real estate into a transit-oriented develop- ment that will spur economic growth,” Tanisha Palmero, GSA regional commissioner for the Public Buildings Ser- vice, said in a statement. “We envision this will benefit the community in the same way as the 2007 land sale that led to the development of a regional hospital and transportation district.” The land is located between West Sixth Avenue and the Federal Center light-rail sta- tion, just east of Union Bou- levard, and it is zoned for mixed core transit. At 59 acres, the land is one of the largest properties sold in Lakewood since the 2007 transaction that allowed for the development of St. Anthony Hospital and the West Corridor light-rail line. The property is entitled for more than 1,700 units of apartments, as well as retail, hospitality and senior living facilities. There are no official plans for the land yet, though any plans will be subject to state and local regulations and approv- als now that the land is no lon- ger under federal ownership. Boshart, founder of Forge Partners, initially bid for the property in early September, according to Creighton Bild- stein, principal at PlattPointe Capital, who represented Boshart on the debt and equity. According to Bildstein, Boshart’s bid of $30 million was accepted by GSA with a request to deposit 10% within hours of submitting the bid. GSA set a deadline of 45 days to go through due diligence 60-acre Federal Center lot finds new owner Please see BMC, Page 24 BMC Investments and Prism Places will redevelop the vacant Sears site and surrounding retail west of Clayton Lane Stenn Parton Matt Joblon Please see Federal, Page 24 The nearly 60-acre land parcel between West Sixth Avenue and the Federal Center light-rail station sold for $30.01 million.