Trophy sale Joint venture purchases Dry Creek Medical Campus INSIDE Acquisition loan Trion acquires Trailpoint on Highline, Berkadia provides financing 16 6 FEATURED Growing portfolio Los Carboncitos restaurant buys property for fourth location 20 CONTENTS JULY 19-AUGUST 1, 2023 Office 6 Industrial 12 Multifamily 16 Retail 20 Finance 26 Law & Accounting 30 CDE News 42 Who's News 56 Fully leased Corden Pharma nabs entirety of recently renovated office space 12 by Avalon Jacka ENGLEWOOD – A bou- tique office building in Inverness Business Park has found a new owner. San Francisco-based Gra- ham Street Realty sold the 51,527-square-foot build- ing to Greenwood Village- based NexGen Properties in an all-cash transaction for an undisclosed price. The two-story multitenant asset located at 384 Inverness Parkway sold “well below replacement cost,” accord- ing to a press release. “With replacement costs at $300 per square foot, we were attracted to our ability to pick up the asset at an extremely favorable basis,” said Travis McNeil, presi- dent of NexGen Properties. “The building also had great leasing momentum with the spec suites completed by the seller. It’s an A+ location directly off Interstate 25 at the entrance to the Inverness Business Park.” McNeil noted in a state- ment that the company’s all- cash offer set NexGen apart from other bidders. Aaron Johnson and Jon Hendrickson of Cushman & Wakefield represented Graham Street Realty in the transaction. NexGen Proper- ties did not have a broker. The property garnered sig- nificant interest through the sales process with multiple bidders leading to a compet- itive process, according to a statement from Cushman & Wakefield. “384 Inverness is a small- tenant office building that is exceptionally located within Denver’s premier south- east suburban submarket in the front of the established Inverness Business Park,” Johnson said in a statement. “Currently 58% leased, 384 Inverness presented an out- standing value-add oppor- NexGen Properties buys boutique office by Avalon Jacka BRIGHTON – A new joint venture developing a verti- cally integrated solar manu- facturing operation has cho- sen Colorado to expand its operations. Gov. Jared Polis, along with the Global Business Development Division of the Colorado Office of Econom- ic Development and Inter- national Trade, announced in June that VSK Energy Inc. will bring its manufacturing operations and more than 900 new jobs to Brighton. The facility is expected to open in 2024 with an initial capacity of 2 gigawatts in solar photo- voltaic modules and planned expansion up to 4 gigawatts. VSK will invest up to $1.5 billion into the U.S. solar energy supply chain, includ- ing $250 million to develop its Brighton facility, which will manufacture solar pho- tovoltaic modules. The com- pany will open a second facil- ity, which will produce cells, wafers and ingots for solar panels, in an undisclosed Southern state within two years. “Colorado is one of the top states in the country for solar production, so this expansion in Brighton will help build upon our plans to achieve 100% renewable energy by 2040, create more than 900 new good-paying jobs for Coloradans and contribute to our state’s thriving econo- my,” Polis said. The facility will be locat- ed at 76 Commerce Center, a recently completed com- plex owned by Mortenson and Hyde Development. Mortenson will oversee the engineering and construction of the Brighton factory, as well as VSK’s second facility. VSK is a majority U.S.- owned and operated joint venture between Vikram Solar, Phalanx Impact Part- ners and Das & Co. India- based Vikram Solar is one of the largest solar energy solutions providers. Phalanx Impact is a sustainability- focused private equity firm. Das & Co. is an investment and development firm with expertise in the U.S., India and emerging markets. Colorado and India have a shared interest to foster sus- tainable energy solutions, a press release noted, as Polis executed his first official trade and investment trip to India in 2019 with a focus on renewable energy and clean technology. "Colorado's commitment to being a leader in clean energy, its central location in the U.S., and its highly skilled, highly educated workforce make it a perfect fit for VSK's module assembly facility,” said Jay Sharma, co-chairman of VSK Energy. “We are incredibly excited about our partnership with Colorado and our future within the Brighton commu- nity as we work together to shape a brighter, more sus- tainable future." Several factors brought VSK to Colorado, including the state’s central location in the U.S., Brighton’s accessi- bility to Denver International Airport, a modernized facil- ity to meet production needs, and a strong, local cleantech workforce. Jobs that will be available at the factory include engineers, technical operators, manufac- turing staff and administra- tive staff. The average salary is expected to top $70,000, which is more than 105% of the average annual wage in Adams County. The state’s Economic Development Commission approved more than $9 mil- lion in performance-based job growth incentive tax cred- its for VSK over an eight- year period. The credits are conditional on the company creating up to 951 net new full-time jobs at a minimum wage of $65,312, or 100% of the average annual wage of any Colorado county that VSK might relocate to in that period. s VSK selects Brighton to expand operations NexGen Properties bought the 51,527-square-foot asset in an all-cash transaction. Please see NexGen, Page 33