Colorado-Real-Estate-Journal_355045

Going up Granite Properties wins city approval for 12-story office bldg. INSIDE Phase 2 complete DHA opens two mixed-income housing projects in Sun Valley 12 6 FEATURED Renovated & rented First tenants sign lease deals for Wash Park Supply spaces 14 CONTENTS AUGUST 2-15, 2023 Office 6 Industrial 10 Multifamily 12 Retail 14 Finance 22 Law & Accounting 28 CDE News 32 Who's News 44 Local expansion Symbia Logistics expands operations in its home state 10 by Avalon Jacka ENGLEWOOD – A local real estate firm has acquired an office property from a private, San Francisco-based real estate investment firm. Broomfield-based Certus bought the multitenant Pyr- amid Pointe office building, located at 9777 Pyramid Court, from Graham Street Realty for $9.9 million, according to public records. The asset was 78% leased at the time of sale. Cushman & Wakefield’s Aaron Johnson and Jon Hen- drickson represented Graham Street Realty in the transaction. Certus did not have a broker representative for the transac- tion. Johnson said the prop- erty saw significant investor interest and demand in a com- petitive process with multiple rounds of bids. “Focusing on execution was paramount with the loan dynamics today, and buyers being able to obtain financing or close all-cash was an impor- tant piece in buyer selection,” Johnson said. Johnson also noted recent leasing activity at Pyramid Pointe – including a new, smaller tenant coming on early in the marketing process, ten- ants trading into vacant spaces within the building, and other tenant activity – coupled with the shifting attitude surround- ing the return to the office encouraged Certus to move forward with the acquisition. “Seeing transactions occur in office, let alone value-add office, demonstrates investor and equity interest in owner- ship and operation of office buildings going forward,” Johnson said. “With the whole discussion around office and return to work being ‘dead,’ Certus buys office from Graham St. Realty by Avalon Jacka WINDSOR – A Texas-based lithium-ion battery designer and manufacturer announced the expansion of its Colorado energy division. Microvast Holdings Inc. purchased a 100,000-square- foot property at 31815 Great Western Drive from Hexcel Corp. for $11 million. Micro- vast was represented by Nate Heckel of Cushman & Wake- field. T.J. Smith and Nick Rice of Colliers International Den- ver represented Hexcel Corp. in the transaction. The prop- erty received multiple bids, resulting in a competitive best and final sale process, accord- ing to Rice. Hexcel Corp. was pleased to offload the property, as it was excess real estate for the company after its client, Vestas Wind Systems, concluded its manufacturing process at the facility, Rice said. “This sale is a demonstration of continued user demand, even for specialized build- ings,” Rice said. “This build- ing was formerly used for a manufacturing process on carbon fiber rolls for Vestas wind blades. It's a really good example of adaptive reuse for buildings with a little more complex buildup than just a vanilla industrial rectangle.” Microvast acquired the building in order to take advantage of Inflation Reduc- tion Act tax credits for energy companies that do onshore manufacturing. Microvast will bring its production from China to the new facility. “Northern Colorado has been a great home to Micro- vast, and we are excited to expand our operations by opening a manufacturing facil- ity in Windsor,” Zach Ward, president of Microvast’s ener- gy division said in a statement. Situated on 5.32 acres in the Great Western Industrial Park, the state-of-the-art facility fea- tures 40-foot ceiling height, six cranes, six dock-high doors, two drive-in doors, 2-inch water line, reinforced flooring, a backup generator and full HVAC throughout the build- ing. The 2009-built asset is equidistant to Loveland, Gree- ley and Fort Collins in one of the country’s fastest-growing trade areas. The facility will be used to assemble and ship Microv- ast’s industry-leading energy storage system solutions and expand its energy division. The plant will also supple- ment Microvast’s technology and testing center in Timnath, which opened in December. The plant’s strategic location allows Microvast to optimize its supply chain and reduce lead times, according to a press release. The facility is expect- ed to be operational this year, Ward said. Microvast’s ME-4300 energy storage system is a 20-foot bat- tery container with a 4.3 mega- watt-hour energy density that maintains functionality for more than 10,000 cycles. The battery is designed for energy- shifting applications, including renewables integration, peak demand and capacity support. The battery’s higher density means fewer containers, easier installation and reduced main- tenance, which equates to a smaller footprint. s Hexcel sells former facility to Microvast The 120,000-square-foot office building offers flexible floor plates for potential tenants. Please see Certus, Page 20 The 100,000-square-foot facility was formerly used to manufacture Vestas wind turbine parts under Hexcel Corp. ownership.