Colorado-Real-Estate-Journal_357401

Page 18 - August 16-September 5, 2023 www.crej.com Retail by Avalon Jacka LAKEWOOD – Westgate Shopping Center has traded hands. The shopping center, locat- ed at 3225-3265 S. Wadsworth Blvd., sold for $14.41 million, or $132 per square foot. The property is one of just a few multitenant retail investment properties on the Front Range to sell for more than $10 mil- lion this year, according to CoStar data. Built in 1985, Westgate Shop- ping Center includes six build- ings on-site, though the trans- action was composed of three buildings totaling 108,867 sf. The asset is anchored by Planet Fitness and a Department of Motor Vehicles driver license office and has a strong mix of “Amazon-resistant” ten- ants, including Jimmy John’s sandwiches, LandLocked Ales brewery, dog boarding facility The Bark Club, and Mpower Dance Studio. Eric Diesch and Peter Sengel- mann of Pinnacle Real Estate Advisors LLC represented the seller, Avatar Westgate LP. The buyer, an affiliate of Rouler Advisors, did not have repre- sentation in the transaction. “This was an extremely complicated transaction that involved a CMBS loan assump- tion and lots of moving parts,” Diesch said in a statement. “Ultimately, it took a lot of hard work and attention to details to get this done, and we were happy to facilitate this for our client.” The property received very high interest relative to the market conditions during the selling process, Diesch said. Diesch noted that there was also significant interest in the loan itself due to the loan’s proportional amount of equity to debt and the interest rate’s firm term, which attracted a lot of investors to the property. Rouler intends to deploy a “significant” amount of capital to improve and amenitize the asset, similar to what it has done with its other properties, Diesch said. Rouler plans to “harmonize” the asset with the adjacent Mission Trace Center, which it also owns. The buyer will self-manage the property. Situated at the corner of South Wadsworth Boulevard and West Eastman Place, the property affords direct access from Wadsworth and high vis- ibility to 49,000 vehicles a day, according to a LoopNet list- ing. The property boasts three monument signs with digital capability. s Pinnacle facilitates $14M sale of Westgate Shopping Center by Avalon Jacka BOULDER – A Portland- based doughnut shop opened its fourth location in Colorado. Voodoo Doughnuts served its first doughnuts out of its Boulder location at 3210 Arapa- hoe Ave. Aug. 1. The approxi- mately 3,000-square-foot shop drew a line of more than 100 people the morning of its rib- bon-cutting ceremony. Located just minutes from the Univer- sity of Colorado Boulder, the store offered a free “Golden Buffalo” doughnut in honor of the school’s mascot with every purchase in its first two hours. The doughnut shop had been looking at Boulder for a loca- tion since CEO Chris Schultz joined the company six years ago because of Voodoo’s suc- cess in the Denver market, Schultz said. When a property with a drive-thru opened on “one of the busiest streets in Boulder,” Voodoo couldn’t pass up the opportunity, Schultz said. “We chose Boulder because we love Boulder,” Schultz said. “I love the people. I love the dynamic, I love the diversity. It's a cool, hip, on-trend city ... It’s got some great restau- rants and ‘foodie’ people. The people get it. I think that's an important part of Voodoo is to get the fact that we're not like a traditional doughnut shop. You come about the experience as much about the doughnuts.” Voodoo signed a 10-year lease for a former Taco Bell-KFC building for its newest location, according to previous report- ing. The Boulder store opened roughly 18 months after it first signed its lease on the property due to post-COVID delays in the permitting process, accord- ing to Schultz. Mike Brunetti of David, Hicks and Lampert Brokerage brokered the lease. J.E. John Construction, based out of Vancouver, Wash- ington, constructed Voodoo’s Boulder space. Voodoo origi- nally painted the building its signature pink hue but had to repaint it grey in May due to city codes. The city’s sign code includes the use of branding colors toward the total of a company’s allowed signage area, so painting the building pink pushed Voodoo over its allowed signage space, accord- ing to an emailed statement from the city of Boulder. The interior of each Voodoo location features a black vel- vet painting of “spirit channel- ers” based on local celebrities, Schultz said. The Boulder loca- tion’s painting emulates CU Boulder alumni Matt Stone and Trey Parker, who created the show “South Park.” The Boul- der store also includes a drive- thru, “jewel-like” spinning dis- play cases, a large chandelier, a mounted buffalo head, hand- painted murals by local artists, and “one-of-a-kind” wallpaper. Voodoo has hired approxi- mately 50 people for the Boul- der location so far and plans to reach about 75 total hires once the school year starts, Shultz said. Schultz also noted that both store managers are local to the Boulder community. The store joins three others in the Colorado market, with two in Denver on Colfax Ave- nue and on Broadway, as well as Voodoo’s only airport loca- tion on Denver International Airport’s B Concourse. Schultz noted the company is looking into other Colorado locations, particularly in the Fort Collins and Colorado Springs submar- kets, though it does not have additional plans set for Colo- rado at this time. “For us, it’s got to be the right place at the right time,” Schultz said. “We’re not opening stores just to blanket the Colorado market. We're going to be very selective of where we go in in Colorado to ensure that we're being respectful of the brand and respectful of people in Col- orado that we're not at every street corner.” Voodoo also has multiple locations in its home state of Oregon, as well as locations in California, Florida, Texas and Washington, as well as a future location in Arizona. s Voodoo Doughnuts opens Boulder store on Arapahoe Ave. by Avalon Jacka SUPERIOR – Origin at Down- town Superior, currently under construction, has signed its first tenant for the mixed-use project. Boulder Baked will open its second Colorado location in in its 1,150-square-foot leased space at 2345 Main St. The locally owned bakery plans to open by February and expects to bring 10-15 jobs to the area once fully operational. Seth and Nancy Portner, own- ers of Boulder Baked, had been looking for additional locations in and around Boulder County – including Longmont, Lafayette, Louisville and other Superior locations – prior to pursuing the space at Origin at Downtown Superior, according to their broker representative Jim York of Sum- mit Commercial Real Estate. After months of searching, York sent the Portners the marketing information for the space, which attracted the pair almost immedi- ately, York said. “Molly [Bayer of CBRE] was exceptional in navigating the ins and outs of this new develop- ment and working with us and the principals to get this deal completed,” York said. “The cost and availability to find general contractors, architects and engi- neers were the largest obstacles in this negotiation, but we were ultimately able to come to terms.” Although Boulder Baked does not have any firm plans for addi- tional expansion at this time, York said “there is a good chance” the bakery will open other locations in the coming years. CBRE’s Bayer and Melissa Moran arranged the lease with Boulder Baked on behalf of developer Carmel Partners and are marketing the project’s retail space for lease. The leasing team is currently in final negotiations for another 12,000 sf of retail space at the development. “[Origin at Downtown Supe- rior] is targeted for an active lifestyle with spaces geared toward restaurants, coffee shops, medical office, fitness and lifestyle services, and all connected to local trails and outdoor spaces with views of the Flatirons,” Bayer said in a statement. “Boulder Baked is the ideal first tenant for Origin. They are known for their com- mitment to the communities where they operate and will pave the way for many other businesses to join the project.” Once completed, the 42-acre Origin at Downtown Superior will feature multifamily units, retail spaces, and outdoor space on the city’s Main Street. The project has ground-floor retail space ranging from 800 sf to 2,700 sf and a 0.75-acre restau- rant site spread down several city blocks. Carmel Partners plans to rent the retail space to restaurants, fitness, services, medical and other local and regional retailers. Retail con- struction is expected to finish this summer. More than 2,000 residents are expected to occupy Origin at Downtown Superior’s mul- tifamily units, 405 Urban Flats and Townhomes. The residential space includes a mix of studio, one-, two- and three-bedroom apartments. Carmel Partners will handle the residential leasing. Located at the intersection of U.S. Highway 36 and McCaslin Boulevard, the project is five min- utes from Louisville, 10 minutes from Broomfield and Boulder and 20 minutes from Denver. Other News n CASTLE ROCK – A health care management platform has Boulder Baked inks lease for Origin at Downtown Superior The multibuilding asset has a mix of “Amazon-proof” tenants, including a sandwich shop, brewery, dog boarding facility and dance studio. KTGY Boulder Baked is the first tenant to sign a lease at the new Origin at Downtown Superior mixed-use development. Please see Medical, Page 19