Colorado-Real-Estate-Journal_360881

Work and wellness Schnitzer West opens 12-story The Current INSIDE Art district living Mill Creek buys 417-unit apartment building for $182 million 14 6 FEATURED Colorado expansion Florida-based Capital Tacos opens first of three Colorado locations 18 CONTENTS SEPTEMBER 6-19, 2023 Office 6 Industrial 12 Multifamily 14 Retail 18 Finance 24 Law & Accounting 28 CDE News 38 Who's News 50 Fully leased CBRE brokers $30 million sale of 150,000-sf distribution center 12 by Avalon Jacka DENVER – A global real estate investment, develop- ment and property manage- ment firm began construction on the first phase of a Class A industrial park in the north central Denver submarket. Hines, in partnership with EnviroFinance Group, broke ground on Quantum 56, a six- building, 868,360-square-foot project located west of Inter- state 25 on West 56th Avenue. Designed to cater to a variety of tenants, the 60-acre, fenced- in project will offer capacity for both large-scale distribu- tion and manufacturing users as well as smaller single-occu- pier and owner-user build- ings. Phase I includes three buildings totaling 581,250 sf of warehouse and manufactur- ing space set to be completed in second-quarter 2024. Quantum 56’s first phase will include the 350,000-sf Building 1, a 36-foot-clear-height cross- dock with ample trailer park- ing, that will be the sole avail- able cross-dock for lease within the north central submarket at completion, according to a JLL press release. Phase I will also include the 121,600-sf Building 2 and the 109,250-sf Building 3, which will both be 32-foot- clear-height, rear-loaded build- ings at varying depths. Phase I will also include the comple- tion of the project’s amenities, including a 1.6-acre park with a full-size basketball court, picnic tables and a walking path. Buildings 1, 2 and 3 are situated at 601, 485 and 455 W. 56th Ave., respectively. Courtney Schneider, direc- tor at Hines, said the develop- er chose the project’s location due to the area’s high barriers to entry. Hines breaks ground on Quantum 56 park by Avalon Jacka GOLDEN – A local home- builder has purchased the Golden Overlook development site at the southeast corner of Interstate 70 and C-470. Skitzo 17101 LLC bought the 27-acre property from JC Three Development for $7 million. Brett MacDougall and Michael DeSantis with Unique Properties Inc./TCN Worldwide represented the seller, while the buyer was not represented in the transaction. The seller had owned Gold- en Overlook for more than 25 years. MacDougall said the time was right for JC Three Development to sell because owner Jim Blumenthal had decided to not move forward with the residential and com- mercial development plans he had originally made for the property. The highly sought property was marketed over a 1 1/2-year period with strong buyer activ- ity and was under contract for most of that time, underscoring the robust interest in the prop- erty from multiple prospective buyers. MacDougall noted that the property’s dual zoning for both commercial and residen- tial projects elevated the prop- erty’s value. “Over the years, we've championed responsible devel- opment that resonates with the spirit of the Golden com- munity," Blumenthal said in a statement. "Unique Proper- ties' exceptional guidance and commitment to the property’s potential were pivotal in bring- ing this transaction to fruition.” The buyer will execute resi- dential development on the property, which aligned well with the property’s platted potential for 92 homes, Mac- Dougall said. The property’s location affords direct access to the mountains and downtown Golden, as well as to West Sixth Avenue and I-70 to the broader Denver metro area. Golden Overlook’s signifi- cance as “the Gateway to the Rockies” magnified its role in Unique Properties oversees 27-acre land sale Quantum 56 will feature a total of 868,360 square feet of leasable space in six buildings. Please see Hines, Page 30 The dual-zoned land at the southeast corner of Interstate 70 and C-470 sold for $7 million. Please see Unique, Page 30