Colorado-Real-Estate-Journal_363396

New headquarters CPR buys Capitol Hill property to consolidate operations INSIDE Trading hands AMLI sells 309-unit multifamily community near Denver Tech Center 14 6 FEATURED Triple-net purchase Blue West facilitates third gas station transaction of 2023 18 CONTENTS SEPTEMBER 20-OCTOBER 3, 2023 Office 6 Industrial 10 Multifamily 14 Retail 18 Finance 24 Law & Accounting 28 CDE News 36 Who's News 46 Facility expansion Fitzsimons Innovation Community announces Bioscience 4 building 10 by Avalon Jacka LAFAYETTE – A Louisville- based real estate investment company acquired a life sci- ence campus comprised of two five-story buildings for $188 million. Real Capital Solutions bought the office buildings at 200 and 250 Medtron- ic Drive from Ryan Cos., which built the campus. The 404,159-square-foot asset is fully leased to Medtronic, which guaranteed a 20-year, triple-net lease. The 42-acre property situated at the inter- section of U.S. Highway 287 and the Northwest Parkway was completed earlier this year and is the medical device com- pany’s second-largest campus in the U.S. The property offers room to expand into a third building between 75,000 and 200,000 sf if Medtronic out- grows its two existing build- ings. Amenities at the Medtronic property include a full-service cafeteria with indoor and out- door seating, a fitness center, outdoor open spaces, areas for team activities, indoor and outdoor bike parking, a recreation loop, and access to trails and public transporta- tion, according to a Medtronic press release from the ground- breaking. The campus includes several sustainability features, such as reduced water and irrigation use, solar parking canopies, electric vehicle charging sta- tions, pollinator gardens, occu- pancy sensors and LED light- ing. The site is also equipped with state-of-the-art ventila- tion filtration and air distribu- tion systems. Medtronic, the No. 1 medi- cal device company in the world, has operated in Colo- rado for nearly 50 years. The company will shift its research and development work as well as some administrative functions from its Boulder and Louisville sites to the new campus, which will eventually house about 1,200 employees. The company will maintain its manufacturing operations at RCS purchases Medtronic Lafayette Campus by Avalon Jacka JOHNSTOWN – A local industrial development and commercial acquisitions company acquired a Class A industrial spec building from a Denver-based real estate developer. IH IND One LLC, a com- pany affiliated with McWhin- ney, sold the 6.6-acre property at 3607 Ronald Reagan Blvd. to Ronald Reagan Owner LLC, an entity of SPC Inves- tors, for $14.6 million. The 68,619-square-foot building was 50% leased to Kimbel Mechanical Systems at the time of sale. Mike Eyer and Julius Talbert of CBRE rep- resented McWhinney, and Dawn McCombs and Ryan Almaleh of Avison Young represented SPC Investors. SPC Investors is a new part- nership between Stuart Platt and Clay- ton Pristou, partners at Silver Point D e v e l o p - ment. The Iron Horse p r o p e r t y is the com- pany’s first investment in Denver, and it is actively looking for new opportunities for investment, Pristou said. SPC plans to lease the building up to stabi- lization and will make an assess- ment for future plans depending on market conditions at that point, Pristou said. SPC Investors was attracted to the property because of its new construction and yard space, along with in-place cash flow with the building half- leased, Pristou noted. “High-quality industrial spaceisthesingle-mostsought- after space in the industrial sector, and there’s not a lot out there,” said Pristou, noting these market dynamics were also a driving factor in choos- ing this property. The property’s amenities include 75,000 sf of outdoor storage options; 24-foot clear height; 120 parking spaces; 14 rear drive-in, roll-up doors with direct yard space access; enhancements made for future solar panel loads; upgraded wall and roof insulation; low-E glass; 100% LED stumble light- ing; occupancy sensors; and clerestory windows in ware- house areas for natural light. Employees can also enjoy a SPC Investors buys 1st investment property Real Capital Solutions’ purchase of the Medtronic Lafayette Campus (200 Medtronic Drive, pictured) is one of several deals the company has made with Ryan Cos. over the past year. Please see RCS, Page 47 The 68,619-square-foot property in the Iron Horse Business Park was 50% leased to Kimbel Mechanical Systems at the time of sale. Please see SPC, Page 47 Stuart Platt Clayton Pristou