Colorado-Real-Estate-Journal_367709

Page 28 - October 18-31, 2023 www.crej.com within a 3-mile radius of the property. “Summer Valley Shopping Center is a bustling property and a great place for retail ten- ants to succeed,” said Executive Director Hendrickson. “The shop space has been well-leased ever since the years that Safe- way served as the anchor tenant to presently with Vasa Fitness and Dollar Tree filling that role. The buyer has the dual oppor- tunity of a stable profile invest- ment that also can be improved in ways that will add substan- tial value over the hold period. Long-term, patient capital will prevail at Summer Valley.” The center was originally built in the 1980s but has since been substantially renovated and modernized. The 8.7-acre property includes 328 parking spaces, according to a LoopNet listing. Essex Financial Group secured a $13 million loan for the acquisition of the shopping center. The 10-year, nonrecourse loan was provided by one of Essex’s exclusive correspondent life insurance companies. The fixed-rate loan featured a com- petitive interest rate and had an interest-only component followed by a 30-year amor- tization. The ability to lock a fixed interest rate for 90 days prior to closing also served as a risk hedge throughout the due diligence period of the acqui- sition. Essex’s Capital Markets team, which secured the loan on behalf of the buyer, was led by Senior Vice President Blaire Butler and associate Matt Peri- gard. s Summer Continued from Page 1 The four-story B Street LoHi apartments are comprised of a mix of studios and one- and two-bedroom apartments, each of which includes its own balcony, in-unit washer and dryer, barn door closets, gran- ite countertops, and 9-foot ceilings. Community ameni- ties include on-site parking, a fitness room, a club room with a pool table and kegerator, a bike repair station, a business center, and a rooftop patio with a fire pit and expansive views of both downtown and the mountains. Built in 2013, B Street LoHi’s design focused on sustain- ability with features to reduce electricity costs and water con- sumption, as well as becoming the first building in the country to be framed with 95% recy- cled steel, according to Palisade Partners' website. The commu- nity won the Project of the Year by an Emerging Developer at the Rocky Mountain Commer- cial Expo in 2013. “The property's meticulous design and thoughtful execu- tion of the development are clear,” said Ritter. “Palisade Partners did an exceptional job creating a product which has consistently appealed to resi- dents seeking an urban living experience.” In the heart of the Lower Highland neighborhood, the asset’s location affords easy access to downtown via the pedestrian bridge over Inter- state 25. The neighborhood offers a wide variety of parks, boutiques, galleries, restaurants and bars within walking dis- tance, including Confluence Park, Avanti Food & Beverage Hall, Little Man Ice Cream and more. “Palisade Partners had excep- tional foresight developing B Street back in 2013 when the LoHi neighborhood was in its formative years, as LoHi has now emerged as arguably Den- ver’s most sought-after neigh- borhood,” Mooney said. Palisade Partners is a real estate development firm that focuses on the development of thoughtfully designed infill projects and community- focused residential projects, seeking desirable locations, high-quality details and materi- als, community-centered devel- opment and environmentally conscious design. The Paskin Group is a leading real estate investment and man- agement firm with a diverse portfolio of multifamily prop- erties in nine U.S. cities. The group focuses on long-term growth, community impact and value creation. s B Street Continued from Page 1 for all employees to get to the office. Additionally, the office’s downtown location allows for more employee interaction and engagement outside the office. Sondermind’s office required minimal cosmetic changes and updates prior to move-in. The new office features about 42 individual desks, phone booths, and multiple small meeting rooms and a larger conference room for collaboration. The highly amenitized Granite Tower played a part in attracting Son- dermind to the new location with its amenity spaces for all tenants, including a third- floor lounge, a fitness center, a conference facility, and Bubu Restaurant and DazBog coffee on-site. Founded in Denver, Son- dermind has approximately 315 full-time employees in 34 states with operations in 16 states. About one-third of its employees are based in the Colorado market, with around 70 working in the Denver office. s Sondermind Continued from Page 8 “There's some tendency in the world to have schools be sepa- rate from everything, and we believe that we're more likely to be a benefit to the commu- nity when we’re embedded in the community,” said Breen. “I know our students are going to benefit some of the business- es. But also, families will know the area more. We want to be a tangible benefit and really think about how we can serve the community more broadly.” Breen said the school needed to add more space to accom- modate the number of students it now has and anticipates hav- ing in the future, moving from 19,000 sf to a total of 29,000 sf between the two Spine Road buildings. Breen expects the school population to grow to about 130-140 students from its current roster of approximately 115 students. The new campus is about 12 minutes north of the current campus, maintaining a similar commute for current students and teachers while opening access to more communities north of Boulder. Once renovated, the campus will include open classrooms surrounding a common area, as well as a café, a community gathering space, breakout stu- dent work areas, and teacher offices. Caddis Architects will serve as the architect on the new cam- pus, which is expected to open for the 2024-2025 school year, Breen said. Watershed School has also engaged with the archi- tecture program at the Univer- sity of Colorado for CU students to propose and build design fea- tures for the new buildings. Watershed School is an alter- native school model that teaches students grades 6-12 with a com- bination of skills-based classes and expeditionary classes in both classroom and real-world settings. Teachers and students also connect and engage with businesses and people within the community. “When we were looking for a location, we didn't want to be a school off on a hill some- where away from everything. We wanted to be embedded in the community, because it's philosophically and program- matically important to us,” said Breen. s Watershed Continued from Page 8 worldwide, including athletic and sports clubs, commercial fitness centers, medically based wellness centers, recreation cen- ters, spas and a broad range of aquatic projects. Based in Den- ver, the firm also has office loca- tions in Orlando, Florida; Tokyo, Japan; and Cairo, Egypt. Other News n METRO DENVER – Nick Nickerson of Trevey Commer- cial Real Estate facilitated two new, long-term lease transac- tions for Splash Fiber LLC, a fiber-optic service company. Nickerson was tasked with identifying two new locations to facilitate Splash Fiber’s grow- ing needs. Splash Fiber leased 5,479 square feet of Class B office space at 5600 S. Quebec St. in Greenwood Village. The prop- erty will service the company’s corporate headquarters and administration needs. Landlord HRE Quebec LLC was repre- sented by JLL’s Victoria Black- stone. The company also leased 5,000 sf of industrial space at 7501 York St. in the north Denver submarket. The prime industrial property will serve as a ware- house and distribution center. The landlord, locally owned The Sherman Agency Inc., had in- house representation from Josh Snyder of The Sherman Agency. Founded in 2019, Splash Fiber is a veteran-owned fiber-optic service company based in Den- ver. The company specializes in aerial and underground cable placement, fiber splicing and testing, and network audits. n METRO DENVER – NavPoint Real Estate Group facilitated multiple office leases in the Denver metro area. Archer Exteriors Inc. leased 1,315 sf at 7338 S. Alton Way, Unit 16G, in Centennial, for 37 months. The New Jersey-based construction company was rep- resented by NavPoint’s Jeff Brandon. Landlord Dry Creek Business Park LLC was repre- sented by Matt Keyerleber of Colliers International. Alpenglow Gynecology leased 653 sf of medical office space at 2630 W. Belleview Ave., Suite 290, in Littleton for 37 months. The locally based gynecology practice was rep- resented by NavPoint’s Matt Kulbe. Mary Jo Cummings of Sheldon-Gold Realty Inc. rep- resented the landlord, RSD Part- ners. Stone Electric leased 606 sf at 6888 S. Clinton St., Suite 100, in Greenwood Village for 13 months. The local electrical ser- vice was represented by Kulbe of NavPoint. Landlord 6860 S. Clinton Court LLC did not have a broker representative in the transaction. s Ohlson Continued from Page 8