Colorado-Real-Estate-Journal_367709

Doubling down Capella Space moves into new, larger Louisville flex facility INSIDE Art Institute adapts Nichols Partnership opens Art Studios adaptive reuse project 14 6 FEATURED Retail two-for-one CBRE facilitates two-property 1031 exchange in Colorado Springs 18 CONTENTS OCTOBER 18-31, 2023 Office 6 Industrial 10 Multifamily 14 Retail 18 Law & Accounting 22 Finance 24 CDE News 36 Who's News 49 Move-in ready Ambrose Property completes first building in DIA Business Park 10 by Avalon Jacka AURORA– A95,669-square- foot retail center at the north- east corner of East Quincy Avenue and South Buckley Road was purchased for $20.4 million. The Summer Valley Shop- ping Center, located at 16911-16981 E. Quincy Ave., was sold by Arbor Plaza LLC to an undisclosed buyer. Jon Hendrickson, Aaron John- son and Mitch Veremey- chik of Cushman & Wake- field represented the seller. The buyer did not have a broker representative in the transaction. Anchored by Vasa Fitness and Dollar Tree, the retail center is 99% leased to a sta- ble service-based roster of 18 tenants, including Metro by T-Mobile, Magic Beams Spa, Fantastic Nails, Thai Garden, Hana Sushi, BQ Bar and Summer Valley Discount Liquors. Of the 18 tenants, 14 have been at the property for at least five years. Five of the tenants have been at the center for 15 years or more. Summer Valley Shopping Center is situated at one of the Denver metro area’s premier and established retail intersec- tions, with visibility to more than 62,000 vehicles per day. The intersection is home to four strong anchor retailers sit- uated at each of the four quad- rants, including King Soopers, Target and Lowe’s on the other corners. The shopping center serves 150,000 people living Arbor Plaza sells Summer Valley for $20M by Avalon Jacka DENVER – A 73-unit apart- ment community in the Lower Highland neighborhood has changed hands for $29 million. The Paskin Group pur- chased the B Street LoHi apart- ments at 1736 Boulder St. from Palisade Partners. The sales price of $29 million equates to just over $397,000 per unit, or $568 per square foot. With the sale, the 52,229-sf apartments achieved the highest sale price per sf among assets with 50 units or greater in the Denver metro area to date in 2023. “We are excited to expand our presence in Denver, a dynamic city that continues to grow and attract both residents and businesses from all over the country,” said Michael Paskin, founder and CEO of The Paskin Group. “B Street LoHi Apartments fit perfectly within our vision of provid- ing high-quality apartment homes in desirable locations. We look forward to integrating this property into our portfolio and ensuring our residents a fantastic place to live and our investors with a high-quality, cash flowing investment set for long-term appreciation.” Dave Martin, Rich Ritter and Brian Mooney of North- marq’s Denver investment sales team represented the seller. The Paskin Group was unrepresented in the transac- tion. “B Street LoHi was one of Palisade’s first ground-up con- struction projects, and we have enjoyed watching the LoHi neighborhood develop around it over the past 10 years,” said Paul Brooks, founder and president of Palisade Partners. “B Street has been a terrific project for Palisade and our investors, and we are very pleased to have completed this sale with the team at North- marq.” Paskin Group buys B Street LoHi apartments The 95,669-square-foot Summer Valley Shopping Center is anchored by Vasa Fitness and Dollar Tree. Please see Summer, Page 28 The 73-unit B Street LoHi apartments include a mix of studios and one- and two-bedroom units. Please see B Street, Page 28