Colorado-Real-Estate-Journal_370091

Continued growth Burns & McDonnell expands footprint by 30% in new office INSIDE Class A living Confluence Cos. sells Zia Sunnyside for $161 million 12 8 FEATURED Springs expansion Dave & Buster’s opens third Colo. location at Highlands at Briargate 16 CONTENTS NOVEMBER 1-14, 2023 Office 6 Industrial 10 Multifamily 12 Retail 16 Finance 24 Law & Accounting 28 CDE News 36 Who's News 47 Bolder near Boulder Bolder Innovation Campus fully leases up after Tendeg deal 10 by Avalon Jacka DENVER – A 254-unit apartment community in the Uptown neighborhood has traded hands for $111 million. Jackson Square Properties purchased Broadstone Ken- drick, a 184,574-square-foot community featuring studios and one- and two-bedroom units, from Alliance Residen- tial in October. Situated at 1780 Marion St. and 1160 E. 18th Ave., Broad- stone Kendrick consists of two eight-story buildings with two levels of subterranean parking. The community was built in two phases between 2021 and 2022. The apartments, which average 727 sf, were built with condo-quality finishes, includ- ing gas ranges, wine fridges, and soft-close cabinets and drawers. Apartment Management Consultants LLC manages the property. Community ame- nities include two rooftop terraces, a fitness and well- ness center, and lounge and coworking spaces. The com- munity is across the street from the Uptown medical dis- trict, which is home to 4,000 jobs, and one block from 17th Street’s restaurant row. CBRE’s Terrance Hunt, Shane Ozment, Chris Cowan, Chris Hart, Brad Schlafer and Jessica Graham represented Alliance Residen- tial in the sale. Jackson Square Properties did not have a bro- ker representative. “Broadstone Kendrick is truly a unique asset that exem- plifies high-quality construc- tion and design in a highly coveted neighborhood adja- cent to downtown Denver,” said Hunt. “It is made up of two complementary bou- tique buildings that provide an intimate living experience to residents. The buyer was attracted to the basis, which is well below today’s replace- ment cost, and plans to hold the property long term.” The Denver metro area’s multifamily market recorded over 4,000 units of positive net absorption in second-quarter 2023, according to CBRE research, with Central Den- ver, where Broadstone Ken- drick is located, seeing the second-strongest absorption among Denver’s submarkets. The submarket saw 1,122 more apartments occupied than vacated in the quarter. s Broadstone Kendrick sells for $111 million by Avalon Jacka FORT COLLINS – Mul- berry Connection has reached full lease-up with a full build- ing commitment. The Class A speculative industrial proj- ect at 3874 and 4036 Redman Drive is the first to deliver in Fort Collins in 20 years. Comunale Properties leased the 93,000-square-foot Building 2 to an undisclosed manufacturing user, complet- ing what Comunale said is the largest industrial lease in Northern Colorado this year. The building will undergo significant tenant improve- ments ahead of a planned move-in of mid-2024. The tenant provides prefabrica- tion, construction, analytics and automation services to industrial manufacturing and processing operations world- wide. Travis Ackerman of Cush- man & Wakefield is exclu- sively leading the project leasing efforts for Mulberry Connection. Matt Haskell of URealty Inc. represented the tenant in the transaction. Haskell noted the project offered the tenant a “prime location,” as well as the “well- designed and sizeable space” with modern finishes and yard space. Prior to the Building 2 lease, ASCH expanded into the final speculative suite at Mulber- ry Connection’s Building 1. ASCH designs, builds and installs custom cabinets and countertops for multifamily homes. Earlier this year, Comunale signed preleases at Build- Comunale fully leases Mulberry Connection The 254-unit Broadstone Kendrick community is comprised of two eight-story buildings with two levels of subterranean parking. Please see Comunale, Page 48 Comunale Properties secured a 93,000-square-foot, full-building lease with an undisclosed tenant.