Colorado-Real-Estate-Journal_378941

Trophy office Westside Investment buys Class AA building from Artis REIT INSIDE Portfolio add MG Properties completes third multifamily purchase of 2023 13 6 FEATURED City purchase Lone Tree buys vacant restaurant in Entertainment District 16 CONTENTS JANUARY 3-16, 2024 Office 6 Industrial 8 Multifamily 13 Retail 16 Law & Accounting 22 Finance 24 CDE News 28 Who's News 37 New tenant Core & Main inks industrial lease at 104th Commerce Park 8 by Avalon Jacka DENVER – A Fort Worth, Texas-based real estate invest- ment, operations and devel- opment company completed the largest office transaction of 2023 in Denver and the central business district. Crescent Real Estate pur- chased Riverview at 1700 Platte for $129.1 million, or $637 per square foot, accord- ing to public records. The sell- er was 1710 Platte Associates LLC, an affiliate of Houston- based Lionstone Investments. Tim Richey, Jenny Knowlton, Charley Will, Chad Flynn and Alex Mulvihill of CBRE repre- sented the seller in the transac- tion, while Crescent did not have a buyer broker represen- tative. Riverview at 1700 Platte is fully leased, with a seven-year weighted average lease term. BPX Energy’s headquarters at the building occupies 160,000 sf, while SaaS provider Worki- va occupies the remainder of the building. Ground-floor retail tenants include Daugh- ter Thai Kitchen & Bar, Maria Empanada and Colorado Tea Station. The 202,536-sf trophy prop- erty features a large outdoor courtyard overlooking the Platte River and Lower Down- town, 10-foot finished ceiling heights, highly efficient rect- angular floor plates, secure indoor bike storage, a double- height green wall, indoor/out- door conference space, fitness center, a 1.67:1,000 parking ratio and more, according to CBRE market materials. The five-story building is certified through LEED, Fitwel and Energy Star. Riverview is surrounded along the Platte Street corridor by retail, restaurants and mul- tifamily options for tenants and guests. Adjacent to Inter- state 25 and the 15th Street and Highland bridges, the property affords “outstand- ing” vehicle access, as well as walkability to multimodal transportation at Union Sta- Crescent buys Class AA office for $129M by Avalon Jacka MEAD – A portion of Eleva- tion25 Business Park has sold in an off-market transaction. Private investment firm Mark IV Capital acquired 55 acres of industrial land with- in the park at 4480 Eleva- tion Drive from Silver Point Development. The land will support up to seven build- ings totaling 850,000 square feet. Silver Point recently com- pleted phase 1 of Elevation25, comprised of two indus- trial buildings, in partner- ship with Walker & Dunlop Investment Partners. Mark IV plans to complete devel- opment on the land for a vari- ety of uses. Elevation25 has the capacity to support 1 mil- lion sf of Class A industrial product once complete. “Our firm has identified an exciting opportunity to expand our Colorado foot- print while helping to meet the area’s growing demand for top-tier industrial and logistics space,” said Jeff Dean, senior vice president of Mark IV. “This transaction provided us with the ideal scenario to further engrain ourselves in the Colorado market and to deliver specu- lative and build-to-suit space, outdoor storage, and a 5-acre park open to the public in an excellent location.” Drew McManus, Ryan Searle, Bryan Fry and Shan- non McBroom of Cushman & Wakefield represented both he buyer and seller in the off-market transaction. The Cushman & Wakefield team was selected to manage leasing of Elevation25 going forward. “Mark IV’s reputation for development, ownership and commitment to the region and state were significant fac- tors in our ability to complete this transaction off market,” said McManus. “We’re excit- ed to see Mark IV continue to build upon the momentum that Brad Cushard and Stu- art Platt at Silver Point have created.” Mark IV expects to break ground on the next phase of Elevation25 in fourth-quarter 2024. The phase will include approximately 170,000 sf of Mark IV acquires 55 acres at Elevation25 Trammell Crow The $129.1 million sale of the 202,536-square-foot Riverview at 1700 Platte marks the largest office transaction in Denver of 2023. Please see Crescent, Page 15 Mark IV plans to break ground on phase 2 of its recently acquired 55-acre industrial parcel at Elevation25 in fourth-quarter 2024. Please see Mark IV, Page 37