Top 10 nationwide Kiewit’s Lone Tree sale-leaseback tops Denver’s 2023 office sales INSIDE Garden-style MF Tahoma Capital buys 208-unit Crossroads at City Center 14 6 FEATURED Outdoor retailer REI Co-op leases 23,000 sf at The Marketplace at Centerra 16 CONTENTS MARCH 20-APRIL 2, 2024 Office 6 Industrial 8 Multifamily 14 Retail 16 Finance 26 Law & Accounting 30 CDE News 32 Who's News 58 Freeway visibility Leasing begins at The Rock Commerce Center 8 by Avalon Jacka HENDERSON – A San Fran- cisco-based real estate invest- ment firm sold a 156-unit apart- ment community, after holding it for eight years, to a property management company based in Lakewood. Hamilton Zanze sold Belle Creek Apartments, located at 10754 Belle Creek Blvd., to Hudson Grove Properties for $32.88 million, according to Adams County public records. The community totals nearly 38,000 square feet. During its ownership, Ham- ilton Zanze made comprehen- sive capital improvements, including upgrades to unit interiors and building exteriors, and also installed a new resi- dent clubhouse. The upgrades were intended to enhance the resident experience and enable the community to operate more efficiently, a statement from Hamilton Zanze said. The firm purchased the property in 2016 for $23 million, according to Adams County public records. “As a result of our improve- ments and our focus on provid- ing a best-in-class living expe- rience for our residents, Belle Creek was a high-performing asset that provided investor returns that exceeded our ini- tial expectations,” said Ham- ilton Zanze Senior Director of Transactions Anthony Ly. “In short, this community is a great example of how Hamilton Zanze creates value for both our renters and our investors. Additionally, we’re very proud to have worked efficiently with all of the parties involved to complete the sale during a dif- ficult time to transact.” Built in 2002, Belle Creek Apartments features one-, two- and three-bedroom units rang- ing between 545 and 1,010 sf. All units include central heat- ing and air conditioning, in- unit washers and dryers, large closets and dishwashers, while select units feature wood-style flooring, stainless steel appli- ances and private patios or bal- conies. The community offers some furnished units. Belle Creek Apartments trades hands by Avalon Jacka DENVER – A single-tenant net-leased warehouse in the Park Hill neighborhood has traded hands. A JLL Capital Markets team led by Rob Key and Larry Thiel arranged the sale of Salt- box Den- ver – Park Hill, located at 4800 N. Dahlia St. WC Dahlia Street LLC sold the property to ECB Salt- box LLC for $13.5 mil- lion, accord- ing to SKLD records. The side- loading industrial building is fully leased to Saltbox, a startup that offers digital commerce companies a flex- ible and tenant-ready office, warehousing and distribution solution. The 101,788-square- foot building is situated just north of the Colorado Bou- levard-Interstate 70 inter- change. The property features 22-foot clear height, 14 dock- high doors, two grade-level doors and 144 parking spac- es. The building, which sits on 5.5 acres, was built in 1959 and most recently renovated in 2021, prior to Saltbox open- ing its first Denver location in the space. Key said, “4800 Dahlia is a highly functional asset in a location that continues to outperform the market in net absorption and rent growth. The co-warehousing concept of Saltbox has seen steady demand for its space and services, demonstrating the importance of this location from a pure logistics stand- point.” The building’s location 6 miles from downtown Den- ver is in the heart of the Inter- state 70 east corridor and air- Saltbox purchases Park Hill warehouse Hamilton Zanze’s sale of the Belle Creek Apartments, located at 10754 Belle Creek Blvd., marks the company’s second disposition of the year. Please see Hamilton, Page 17 The single-tenant net-leased industrial building at 4800 N. Dahlia St. is situated in the growing Interstate 70 east corridor. Please see Saltbox, Page 12 Rob Key Larry Thiel