Colorado-Real-Estate-Journal_400264

INSIDE 16 6 FEATURED 20 CONTENTS MAY 15-JUNE 4, 2024 Office 6 Industrial 12 Multifamily 16 Retail 20 Finance 24 Law & Accounting 28 CDE News 34 Who's News 48 12 Downtown expansion Federal agency leases multiple floors in the DC Building Small-bay Class A ACD buys second small-bay industrial property this year One River North Kairoi Residential opens 187-unit building for first tenants Multitenant retail Cushman & Wakefield arranges Southgate Shopping Center sale by Avalon Jacka DENVER – A Newport Beach, California-based real estate investment firm acquired a 24-story office building in the central busi- ness district. Cress Capital purchased The 410, located at 410 17th St., in collaboration with Denver-based E2M Ven- tures. Cress acquired the loan on the property earlier this year and negotiated a deed in lieu of foreclosure with the undisclosed prior owner. “With well-capitalized and stable ownership behind the project, The 410 will be at the top of its competi- tive set, offering tenants an unparalleled hospitality- driven experience,” said Cress Managing Partner Tom Parnell. “We believe in the resurgence of downtown Denver and that The 410 will contribute to Denver's ongoing economic growth." CBRE marketed the loan on behalf of the lender, which is listed as Ares Man- agement Corp. on Denver County public records. With an original balance of $113 million, the loan’s unpaid principal balance was $96.2 million, according to public records. The 410, which includes approximately 440,000 square feet of office space and a detached eight-story parking structure, under- went a major renovation in 2021. The property offers nearly 35,000 sf of “meticu- lously crafted and thought- fully designed” spec suites that are ready for immediate occupancy, according to a statement from Cress. The property features a contemporary lobby and numerous premium ame- nities, including a state-of- the-art fitness center, confer- ence and training facilities, an outdoor tenant lounge Cress Capital buys The 410 office building by Avalon Jacka GREENWOOD VILLAGE – A 420-unit multifamily com- munity in the Denver Tech Center has traded hands for $117 million, or $278,571 per unit, or $308 per square foot. J.P. Morgan sold Virid- ian, located at 5335 S. Val- entia Way, to Pacific Urban in April. Walker & Dunlop’s Dan Woodward, David Potarf, Matt Barnett and Jake Young facilitated the sale. Built in 2001, Viridian totals 379,478 sf. The property, comprised of four four-story buildings, is 92.1% occupied. Viridian features a mix of one-, two- and three-bedroom units averaging 904 sf. Each unit features high ceil- ings; large, energy-efficient windows; a full Energy Star appliance package; a full- size washer and dryer; a gas fireplace; walk-in closets; an oversized soaking tub; and a private patio or balcony. Units range from 570 to 1,420 sf. Community amenities include a state-of the-art fit- ness center and yoga room, a year-round resort-inspired pool and spa, a clubhouse with WiFi access, a sur- round-sound movie theater, a 24-hour business center, a basketball court, a dog wash station, package lockers, a complimentary coffee bar, and reserved, covered garage parking. Located southeast of the East Belleview Avenue-Inter- state 25 interchange, Viridian offers convenient connectivity to the greater Denver metro area via Interstates 25 and 225. The property is located within walking distance of restau- rants and entertainment. s Walker & Dunlop broker sale of Viridian The 420-unit Viridian is comprised of four four-story buildings at 5335 S. Valentia Way. Please see Cress, Page 10 The 410, located at 410 17th St., features 440,000 square feet of office space and a detached eight- story garage.