Colorado-Real-Estate-Journal_403667

INSIDE 14 6 FEATURED 18 CONTENTS JUNE 5-18, 2024 Office 6 Industrial 12 Multifamily 14 Retail 18 Finance 24 Law & Accounting 28 CDE News 34 Who's News 48 12 Office sale-leaseback Conx completes $27M purchase of Dish Wireless headquarters Industrial portfolio Malman brokers off-market sale of two buildings totaling 205,000 sf Senior affordability Ulysses Development buys The Pinewood Lodge Apartments Neighborhood retail Hampden Plaza Shopping Center sells for first time in two decades by Avalon Jacka HIGHLANDS RANCH – A 136,521-square-foot commu- nity shopping center has trad- ed hands for $26.65 million. JCR Cos. bought The Prom- enade at Highlands Ranch – located at 2660, 2670, 2680 and 2690 E. County Line Road – from a private Cali- fornia-based seller. The sell- er was McKinley Colo LLC, according to SKLD Informa- tion Services. The purchase marks JCR Cos.’ first acquisi- tion in the Colorado market. “Promenade is a sizeable acquisition at a great basis and an ideal entry into the Denver market,” said Joe Reger, JRC Cos. managing principal. “We have been actively expanding in the Mountain West region and now own shopping centers in Colorado, Idaho, Utah and Montana. We are eager to expand our portfolio in these markets moving for- ward in addition to our mid- Atlantic footprints.” The Promenade at High- lands Ranch was 95% leased to tenants including Bike- source, Specialized, Pure Hockey and Max Taps Co. at the time of sale. The shop- ping center was built in 1986 and underwent a major ren- ovation in 2016. The buyer plans to operate and man- age the property as is. Ryan Bowlby and Drew Isaac of Institutional Property Advisors, a division of Mar- cus & Millichap, exclusively listed the property on behalf of the seller and procured the buyer. “Retail fundamentals have never been more favorable than they are today,” Bowlby said. “We received seven offers on this proj- ect, several of which were from investment companies that recently pivoted to retail after focusing on different asset classes over the last decade. After a competitive bidding process that i n c l u d e d a best and final round, the ultimate buyer was an experi- enced shop- ping center owner mak- ing their first Colorado purchase.” JCR Cos. marks entry into Colorado market by Avalon Jacka BOULDER – A 32-unit mul- tifamily property on Univer- sity Hill has traded hands for $21.71 million, or $810.44 per square foot. Captain Corkum LLC pur- chased the property at 949 Marine St. from Hill House LLC in May. The property is comprised of a duplex built in 1927 and the main building, which was built in 1968. The sales price reflected a sub-5% cap rate with mark-to-market rents. Marc Lippitt, Justin Her- man and Phil Dankner of Unique Properties Inc./TCN Worldwide represented the seller, while the buyer was unrepresented in the transac- tion. “The Boulder market has been strong for over 40 years,” Lippitt said. “There's confi- dence in the student housing arena. Boulder has always been an anomaly where it has its own subculture and … has, over time, improved, and val- ues have increased. The mar- ket is a very strong, safe and predictable market to invest in.” The sale was a “right time, right moment” opportunity for the seller as other offers were presented, Lippitt said, calling the buyer a “perfect fit.” The Unique team was able to navigate an assump- tion of a Fannie Mae loan within the current interest rate environment, avoiding a usu- ally lengthy process due to the team’s relationships with the lender. The buyer assumed the financing that the seller received three years ago from Greystone. The 26,788-sf apartment building includes 56 bed- University Hill apartments sells for $22M The 136,521-square-foot Promenade at Highlands Ranch was 95% occupied at the time of sale. Please see JCR, Page 23 Drew Isaac Ryan Bowlby The 32-unit property at 949 Marine St. has 80 bedrooms, including dens and lofts. Please see University, Page 23