Colorado-Real-Estate-Journal_405910

INSIDE 16 6 FEATURED 20 CONTENTS JUNE 19-JULY 2, 2024 Office 6 Industrial 12 Multifamily 16 Retail 20 Finance 26 Law & Accounting 32 CDE News 34 Who's News 50 12 Office consolidation Mortgage Solutions Financial moves into 80,000-sf building Data center boom Flexential adds fifth Denver area data center in Parker Class A multifamily Thompson Thrift opens 336-unit Notch66 in Longmont Championship course LCP Group buys Green Valley Ranch Golf Club from founder by Avalon Jacka BOULDER – A 319-unit multifamily property near the Boulder Junction neighbor- hood sold for $159 million in an off-market transaction. KG 3100 Pearl Owner LP acquired 3100 Pearl from 3100 Pearl Owner LLC in May, according to SKLD Information Services. The seller entity’s address listed on Boulder County public records is associated with Griffis Residential. The buy- ing entity is associated with Kairoi Residential. Kairoi Residential Presi- dent of Acquisitions Madison Marceau said, “3100 Pearl is a modern, upscale apart- ment complex with amenities that appeal to residents. With over 300 units, our residents have many options in differ- ent locations within the prop- erty. For Kairoi Residential, acquiring 3100 Pearl fits our strategy of investing in high- growth markets positioned for value appreciation.” Marceau highlighted Boul- der’s strong economic funda- mentals – including a robust job market, a thriving tech sector, and a high quality of life – as well as 3100 Pearl’s “advantageous” location near various amenities, retail, employment centers and the University of Colorado Boul- der. “Boulder’s unique combi- nation of lifestyle, climate, location, education and high- quality employment oppor- tunities make it a unique place to live in the United States,” Marceau said. “Due to its growing population and limited supply of new hous- ing development, Boulder also has significant demand for housing. Boulder's real estate market has shown resilience and strong performance, mak- ing it an attractive investment. The city's focus on sustainabil- ity and innovation aligns with market trends prioritizing environmentally friendly and Kairoi acquires 3100 Pearl for $159 million by Avalon Jacka DENVER – River North Art District’s newest office build- ing has been delivered by a joint venture of two national real estate developers. Co-developers Jordon Perl- mutter & Co. and Rockefeller Group, along with general contractor Saunders Con- struction, completed Para- digm River North, located at 3400 Walnut St., in May. The 200,000-square-foot building features 188,000 sf of Class AA office space and 12,000 sf of ground-floor retail space. “Paradigm is one of those buildings that the design is going to last through time,” said Dave Klebba, managing director of Rockefeller Group’s Rocky Mountain Region. “Architecturally, it’s signifi- cant in RiNo because it sets a standard for the expectation of future development. Once one developer sets a bar in this city, the bar has been set to step it up.” Designed by Tryba Archi- tects, Paradigm River North reflects the neighborhood’s industrial roots with a brick façade and large, factory-style windows. The property fea- tures a two-story atrium lobby, 12-foot ceilings and outdoor space incorporated on every floor. Additional amenities of the property include a ten- ant-exclusive fitness center, a secure bike storage room and private, individual shower rooms to support healthy com- muting options for tenants, as well as a keyless access system, below-grade parking, views of the mountains and down- town, on-site security, and a shared, state-of-the-art confer- ence room with a 50-person capacity. “We’re pleased to see the vision for Paradigm River North become a reality,” said David Tryba , lead design prin- cipal at Tryba Architecture. “The building's form honors the industrial heritage of the River NorthArt District, while the amenity spaces, plentiful natural light and incorpora- JV delivers 200,000-sf Paradigm River North The 273,147-square-foot 3100 Pearl multifamily development was 96% leased at the time of sale. Please see Kairoi, Page 18 Please see JV, Page 25 The 200,000-square-foot Paradigm River North, located at 3400 Walnut St., features 188,000 sf of Class AA office space and 12,000 sf of ground-floor retail space.