Colorado-Real-Estate-Journal_416345

Page 10 - August 21-September 3, 2024 www.crej.com Industrial SIORs report billions of dollars in sales and leases each year . For more than 80 years, SIOR has been the most trusted designation in commercial real estate, synonymous with the world’s most elite industrial and office professionals. COLORADO CHAPTER PRESENTING A FEW OF OUR BROKER MEMBERS IN THE COLORADO CHAPTER A NETWORK OF COLORADO DEAL CLOSERS 2023/2024 SIOR COLORADO CHAPTER LEADERSHIP Aaron Valdez, SIOR President aaron.valdez@cushwake.com 303.819.7333 Dominic Diorio, SIOR Vice President dominic.diorio@streamrealty.com 303.957.5321 Tyler Smith, SIOR, CCIM Treasurer t.smith@cushwake.com 303.312.4296 Alec Rhodes, SIOR Secretary alec.rhodes@cushwake.com 303.523.1827 To nd out more informa on about the SIOR Colorado Chapter, please contact the Chapter President, Aaron Valdez |aaron.valdez@cushwake.com | +1 303 819 7333 Chris Ball, SIOR, CCIM Peter E. Beugg, SIOR Mark Bradley, SIOR CCIM Daniel Close, SIOR Steven Conrad, SIOR Gary Fe er, SIOR Jared Goodman, SIOR Mark Goodman, SIOR Michael Helwege, SIOR Carmon Hicks, SIOR Keith Kanemoto, SIOR Peter Kast, SIOR CCIM Richard Kelly, SIOR Pete Kelly, SIOR Bruce Keyes, SIOR, RPA Paul B. Kluck, SIOR, RPA Jeremy Kroner, SIOR Brandon Langiewicz, SIOR Joseph Larkin, SIOR, CCIM, MCR, SLCR Drew McManus, SIOR Craig Myles, SIOR, CPM R.C. Myles, SIOR, CCIM Chris Nordling, SIOR Michael Palmer, SIOR Brad Pech, SIOR Tyler Reed, SIOR Alex Ringsby, SIOR John Rodgers, SIOR, CCIM Tyler Ryon, SIOR T. J. Smith, SIOR Jim Spi ler, SIOR Tom Stahl, SIOR Mike Sta er, SIOR, CCIM Nick Steitz, SIOR Bill Thompson, SIOR Ma Trone, SIOR Mike Viehmann, SIOR Doug Viseur, SIOR Mike Wafer, Sr., SIOR Mike Wafer, Jr., SIOR Ron Webert, SIOR Todd Wi y, SIOR by Avalon Jacka DENVER – A joint venture announced it will develop a new data center in the Elyria-Swansea neighborhood. Stonepeak and American Tower subsidiary CoreSite formed the new joint venture CoreSite DevCo JV to devel- op, construct and operate an 18-megawatt data center called DE3 on land at 4900 N. Race St., which the joint venture owns. The 97,000-square-foot, purpose- built data center will be construct- ed on a modular basis over three 6-megawatt phases. “We are excited to continue our long-term partnership with the American Tower and CoreSite teams to help accelerate invest- ment behind key digitalization tailwinds,” said Andrew Thom- as, Stonepeak senior managing director. “We believe the CoreSite DevCo JV will immediately ben- efit from CoreSite’s leading inter- connection platform in the fast- growing Denver market through dedicated dark fiber to CoreSite’s existing facilities, which provides DE3 customers with differenti- ated access to an established eco- system on day one.” American Tower operates a North American interconnec- tion-focused data center plat- form through its investment in CoreSite, in which Stonepeak holds a minority interest. CoreSite has established its presence in the Denver market over the past decade by operating the area’s primary carrier hotel, which is a connectivity hub located in major cities. CoreSite will oper- ate the new data center, which is located less than 3 miles from CoreSite’s existing DE1 and DE2 facilities. “We are pleased to continue our partnership with Stonepeak in our U.S. data center platform with the formation of a new joint venture to construct a new data center in the growing Denver market,” said American Tower President and CEO Steven Von- dran. “The CoreSite DevCo JV enables us to strategically exe- cute on key growth opportuni- ties by expanding our data center campus model in the region and create value by capitalizing on demand tailwinds as the primary interconnection hub in Denver.” The Denver project is antici- pated to cost more than $250 million. Stonepeak is expected to hold 85% of the equity of the joint venture, with CoreSite hold- ing the remaining 15% owner- ship interest. The investment is being made primarily through the Stonepeak Opportunities Fund, which targets control and structured capital solutions across North America and Europe. Sidley Austin LLP is serving as legal adviser to Stonepeak. Cleary Gottlieb Steen & Hamil- ton LLP is serving as legal adviser to American Tower; Sullivan & Worcester LLP is also advising American Tower with respect to certain REIT and tax matters. Stonepeak is an alternative investment firm specializing in infrastructure and real assets. The firm has approximately $71.2 bil- lion of assets under management, targeting the communications, energy and energy transition, transport and logistics, and real estate sectors. Headquartered in New York City, Stonepeak also has offices in Hong Kong, Hous- ton, London, Singapore, and Syd- ney. American Tower, one of the largest global REITs, is an inde- pendent owner, operator and developer of multitenant com- munications real estate, with a portfolio of more than 224,000 communications sites and an interconnected footprint of U.S. data center facilities. CoreSite, an American Tower company, provides hybrid IT solutions allowing enterprises, cloud, network and IT service providers to monetize and future- proof their digital businesses. The firm operates 28 data center facili- ties across 11 U.S. markets. Other News n METRO DENVER – Digby Commercial Advisors facilitated two industrial sales in the Denver metro area in July. A four-building industrial property in the Berkeley neigh- borhood sold for an undis- closed price. G r e e n w i c h Street Capital purchased the 53,420-square-foot property at 6232 Beach St. in Denver from 6232 Beach LLC. Digby Com- mercial’s Tanner Digby brokered the transaction on behalf of both parties. The self-storage property fea- tures units with oversized drive- in doors, “excellent” clear heights and individual gas heaters, Digby said. The 3.2-acre property is eas- ily accessible via Interstates 25, 70 and 76. The property was “highly attractive” to many investors, as the property has sustained more than 90% occupancy for several Joint venture announces development of new data center Greenwich Street Capital acquired the four-building industrial property at 6232 Beach St. in July. Please see Digby, Page 45 Tanner Digby