Colorado-Real-Estate-Journal_418692

INSIDE 12 6 FEATURED 17 CONTENTS SEPTEMBER 4-17, 2024 Office 6 Industrial 10 Multifamily 12 Retail 16 Law & Accounting 24 Finance 28 CDE News 32 Who's News 44 10 New RiNo tenant Fennemore takes over Moye White’s space at The Current Infill industrial Lovett Industrial delivers Class A Broadway Logistics Center Mixed-use MF Mapleton Asset Management breaks ground on 195-unit project Outdoor retail Vestar signs six new tenants at Bowles Shopping Center by Avalon Jacka COLORADO SPRINGS – An opportunity zone inves- tor bought a 31.7-acre par- cel for the development of a 320,000-square-foot innova- tion park. AZ Opportunity Fund LLC acquired the land parcel for an undisclosed price and broke ground on Phase 1 of the project, named Colorado Aerospace Business Center, in August. A Z O F u n d was repre- sented in the land transaction by Brady Welsh, Sher- pa Com- mercial Real Estate presi- dent and AZOFund co-found- ing principal. Chuck Arm- strong of Weichert Realtors Pikes Peak Group represented the sellers, Ermand Ruybal and Davis Ashely Beem. “We were drawn to this stra- tegic location that is poised for long-term growth and are excited about the opportunity to provide cutting-edge facili- ties to the aerospace and relat- ed industries,” said Welsh. Located at 8470 Launch Point, on the corner of Bradley Road and Foreign Trade Zone Boulevard, the CABC will serve as a state-of-the-art hub for aerospace companies at all stages of growth alongside tra- ditional industrial users and will include three retail pad sites. AZOFund selected Arco/ Murray as architect and gen- eral contractor for the project. Core and shell completion for AZOFund begins work on innovation park by Avalon Jacka LONGMONT – A 266-unit luxury apartment community in the Highlands at Fox Hill neighborhood sold in August for $86.45 million, or $325,000 per unit. Echelon Longmont LLC sold The Lofts at Highlands, located at 1685 Cowles Ave., to 1685 Cowles Avenue LLC, according to SKLD Informa- tion Services. The address listed for Echelon Longmont LLC on public records is associated with multifamily developer The Garrett Cos.’s headquarters in Greenwood, Indiana. Dan Woodward, David Potarf, Matt Barnett and Jake Young of Walker & Dunlop represented the seller, while the buyer did not have representation in the trans- action. The team declined to comment on the sale. Built in 2023, The Lofts at Highlands is comprised of a clubhouse and three four- story buildings with a mix of one-, two- and three-bedroom units. The 267,112-square-foot community features units averaging 1,004 sf and rang- ing between 663 and 1,435 sf. Rents start at $1,695 for one-bedroom units, $2,099 for two-bedroom units, and $2,770 for three-bedroom units, according to the com- munity’s website. The Lofts at Highlands sits on 11.96 acres, according to Boulder County public records. Each unit offers a private balcony with mountain or courtyard views; stain- less steel appliances; quartz countertops; pendant kitchen lighting; ceiling fans in bed- rooms and the living room; a designer kitchen with a large island and peninsula seating; an in-unit washer and dryer; carpeted bedrooms and clos- ets; plank-style flooring in the kitchen, bathrooms and living room; and more, according to the community’s website. Community amenities include a resort-inspired heated pool and spa, poolside cabanas with USB charging tables, outdoor kitchens with gas grills, an outdoor fire pit, an off-leash pet park and an indoor dog spa, a fitness cen- ter with full-circuit workout equipment, and a bike repair station. The Lofts at Highlands is situated northwest of the East County Line Road-Ken Pratt Boulevard intersection, near the UCHealth Longs Peak Hospital and Medical Center. Ken Pratt Boulevard offers accessibility to both Interstate 25 and Main Street. The neigh- borhood provides a wealth of nearby options for retail, din- ing and recreation. s The Lofts at Highlands finds new owner The Lofts at Highlands, located at 1685 Cowles Ave., is comprised of 266 luxury one-, two- and three- bedroom units. Please see AZOFund, Page 43 The developers of Colorado Aerospace Business Center, located at 8470 Launch Point, broke ground on the first phase of the innovation park in August. Brady Welsh