Colorado-Real-Estate-Journal_429146

INSIDE 17 6 FEATURED 20 CONTENTS NOVEMBER 6-19, 2024 Office 6 Industrial 12 Multifamily 17 Retail 20 Finance 26 Law & Accounting 30 CDE News 32 Who's News 44 12 Discounted office Dikeou Realty purchases Hudson’s Bay Centre for $8.95M New hangar project Co-developers break ground on Hayden airport hangar campus Multifamily buy Fairfield Residential buys 476-unit Parkfield Apartment Homes Retail center sale Storyline buys three more buildings in Arvada West Town Center by Avalon Jacka DENVER – Denver City Council approved the rezon- ing and development of park- ing lots at Ball Arena in Octo- ber, paving the way for three new neighborhood districts in the Auraria neighborhood. The council held four public hearings and voted on six sep- arate bills related to the proper- ty and its future development. One of the bills approved the extension of the arena agree- ment with the Denver Nug- gets and Colorado Avalanche through 2050. Kroenke Sports & Entertainment is the master developer of the 65-acre site, which is bounded by Auraria Parkway to the south, Speer Boulevard to the east, and the light rail to the north and west. “The property for Ball Arena is 65 acres of surface parking lots, and it's surrounded by some hard barriers,” said KSE Senior Vice President of Devel- opment Matt Mahoney. “It’s got Speer on one side, it has train tracks on the other, and it's got Auraria Parkway. It’s been isolated from downtown for a long time, so the over- arching plan driver has been for us to try to find ways of breaking down those barriers and providing physical con- nections and community con- nections for the property.” The expansive project will include three neighborhood districts within the site: an Council approves Ball Arena-area rezoning by Avalon Jacka COMMERCE CITY – An Indianapolis-based real estate investor and developer acquired a 33-acre Class A industrial park in the airport submarket. Ambrose Property Group bought Ascent Commerce Cen- ter, located at 17776, 17956 and 18146 E. 84th Ave., for $61 mil- lion in October. The seller was listed as PR Ascent Commerce Center LLC, care of PGIM Real Estate, on Adams County pub- lic records. Will Strong, Molly Hunt, Michael Matchett and Dean Wiley of Cushman & Wakefield’s National Industri- al Advisory Group – Mountain West represented the seller in the transaction, while Ambrose did not have a broker in the deal. “We are excited to expand Ambrose’s presence in the Denver market,” said Ambrose Senior Vice President of Devel- opment Pat Walsh . “The addition of Ascent Com- merce Center to Ambrose’s existing Den- ver portfolio increases the best-in-class real estate solutions we can offer our clients in a top U.S. market.” A Cushman & Wakefield Equity, Debt & Structured Finance team provided debt placement services to Ambrose. Ambrose also partnered with First Merchants Bank on a construction loan for the acquisition and related tenant improvements. The state-of-the-art Ascent Commerce Park sits at the cor- ner of East 84th Avenue and Telluride Street, off Tower Road. The three-building complex totals approximately 595,000 square feet. Ascent Commerce Park offers “great access” to the Denver metro area, located 1 mile from Peña Boulevard and 1.5 miles from E-470, Walsh noted. The park also includes ample parking, including 53 trailer spaces. Building 1, totaling 154,831 sf, is situated on the west side of the park. There is approxi- mately 43,350 sf available to lease within the building. Cur- rent tenants include La-Z-Boy and PCL Construction. The 313,080-sf Building 2 is a cross-dock building in the cen- ter of the park. McKesson leas- es 135,053 sf in the north end of the building. The remaining 178,027 sf is available for lease. Building 3 totals 127,631 sf and is located on the east side of the park. The north end of the building, measuring 101,068 sf, is available for immediate Ambrose buys Ascent Commerce Center Please see Ball Arena, Page 21 The pedestrian-friendly development of the Ball Arena property will include more than 6,000 multi- family units and a 3-acre park, as well as employment options. The three-building Ascent Commerce Park, located at 17776, 17956 and 18146 E. 84th Ave., sold for $61 million in October. Pat Walsh Please see Ambrose, Page 12