Colorado-Real-Estate-Journal_437197

Page 8 - January 1-14, 2025 www.crej.com INSIDE F rom the constructionof tene- ments in the 1800s to thehigh- rise steeland concrete luxury residential towersbuilt today, for-renthousinghas comea longway.Butone constant is the useofwood tobuild rentalhous- ing.Over theyears,architectsand engineershavepushed the limitsof whatwood cando,and theadoption of the 2015 InternationalBuilding Codeallows this to continue. Not everyone ishappy though. Therehasbeen some recentback- lashabout thenumberof four-and five-storywood-frameapartments impactingDenver’sdowntown.With continueddemand forhousing,esca- lating construction pricesand theabil- ity toachieve even higherdensities under the recent IBC,wedon’tantic- ipate thenumber ofnewwood-frame buildingsadded to theDenver land- scapewilldimin- ish. Themost sig- nificantbenefit thenew IBCoffers wood-frame construction is the ability todesignapodiumbuilding basedon theoverallbuildingheight. Podiumbuildingswillno longer be restricted toonlyone levelof podium structurebelow thepodium deck. This givesdesigners theability to designa seven-story,midrisebuild- ingwith five levelsofwood-frame constructionover two levelsof con- cretepodium –allabove grade.With thisadditionalabove-grade levelof concrete, the flexibilityandoppor- tunities to increasedensity, reduce costorbothbecomepossible. Options includepulling the tra- ditionalbelow-grade levelparking outof the ground to save the costof building subterranean,which is typi- cal in traditionalpodiumdesigns. Anotheroptionwouldbe to leave the subterraneanparking,which allowsanadditional levelof residen- tialunitswithin the concretepor- tionof the structure, thus increasing density.Bothoptionswill change how thedesignworldand residen- tialdevelopers lookat thepotential ofa site. When evaluatinganapartment site,adeveloper typically considers fourwood-frameapartmentdesigns: Photography©BradNicol The2015 InternationalBuildingCodeofferswood-frame construction theability todesignapodiumbuildingbasedon theoverallbuildingheight.Podiumbuildingswillno longerbe restricted to only one level of podium structure below the podium deck. PleaseseePage24 October 2015 New wood-frame codes allow for more flexibility NathanSciarra, AIA Studio director, KTGYArchitecture + Planning,Denver 1536 Cole Blvd., Building 4, Suite 300, Lakewood, CO 80401 | 303-623-1148 | www.crej.com Jon Stern Publisher & Founder x 101 jstern@crej.com All rights reserved. No part of this publication may be stored, reproduced, or transmitted in any form or by any means without the publisher’s prior written permission. All contributed articles published in the Colorado Real Estate Journal represent solely the individual opinions of the writers, and not those of the Colorado Real Estate Journal. REPORT AN ERROR IMMEDIATELY (ISSN 1060-4383) Vol. 34 No. 1 www.crej.com EDITORIAL CONSULTANT: Jill Jamieson-Nichols PRODUCTION/GRAPHIC DESIGN: Heather Lewis ext.108 hlewis@crej.com CREJ CONFERENCE SERIES: Jon Stern ext.101 jstern@crej.com ADVERTISING: Lori Golightly ext.102 lgolightly@crej.com CUSTOMER SERVICE: Jolene Wollett ext.103 jwollett@crej.com EDITORIAL Avalon Jacka, Reporter Sales, Lease and New Development Projects: Office, Industrial, Multifamily, Retail, Health Care, Senior Housing, Hotel, Land Finance Transactions ext.107, ajacka@crej.com Kris Stern Associate Quarterlies Publisher: Office & Industrial Properties, Retail Properties, Multifamily Properties, Property Management, Health Care, Senior & Life Sciences Editor: Construction, Design & Engineering News; Property Management News; Who’s News; and Expert Articles, including Law, Accounting and Finance Publisher: Building Dialogue ext. 109, kostern@crej.com MARKETING Lori Golightly, Director of Client Services Advertising: Print & Digital Conferences: Exhibitor/Sponsor Information ext. 102, lgolightly@crej.com Office by Avalon Jacka LAKEWOOD – A trio of office buildings sold to a local family development company in November. Central Street Capital Inc. acquired Corporate Center at Academy Park – situated on 15 acres at 7201, 7301 and 7401 W. Mansfield Ave. – from Govern- ment Properties Income Trust LLC for $8.1 million, according to SKLD Information Services. The vacant property formerly housed government offices. Corporate Center at Acad- emy Park is positioned about a mile southeast of the South Wadsworth Boulevard-U.S. Highway 285 interchange. The four-story buildings total 224,595 square feet, averaging 74,865 sf, according to Jeffer- son County public records. The buildings at 7301 and 7401 W. Mansfield Ave. were built in 1980, and the building at 7201 W. Mansfield Ave. was built in 1988, county records said. Central Street Capital acquired the property through a Ten-X auction. Chris Mus- selman of JLL represented the seller in the auction. “With us knowing the neigh- borhood pretty well, [the prop- erty] obviously caught our eye,” said Isiah Salazar of Cen- tral Street Capital. “We hon- estly found out about it just a couple weeks prior to the auction taking place … and we were able to tour the site. It was just something we thought, ‘Let's participate and see what it actually goes for and how many people are bidding. If we win it, we'll figure out some- thing to do with it.’ “If you look at it as a pure land play, and if we could acquire it for the price in which we did … [the property] was something that you can't really find anywhere in Denver for that that amount, and then if we could figure out a way to repurpose a building or find tenants, that adds that much more value to the transaction,” Salazar added. Salazar and Central Street Capital is very familiar with the submarket, as he grew up in the area and his children go to school in the neighborhood. The office park’s proximity to schools and golf courses, as well as its accessibility from both South Wadsworth Bou- levard and U.S. Highway 285, attracted Central Street Capital to the property. Salazar highlighted the potential for the property, not- ing Central Street does not yet have any specific plans. The firm has explored repurposing the buildings, finding a tem- porary tenant, or demolishing the structures and redevelop- ing the property. Regardless of the final plans, Salazar started the rezoning process with the city of Lakewood to potentially redevelop the property into a multifamily asset. “I've been talking to the city of Lakewood and some contacts within the planning department and economic development, and there is a need for attainable housing and more multifamily in the city of Lakewood,” Salazar said. “The [city] sees this [loca- tion] as a great source. You see what Wood Partners did with the Windsor [Townhomes and Apartments] that turned out fantastic. There's a lot of senior housing in the neighborhood as well. In talking to some of the schools nearby, a lot of the schools are looking for a form of attainable housing to poten- tially have a block of room for teachers to help recruit teach- ers and try to help retain really good teachers for the neighbor- hood and the schools nearby.” Based in Denver, Central Street Capital is a private investment management com- pany managing and invest- ing the funds of the Salazar family and its affiliated enti- ties. The company is currently under development on the 4 Mile District in Glendale as well as a 224-unit market-rate multifamily project at 4040 Fox St. in Denver. The 4 Mile Dis- trict project has been under construction for utility work since August, and construc- tion on the parking structure is expected to begin in January. The multifamily community has been under construction for approximately 18 months and is expected to be issued a certificate of occupancy in late summer or early fall 2025. Other News n PARKER – Trevey Com- mercial Real Estate facilitated three office deals in Parker. First Integrity Title Co. leased 2,628 square feet in the Twenty Mile Station III building, located at 18801 E. Mainstreet. First Integrity will work with TPS and Precision Contractors over the next six months to build out the new office, with plans to relocate to the space by May. Trevey’s Tommy Daher represented the tenant. Landlord EPI Parker LLC was represented by Jeff Sams of JTS Realty. Landlord B.R.I. Bridgeside completed two lease agree- ments in Bridgeside Profes- sional, located at 11031 S. Pikes Pike Drive. Both long-term leases began in December. Trev- ey’s David Marulli and Nick Beach represented the land- lord in both direct transactions. American Family Insurance leased 785 sf in Unit G-103; agent Dominic Vigil will have an office at this location. Stu- dio Julie Snow leased 360 sf in Unit G-104; the tenant offers services for custom clothing, alterations and sewing lessons. n NORTHGLENN – A 1,796-square-foot office condo in Office Plaza North traded hands in December. Kristen and Timothy Gil- tinan acquired the condo at 11178 Huron St., Unit 6, from Real Estate Matters Corp. for $318,000. The two-level office condo was construct- ed in 1984. Brian Baker of Fuller Real Estate repre- sented the sell- er, and Can- dice Oh of Berkshire Hatha- way represented the buyer. s Central Street Capital acquires 3 vacant office buildings Brian Baker Isiah Salazar