INSIDE 12 6 FEATURED 16 CONTENTS MARCH 5-18, 2025 Office 6 Industrial 10 Multifamily 12 Retail 16 Finance 22 Law & Accounting 28 CDE News 34 Who's News 46 10 Defense sector Alloy Real Estate acquires midrise office building for $17 million IOS sale Alpine Civil Construction buys asset from former landlord Luxury multifamily Thompson Thrift announces new community in Wheat Ridge Neighborhood retail Portion of Heritage Green sells in two deals to same buyer by Avalon Jacka LITTLETON – A Texasbased vertically integrated real estate investment company acquired a land parcel to develop a new multifamily community within a redevelopment site that will also include a new Costco. Mineral Littleton Co Project Owner LLC, an entity of Embrey, purchased a land parcel at 8101 Southpark Terrace for $17.07 million in December, according to SKLD Information Services. Embrey did not have a broker in the deal with seller RIG Mineral LLC, an entity of Republic Investment Group. Embrey will develop a 370-unit multifamily community named The Sullivan on the site. Construction by Embrey’s construction division is planned to start this month. Delivery of the first units is anticipated in thirdquarter 2026, and the overall project is expected to be complete in third-quarter 2027. “Littleton is one of the most sought-after bedroom communities in Denver because of its charm, toprated school district and proximity to work and leisure activities,” said Embrey Chief Development Officer Jimmy McCloskey. “Our premier community will reflect the expectations residents are seeking in the Littleton lifestyle experience.” The Sullivan will include a Embrey develops 370-unit MF community by Avalon Jacka ENGLEWOOD – A new transit-oriented development has welcomed its first residents. Owner and developer Fifield Cos. debuted Arden, located at 3595 S. Jason St., in February. Arden was designed by KTGY and constructed by W.E. O’Neil. Additional project partners included Studio 10 serving as interior designer, HKS Architects serving as civil engineer, and Anchor Engineering serving as structural engineer. The four-story, 302-unit building was designed to meet the increasing demand for housing in the area as Englewood experiences an influx of new residents and businesses. “Demand for apartments in greater Denver continues to be exceptionally strong, especially in a community like Englewood that is well-situated with proximity to the many draws of living in the area, from the city’s bustling downtown to the outdoor activities and scenery of the Rocky Mountains,” said Fifield Cos. Vice President Joe Pitsor. “Arden brings to Englewood a level of luxury and convenience that is unparalleled in the area and on par with upscale buildings in the city center, offering a value proposition that aligns with the rise of renters broadening their searches beyond downtown.” The 260,368-square-foot Arden features a variety of floor plans, including studios, onebedroom, one-bedroom plus den, two-bedroom and threebedroom layouts. The units range between 488 and 1,540 sf with rents starting at $1,525 per month. Units includes quartz countertops, soft-close cabinetry, tile backsplashes, stainless steel appliances, islands, spa baths, custom closet organizers, and in-unit washers and dryer. Nearly all units include private balconies. Construction began on Arden in July 2022, and the Fifield Cos. debuts Arden in Englewood The highly amenitized Arden community includes a penthouse-level lounge connected to the building’s outdoor amenities that features a kitchen, a variety of seating options and game tables. Please see Arden, Page 47 Please see Embrey, Page 18 Embrey Embrey acquired a land parcel on the former Qwest Corp. site to develop a 370-unit multifamily community called The Sullivan.
Page 2 - March 5-18, 2025 www.crej.com Whether it’s business banking, wealth management, mortgages, or more, we’ve got you covered. With over 120 years of proudly serving our community, we combine local expertise with the strength of a $19 billion bank. Last year we funded over $700 million in commercial and residential loans in Colorado. Let us help you achieve your ýnancial goals! DREAM BIGGER. BANK BETTER. Member FDIC Baxter Fain, President Charlie Cartwright, Business Development O icer Private Banking, Colorado Steve Harlan, Wealth Management Advisor Central Trust Company, Colorado Banking | Private Banking | Business Banking Mortgage | Wealth Management SCAN THE QR CODE TO SEE OUR LOCATIONS NMLS #407985
March 5-18, 2025 - Page 3 www.crej.com Commercial Real Estate Debt + Equity | Investment Sales | Loan Servicing | Fund Management Navigating tough terrain, TOGETHER. DAVID LINK Managing Director, Debt + Equity 303.225.2109 | dlink@northmarq.com DAVID MARTIN Managing Director, Investment Sales 303.225.2130 | dmartin@northmarq.com CONTACT OUR DENVER OFFICE FOR YOUR COMMERCIAL REAL ESTATE NEEDS With over 60 years of commercial real estate experience, we’ve navigated the ups and downs. Northmarq is an industry-leading capital markets resource for commercial real estate investors. We offer a personalized approach with unmatched access to lenders, investment sales experts, a best-in-class loan servicing platform, timely trends and insights, and much more. www.northmarq.com/denver 303.225.2100
Page 4 - March 5-18, 2025 www.crej.com SM FULL-SERVICE COMMERCIAL REAL ESTATE SOLUTIONS INDUSTRIAL LAND MULTIFAMILY OFFICE RETAIL PRIVATELY-OWNED AND OPERATED FOR 40 YEARS 8450 Rosemary St Commerce City, CO 80022 8,980 RSF • INDUSTRIAL WAREHOUSE Lease Rate: $15.00 /RSF NNN • Available April 2025, possibly sooner • Radiant Heat & Swamp Coolers in Warehouse • Close to I-76, Highway 85, and Highway 2 • With two drive-ins & dock well 303.512.1162 Phil Yeddis Visit our website to subscribe to our “First Look” mailing list, analytics and more! 303.321.5888 www.uniqueprop.com 5107-5135 Emerson St Denver, CO 80216 LARGE DEVELOPMENT LOT Sale Price: $4,995,000 • Located in a QCT and DDA • Adjacent to the multi-billion dollar National Western Stock Show development. • Located on the hard corner. • Could build up to 7 stories with affordable housing. 303.905.5888 Marc Lippitt & Justin Herman 1915 & 1919 E Colfax Ave Denver, CO 80206 5-STORY DEVELOPMENT LOT / POSSIBLE OWNER FINANCE Sale Price: $2,800,000 • Located within Enterprise Zone • Active Demolition Permit | Expires July 2029 • Permissive zoning | Build Up to Five Stories • Potential to add density with more affordable housing 303.905.5888 Marc Lippitt & Justin Herman 15 E Iowa Ave Denver, CO 80210 SELLER FINANCING AVAILABLE! • 2nd Єoor Shell Condition - Ready for Buildout • Lighted Hard Corner along South Broadway and East Iowa Ave • 32,000 VPD • Owner/User or Investor with Upside 303.512.1197 Sam Leger & Graham Trotter Sale Price: $2,750,000
March 5-18, 2025 - Page 5 www.crej.com COMMERCIAL REAL ESTATE - FEATURED PROPERTY 303.962.9555 One Broadway Suite A300 | Denver CO 80203 www.PinnacleREA.com Delivering innovative real estate solutions that are client-centric and relationship-focused RECENTLY SOLD PROPERTIES 4085 Westmeadow Drive | Colorado Springs, CO List Price: TBD by Market Property Highlights: Mike Krebsbach 303.407.9782 Kenny Clarke 720.638.5416 Jessica Graham 303.830.4756 Turnkey Asset Priced Below Replacement Cost High-Quality 1984 Construction Strong Historical Occupancy and Collections Recent & Ongoing Capital Improvements Prime Broadmoor Location Exceptional Employment Access Prosperous Community Unmatched Livability Strength of the Colorado Springs Economy $8,520,000 3445 S Downing Street Englewood, CO $42,000,000 1140 Cannon Street Louisville, CO $5,460,000 1123 Auraria Parkway Denver, CO $1,150,000 5500 & 5540 West 29th Avenue Wheat Ridge, CO $13,500,000 7135 Raleigh Street Westminster, CO 4085 WESTMEADOW DRIVE COLORADO SPRINGS, CO 80906 Number of Units: 252 NUmber of Buildings (17) 2-Story YOC: 1984 Rentable SF: 182,520 Lot Area: 10.24 Acres Parking Spaces: 401 (1.59/Unit) MOUNTAIN VIEW APARTMENT HOMES
Page 6 - March 5-18, 2025 www.crej.com Office Managing Shareholders Jennifer Stenman and Amy Ruhl 720.975.0466 · reinhartlaw.com Deep Experience. Insightful Counsel. Reinhart, a nationally recognized law firm with strong ties to Denver’s development community, is dedicated to helping clients successfully navigate today’s most important commercial real estate issues. BDO Denver 303 E. 17th Avenue, Suite 600 Denver, CO 80203 303-830-1120 Accountants and Advisors www.bdo.com © 2021 BDO USA, LLP. All rights reserved. What’s Next? Business resilience is being tested daily. At BDO, our team of experienced professionals provides the knowledge and proactive guidance necessary to overcome the evolving challenges construction facing companies of every size. From ever-changing tax and reporting regulations, unstable surety and banking markets, to labor issues and unrelenting competition, we’re here to help the clients we serve, wherever they do business. www.bdo.com/construction by Avalon Jacka COLORADO SPRINGS – A Lafayette-based commercial real estate investment firm acquired a midrise office building for $17.25 million in January. Alloy Tech Center VI LLC, an entity managed by Alloy Real Estate Capital LLC, purchased Tech Center VI at 5575 Tech Center Drive from Tech Center VI LLC, an entity managed by Ogilvie Properties Inc. The seller was represented by Aaron Johnson, Jon Hendrickson and Mitch Veremeychik of Cushman & Wakefield, while the buyer did not have a representative. “This is a high-quality, stabilized office building that has maintained robust occupancy from a strong tenant roster that perfectly suits the submarket’s profile as one of the largest aerospace and defense industry economies in the U.S.,” Johnson said. “Additionally, since the pandemic, nearly all tenants have renewed their lease or are new since the pandemic, reflecting the property’s and area’s desirability.” Ogilvie bought Tech Center VI for $12.11 million in 2019, according to El Paso County public records. The seller repositioned the asset with several modern upgrades, including a fully renovated lobby, restrooms and spec suites, Johnson said. Built in 1985, the three-story, L-shaped building is situated on nearly 7 acres in the northern submarket of Colorado Springs. The 104,702-square-foot Tech Center VI was 97% leased at closing to 17 tenants that are mostly government contractors in the aerospace and defense industries. Peter Scoville, Greg Phaneuf and Grant Seanor of Colorado Springs Commercial, an affiliate of Cushman & Wakefield, are managing leasing for the remaining vacant space, according to a leasing brochure. Alloy Real Estate buys Tech Center VI from Ogilvie Properties by Avalon Jacka BOULDER – An office building in east Boulder is fully leased following a lease expansion deal with an existing tenant. Atom Computing leased an additional 20,000 square feet at 2500 55th St. and now occupies the entire building, located in Flatiron Park North. The expansion brings Atom Computing’s total footprint within the park to 54,656 sf. Angela Topel and Michael Ryan McCarty of Gibbons White represented the tenant in the transaction. Beau Gamble and Kevin Nelson of Dean Callan & Co. represented the landlord, Crescent Real Estate LLC. “This was a win-win for both the tenant and the landlord,” said Gamble. “Atom Computing was able to grow within their existing space, while Crescent was able to accommodate their expansion seamlessly.” The firm’s expansion highlights the strength of the local market and the desirability of Flatiron Park as an innovation hub, a statement from Dean Callan said. The park continues to attract industry leaders seeking best-in-class workspace, the statement said. Flatiron Park North is a 169,340sf office and flex campus comprised of four buildings. The park has attracted tenants from a diverse range of industries, including quantum computing, government, biotechnology and defense. Flatiron Park North features abundant parking, and convenient access to multiple bike paths, and a managed beehive colony. Headquartered in Berkeley, California, Atom Computing builds scalable quantum computers with atomic arrays to “empower [its] customers to achieve computational breakthroughs,” according to its LinkedIn page. In January, the firm began rolling out its on-premise system supporting 50 logical qubits in partnership with Microsoft. s Crescent fully leases Flatiron Park North with expansion Alloy Real Estate Capital acquired the 104,702-square-foot Tech Center VI, located at 5575 Tech Center Drive, for $17.25 million. Aaron Johnson Jon Hendrickson Mitch Veremeychik Please see Tech Center VI, Page 47 Angela Topel Beau Gamble Kevin Nelson Michael Ryan McCarty
March 5-18, 2025 - Page 7 www.crej.com Bob Amter bob@montegra.com Kimberly Skari kim@montegra.com 2021
Page 8 - March 5-18, 2025 www.crej.com From the construction of tenements in the 1800s to the highrise steel and concrete luxury residential towers built today, for-rent housing has come a long way. But one constant is the use of wood to build rental housing. Over the years, architects and engineers have pushed the limits of continued demand for housing, escalating construction prices and the ability to achieve even higher densities under the recent IBC, we don’t anticipate the number ability to design a podium building based on the overall building height. Podium buildings will no longer be restricted to only one level of podium structure below the podium deck. This gives designers the ability to design a seven-story, midrise building with five levels of wood-frame out of the ground to save the cost of building subterranean, which is typical in traditional podium designs. Another option would be to leave the subterranean parking, which allows an additional level of residential units within the concrete portion of the structure, thus increasing density. Both options will change Photography © Brad Nicol The 2015 International Building Code offers wood-frame construction the ability to design a podium building based on the overall building height. Podium buildings will no longer be restricted to only one level of podium structure below the podium deck. October 2015 New wood-frame codes allow for more flexibility Nathan Sciarra, 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. 5 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 DENVER – A national law firm will relocate its downtown Denver office one block northeast after occupying its current space for more than four decades. Ballard Spahr signed an 11-year lease for 19,000 square feet of office space on the 22nd floor of the 1800 Larimer building. The firm will move its 60 local attorneys and business professionals into its new office in August. “This lease prepares us for continued local growth and demonstrates the firm’s commitment to remaining part of the Denver community from which we have served local and nationwide clients for over 43 years,” Ballard Spahr Denver office Managing Partner Damon Barry said. “With a strong economy, a well-educated workforce, and its centralized location providing easy access to business hubs across the United States, Denver is a critical location for the firm.” JLL’s Janessa Biller and Tim Bourdelais represented Ballard Spahr in the lease transaction, while landlord Beacon Capital Partners was represented by Newmark’s Jonathan Tilton and Jeff Castleton. Ballard Spahr currently occupies approximately 28,000 sf at 1225 17th St. The firm opted to downsize its space to use its footprint more efficiently, including having similar sized offices for its attorneys rather than having bigger corner offices for partners. “We’ve been in that building since 1981, and practicing law is much different than it once was,” Barry said, noting COVID played a part in that shift. “We are much more efficient with our space uses. We're focusing not on the offices, but more on the common areas where we have clients, and we can throw events in our space. So, we're using our space differently today.” After looking “diligently” throughout the metro area in neighborhoods like Union Station, Cherry Creek and River North Art District, Ballard Spahr felt it was best for its attorneys, business professionals and clients to stay in the downtown area, Barry said. “We believe in being a part of the community, and we think having our office downtown continues to let everybody know that we believe in the direction downtown is going, and we want to be a part of the growth of the downtown market,” Barry added. Downtown’s mass transit options and the building’s proximity to where many employees live were primary factors in staying in the neighborhood, Additionally, the building had the amenities that the firm’s young attorneys are looking for. “We work differently as lawyers today,” Barry said. “Sometimes we don’t just sit in the corner office behind our desk and our computer. We want to give opportunities to lawyers to go work in a different space, and this office also gives us the opportunity for staff to leave the office without leaving the building, but having fresh air, going outside, eating outside, taking phone calls outside, and enjoying the space. We are looking to make sure we can provide a work environment that is more conducive to today's work office space than we have in the past.” The firm’s build-out for its space at 1800 Larimer, which will be consistent with its nationwide design strategy, will be designed by FCA Architects. The space will feature glass walls to provide natural light throughout, efficient and modern individual offices, hoteling options, a windowed café with mountain views, and flexible conference room walls to accommodate a variety of uses. Attorneys and business professionals will have access to 1800 Larimer’s building amenities, including an indoor/ outdoor workspace and terrace on the second floor, conference rooms, a fitness center, a tenant lounge, and bike parking and electric vehicle charging. The lease provides Ballard Spahr with the ability to grow into additional space in the building if needed. Barry said the firm believes the new space will drive its recruiting and retention and “opportunistic” growth plans. In 2024, the firm added nine new lawyers and several additional staff members; Ballard Spahr hopes to see similar growth this year and beyond. The 22-story 1800 Larimer building is one of the most recently built skyscrapers in Denver. The Ballard Spahr team was attracted to the building’s “modernization” and amenities, including its advanced LEED-platinum design, unobstructed mountain views, floor-to-ceiling windows, stateof-the-art airflow and lighting systems, secure access, and conferencing, collaboration and entertaining options, a statement from the firm said. The building offers convenient access to highways and transit systems within downtown while remaining within Denver’s music, theater, sports and culinary scenes. Marking its 140th anniversary this year, Ballard Spahr has more than 750 attorneys across 18 offices following its recent merger with Lane Powell. The firm represents clients across numerous industries in litigation, transactions and regulatory compliance. The Denver Ballard Spahr leases 19,000 square feet in downtown move Newmark Ballard Spahr’s new lease in the 1800 Larimer building marks a 9,000-squarefoot downsizing of its current footprint and allows for future growth within a newer building. Damon Barry Please see Ballard Spahr, Page 10
March 5-18, 2025 - Page 9 www.crej.com May 6, 2025 (morning) REGISTER NOW www.crej.com/events $115 per person 7:00 – 7:25 a.m. Check-In, Registration and Networking 7:25 – 7:30 a.m. Welcome and Opening Remarks Emcee: Jay Philp - Shareholder, Otten Johnson Robinson Ne + Ragonetti PC 7:30 – 8:15 a.m. How to Win an O ice Property Tax Appeal Matthew W. Poling, CPA - Principal, Property Tax, Colorado, Ryan, LLC Michael Van Donselaar - Managing Director, Property Tax, Kroll Michael Clayton - Managing Director, State and Local Tax, Moss Adams Moderator: Andrew L.W. Peters - Shareholder, Otten Johnson Robinson Ne + Ragonetti PC 8:15 – 9:00 a.m. From Doom to Boom: Bringing Back Denver’s Downtown Andrew Iltis - Vice President, Planning & Community Impact, Downtown Denver Partnership Adeeb Khan - Executive Director, Denver Economic Development and Opportunity David Gaspers - Principal City Planner, City & County of Denver Department of Community Planning and Development Moderator: Austin Kane - Partner, Wall Kane Consulting 9:00 – 9:45 a.m. Networking Break - Food & Beverage in Expo Hall 9:45 – 10:15 a.m. Debt Update and Workouts Eric Tupler - Executive Managing Director, JLL Capital Markets Ann Hambly - Founder & CEO, 1st Service Solutions Michael Muldowney - Vice President - Relationship Manager, PNC Real Estate Banking Michael Westover - Shareholder, Otten Johnson Robinson Ne + Ragonetti PC Moderator TBD 10:15 – 11:00 a.m. Developer and Investor Perspective: Challenges and Opportunities Barry DiRaimondo - Chief Executive O icer, Steelwave Marcel Arsenault - Chairman, CEO and Founder, Real Capital Solutions Stephanie Lawrence - Senior Managing Director, Granite Properties Chris King - President & CEO, DPC Companies Marc Perusse - Founder & CEO, E2M Ventures Moderator TBD 11:00 – 11:45 a.m. Mixed-Industry Perspective Listing Brokers, Tenant Reps, Investment Brokers James Roupp - Managing Director, JLL Barry Dorfman - International Director, JLL Tim Richey - Executive Vice Chairman, Newmark Charley Will - Senior Vice President, CBRE | Capital Markets Mark Katz - Senior Managing Director, JLL Capital Markets Moderator: Geo Baukol - President & Partner, Brue Baukol Capital Partners Exhibitor/sponsor registration: Reserve your exhibit space today by contacting Lori Golightly at lgolightly@crej.com Checks, Visa, MasterCard and American Express accepted. 4 hours of real estate continuing education credit have been approved. PRESENT LOCATION The Cable Center 2000 Buchtel Blvd. S. Denver, CO 80210 AND 2025
Page 10 - March 5-18, 2025 www.crej.com Industrial by Avalon Jacka GOLDEN – A Denver-based vertically integrated commercial real estate firm sold an industrial outdoor storage property near South Table Mountain for $7.35 million in February. Flywheel Capital announced the disposition of the asset at 17805 S. Golden Road to former tenant Alpine Civil Construction. The sale underscores Flywheel Capital’s focus on “enhancing underutilized real estate through targeted improvements and strategic leasing, delivering strong investment results,” a statement from the firm said. “IOS has become a core focus for us, particularly in highdemand infill locations across metro Denver,” said Flywheel Capital Managing Director John Fefley. “We acquired this property with the vision of increasing its value through key enhancements. Securing Alpine Civil Construction as a tenant and facilitating their subsequent purchase of the property led to a highly successful outcome.” JLL’s Patrick McGettigan represented Flywheel Capital in the transaction. Robby McClure of McClure and Associates Real Estate represented Alpine Civil Construction. Situated on a 5.3-acre lot, the asset includes three structures totaling approximately 24,904 square feet. Flywheel Capital acquired the 1980-built property for $5.15 million in 2023, according to Jefferson County public records. In the 17 months since its acquisition, the firm repositioned the asset through strategic improvements that included new carpet, paint and LED lighting in the existing office space. Flywheel also added a roll-up loading door in the lower level of the main building, converting outdated office space into a functional storage, shipping and receiving facility. During its ownership, the firm also secured Alpine Civil Construction as a long-term tenant, which completed the sale by exercising a purchase option. The buyer specializes in heavy highway, commercial and land development, providing concrete, asphalt, earthwork, utilities and survey services. Flywheel Capital focuses on investment, property management and asset development of commercial real estate assets. The firm’s total holdings currently exceed $360 million, including more than 1.5 million sf of office, industrial and multifamily properties, as well as ongoing and future development projects. Flywheel Capital acquired two single-tenant industrial properties in the Denver metro area for $6.8 million in May, according to previous reporting. Other News n DENVER – Gruber Commercial Real Estate Inc. brokered two industrial sales in Denver. Gruber Commercial’s Russell Gruber handled both sales directly. Grape St LLC acquired a 21,000-squarefoot building at 4555 Grape St. from Triple S LLC for $2.8 million in an offmarket transaction. The buyer will occupy the building. Formula Enterprises LLC purchased a 9,000-sf building at 4570 Columbine St. for $2.38 million from Stanley Properties. The 31,000-sf site is fenced and paved. The buyer is an owner-occupant. Both properties are situated along Interstate 70, between Interstates 25 and 270, providing connectivity to the greater Denver metro area. n BAILEY – A value-add selfstorage facility in the foothills traded hands for $1.3 million, or $10,569 per unit, or $80.02 per sf. The 16,245-sf facility, situated on 2 acres at 63716 U.S. Highway 285, includes 123 storage units and containers, with additional land for further development. The seller, listed as Storage One/ Pine Junction LLC on Park County records, had owned the property since 1999. Ryan Floyd facilitated the transaction for both the buyer and seller. The buyer was not disclosed. “The new ownership is presented with a prime opportunity to maximize this facility’s cash flow, driving both improvement and growth,” Floyd said. “In addition to the existing 123 self-storage units and containers, there is ample land available for the development of additional units, offering significant potential to expand capacity and boost revenue.” n DENVER – A pair of industrial buildings in north Denver traded hands for $2.75 million in February. A light-industrial asset at 5335 N. Harrison St. and an adjacent building at 5300 N. Jackson St. were acquired by 5335 N Harrison LLC from Thornton Pipeline LLC. The site includes three buildings totaling 11,338 sf comprised of warehouse storage, industrial office and a paved yard totaling 1.52 acres. Nick Jurgens and Jessica Smith of Madison Commercial Properties represented the seller. Matthew Nora and Kirk Vanino of Lee & Associates represented the buyer. “The sellers were looking to relocate their business while maintaining a strong presence in area,” Jurgens said. “We were able to close with a local owneruser buyer in what was a low inventory market for this asset, while securing a strong price point for our seller.” Built in 1959, the asset features eight grade-level doors, signage, a 1.06:1,000-sf parking ratio, and I-A and UO-2 zoning. The main office building was recently remodeled. The buyer, which is associated with Ardent Traffic, will open its first Colorado facility at the site, according to Nora. “The warehouse is functional and well-located and will be a home for them for many years,” Nora said. n METRO DENVER – Digby Commercial Advisors brokered two lease deals in the Denver metro area. A local youth baseball club leased approximately half of an industrial building northwest of the Interstate 70-Ward Road interchange. Diamond Club Baseball LLC leased the 12,000-sf space at 4860 Van Gordon St. in Wheat Ridge from VanGordon Properties LLC for an undisclosed lease term. Digby Commercial’s Wade Wilson and Tanner Digby represented the landlord. There was no tenant broker involved in the transaction. The tenant was attracted to the warehouse’s clear height and the building’s geographic location, Digby said. Diamond Baseball Club offers professional training, youth competitive teams, club baseball travel teams, private lessons, camps and clinics for youth baseball players, according to its website. The organization is moving from a facility less than a mile away on the Interstate 70 Frontage Road. A commercial cleaning and maintenance provider signed a five-year lease for an industrial building in downtown Denver. Consolidated Services Group 2 LLC leased 9,373 sf at 2305 Tremont Place from landlord Tremont Holdings LLC. Digby Commercial’s Wilson and Digby represented the tenant. There was no landlord broker involved in the transaction. The building features a gated yard, which is difficult to find in this part of Denver, Digby said. Based in Denver, Consolidated Services Group specializes in custodial maintenance, trash removal, snow removal, pressure washing, banner and holiday decoration installation, lighting maintenance, irrigation service, fountain maintenance and special projects, according to its website. The social enterprise provides its services for urban environments, transit hubs and special districts. n DENVER – An owner-user acquired a 5,288-sf industrial flex building for $1.4 million in January. The building at 6580 Federal Blvd. was acquired by 6580 Federal LLC and sold by Joseph J. Bogetich and Larry N. Brand. Newmark’s John Gustafson represented the sellers, and Kayla Mahoney of Engel & Volkers Denver represented the buyer. Built in 1958, the building offers 12-foot clear height on a 0.86-acre site with C5 zoning, a 3.78:1,000-sf parking ratio, and close proximity to commuter rail, according to a LoopNet listing. s Flywheel Capital sells IOS property following repositioning Russell Gruber The 16,245-square-foot self-storage facility, situated on 2 acres at 63716 U.S. Highway 285, includes 123 storage units and containers, with additional land for further development. Ryan Floyd The light-industrial asset at 5335 N. Harrison St. and an adjacent building at 5300 N. Jackson St. includes three buildings totaling 11,338 square feet and a paved yard totaling 1.52 acres. Nick Jurgens Kirk Vanino Matthew Nora Jessica Smith Wade Wilson Tanner Digby office is known for its corporate, litigation, real estate, finance, privacy and data security, and public finance practices. The Denver office has received multiple recognitions for its legal services and its pro bono and diversity efforts. Other News n FRONT RANGE – Newmark brokered three new office leases in January. Thornwood Wellness LLC leased 4,069 square feet at Poudre Valley Plaza, located at 1075 W. Horsetooth Road in Fort Collins. Newmark’s Scott Worrell represented the tenant. The landlords – 1409 LLC, Stuart Apartments LLC and MJR King LLC – were represented by Nick Norton and Jake Arnold of Waypoint Real Estate. Gravity Global leased 3,225 sf at Larimer30, located at 2935 Larimer St. in Denver. Newmark’s Grace Lessard and Jamie Gard represented the landlord, Larimer30 LLC, in the direct deal. Flock Homes Inc. leased 3,121 sf at 230 Umatilla St. in Denver. Newmark’s Reed McLaughlin, Thomas Lee and Jonathan Tilton represented the landlord, Miller Brothers Umatilla LLC. Andrew Piepgras of Lincoln Property Co. represented the tenant. s Ballard Spahr Continued from Page 8
March 5-18, 2025 - Page 11 www.crej.com April 8, 2025 (morning) REGISTER NOW www.crej.com/events $115 per person 7:00 - 7:25 a.m. Check-In, Registration and Networking 7:25 - 7:30 a.m. Welcome and Opening Remarks Emcee: Dominic DiOrio - 2025 Chapter President, SIOR Colorado Chapter; Executive Vice President, Stream Realty 7:30 – 8:15 a.m. Keynote Address: Denver and U.S. Industrial Update James Breeze - Vice President – Global Industrial and Retail Research, CBRE 8:15 – 9:00 a.m. Interactive Town Hall: Covering Energize Denver, Construction, Architecture, Finance, Brokerage, and more Celeste Cizik, PE, CEM, LEED AP, PMP - President / Existing Buildings Director, Group14 Engineering, Inc. Je Halsey - Senior Vice President, Debt & Structured Finance | Institutional Properties, CBRE | Capital Markets Jeremy Ballenger - Executive Vice President, CBRE Rob Kiester, AIA - Director, Architecture, Ware Malcomb Joel Scott - CEO, Murray & Staord Inc. Derek Simpson - President, Alcorn Construction, Inc. Moderator: Host: Alec Rhodes, SIOR - Executive Director, Cushman & Wakefield 9:00 – 9:45 a.m. Networking Break - Food and Beverage in the Expo Hall 9:45 – 10:30 a.m. Developer Panel Courtney Schneider - Director, Hines Mindy Rietz - Vice President - Development, United Properties John Torp - Senior Vice President – Mountain West Region, Brennan Investment Group James Carolan - Chief Financial Oicer, OCC Industrial Megan Kranichfeld - Senior Vice President, Trammell Crow Company Brian Dietz - Vice President of Industrial Development, Evergreen Moderator: T. J. Smith, SIOR - Principal, Colliers International Denver 10:30 – 11:00 a.m. Investment Strategies: Buying, Selling, Holding Cal NeSmith, CFA - Managing Director, Ares Management Andrew Holmberg - Partner, Berkeley Partners Paul Hyde - CEO, Hyde Development Christine Elmore - Partner, Acquisitions, TA Realty Moderator: Tyler Carner - Executive Vice President, CBRE 11:00 – 11:45 a.m. Broker Outlook Panel Mike Wafer, SIOR - Executive Managing Director, Newmark Todd Witty, SIOR - Senior Vice President, CBRE Drew McManus, SIOR - Executive Managing Director, Cushman & Wakefield Jason White - Managing Director, JLL Peter Beugg, SIOR - Managing Director, Stream Realty Partners Nick Rice - Vice President, Principal, Colliers International Moderator: Tyler Smith, SIOR, CCIM - Managing Director, Cushman & Wakefield Exhibitor/sponsor registration: Reserve your exhibit space today by contacting Lori Golightly at lgolightly@crej.com Checks, Visa, MasterCard and American Express accepted. 4 hours of real estate continuing education credit have been approved. PRESENT LOCATION The Cable Center 2000 Buchtel Blvd. S. Denver, CO 80210 AND 2025
Page 12 - March 5-18, 2025 www.crej.com MENU It takes courage to do what you love. We’re here to help you do it. business banking for good efirstbank.com/business by Avalon Jacka WHEAT RIDGE – A full-service real estate company headquartered in Indiana will continue expanding its footprint in the state with a new luxury multifamily community in a western suburb. Thompson Thrift, in collaboration with architect Studio M Architecture, will develop Stack at Wheat Ridge, a 255unit Class A community situated on about 7 acres at the northeast corner of Kipling Street and West 44th Avenue. Thompson Thrift Construction broke ground on the project in February. Stack at Wheat Ridge is expected to be completed in winter 2026. “Wheat Ridge stands out as the location provides convenient access to the city's top employers and shopping venues, as well as numerous outdoor activities,” said Josh Purvis, Thompson Thrift Residential managing partner. “Similarly, we believe that our latest Thompson Thrift community, Stack at Wheat Ridge, will deliver a unique blend of exceptional living for our residents and an attractive investment opportunity for our partners.” Stack at Wheat Ridge will offer a mix of one-, two- and three-bedroom floor plans with luxury amenities. Each apartment will feature quartz countertops, stainless-steel appliances, a glass-top range, hardwood-style flooring, granite vanity tops and undermount sinks, a walk-in shower, a fullsize washer and dryer, multiple smart home capabilities, and other designer fixtures and finishes. Select units will include premium stainlesssteel appliances, cabinetry with soft-close doors, a deluxe closet system with shelving, premium lighting, premium kitchen hardware and countertop colors, a dry bar, and advanced smart home capabilities. Patio, balcony and detached garage options will also be available. The community will include high-end amenities, including a fully equipped, 24-hour fitness center; a yoga and spin studio with on-demand fitness classes; a resort-style heated swimming pool; electric fire pits with seating areas; a billiards area; a dog park; a pet spa with a grooming station; an event suite with a full kitchen; and a resident conference room, among other features. An on-site service team, valet trash service and a mobile app will also be available to residents. Positioned five blocks south of Interstate 70, Stack at Wheat Ridge will provide connectivity to downtown Denver, the foothills, and the greater metro area. The community is proximate to several retail centers, including Kipling Ridge and Arvada Ridge Marketplace, offering access to numerous shopping and dining options. The site is situated a short drive to several major area employers, including the Denver Federal Center, CoorsTek, and Home Advisor, as well as Denver’s central business district. The new development marks an expansion of Thompson Thrift’s Colorado portfolio. The firm recently announced its 324-unit Heritage on Hover development in Longmont and broke ground on its 276-unit Switch community in Colorado Springs, according to previous reporting. Stack at Wheat Ridge will be the company’s 20th community in the state, with equity for the project provided by Thompson Thrift 2024 Multifamily Development LP. The company is targeting 11 new residential developments nationwide this year. Thompson Thrift focuses on multifamily, ground-up commercial and mixed-use development across the Midwest, Southeast and Southwest regions. s Thompson Thrift announces 255-unit Stack at Wheat Ridge Multifamily Stack at Wheat Ridge will include 255 one-, two- and three-bedroom units on a 7-acre site at the corner of Kipling Street and West 44th Avenue.
March 5-18, 2025 - Page 13 www.crej.com March 11, 2025 (afternoon) REGISTER NOW www.crej.com/events $115 per person 12:00 - 12:25 p.m. Check-In, Registration and Networking 12:25 - 12:30 p.m. Welcome and Opening Remarks Lindsey Fahey - Vice President, Investment Sales, Northmarq 12:30 - 1:30 p.m. Colorado Apartment Market Overview Scott M. Rathbun - President, Apartment Appraisers & Consultants 1:30 - 2:00 p.m. Broker Panel Matt Barnett - Managing Director, Walker & Dunlop Jordan Robbins - Senior Managing Director, JLL Capital Markets David Martin - Managing Director, Northmarq Moderator: Dave Link - Managing Director, Northmarq 2:00 - 2:45 p.m. Networking Break - Food & Beverage in Expo Hall 2:45 - 3:15 p.m. Multifamily Lender Panel Kevin Connolly - Managing Director, CML Production Manager, Aegon Real Assets Spencer Kane, CFA - Vice President – Debt Originations, PIMCO Prime Real Estate LLC Adam Anderson - Production Manager, Freddie Mac Multifamily Je Dannes - Vice President, Production Manager, Fannie Mae/FHA Finance, Northmarq Moderator: Je DeHarty - Senior Vice President, Debt & Equity, Northmarq 3:15 - 4:00 p.m. Investment Panel Matt Ferrari - Co-Chief Investment Oicer, Head of Acquisitions, TruAmerica Multifamily, LLC Bobby Hutchinson - President, RedPeak Properties Chris Barrett - Vice President, Investments, Equity Residential Ryan Everett - Vice President, Acquisitions, S2 Capital Tom Pugh - Vice President, MLG Capital Moderator: Brian Fisher - Senior Vice President - Debt & Equity, Northmarq 4:00 - 4:45 p.m. Development Panel Ben Krasnow - Managing Director, Crescent Communities Scott Makee - Senior Managing Director, Mill Creek Residential Jarvie Worcester - Managing Director, Trammell Crow Residential. Clay Iman - Development Partner, Highland Development Company Allison Jones - Director - Colorado, Trinsic Residential Group Moderator: Scott Rathbun - President, Apartment Appraisers & Consultants Exhibitor/sponsor registration: Reserve your exhibit space today by contacting Lori Golightly at lgolightly@crej.com Checks, Visa, MasterCard and American Express accepted. 4 hours of real estate continuing education credit have been approved. PRESENT The Cable Center 2000 Buchtel Blvd. S. Denver, CO 80210 AND LOCATION: 2025 Spring
Page 14 - March 5-18, 2025 www.crej.com Multifamily EXPERIENCED COMMERCIAL REAL ESTATE BROKERS COMMITTED TO RELATIONSHIPS BUILT ON RESULTS. MULTIFAMILY INDUSTRIAL OFFICE RETAIL www.NorthPeakCRE.com | 720-738-1949 | Info@NorthPeakCRE.com by Avalon Jacka GREELEY – The Greeley Planning Commission approved a new multifamily project to be built near the City Center West and Northridge Trail neighborhoods. In January, the commission voted unanimously to approve developer Ogilvie Properties Inc.’s proposed use by special review to build a 192-unit development named Union Crossing on a 7.88-acre parcel east of 69th Avenue between Eighth and 10th streets. The currently undeveloped property includes C-H commercial high-intensity zoning, which required review for multifamily use. “Although the record delivery of units in the metro area creates a short-term surplus of supply, the Northern Colorado market, in particular, is wellpositioned to quickly absorb available units and should be below a 5% market vacancy within the near future,” said Dustin Jones, Ogilvie Properties partner. “Given the reduced multifamily pipeline that is the result of the market challenges of the last 24 months, this project’s delivery will be well-timed with an anticipated market rebound that is already underway. Greeley offers a tremendous small community feel with convenient infrastructure, servicing commuters who work in nearby markets.” Humboldt Development Partners is a joint venture partner on the project with Ogilvie. Following the commission’s approval, Humboldt and Ogilvie are currently exploring financing options for constructing the apartments and townhomes, Jones said. The team is targeting breaking ground in first-quarter 2026, depending on market conditions, Jones said. Norris Design is serving as the planning and landscape architect, Harris Kocher Smith is serving as the civil engineer, and KTGY is serving as the architect. Union Crossing will be comprised of six three-story apartment buildings, and two townhome buildings including of a mix of studios, and one-, two- and three-bedroom units totaling approximately 175,000 square feet. Additionally, four retailers are developing on pad sites measuring approximately 1 acre each along 10th Avenue. The community will also feature a pool, a fenced dog run, and a 3,200-square-foot clubhouse with a clubroom, fitness area and yoga studio, coworking spaces, and a leasing lobby, according to city documents. The community will also include 48 garage parking spaces in five detached garages, as well as covered and uncovered bike parking. “This project represents one of the last remaining pieces of developable land located in the former HP campus redevelopment,” Jones said. “The incredible demand for the four retail pad sites, combined with the future multifamily will put the final pieces in place for this community area. Residents will benefit from the convenient location to both downtown Greeley and surrounding communities as well as the robust trail system just steps from their front door.” The site was previously used by Hewlett-Packard as part of its office’s parking lot until HP left Greeley, and the HP building and associated parking lots were demolished in 2022, according to city documents. In 2023, Ogilvie underwent a “minor subdivision process” to create a new lot for the Union Crossing development, as well as four commercial lots for separate commercial development, the documents said. The lot was replatted for multifamily development purposes in 2024, and infrastructure work has been initiated on the site. Based in Colorado, Ogilvie Properties is currently working with DPC Development Cos. to redevelop the former EngleOgilvie wins Union Crossing approval from Greeley Planning Please see Union Crossing, Page 48 Greeley Planning Commission documents Union Crossing will feature six apartment buildings, two townhome buildings, and a clubhouse and pool. Greeley Planning Commission documents Greeley Planning Commission approved Ogilvie Properties Inc.’s 192-unit Union Crossing project, which will include a mix of studios, and one-, two- and three-bedroom apartments and townhomes.
March 5-18, 2025 - Page 15 www.crej.com MEDICAL & PROFESSIONAL OFFICE SPACE FOR LEASE Brianne Sheridan Associate Broker | Commercial REALTOR® (720) 422-3459 brianne@s¿nvest.com Tenant Rep Incentives BROOMFIELD PROFESSIONAL CAMPUS Well-Established, Conveniently Located Medical & Professional Campus BPC is a beauƟful, three-building business center near I-25 on W. 144th Avenue. Nestled into a high income, rapidly growing area, with close proximity to seven major medical faciliƟes, BPC caters especially well to medical oĸce. 1. Commission on Initial Term 2. First Month’s Management Fee 3. Commission on Extensions 3303 W. 144th Avenue, Suite 200 Available Now | 929 sq Ō | Fully built out oĸce 3303 W. 144th Avenue, Suite 202 Available Now | 1,526 sq Ō | Fully built out oĸce 3305 W. 144th Avenue, Suite 203 Available Now | 1,266 sq Ō | Fully built out oĸce suite 3305 W. 144th Avenue, Suite 102 Available Now | 1,477 sq Ō | Customize to your needs 3305 W. 144th Avenue, Suite 204 Available Now | 858 sq Ō | Customize to your needs 3305 W. 144th Avenue, Suite 205 Available Now | 1,103 sq Ō | Customize to your needs BUILD TO SUIT Contact Brianne Sheridan with leasing inquiries or questions about BPC and our Tenant Rep Incentives! This limited-time incentive program rewards you for working with us on the listings below! If your client’s business is a good ¿t for one of these spaces, bring us your deal! The Perks Contact us for full details FULLY BUILT OUT
Page 16 - March 5-18, 2025 www.crej.com 3615–3625 W. Bowles Ave. Littleton, CO 80123 1,072 – 1,500 SF Available Peter Kapuranis ext. 103 Columbine Valley Shopping Center Retail Space for Lease 9106 W. 6th Ave. Lakewood, CO 2,519 SF Available Matt Landes ext. 101 Meadowlark Hills Union Exchange Building 8933 E Union Avenue Greenwood Village, CO 80111 Executive Suites Available $400.00/month Peter Kapuranis ext. 103 Westlake Plaza 1479 W. Eisenhower Blvd Loveland, CO 80538 1,800 - 2,181 SF Available Anchored by Safeway Matt Landes ext. 101 Alameda Square 12790 – 12792 W. Alameda Parkway 1,200 – 2,500 SF Available Below Market Rents Peter Kapuranis ext. 103 J&B Building Company Call 303.741.6343 ext. 100 or visit our website: www.jandbbuilding.com by Avalon Jacka CENTENNIAL – A shopping center in the southern Denver metro area traded hands in two transactions totaling $9.25 million in December. Heritage Green LLC sold parts of Heritage Green Shopping Center, totaling 67,915 square feet, to 2120 CO LLC and Heritage Green Plaza LLC for $6.67 million and $2.58 million, respectively, according to SKLD Information Services. The smaller transaction, which included a vacant 12,000-sf box store at 8239 S. Holly St., sold separately for 1031 exchange purposes, according to the transaction broker Ray Rosado of Lee & Associates. The buyer entities share a primary address, according to public records. Rosado facilitated the off-market sale on behalf of both the buyer and seller. The asset will be a “trophy asset” for the buyer, a statement from Lee & Associates said. The buyer will likely implement capital improvements like a new façade and parking lot upgrades over time to “keep up with what’s happening” in the “strong retail trade area” in Centennial, Rosado said. “There is deep, deep, deep interest in retail inline space right now in the Denver metro area … and the vacancy rate is extremely low,” Rosado said. The shopping center is positioned on the northwest corner of the East County Line RoadSouth Holly Street intersection. The center was constructed in 1983, according to Arapahoe County public records. The asset features some of south Denver metro area’s best-known tenants, including Los Dos Potrillos’ original location; Big Bill’s NY Pizza, which has operated in the site for nearly two decades; and Eskimo Ski & Board Shop, one of the oldest independently owned ski shops still operating in the Denver metro area, Rosado noted. Additional tenants include Companion Animal Veterinary Hospital, Modern Brew Kitchen & Bar, and A Clip Above Pet Styling. The acquisition did not include part of the inline building, and several outparcel buildings within the shopping center. Life Church and Napa Auto Parts occupy the unsold inline portion and Christian Brothers Automotive, O’Reilly Auto Parts and McDonald’s occupy the unsold outpad buildings. Other News n COLORADO SPRINGS – A 9,600-square-foot shopping center in southeast Colorado Springs traded hands for $2.8 million. CWP Properties sold Academy Commons, located at 1614 S. Academy Blvd., to 1614 Academy LLC in February. The property sold at a 6.75% cap rate. The buyer is part of a Denver family with an established relationship with Antonoff & Co. that is actively pursuing all types of commercial real estate acquisitions across the state. Rob Rolley of Re/Max Commercial Properties represented the seller in the transaction. Chris Katsaros and Jeffrey Hirschfeld of Antonoff & Co. Brokerage Inc. represented the buyer. Built in 2015, A c a d e m y Commons is shadow anchored by Walmart Neighborhood Market and is fully leased to State Farm Insurance, Tacos Del Gordo, Posh Nail Bar, Pina’s Salon and a vape shop. n TIMNATH – A single-tenant net-leased building off East Harmony Road sold for $2.2 million in January. Clearwater Church acquired the property at 4650 Signal Tree Drive, Unit 200, from Signal Tree LLC, according to SKLD Information Services. Eric Diesch and Bryce McNeely of Blue West Capital represented the seller in the transaction. The Blue West team secured the local all-cash buyer with the assistance of Aaron Everitt and Harland Guy of The Group Real Estate. “This was a great deal for our client,” Diesch said. “We identified multiple interested buyers but ultimately sold the property to a neighboring investor with whom we had successfully transacted in 2024.” Previously occupied by Banner Health Clinic, the building has less than two years remaining on its lease. Despite the shortterm lease, the transaction closed within 30 days. Portion of heritage Green Shopping Center sells for $9.25M Retail Heritage Green LLC sold parts of Heritage Green Shopping Center to two associated entities for a total of $9.25 million. Ray Rosado Please see Timnath, Page 48 Chris Katsaros Eric Diesch Bryce McNeely
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