Colorado-Real-Estate-Journal_468390

INSIDE 14 6 FEATURED CONTENTS JULY 2-15, 2025 Office 6 Industrial 10 Multifamily 14 Retail 18 Finance 20 Law & Accounting 25 CDE News 28 Who's News 40 10 Ten-X auction Kenai Capital facilitates sale of Aurora Corporate Plaza Self-storage REIT SmartStop acquires 67,000-square- foot facility in May for $13M TOD housing South Platte Crossing Apartments debuts 60 affordable units 18 Pickleball food hall Relish debuts 21 courts and dining concepts in Lafayette by Avalon Jacka LAFAYETTE – A California- based multifamily real estate firm acquired a 208-unit gar- den-style asset from a Green- wood Village-based firm in May. GL Capital Partners pur- chased Griffis Lafayette Sta- tion, located at 440 Strathmore Lane, from Griffis Residential for $68.5 million, or $329,327 per unit, or $355.10 per square foot, according to Apartment Insights. CBRE represented the seller in the transaction. Griffis acquired the asset for $39.9 million in 2014, accord- ing to Apartment Insights. “We are confident in the underlying demographics and economic fundamentals of these markets, and we are particularly pleased to expand our presence in the Mountain States region,” said Amirra Elgamiel, GL Capital Partners head of investor relations and brand engagement. “Boulder County is experiencing sig- nificant population and wage growth, as well as a boom in commercial and infrastructure development that is stimulat- ing local investment activity. We see a compelling opportu- nity to enhance Griffis Lafay- ette Station and align it with Boulder’s high-quality hous- ing options, which attract employees, students, and oth- ers moving to the region for lifestyle reasons.” “We have a solid relation- ship with the seller and a reli- able track record of closing as agreed,” Elgamiel added. GL Capital Partners plans to hold the property long term and rebrand the property as Lafayette Station. The firm will continue to upgrade the unit interiors and enhance the amenities, Elgamiel said. Built in 1999, the 192,904- sf community includes eight two- and three-story buildings on 12.06 acres and is currently 96% occupied, according to Apartment Insights. Lafay- GL Capital buys Lafayette Station for $69M by Avalon Jacka FIRESTONE – Site work has begun on a new Target store following the closing of the land transaction. Target Corp. acquired the site for the 128,000-square-foot store, situated on 11 acres on the southwest corner of Jake Jabs Boulevard and City Cen- tre Road, from THF Firestone Investors LLC for $3.97 million in April, according to SKLD Information Services. The site is positioned directly west of The Home Depot within the Firestone City Centre devel- opment, developed and managed by The Staenberg Group. The store will sell a mix of general merchandise and gro- cery items and will have dedi- cated spaces for online shop- pers to pick up orders. Roche Constructors Inc. is serving as the general contractor, and RSP Architects Ltd. is serv- ing as project architect. Red- land Consulting Group Inc. is serving as project engineer. Site work began in May, and vertical construction started in June. Delivery is expected in 2026. The town of Firestone announced it entered into a development agreement with the Firestone Urban Renew- al Authority and Target in November following approxi- mately two years of conversa- tions between the town and Target. The terms allowed for the acquisition of the land. The agreement was made pos- sible through a collaboration between town staff members, The Staenberg Group and Tar- get. The town of Firestone has experienced increased interest in other retail and restaurant projects in the area since the announcement of the agree- ment. “Target represents success in a really important endeavor for the town, growing and expanding our revenue base and providing additional shopping opportunities,” said Firestone Town Manager A.J. Krieger. “Target’s wide appeal will help the town attract other retailers, which in turn will move us closer to our goal of generating enough revenue to constantly expand our service and community amenity offer- ings.” The new store is expected to create a “substantial eco- nomic benefit” for the town of Firestone, increasing sales, use and property taxes, and other revenue for the town; boosting local employment opportuni- ties; and providing a desired opportunity for residents to shop closer to home, a state- ment from the town said. “This is a great example of the kind of strategic invest- ment our board of trustees believes is critical to our long- term success,” Krieger said. “It’s really been a privilege to work in such a coopera- Construction commences on 128K-sf Target Please see GL Capital, Page 42 GL Capital Partners acquired the 192,904-square-foot Lafayette Station in May for $68.5 million, a nearly $30 million increase in value from the property’s previous acquisition in 2014. Target Corp. closed on the acquisition of the 11-acre site for its new 128,000-square-foot store in Firestone in April, following a development agreement between the town, company and Firestone Urban Renewal Authority. Please see Target, Page 42