Colorado-Real-Estate-Journal_474481

INSIDE 12 6 FEATURED CONTENTS AUGUST 6-19, 2025 Office 6 Industrial 10 Multifamily 12 Retail 14 Finance 20 Law & Accounting 27 CDE News 34 Who's News 46 10 Office relocation Reed Smith leases 30,000 sf at 1900 Lawrence Phase 2 Jordon Perlmutter starts work on 150K-sf phase at Hub Arapahoe Luxury multifamily Toll Brothers, Gables Residential announces Gables Angeline 14 Community space Lone Tree approves sale agreement with Truck Yard by Avalon Jacka DENVER – A U.K.-based sports betting company acquired the building it had leased space in for its U.S. headquarters in July. Hillside (New Media Holdings US) Inc. pur- chased One Platte, located at 1701 Platte St., from 1701 Platte Owner LLC, an enti- ty of Shorenstein, for $135 million, according to Den- ver County public records. Completed in 2022, the asset was co-owned and devel- oped by San Francisco-based Shorenstein and Denver- based Nichols Partnership. Nichols Partnership partner Daniel Nichols confirmed the buying entity is affiliated with Bet365, which leased 120,000 square feet in the building in September. “We’re very happy with the result with respect to the times,” Nichols said. “It’s just a really tough real estate market in general and with the office market, espe- cially, not just in Denver, but across the country. (The sale) is the result of a well- designed, well-built build- ing, a good partnership and a good location. If you build quality products in good locations, you’ll be the first to lease up and the last to go vacant, and even in a tough Bet365 buys U.S. headquarters for $135M by Avalon Jacka DENVER – An entity of a real estate investment trust acquired a Class A building within the Enterprise Busi- ness Center industrial park for $25.5 million. Dream US Industrial Fund, an entity of Dream REIT, purchased Enterprise Business Center Building 7, located at 9420 E. 40th Ave., from project devel- oper United Properties. Newmark’s Mike Wafer, Tim Richey, Michael Wafer Jr., Mike Viehmann, Jack Richey and Sean Fitzgerald represented the seller in the transaction, while the buyer did not have a broker repre- sentative. “EBC 7 checks every box for today’s industrial inves- tor, as a Class A building in a core infill location, with the upside of below-mar- ket rents and a short-term WALT,” Mike Wafer said. “Interest in the property was extremely strong, which is a testament to both the quality of the asset and the over- all development by United Properties.” United Properties start- ed development on Enter- prise Business Center in 2015 and constructed the 157,942-square-foot Build- ing 7 in 2017. Building 7 features 24-foot clear height, ESFR sprinklers, high-end office/showroom build- outs, a large truck court, and other Class A amenities. The building was fully leased at the time of sale. “Enterprise Business Cen- ter has stood as a testament to thoughtful development and enduring value over the past decade,” said United Properties Vice President of Asset Management Chris Wold. “The sale of EBC 7 is a strategic transaction as we look to continue develop- ment in the Denver market, including 817,000 square feet under construction at Aero 70.” Known for its accessibil- ity and proximity to major highways and a strong labor pool, Enterprise Business Center is home to major tenants including FedEx, Coca-Cola, Breakthru Bever- age, Tire Rack and Aramark. The asset is approximately 8 miles from downtown Den- ver and 14 miles from Den- ver International Airport. Since its completion, Building 7 has served as the “front door” of the business park, located at the inter- section of Interstate 70 and Dream REIT acquires 158K-sf Class A building Please see Bet365, Page 19 Newmark Bet365 acquired One Platte, the building partially occupied by its U.S. headquarters, for $135 million in July. Located at 9420 E. 40th Ave., the 157,942-square-foot Enterprise Business Center Building 7 was com- pleted in 2017 by seller United Properties. Please see Dream REIT, Page 19 Topics affecting development, investment, management, construction, design and engineering SPOTLIGHT INSIGHTS FROM INDUSTRY EXPERTS