OCTOBER 15-NOVEMBER 4, 2014
by John Rebchook
The Spanos Corp. has sold
its recently completed Ele-
ment 47 apartment commu-
nity overlooking Interstate
25 in the increasingly trendy
Jefferson Park neighbor-
hood in Denver.
Boston-based GID paid
$69 million for the 265-unit
community at 2185 Bryant
St.
T h e
sale price
equates to
$ 2 6 0 , 3 7 7
per unit
a n d
$ 3 0 3 . 8 2
per square
foot.
“It is one
of the key
locat ions
in
Den-
ver,” said
John Win-
slow, prin-
cipal
of
Wi n s l ow
P rope r t y
C o n s u l -
tants LLC.
Winslow
was not involved in the deal,
but is a longtime observer of
the Denver-area real estate
market.
The CBRE Investment
Properties team of Dan
Woodward, David Potarf
and Matt Barnett represent-
ed Spanos in the sale.
CBRE did not take the
community to the market.
Instead, it was a presale
acquisition by GID.
“It was based on a pro
forma of $1.97 per square
foot and they are getting
GID recently bought Element 47 from Spanos.
Dan Woodward
David Potarf
by Jill Jamieson-Nichols
Whirlpool Corp.’s distri-
bution facility stirred up the
investment community and
sold for $91.22 per square foot.
“It was off the charts – it
was unbelievable the interest
we had,” said Mike Winn of
CBRE. “There is so little qual-
ity industrial to buy not only
in Colorado but also across
the country, especially for
buyers who have a diversified
portfolio.”
Stoltz Real Estate Partners
bought the 410,212-sf building
on 31.97 acres for $37.5 mil-
lion. Abuild-to-suit for Whirl-
pool that was completed in
2008, the building is located at
20900 E. 36th Ave. in Aurora.
It’s inMajestic Commercenter,
a master-planned park that is
part of Denver’s core indus-
trial market along eastern
Interstate 70.
Whirlpool has approximate-
ly five years remaining on its
lease.
The solid credit tenancy,
Class A construction and
location make the Whirlpool
buildingaverydesirable asset,
agreed Winn and Steve Hager
of Cushman & Wakefield of
Colorado Inc. Hager worked
with the CBRE team that sold
the property for investment
adviser Metzler Real Estate,
on behalf
of
Ger-
man inves-
tor Union
Investment
Real Estate
GmbH.
T h e
bu i l d i ng
is LEED-
certified,
an uncom-
mon designation in the indus-
trial sector, and it also has
rail service with covered load-
ing docks, which sets it apart.
Although Whirlpool isn’t
currently using rail, it was a
requirement for the company
when the building was com-
pleted, said Hager. Appliance
companies like having rail
service as an option because
of fluctuating gasoline prices,
he said. “It is a good hedge
against transportation costs
for the future.”
TheWhirlpool building also
has perimeter fencing and a
guard station. “That way, you
can keep security around the
property, which is important
to a lot of these larger compa-
nies,” Hager commented.
The state-of-the-art build-
ing has 32-foot ceiling clear-
ance, 50-by-40-foot column
spacing, 64 dock-high doors,
two-drive-in doors, reinforced
flooring and excess trailer
parking.
CBRE brokers Tim Richey
and Chad Flynn were part of
the listing team.
Stoltz Real Estate Partners
is a real estate owner-operator
and service company based in
Pennsylvania. It bought three
other assets in Denver this
year: the historic Cable Build-
ing in downtown Denver, and
Meridian Corporate Center I
and II in Englewood, all office
properties.
s
The 410,212-square-foot building at 20900 E. 36th Ave. was a build-to-suit for Whirlpool.
Steve Hager
Inside
Essex Financial arranges an
$85.13 million refinance for Etkin
Johnson Real Estate Partners’ 1.95
million-square-foot industrial portfolio
A former movie theater in
Bergen Park is being transformed into the
Wild Game Entertainment Experience
An investment adviser
enters the Denver office market with two
acquisitions totaling $33.21 million
A longtime Denver moving
and storage company buys
a 277,236-square-foot industrial
building and sells two other buildings
in deals totaling $21.72 million
CONTENTS
