CREJ - Journal

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MARCH 4-MARCH 17, 2015
by Jill Jamieson-Nichols
Blackstone Real Estate
has acquired a portfolio of
extended-stay hotels in the
Denver metro area from
AB Real Estate Group and
Sage Hospitality for $76.25
million, according to public
records.
The transaction includ-
ed five TownePlace Suites
by Marriott hotels spread
throughout the metro area.
Sage Hospitality will con-
tinue to
m a n a g e
the portfo-
lio, which
comprises
584 guest
rooms.
“ T h e
por t f o l i o
c h e c k e d
all the
r i g h t
boxes for a sale in the cur-
rent hotels market. For one,
Denver is one of the stron-
gest and fastest growing
economic hubs in the coun-
try, drawing top-quality
professionals and employ-
ers from all over the nation,”
said Mark Fraioli, senior
The TownePlace Suites Denver West/Federal Center sold for $13.74 million, records show.
Mark Fraioli
by John Rebchook
When RadioShack filed
for bankruptcy last month, it
made headlines.
After all, the 94-year-old
company is a household name
and the Chapter 11 reorganiza-
tion involves big bucks.
RadioShack had $1.38 billion
in debt, but only $1.2 billion in
assets.
And in the wake of the
bankruptcy filing, RadioShack
made headlines again when it
said it would close 1,784 of its
4,485 stores in North America
by March 31.
However, the Colorado Real
Estate Journal looked at a list
of the planned closings and
found that only 20 stores are
scheduled to be closed in Colo-
rado.
In other words, in Colorado,
the stores on the chopping
block represent only 1.12 per-
cent of the stores scheduled to
shut their doors.
Together, the 20 stories, some
as far away as Grand Junc-
tion and Pueblo, have less than
50,000 square feet.
One way to look at it: Those
20 stores, combined, are small-
er than
the Whole
Foods to be
built in the
17W apart-
ment com-
munity in
downtown
Denver.
“That is a
great way
to put it
into perspective,” said Blake
Larson, a broker with the Leg-
end Retail Group.
Larson said the pending
RadioShack closings will have
little impact on the Denver
area’s strong retail market.
“I think the first round of
closings will not have much of
an impact,” Larson said.
“There is enough positive
momentum in the last year
or two that these RadioShack
closings will not be an issue.”
That is not to say another
RadioShack shoewill not drop.
“The big question that a lot
of people are asking is what
happens next?”
This RadioShack in Wheat Ridge is the largest to close in Colorado, according to court records.
Blake Larson
CONTENTS
Diamond Ventures’ first Denver
acquisition is a newly updated
office building in Inverness
A Texas billionaire pays $72.5
million for Aspen’s Hotel Jerome
Cronheim Mortgage arranges $48
million in financing for the Clayton
Lane retail, a “crown jewel”
in its owner’s portfolio
Niagara Bottling leases
132,000 square feet in Denver’s largest
speculative industrial building
Inside