CREJ - Journal

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JULY 1-JULY 14, 2015
by Jill Jamieson-Nichols
Stoltz Real Estate Partners
has added 1730 Blake St. to
its collection of brick-and-
timber office buildings in
Lower Downtown Denver.
Stoltz paid $17.9 million, or
$314.03 per square foot, for
the 57,000-sf building that
once housed Hedges-Atkins
Supply Co. The building is
the third LoDo asset Stoltz
Real Estate Partners has
acquired in just over a year,
and it faced plenty of compe-
tition for it.
“The activity we had was
tremendous. We generat-
ed close to 20 offers,” said
P a t r i c k
Devereaux
of JLL,
who rep-
r e s e n t e d
s e l l e r
B a r e r o s e
P r o p e r -
ties with
JLL’s Jason
Schmidt.
B u i l t
in 1913 and most recently
renovated in 2006-2008,
“The building was virtually,
from a capital perspective,
a brand-new asset with a
historical façade and histori-
cal brick-and-timber finish,”
said Devereaux.
It is one of the few true
brick-and-timber buildings
in Lower Downtown that’s
large enough to attract insti-
tutional capital, he noted. The
building is 95 percent leased,
and rents are approximately
30 percent below market,
according to Devereaux.
Faction Media, with
approximately 13,000 sf, is
the largest tenant. Concentra
Urgent Care also is in the
building.
Devereaux said the build-
ing offers “a tremendous
amount of upside potential
in a submarket that has a
vacancy factor of below 4
percent and is two blocks
from the front door of Union
Station.”
It also has views of “every-
thing that’s occurring in
Lower Downtown from a
development standpoint,
and views directly at and
over Union Station,” he
added.
An adjacent surface park-
ing lot with 20 spaces was
included in the sale.
John Fairbairn of Fairbairn
Commercial Inc. provided
leasing expertise in the trans-
action.
Pennsylvania-based Stoltz
Real Estate Partners also
owns the historic Elephant
Corral and Cable Build-
ings in Lower Downtown.
They are among a number
of assets the company has
acquired since entering the
Denver market just over a
year ago.s
Hedges-Atkins Supply Co., a heating and plumbing supply business, once occupied the property at
1730 Blake.
Patrick Devereaux
by John Rebchook
When the first building in the
Denizen apartment commu-
nity at Alameda Station opens
in about a month, it will be the
first market-rate, LEED Plati-
num rental building in Denver.
“The Denver Housing
Authority has opened LEED
Platinum apartments, but this
will be the first market-rate
one,” said Dan Cohen, devel-
opmentmanager forD4Urban.
Denver-based D4 Urban is
developing the 75-acre Alam-
eda Station, where the two-
building Denizen at 405 S.
Cherokee St. is located.
Denizen will have a total of
275 units. The first building
has 105 units. The second, 160-
unit buildingwill open this fall.
Kephart is the architect and the
general contractor is a joint ven-
ture between PCL and CFC.
Alameda Station itself, bor-
dered by West Alameda Ave-
nue, South Broadway and
Interstate 25 and the railroad
Shown is the exterior of Denizen, which will open its first building in about a month.
CONTENTS
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