CREJ - page 1

by Jill Jamieson-Nichols
Coal Creek Business Park
in Louisville sold to a Boston-
based real estate investment
and management firm that
entered the Denver metro
market earlier this year.
Tritower Financial Group
paid $38 million, or $186.97
per square foot, for the 100
percent-occupied, 203,243-
sf office campus at 826, 858
and 867 Coal Creek Circle.
The three Class A buildings
sit alongside U.S. Highway
36. They are leased almost
entirely to Medtronic and
CableLabs.
“The reason we like metro
Denver is
because of
the macro
g r o w t h
story. We
like this
location in
particular
b e c a u s e
we believe
it
sits
s qu a r e l y
on the path of where high-
tech tenants want to locate,”
said Tod Brainard, Tritower
Financial partner and direc-
tor of acquisitions.
Medtronic, one of the
world’s largest medical tech-
nology and services com-
panies, is an original tenant
of the business park, which
was developed in 1999-
2001. CableLabs, a nonprofit
research-and-development
consortium of cable opera-
tors, also is a longtime tenant.
While each tenant has spe-
cific locational needs and
reasons they chose to be at
the location, “Being acces-
sible to that really educat-
ed workforce that you find
in the Boulder area is very
important to both of these
businesses,” said CBRE Vice
Medtronic and CableLabs occupy nearly all of the space at Coal Creek Business Park.
by John Rebchook
Investors are on pace to buy
a record $4 billion-plus inDen-
ver area apartment communi-
ties this year; vacancy rates
may rise with about 45,000
rental units under construction
or in the pipeline; and rents are
likely to continue their double-
digit annual increase.
Those were just a few of
the highlights more than 570
developers, brokers, proper-
ty managers, architects, title
insurance executives and oth-
ers in the apartment industry
learned at the recent 2015 Fall
Multifamily Development &
Investment Conference and
Expo.
The conference on Oct.
20 at the Inverness Hotel &
Conference Center kicked off
with Cary Bruteig providing
a slide show and commentary
of national and local graphs
that sliced and diced apart-
ment and economic data by
just about every conceivable
metric.
“Everything is great, but for
how long?” asked Bruteig,
owner of Apartment Apprais-
ers & Consultants.
Bruteig was a sponsor of
the conference, along with the
Colorado Real Estate Journal
andARANewmark.
With rental rates up an
“incredible” 12 percent dur-
ing the past 12 months, and
the building boom exceeding
historic averages and what
would be expectedwith popu-
lation growth, Bruteig’s advice
to developers and investors
was to “take some chips off
the table.”
He said, “Now is not the
time to go all-in,” as far as
investing in new develop-
ments, especially in and near
downtown Denver, where
most of the growth is occur-
ring.
Indeed, at one point he dis-
played an interactive graphic
with dots showing planned
apartment
communities,
which completely obscured
downtown because there were
so many of them.
Panel members speaking at
the conference ranged from
still extremely bullish to some-
what cautious on Denver’s
apartment market, but no
one is anticipating continued
Cary Bruteig displays one of many slides to almost 600 people attending the recent multifamily con-
ference.
Tod Brainard
CONTENTS
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