Page 16 —
COLORADO REAL ESTATE JOURNAL
— March 2-March 15, 2016
Metro Denver
JLL, who represented the land-
lord with JLL’s Peter Beugg.
C h a t h a m
will relocate
to the build-
ing in June.
“ T h e y ’ r e
going
to
transform the
space into a
very open,
m o d e r n
workspace .
What they
really liked was the standalone
nature and the campus feel of
the building, close proximity to
Chatfield (Reservoir) for bike
trails and all the outdoor ame-
nities that they could offer to
their employees, and the build-
ing is large enough to give
them growth for the future,”
he said.
Greg Banta and Duncan Heit-
man of JLL represented Cha-
tham Financial in the transac-
tion.
Constructed in 1981 and
completely renovated in 2006,
the building offers a headquar-
ters identity and is located just
off of C-470. It includes a 5,000-
sf training center.
Other News
■
Another Littleton office
building recently sold to a user
for $517,500.
West Grand LLC
purchased
the 4,380-square-foot build-
ing at 8125 W. Grand Ave.
from
Grand Ave. LLC. MGT
Landscaping
will occupy the
property.
Aaron Romero
and
Alfon-
so Avila,
senior brokers at
Unique Properties LLC-TCN
Worldwide,
represented the
buyer in the transaction.
Ste-
phen Miller,
also a senior bro-
ker at Unique, represented the
seller.
s
Financial
Chatham Financial leased the former Kiewit building in Littleton.
Tyler Reed
located asset in this vibrant
and thriving neighborhood. In
this market, we continue to
be focused on high-quality real
estate in top locations,” said Ned
Carner, Unico Properties senior
vice president of development.
Unico declined to discuss the
acquisition further at this time.
The main, u-shaped office
building, totaling approximately
57,200 sf, is located at 1444Wazee
St. It comprises three stories,
including a garden level with
a large courtyard that faces the
street. The smaller, approximate-
ly 9,000-sf, building is at 1408
Wazee, and the parking lots are
located at 1401 and 1406 Wazee.
The property wasn’t listed
for sale, nor was it listed when
Pennsylvania-based Stoltz Real
Estate Partners acquired it in
early 2015. Located a half-block
from the Cherry Creek Regional
Trail and within a short walk of
Denver Union Station, it houses
predominantly small, local com-
panies.
The Elephant Corral is signifi-
cant to Denver history because
it occupies a site that served as
a wagon train depot during the
1858 Gold Rush. Oxen, horses
and mules were traded there,
giving rise, according to some
accounts, to the National West-
ern Stock Show. The original log
and canvas-roofed structures
were destroyed in an 1863 fire.
The Lower Downtown District
dates the oldest portion of the
existing structure to 1902.
“It’s a phenomenal opportu-
nity for Unico to own a historic
Lower Downtown asset,” said
Geoff Baukol, executive vice
president with CBRE Inc.’s Den-
ver Investment Properties group.
“True brick-and-timber assets
are rare and clearly in demand
from both tenants and invest-
ment capital,” said Baukol, who
handled the sale.
Unico Properties owns more
than 2 million sf of office prop-
erties in Denver, plus 1.4 mil-
lion sf in Boulder.
s
Unico
balance that tenants are looking
for.
“It’s not really the bricks
and mortar, the steel and glass
that make this project special
in my mind. It’s what we’ve
learned from our clients over the
years and how this project has
responded to it. Our clients want
to locate in vibrant communities
with support of municipalities.”
Burton said the Confluent
team has developed nearly 8
million sf up and down the I-25
corridor over the last 20 years
with a particular focus on south-
east Denver. “I can tell you hon-
estly that this project holds the
prospect of being the most chal-
lenging, the most rewarding,
the most fulfilling and the most
successful project that we have
endeavored,” he said.
s
Granite
JSQ at Southlands. The parent
company is based in Indianapo-
lis.
“Some developers like to
build something and get out,”
Hunt noted.
John Winslow, principal of
Winslow Property Consultants,
wasn’t involved the deal, but
said it is truly a Class A devel-
opment.
“This is one of the nicest
apartment complexes in Auro-
ra,” Winslow said. It is near
Southlands mall and E-470.
He said the demographics in
the area are strong, with the
average household income in
the area “north of $100,000.”
Hunt said there was lot of
interest from prospective buy-
ers.
“We received about 10 solid
offers,” Hunt said.
“Braddock & Logan was pret-
ty motivated to win this one,”
he said.
The big units were appeal-
ing to Braddock & Logan and
the other prospective builders,
as well as its location near the
Southlands mall.
“It’s like having 1.7 million
square feet of walkable retail
out your door,” Hunt said.
He said that Braddock &
Logan probably paid close to
the replacement cost, but that is
a moving target.
“Prices are going up 1 per-
cent to 1.25 percent per month,”
with ever-rising labor and land
costs, he said.
“And keep in mind that
Aurora charges fees of $20,000
per unit, so that helps to create
a very strong barrier to entry,”
Hunt said.
“There just aren’t very many
Class Aproperties in the area to
compete with it and given the
rising costs, it will be increas-
ingly difficult to justify new
construction,” Hunt said.
Separately, Braddock&Logan
bought the Outlook Littleton
from Evergreen Development.
Evergreen
Development
completed construction of the
community last year.
It marked Evergreen’s first
Denver-area sale, although its
principal, Jeff Wikstrom, has
been a successful developer in
the metro area for the past three
decades.
"The property generated tre-
mendous interest because of
the lack of apartments in the
entire southwest metro sub-
market,” Hawks said.
“In fact, our records show
only six new properties in this
sector in 25 years and only three
other trades," Hawks added.
Many of the suburban apart-
ment communities command
high prices when they are near
light-rail stations.
That is not the case with the
Outlook.
“Although Outlook isn’t
located on a transit-oriented or
core site, a strategic combina-
tion of timing, location, qual-
ity and adjacency to Dunkin'
Donuts resulted in record pric-
ing."
David Lee, director of invest-
ment real estate for Braddock
& Logan, had this to say about
the acquisition: “As a long-term
owner, our objective in entering
the market has been to pur-
chase new, well-located multi-
family assets that will endure
both economic and construc-
tion cyclicality.”
Lee added that Outlook Lit-
tleton is extremely well built in
an area with “high-wage earn-
ers, expensive single-family
housing and mature neighbor-
hoods that will remain a desir-
able place to live for decades to
come.”
s
ARA
‘There just
aren’t very
many Class A
properties in
the area to
compete with it
and given the
rising costs,
it will be
increasingly
difficult to justify
new construction.’
– Terrance Hunt,
ARA Newmark
