Page 4 —
COLORADO REAL ESTATE JOURNAL
— April 20-May 3, 2016
Metro Denver
by Jill Jamieson-Nichols
A company that recently
bought two southeast suburban
office assets has added a third
building to its holdings in that
submarket.
M e l c o r
D e v e l o p -
ments Ari-
zona
Inc.
p u r c h a s e d
Syracuse Hill
I from Triton
Investments
for $10.5 mil-
lion, or $121
per
square
foot. The 82,695-sf building is
located at 6021 S. Syracuse Way
in Greenwood Village.
“The ownership group had
recently renovated the common
areas of the property, which
helped significantly in increas-
ing the overall occupancy of the
property, although much of the
in-place rent factor was signifi-
cantly below current market rate
standards,” said Riki Hashimo-
to of Newmark Grubb Knight
Frank.
Hashimoto said in addition to
the existing vacancy, Syracuse
Hill I had approximately 40 per-
cent rollover exposure in the first
18 months.
“Although this may seem like
a risky proposition for the asset,
Syracuse Hill I is Melcor’s third acquisition in the southeast suburban office submarket this year.
Riki Hashimoto
by Jill Jamieson-Nichols
A Missouri-based hospital-
ity company bought the Dou-
bleTree Denver Aurora Hotel
for $14.8 million – according
to public records – and will
spend more than $5 million on
upgrades to retain the Hilton
flag.
The acquisition represents an
entry into the Denver market
for O’Reilly Hospitality Man-
agement LLC, a Springfield-
based hotel ownership and
management company. The
company manages 22 hotels
and restaurants through the
United States.
The DoubleTree is a 248-room
hotel that sits at a prominent
location on Interstate 225 and
East Iliff Avenue. It has more
than 10,000 square feet of meet-
ing/event space, a restaurant
and bar, indoor swimming pool
and fitness facility.
The property was widely
marketed and received a num-
ber of offers, according to Bill
Murney, senior vice president
of HREC Investment Advisors,
who represented the seller with
Scott Stephens, also a senior VP
with HREC.
“O’Reilly will invest over $5
million into a complete prop-
erty renovation, which will pro-
vide the guests with the best
newproduct in the market com-
bined with the O’Reilly owner-
ship/management touches that
have made the company so suc-
cessful,” Murney said.
With upcoming completion
of the Regional Transportation
District’s new R Line, the hotel
will have light-rail access to the
Anschutz Medical Campus/
Fitzsimons Innovation Campus
and Denver International Air-
port.
New York-based Garrison
Investment Group sold the
hotel, which it acquired for
$8.25 million four years ago,
according to public records.
Other News
n
A 9,137-square-foot former
photography studio in Littleton
will become
Arapahoe Credit
The DoubleTree Hotel at 13696 E. Iliff Place in Aurora will essentially be
a “brand-new” hotel when capital enhancements required by Hilton
are completed, according to Bill Murney of HREC Investment Advisors.
1600 Stout Street, Suite 1330, Denver, CO | 80202 | 303-623-1148
Jon Stern Publisher & Founder x 10
SUBSCRIPTIONS
Jill Harris x103
Published semi-monthly, the first and third week of each month. Subscriptions include
access to the CREJ eNewsletter and 24/7 digital access to the current edition and archives.
Subscribers also receive our five quarterly publications: Office Properties Quarterly,
Multifamily Properties Quarterly, Retail Properties Quarterly, Property Management
Quarterly and Building Dialogue. Subscription rates: $85 one year; $155 two years.
Single issue $4; back issues $5. Subscriptions are non-refundable.
SECTION EDITORS
Jill Jamieson-Nichols x107
Boulder County & U.S. 36 Corridor; Larimer & Weld Counties;
Metro Denver: Office, Industrial, Hotel
John Rebchook 303-945-6865
Finance; Metro Denver: Multifamily, Retail; Western Slope/Mountain Towns
Jennifer Hayes x106
Colorado Springs/Southern Front Range; Construction, Design & Engineering;
Contributed Expert Articles; Green Building/WELL Building; Who’s News; EDC;
Health Care & Medical Office Buildings; Law & Accounting; Senior Housing & Care
QUARTERLIES EDITOR
Michelle Askeland x104
Multifamily Properties Quarterly
Office Properties Quarterly
Property Management Quarterly
Retail Properties Quarterly
BUILDING DIALOGUE PUBLISHER & EDITOR
Kris Stern x109
PRODUCTION/GRAPHIC DESIGN:
Jennifer Steidley 720-272-5902
CREJ CONFERENCE SERIES:
Jon Stern x101
PRINT & ONLINE ADVERTISING:
Lori Golightly x102
CUSTOMER SERVICE:
Jolene Wollett x100
Periodicals Postage Paid at Denver, CO
POSTMASTER: Send address changes to Colorado Real Estate Journal,
1600 Stout Street, Suite 1330, Denver, CO 80202.
All rights reserved. No part of this publication may be stored,
reproduced, or transmitted in any form or by any means without the publisher’s prior written permission.
All contributed articles published in the
Colorado Real Estate Journal
represent solely the individual
opinions of the writers, and not those of the
Colorado Real Estate Journal.
REPORT AN ERROR IMMEDIATELY
(ISSN 1060-4383)
Vol. 25 No. 8
Contact: Liz Sharrer, Chair
303.295.8000
555 17th Street, Suite 3200, Denver, CO 80202
IS COMMERCIAL REAL ESTATE YOUR MOUNTAIN?
Mountains can symbolize your business challenges.
In commercial real estate, it’s par for the course to move mountains – sometimes literally – or to
incorporate them in your design. When commercial real estate is an uphill battle for you, our lawyers can
assist – from land use and leasing to construction and financing – and most everything in between.
If commercial real estate challenges are
your
mountain,
we’re here to help you ascend.
Whatever your mountain…
