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COLORADO REAL ESTATE JOURNAL
— August 17-September 6, 2016
Ev e r g r e en I nv e s tmen t
CONTACT:
John Becker or Mike Haley
(303) 534-4822
5300 DTC Pkwy, Suite 100, Greenwood Village, CO 80111
Located at 2922 Evergreen Pkwy., this 43,854 sq. ft. multi-ten-
ant building is currently 84% leased. The Center at Evergreen
offers immediate cash flow, upside regular vacancy lease-up
and rent upside and a diversified suite mix with historically low
vacancy and low rollover expense due to suite sizes. Offered
at $6,500,000. Contact broker for Offering Memorandum.
high-tech lab build-out.
The property also is under-
going façade, landscape/
hardscape, roof and signage
improvements.
Baukol said the property pro-
vided reassurance many inves-
tors are looking for.
“I think we’re at a point right
now where a lot of investors
are seeking security and cer-
tainty, and this absolutely was
a fit for that,”
he said.
M a n y
investors also
liked Long-
mont’s con-
centration of
data storage
c omp a n i e s
and
Boul-
der County
address.
“The tech orientation of Boul-
der County and Longmont,
along with the concentration
of data storage companies,
provided additional appeal for
this investment and location,”
he said.
Pacific Acquisitions, focused
mostly on single-tenant indus-
trial assets, earlier this year
bought a 200,420-sf distribu-
tion building in Frederick that
is leased to OtterBox. It also
owns a distribution facility at
4690 Florence St. in Denver.
s
Micron
while respecting the build-
ing's important past role as a
community education facility,”
Hartman said.
Units in the Fruitdale Lofts
will range from 550 square feet
to slightly more than 1,000 sf.
Fruitdale Lofts will include
one-, two-, and three-bedroom
floor plans in the main school
building, as well as the care-
taker’s cottage.
In addition to historic reno-
vations, HEI also focuses on
renewable energy and sustain-
ability and Fruitdale Lofts will
benefit from HEI’s expertise.
The building will include a
large solar power system.
Xcel Energy has approved
about $150,000 in solar power
production subsidies over 20
years.
The building’s solar power
system also qualifies the prop-
erty for approximately $100,000
in solar tax credits.
Other sustainable features
will include energy/water-effi-
cient systems and a free electric
vehicle charging system.
Jefferson County has condi-
tionally committed to support-
ing the project with $680,000 in
federal HOME funds.
In
addition,
recently
approved historic preservation
tax credits include $1 million in
state credits and about $925,000
in federal credits.
Other possible grant oppor-
tunities are being explored as
well as a traditional bank loan
and developer equity.
The existing bleak parking
lot will be transformed into
a heavily landscaped, low-
water-use parking area with
many fruit trees to recall Fruit-
dale’s past.
HEI also will offer periodic
public education tours on the
property’s sustainable features
to continue Fruitdale’s long-
term focus on community edu-
cation.
HEI has extensive experience
in redeveloping and repurpos-
ing historic properties.
Some of its notable past proj-
ects have included Hangar 2
and the Steam Plant Lofts at
Lowry.
Although Hartman has prac-
ticed as an architect, HEI has
hired The Abo Group as the
architect of record. Palace Con-
struction will be the general
contractor.
“They are very experienced
with historic renovation proj-
ects and Ron (Abo) lives in
Wheat Ridge,” Hartman noted.
HEI is the design architect as
well as the developer and long-
term property owner.
Hartman said the $5.5 mil-
lion public-private partnership
would not be possible without
the help of various government
and nonprofit entities.
“HEI is honored to be the
city's private-sector partner for
this very challenging redevel-
opment,” Hartman said.
“The Wheat Ridge Housing
Authority, city leaders and
many other people deserve lots
of credit for being part of the
team effort to save this impor-
tant building,” Hartman said.
Ken Johnstone, community
development director for the
city of Wheat Ridge, said the
Fruitdale Lofts will be a “great
fit” for the city.
“We feel lucky to have such
unique housing with a strong
history coming to Wheat
Ridge,” Johnstone said.
The
redevelopment
of
the Fruitdale Lofts recently
received a boost when Histo-
ry Colorado and the National
Park Service approved plans
for the restoration of the build-
ing, making the project eligible
for state and federal historic
preservation tax credits. This
approval was a critical mile-
stone, as the tax credits are a
major component of the public-
private financing plan, accord-
ing to the city.
The WHRA investigated
a number of redevelopment
options before HEI came on
board.
When a deal to sell it to a
school collapsed, the WHRA
feared no re-use option would
be financially feasible.
That is, until HEI and other
partners stepped up to the
plate.
The Fruitdale School proper-
ty was deeded to the Jefferson
County School District in 1883.
Hartman has a personal con-
nection to Buell, who died at
age 94 in 1990.
Hartman met Buell, best
known for designing the orig-
inal Cherry Creek Shopping
Center and the Paramount
Theater, in the mid-1980s.
“He was 90 and I was 25
and working on the Paramount
Theater, so I took Temple to
lunch at a restaurant at the
Odd Fellows Hall that I had
designed,” Hartman recalled.
“I was a young architect
meeting with the old master.
He took me to his office and
we talked about architecture
and development,” Hartman
said.
s
HEI
Other News
n
The
Animosus Trust
pur-
chased a 1,525-square-foot indus-
trial building and 0.29-acre lot at
2042 S. Bannock St. in Denver for
$525,000. Amarijuana dispensary
occupies the building with two
years remaining on its lease. Built
in 1949, the building has 12-foot
ceilings and a fully fenced yard.
The lot is leased to a sepa-
rate tenant on a month-to-month
basis.
Sam Leger, Tim Finholm
and
Carols Valencia
of
Unique
Properties LLC-TCN Worldwide
represented the seller in the
transaction.
s
Industrial
represents, plus or minus, a $6
to $8 (per sf) savings from the
new product in and around
Union Station,” Merrion com-
mented.
Groundbreaking is antici-
pated for second-quarter 2017,
with completion in the third
quarter of 2018. The building is
being targeted for LEED Silver
certification.
The Zall Co. is marketing the
restaurant and retail space. The
building’s first-floor market-
place is conceived as a place
with common seating where
tenants and community mem-
bers can pick up a cup of cof-
fee, enjoy a beer or a sandwich
from one or more of approxi-
mately eight concepts. “We
want all of these concepts to be
small because we want them
fairly mixed and focused to be
the best they can be for that
use,” Merrion said.
Revolution 3600’s overall
design, including the flexible
floor plates, retail, outdoor ele-
ments, location and accessibil-
ity, all lend to a tenant experi-
ence that should appeal to a
range of tenants, said Merrion.
“Whether you’re 22 years old
or 50 years old, you’re going to
be here and find a lot to like,”
he said.
s
Office
OPEN,
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303.574.1115
Geoff Baukol
