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COLORADO REAL ESTATE JOURNAL
— August 17-September 6, 2016
Metro Denver
by Jill Jamieson-Nichols
A self-storage company with
nearly 30 properties in the great-
er Denver area has acquired a
prime site at Interstate 25 and
Colorado Boulevard.
Extra Space Storage is looking
to build a 6-story self-storage
facility on the 33,600-square-
foot site at 3888 E. Mexico Ave.
in Denver. The property houses
an old office building known as
the Dragon Building, which will
be demolished.
ESS Storage Denver Cherry
Creek LLC bought the property
fromOffice Dragon LLC for $3.3
million, or $98.21 per sf, accord-
ing to Sam Leger and Tim Fin-
holm, executive vice presidents
of Unique Properties Inc.-TCN
Worldwide, who represented
the buyer.
Extra Space Storage Director
of Real Estate Steve Moffat said
the company is working through
the city process and hasn’t final-
ized the number of units but that
is looking at building approxi-
mately 90,000 net rentable sf of
interior-access, climate-controlled
self storage.
“We felt it was a good place
for what we wanted to offer,” he
said, citing the high visibility and
population density in the area.
The office building, constructed
in 1974, was vacant at the time of
the sale. It was under contract for
nearly two years while Unique
Properties relocated a dispensary
that was there, “not an easy task,”
noted Leger.
Extra Space Storage hopes to
complete the new facility in third-
quarter 2017.
Based in Salt Lake City, Extra
Space is the nation’s second-
largest owner and operator of
self-storage facilities. As of June
30, the self-administered and self-
managed real estate investment
trust owned and/or operated
1,412 self-storage stores com-
prising approximately 945,000
units and approximately 106
million net rentable sf in 37
states, Washington, D.C., and
Puerto Rico.
s
Known as the Dragon Building, the building at 3888 E. Mexico Ave. will
be demolished and replaced by a multistory self-storage facility.
by John Rebchook
The historic Fruitdale build-
ing, designed by famed archi-
tect Temple Buell, is poised to
get a new lease on life.
Fruitdale originally was
built more than 130 years ago
as a school building. It was
destroyed in a fire and replaced
by the Buell-designed building
in the 1920s.
Next year, if all goes as
planned, what is now called
Fruitdale Lofts will provide
needed workforce and afford-
able rental units.
Hartman Ely Investments is
under contract with the build-
ing’s owner, the Wheat Ridge
Housing Authority, to convert
the building at 10803 W. 44th
Ave. into rental units.
Five of the apartments will
be income-restricted units.
But even the market-rate units
are expected to be affordable,
according to Jim Hartman,
manager of HEI.
Converting the building into
rental units also will preserve
an important part of the city’s
history.
“This restored landmark
will create the first historic loft
apartments in Wheat Ridge
Shown is a rendering of the Fruitdale Lofts.
Contact: Liz Sharrer, Chair
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