SEPTEMBER 21-OCTOBER 4, 2016
by Jill Jamieson-Nichols
Brinkman Partners and the
city of Loveland are sculpting
a new future for downtown
Loveland.
A $75 million redevelop-
ment called The Foundry will
bring new apartments, retail
space, a five-screen movie
theater, community plaza,
parking garage and a hotel
or office space to a 2½-block
area in the heart of down-
town. The property stretches
from East First Street to the
Back Stage Alley (between
East Third and Fourth streets)
and is bordered to the east
and west by North Cleveland
Avenue and North Lincoln
Avenue.
A half-dozen years in the
making, the project, formerly
known as the South Catalyst
Project, will break ground by
April and deliver in summer
2018.
Brinkman Chief Operating
Officer Jay Hardy said The
Foundry will take downtown
Loveland “from a place that
has small pockets of interest-
ing locations to a place that
really has a central heart and
soul.”
“ I t ’ s
about creat-
ing a space
where the
communi-
ty can gath-
er, a place
where they
want
to
take their
family and
friends when they come to
town.”
It’s called The Foundry
because, “One of the things we
wanted to do was to honor
what’s unique about Love-
land,” Hardy said. The city
is known internationally for
its sculpture exhibitions and
bronze foundries, and The
Foundry, he said, represents
art, imagination and starting
anew.
Brinkman Partners origi-
nally envisioned The Found-
ry as a two-phase project
with 60,000 square feet of
office space comprising the
second phase. However, “We
think there’s a much higher
The Foundry will transform 2½ blocks in the heart of downtown Loveland.
Jay Hardy
by Jennifer Hayes
A private commercial real
estate investment group
dialed in on Verizon’s Colo-
rado Springs corporate cam-
pus, acquiring the 125-acre
property for $31 million,
according to public records.
Westside
Investment
Partners, under the name
GOTG LLC, purchased the
724,086-square-foot Verizon
Regional Operations Center
at 2424 Garden of the Gods
Road from Verizon Business
Network Services Inc. of
Basking Ridge, New Jersey.
The sale and partial lease-
back of the campus closed in
August.
Verizon will remain the
largest tenantwithin theoffice
campus, leasing back more
than 50 percent of the prop-
erty. The Colorado Springs
transaction
is
Veri-
zon’s third
corporate
c a m p u s
m o n e t i -
zation in
the last 18
m o n t h s ,
part
of
a
three-
p rope r t y
national portfolio that includ-
ed earlier sale-leasebacks in
Richardson, Texas, in July
2015 and Ashburn, Virginia,
in December.
“Although a complex trans-
action, the monetization of
Verizon’s Colorado Springs
corporate campus presented
a true win-win opportunity
for the buyer and seller,” said
Chad Flynn of the Denver
office of CBRE Capital Mar-
kets, Institutional Properties.
“The sale was well aligned
with Verizon’s strategy to
free up capital while main-
taining its operations. In
hand, an institutional inves-
tor received rare access to
one of the highest-quality
office facilities in the market
at a significant discount to
replacement cost with reli-
able cash flow and consider-
able upside potential through
lease-up.”
Flynn, along with CBRE
Capital Markets, Institu-
The 724,086-square-foot Verizon Regional Operations Center comprises six multistory buildings and is
home to a number of the region’s largest employers.
CONTENTS
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Inside
Chad Flynn
