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Page 4 — COLORADO REAL ESTATE JOURNAL — December 7-December 20, 2016
Metro Denver
by Jill Jamieson-Nichols
An eight-story, 70,000-square-
foot office building with 5,000
sf of ground-floor retail space is
planned for Cherry Creek North.
BMC Investments and Bow
River Capital recently paid $7.35
million for a site at 2727 E. Second
Ave., at the northwest corner of
SecondAvenue and Detroit Street,
for construction of the $37.5 mil-
lion building.
“There are so many great things
going on in Cherry Creek that our
belief in the neighborhood now
and over the long term contin-
ues to grow rapidly. The ability to
acquire one of the best locations
within Cherry Creek to build a
new standard-setting mixed-use
project that we can own long term
aligns perfectly with our business
plan,” said Matt Joblon, CEO of
BMC Investments.
BMC and Bow River will relo-
cate their headquarters to the
building, each occupying 10,000
sf. They also are talkingwith other
companies interested in relocating
to the project.
“We are excited to partner with
BMC Investments on this one-
of-a-kind office asset, which will
emphasize cutting-edge and sus-
tainable architecture for our long-
term investment in one of Den-
ver’s strongest neighborhoods.
The development presents a tre-
mendous opportunity to estab-
lish Bow River Capital Partners’
corporate headquarters alongside
other successful financiers in the
vibrant and energetic Cherry
Creek North,” said Blair Richard-
son, BowRiver Capital CEO.
Designed by 4240 Architects,
the building will feature a fully
programmed roof deck, concierge,
valet parking and outdoor court-
yard/park space. The site current-
ly houses several retail tenants,
including the original Kindness
Yoga studio, Amazing Lash Stu-
dio, Hand & Stone Massage and
Facial Spa, Concord Custom Tai-
lors and Duke’s Corner Store. The
developers hope to start demoli-
tion in August and complete the
new building in approximately 14
months.
Asking lease rates will be in the
mid-$30s per sf triple net.
BMC Investments has been very
active in in the Cherry Creek sub-
market since late 2012, developing
the 218-unit Steele Creek luxury
apartment buildingwithMatsuhi-
sa Restaurant on the ground floor
and 154-key Halcyon hotel, which
includes the Departure Restaurant
and soon-to-open Quality Italian
Restaurant. It also is under con-
struction on the Marriott Moxy,
a 170-key micro hotel expected
to open in late summer, and has
started construction of two luxury
apartment towers called the St.
Paul Collection, expected to be
completed in spring 2018.s
by Jill Jamieson-Nichols
The city of Arvada has
approved development of a
645-unit self-storage facility in
the fast-growing western side
of the community.
“This area of Arvada is expe-
riencing explosive growth,
and up until this year, there
were no parcels in the area
that offered storage as a use by
right,” said Peter Shaw, found-
er of Blue Wing Capital Man-
agement LLC. Littleton-based
Blue Wing Capital put the 2.9-
acre development site at 14872
W. 69th Ave. under contract
pending a zoning code change
that allows storage uses within
specific planned unit develop-
ment-zoned districts. It expects
to break ground in February.
Currently called Ralston Val-
ley Self Storage, the facility will
be managed by, and branded
as, Life Storage. Life Storage is
one of the largest self-storage
companies in the world.
Designed by Golden-based
Studio DH Architecture, the
89,539-square-foot building
will be fully secured, offering
keypad access and video sur-
veillance. There will be two
loading areas with elevators.
Storage units will range from
5 by 5 feet to 10 by 25 feet with
rents estimated at approxi-
mately $1.69 per sf.
“It’s going to be a high-qual-
ity product, and we’re excit-
ed to offer it to the commu-
nity,” Shaw said of the project,
expected to cost approximately
$77 per sf to develop.
According to Shaw, Blue
Wing Capital Management
was drawn to the area because
it is “very underserved” from
a self-storage standpoint. “All
the local facilities were older
facilities and were running 98
percent full,” he said.
He likes self-storage prod-
uct because, “I come from a
multifamily operational back-
ground. I like the ease of man-
agement and the high cash
flows, and the solid return pro-
file on investment capital.”
Blue Wing Capital Manage-
ment initiated another self-
storage property at 11645 W.
Belleview Ave. in Littleton,
which it sold permit-ready.
That facility is under construc-
tion.
Waner Construction was
selected as the contractor for
the Ralston Valley facility,
which is projected to open in
October.s
Ralston Valley Self Storage, to be managed by Life Storage, will contain 645 units.
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