Colorado Real Estate Journal -
Equity Residential acquires two Centennial apartment properties, paying $82.5 million for the Centergate Greenwood Park and Centergate Greenwood Plaza properties. CB Richard Ellis’ Steve Rahe and Craig Stack handle the transaction. Principal Real Estate Investors pays $105 million for three Class A office buildings in the Denver Tech Center. Located off Belleview Avenue and Interstate 25, the properties include One DTC, Crescent V and Crescent VI. Cushman & Wakefield brokers Mike Winn and Tim Richey handle the sale for Miller Global Properties. Demolition of the former Gates Rubber Factory begins as Broadway Station Metro District No. 1 begins to take down buildings on the south and west sides of the property. International developer Hines announces plans to develop 50 acres in Interlocken. The Houston-based developer could develop 450,000 to 600,000 sf of Class A office space, a 150-room hotel, 400 to 600 apartment units and 44,000 sf of retail amenities. Transwestern Realty Finance Partners LLC closes $24.4 million in mezzanine financing for the Streets at SouthGlenn, a 1.29 million-sf mixed-use redevelopment of the former Southglenn Mall. JPMorgan pays $75 million for Commons Park West, a “one-of-a-kind” apartment community in the Central Platte Valley. “Our research indicates the price of $265 per square foot is the highest price per square foot ever paid for institutional-quality property in Denver,” says co-listing broker Pam Koster of Moran & Co. Boston-based Berkshire Property Advisors pays $86 million for the 710- unit Crestmoor Downs, one of the “most unique” real estate assets in Colorado, according to Jeff Hawks of Apartment Realty Advisors, who brokers the deal with ARA’s Doug Andrews. A downtown Fort Collins landmark sells for $3.9 million, or approximately $157 per sf. Local investors Paul and Karen Wagner plan to operate the Avery Building as-is. Beau Jo’s is part of the tenant mix. Peter Kast of Realtec Commercial Real Estate Services represents seller Casana Corp. CB Richard Ellis Investors sells a pair of office buildings in the Denver Tech Center for $52.5 million. Alecta Investment Management buys Denver Corporate Center for $25.3 million, or about $140 per sf. Cushman & Wakefield’s Mike Winn and Tim Richey handle the sale. St. Louis, Mo.-based THF Realty signs The Home Depot as its first anchor tenant at Firestone City Centre, a $40 million, 400,000-sf retail center under construction at the intersection of Highway 119 and Interstate 25. New office and retail is announced for Colorado Center, the 650,000-sf office and entertainment center at Interstate 25 and Colorado Boulevard. The city approves the addition of a new office tower, 50,000 sf to 75,000 sf of retail and expanded structured parking. CIBER Inc. signs a 67,000-sf lease for the top 2 ½ floors of a new office building going up in Greenwood Village. CIBER, which is the first major office tenant to sign up for the building, will relocate to Palazzo Verdi in January 2009. CresaPartners’ Paul Keilt and Todd Roebken represent the tenant while Bob Whittelsey of Colliers Bennett & Kahnweiler represents the owner. The Bascom Group LLC out of Orange County, Calif., pays $51.7 million for Lakecrest at Gateway Park apartments. The 440-unit community is located on 13.7 acres at 4699 Kittredge St. in northeast Denver. Jeff Hawks and Doug Andrews of Apartment Realty Advisors broker the sale on behalf of The Pauls Corp. Aardex Corp. opens the country’s largest spec LEED Platinum building this month. The 186,000-sf Signature Centre at Denver West is 100 percent preleased and cost no more to construct than a typical Class A building, according to Aardex principal Ben Weeks. NexCore Group, a developer and owner in the health care real estate market, becomes the largest medical office building landlord in Colorado Springs with its $69.4 million purchase of medical office property. NexCore purchases 285,000 sf of MOBs from city-owned Memorial Health Systems. Hamilton Zanze and Co. buys the Preserve at the Fort for $34.7 million, closing the largest apartment sale in Fort Collins history. CB Richard Ellis broker Craig Stack handles the transaction with fellow broker Steve Rahe. Westcore Properties sells a trio of office buildings in the Briargate Business Campus for $35.6 million. The properties include Corporate Point at Briargate and the Tech Center East and West buildings in northern Colorado Springs. Kent Mau of Sierra Commercial Real Estate and David Tilton of Frederick Ross handle the transaction. A Fort Collins developer announces plans for the Presidio, an 85-acre mixed-use project on the Harmony Road corridor. Les Kaplan, a former Fort Collins planning director, is developing the project, which will be located next to Harmony Technology Park. BRE Properties pays $97.2 million for The Bluffs at Highlands Ranch and Fairways at Raccoon Creek apartment properties. “BRE has had a lot of success adding features to relatively new properties,” says Doug Andrews, who handles the transactions with fellow Apartment Realty Advisors broker Jeff Hawks. CH2M Hill sells its $138.5 million 31-acre world headquarters in Englewood to Wells Real Estate Investment Trust II in a sale-leaseback. CH2M Hill will occupy its campus in Meridian International Business Park on a 10-year lease. Granite Peak, a California-based real estate investment firm, pays $42.2 million for a pair of multifamily properties, Stonebrook and Countryside Village apartments in Aurora. Grubb & Ellis Co.’s Tom Wanberg handles the transaction with fellow broker Josh Gruhl. Englewood-based EchoStar Communications Corp. expands by 114,000 sf within a warehouse/distribution building it occupies at 13100 E. 39th Ave. Paul Kluck, Doug Viseur and Murray Platt of CB Richard Ellis represent landlord St. Paul Properties. Balfour Senior Living breaks ground on the Residences at Balfour, a $27 million independent-living community in Louisville. The 144,000-sf community will be part of Balfour’s campus at the southwest corner of Hecla Drive and 95th Street. Fuller Real Estate expands into the Northern Colorado market, opening an office in Fort Collins. “We have completed more than $100 million worth of sales in Larimer and Weld counties over the last five years,” says Greg Morris, Fuller president and chief executive officer. Capella Telluride, a $300 million condominium hotel project in Telluride, is pushing a record price per sf, according to broker Brian O’Neill of Telluride Properties. Prices range from $900 to $1,600 per sf. Hamilton Zanze & Co. pays $30 million for Chimney Ridge and Woodland Hills apartment communities in Colorado Springs. Sentinel Real Estate Corp. is the seller of both properties. Denver West Village, an approximately 320,000-sf retail center in Lakewood, sells to Simon Property Group for $38.5 million. Denver Village LLC, led by developer Greg Stevinson, sells the center. Hines buys the Guaranty Bank Building in Lower Downtown Denver. Hines buys the 13-story building on behalf of National Office Partners LLP, its investment partnership with the California Public Employees’ Retirement System. Westfield Capital Partners LLC is the seller. Johnson Capital originates a $47.1 million loan to resume development activities on the Brightwater Club in Gypsum. MAXX Properties pays $74.2 million for Uptown Village. Located at 300 E. 17th St., Uptown Village includes 411 units in three high-rise buildings. Oakbrook Corp. sells the property. DCT Industrial Trust buys Centerpark, a landmark industrial property near Interstate 70 and I-25. The purchase of the 431,600-sf Class A industrial park is a joint venture with JPMorgan Asset Management. Lowe Enterprises is the seller. The evolution of Park Meadows continues with the announcement of six new tenants at its open-air expansion. A 29,981-sf Borders will act as the main gateway between the existing center and the open-air shopping area The Vistas. Griffis Value Added Fund pays $40 million for AMLI at Gateway Park in Denver and $26 million for the Bristol Village community in Aurora. Pam Koster and David Martin of Moran & Co. list the property. Toma West LLC, a Norwegian group, pays $40 million for Colorado Tower, adding to its local portfolio. The 424,279-sf building at 621 17th St. is sold by Colorado & Santa Fe Real Estate, which is selling its commercial assets to buy distressed condominiums. CB Richard Ellis brokers Mary Sullivan, Tim Swan and Ron Urgitis, who have handled more than $1.3 billion in sales this year, represent Colorado & Santa Fe Real Estate.