Colorado Real Estate Journal -
MAVD West LLC will develop Harmony Technology Park, a high-end business park, on 105 acres of land on Harmony Road in Fort Collins. HewlettPackard, which has a campus across the street, sells the land for $14 million. Larry Stroud of Realtec Commercial Real Estate Services represents MAVD West. Crown West Realty LLC purchases Orchard Plaza I, II, III and IV in the Denver Tech Center for $20.5 million. The 157,540-sf property is Crown West’s second purchase in the Denver area in recent months. Lincoln Station Investors Phase I LLC, a partnership between Westfield Development Company Inc. and Bradbury Woods, breaks ground on the first phase of its Lincoln Station project adjacent to the Lincoln Avenue light-rail station. Robert Simons purchases the King Soopers-anchored New Windsor Marketplace in Windsor for $11 million. Nss Windsor Holdings LLC sells the retail center. Garrette Matlock of Marcus & Millichap’s The Matlock Group represents Simons. Beacon Capital Partners sells Park Central, a 537,210-sf office complex in Lower Downtown Denver, for $140 million. Beacon bought the property at 1515 Arapahoe St. for $81.6 million in 2001. Best Buy announces plans to debut in Pueblo by year-end. The big-box retailer signs a 20,000-sf lease for freestanding space adjacent to the Pueblo Crossing retail development along Interstate 25 in north Pueblo. Carmel Partners purchases The Falls for $25.5 million, or $122,596 per unit. Jeff Hawks and Doug Andrews of Apartment Realty Advisors represents seller Jonathan Rose & Cos. in the Lakewood sale. Irvine, Ca.-based RLA Real Estate pays $15.3 million for a six-building flex project in Inverness Business Park in Englewood. The Etkin Johnson Group is the seller. Whole Foods Market announces plans to build its 58,000-sf flagship store at The Streets at SouthGlenn. Alberta Development is redeveloping the property that formerly housed the Southglenn Mall in Centennial. Timbers Resorts plans to develop One Steamboat Place at the base of the Steamboat Gondola. An approximately $160 million development, One Steamboat Place will help kick off new development at the resort, which recently was purchased by Intrawest. First Century Development, on behalf of an investment group led by Ed Haselden of Haselden Construction, announces plans to break ground in June on the Millennium Office Building in LoDo. The 113,000-sf Class A building was designed by RNL. NS West LLC, headed by Jim Neenan and Bruce Scott, join with Kroenke Sports Enterprises with plans to develop two 150,000-sf office buildings at Fifth and Wazee streets, near the Pepsi Center. River North, which is a transition of an industrial area into a mixed-use community along the South Platte River, attracts the attention of developer Cypress Real Estate Advisors, which hopes to start developing the 87-acre Denargo Market site in early 2008. Chicago-based Callahan Capital Partners starts shopping for Denver investments, starting with the $770 million purchase of Equity Office Properties Trust’s former downtown portfolio, which includes the 714,080-sf Tabor Center office tower and retail complex. WPC Investments purchases the 96,386-sf property at 109 and 111 Inverness Drive E. for $8.7 million, nearly $90 per sf, yet well below replacement cost. WPC is an entity created by Hawaiian-based Watumull Properties Corp., which owns nearly 1.5 million sf of space in Denver and Colorado Springs. San Marcos, Calif.-based NetREIT purchases the Garden Gateway Plaza in Colorado Springs from DPC Development Co. NetREIT pays $15 million for the 113,000-sf development on Garden of the Gods Road. Oregon-based ScanlanKemper Bard Companies LLC acquires the 283,553-sf Lincoln Center office building in downtown Denver for $45.6 million, or $161 per sf, a price less than half of the estimated replacement cost, according to SKB. Page Mill Properties sells the office building. Seven Generations Office Park in Fort Collins leads the way with what it plans to be the first U.S. Green Building LEED Platinum office park in Colorado. The $10.5 million park will be located off South Timberline and East Horsetooth roads. Forest City Group purchases the Wal-Mart Supercenter in Pueblo for $20 million, or $99 per sf. Adam Christofferson of Marcus & Millichap represents seller Fury Lane LLC. Colorado Distribution Group leases 150,000 sf in Majestic Commercecenter. CRESA Partners’ Jim Long and Dan McCombs represent CDG in the lease transaction. LBA Realty pays $47.1 million for Parkridge One, a six-story building at Lincoln Avenue and Interstate 25, and Financial Plaza, a two-building office complex in the Denver Tech Center. Frederick Ross Co. brokers David Tilton and Todd Alton represent seller ING Clarion. Hamilton Zanze & Co. pays $39.7 million for the Environs, a 318-unit community in Westminster. Craig Stack and Steve Rahe of CB Richard Ellis list the property for seller Environs Partnership. Developers of the Four Seasons Hotel and Private Residences announce plans to break ground in the fall on the 45-story tower at 14th and Arapahoe streets. The landmark building will bring 230 hotel rooms and 102 luxury residences to downtown Denver in 2009. Boulder owner and developer Stephen Tebo purchases a 6,100-sf building in the heart of the Pearl Street Mall for $1.7 million. Activity on Pearl Street has been “very strong” of late, according to Tebo. JPI acquires the first new apartment community to be built in Arvada in more than 20 years. JPI pays developer Milestone Apartment Properties $35 million for Westward Look, renamed Jefferson at Arvada Ridge. Centennial Realty Advisors, a partnership that includes Ken Gillis and Randy Nichols, pays $17.8 million, or $104 per sf, for West Point, a 171,240- sf office building at 3900 S. Wadsworth Blvd. in Lakewood. Cushman & Wakefield’s Patrick Devereaux and Tim Richey handle the transaction. Denver-based The Nichols Partnership breaks ground on the $175 million, 41-story condominium tower, The Spire, in downtown Denver. It will be one of the tallest residential buildings in the Western United States and the first new residential high-rise to be built in decades in the central business district. Triumph Real Estate and Madison Realty Investors sell a one-of-a-kind office and R&D development building for $25 million. The 188,000-sf Louisville building is 99 percent leased to Sun Microsystems Inc., Replidyne Inc. and Globelmmune Inc. Having waited out the downturn in Denver’s industrial market, Principal Development Investors sells the 423,000-sf Airways Business Center in Aurora for $26.9 million, or $64 per sf, the highest prices achieved for a Class A industrial building in metro Denver. Pacifica Real Estate Group is the buyer. Grubb & Ellis broker Steve Suechting and CB Richard Ellis broker Doug Viseur represent the seller. The Great Indoors retail facility adjacent to Park Meadows shopping center sells for $33.7 million, a record-setting sales price for a single-tenant big-box asset. The Broe Cos. sells the 180,000-sf property. Pine Tree Institutional, a Northbrook, Ill.-based buyer, pays $50 million for The Shops at Walnut Creek in Westminster. CB Richard Ellis’ Bob Mahoney handles the transaction. LBA Realty pays approximately $200 million for Denver Place, a trophy office and retail property in downtown Denver. “We had very strong investor interest,” says Cushman & Wakefield of Colorado broker Mike Winn, who handles the transaction with fellow C&W broker Tim Richey. DPC Development acquires $41.5 million in Colorado assets, including iconic Colorado Square in Colorado Springs for $25.2 million as well as three industrial properties along the Interstate 25 corridor. Urban Frontier LLC and Granite Properties announce plans to break ground on a speculative Class A office development in early 2008 in Interlocken. “This is, in our view, the best site in Interlocken,” says Steve Moyski, managing partner of Urban Frontier. Broadreach Capital Partners pays $140 per sf, or $25.9 million, for one of the top office buildings on Union Boulevard. The 10-story, 184,460-sf building at 143 Union Blvd. sits across from the Denver Federal Center. Lowe Enterprises Investors and Blue Vista Capital Management purchase the Tanager Meadows and Lark Haven apartments in Colorado Springs for $31.3 million. Sevo Miller is the seller. Sage Hospitality Resources announces plans to develop the state’s first W Hotel and Residences in downtown Denver at the corner of 16th and Market streets. Preliminary plans for the Denver W Hotel include 180 guest rooms and 56 upscale residences. Developer Evan Makovsky of Shames-Makovsky acquires the Steel Building, commonly known at the Fontius Building. Architecture firm klipp will manage the redevelopment of the Steel Building, located on the corner of 16th and Welton streets. Broadreach Capital Partners continues to invest locally with its purchase of a Class A office building in Denver. Broadreach pays $44.8 million for the 265,520-sf midrise at 303 E. 17th Ave. Cushman & Wakefield’s Chad Flynn, Mike Winn and Tim Richey represent seller Grant Associates.