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JUNE 19-JULY 2, 2013

by John Rebchook

A Boston-based company

paid $56.75 million for the

280-unit Alta Aspen Grove

apartment community in


The purchase by Berkshire

PropertyAdvisors is believed

to have set a new record of

$203,000 per unit for a sub-

urban Denver property. The

sale price equates to $203 per

square foot, also apparently

a record.

“I think it might be a

record,” said David Mar-

tin, managing partner of the

Mountain States division of

Moran & Co., who represent-

ed the seller, Wood Partners.

“I can’t think of any other

suburban property that has

sold for $200,000 a door,”

Martin said.

“I think it is a record. It is a

very strong price, especially

for a three-story walk-up,”

he said.

Previously, Martin sold the

Commons Park West apart-

ment community for $98.1

million, or $291,500 per unit

and $346 per sf, also record

prices by each of those met-


Alta Aspen Grove, devel-

oped by Tim McEntee, is one

of the finest apartment com-

munities in the suburbs, Mar-

tin said.

“Arguably, I think it is one

of the nicest, if not the nicest,

suburban properties,” Martin


“It has a lot going for it.

It is on the light-rail line, so

it is a transit-oriented devel-

opment. It’s on a park. It’s

along the bike trail on the

South Platte River. In fact,

they get a lot of renters from

people walking and biking

on the trail. It is the first Sil-

ver LEED-certified apart-

ment community of its kind

in the suburbs. It is also next

to the Aspen Grove shop-

ping center, which is doing

very well and has great

high-end stores. The Alamo

Drafthouse movie house just

opened its doors there, which

is a great amenity. You just

Alta Aspen Grove’s $57m sale sets record

Alta Aspen Grove sells for $56.75 million.

by Jill Jamieson-Nichols

Speculative industrial devel-

opment is returning to the

southeast Denver industrial


Central Development and

Bradbury Cos. are developing

a 98,875-square-foot, 24-foot-

clear building at HighField

Business Park, a 100-acre

development near E-470 and

Peoria Street. HighField III, the

third building to be built in

the park in the last three years,

will be the first spec build-

ing in the southeast industrial

submarket in five years. It is

on a fast track for delivery in

November – not a moment

too soon, according to indus-

try experts.

Absorption of industrial

space in Denver spiked last

year, accounting for the sec-

ond-highest absorption num-

ber on record, 4.2 million sf.

The market has seen 13 con-

secutive quarters of positive

absorption, and southeast ten-

ants that need15,000 sf ormore

have very limited options.

“The activity over the last

few years is unprecedented,

and that is why we are so con-

fident about the spec develop-

ment and team we have in

place. Similar to the broader

real estate market, the indus-

trial market has experienced

an imbalance in supply and

demand,” said Tom Bradbury,

principal of Bradbury Cos.,

whose family has owned the

HighField land for 70 years.

“In three years, the park

SE spec industrial development under way

by John Rebchook

The $98 million sale last

month of 1700 Broadway

represents not only a strong

price for a high-rise office

tower in downtown, but also

the latest turnaround deal

for the seller, the Denver-

based Broe Group.

“Pat Broe and Bob Jacobs

are certainly astute investors

and they are as entrepre-

neurial as any individuals

you will find,” said Mary

Sullivan, who represent-

ed Broe in the sale of 1700

Broadway with fellow HFF

broker John Jugl.

“It was a risky deal when

they bought it in 2004 for

$34 million,” Sullivan said.

“They did what it took to

reposition the building, ulti-

mately selling for many mul-

tiples of their equity invest-


Broe heads his namesake

family owned company,

which although large and

diversified, has a reputation

for being very low-profile.

Jacobs is the chief invest-

ment officer of the Broe

Group, which has three affil-

iated companies: real estate,

energy and transportation.

Even within its real estate

platform, it is far more

diverse than most compa-

nies that own downtown

office buildings.

For example, it has raised

more than $250 million in

capital to buy distressed

debt in a joint venture with

a major Canadian pension

fund and is gearing up to

raise hundreds of millions

more for new investment


The Broe Group also pro-

vides advisory services to



including advising the

Lehman Estate on a port-

folio of 24 million square

feet of institutional-quality

industrial real estate.

The diversity of its hold-

Broe expands in wake of home-run sale

The Broe Group recently sold 1700 Broadway for $98 million.

Please see Industrial, Page 9 Please see Broe, Page 15 Please see Alta, Page 8


Greater Denver 4 Boulder County 10 Larimer & Weld Counties 12 Colorado Springs 14 Finance 17 Law &Accounting 20 Property Management 22 CDE 30 Office 2AA Health Care 3AA Industrial 4AA Multifamily 6AA Retail 8AA Who’s News 18AA



Etkin Johnson Group sells

I-70/270 Business Center to a

Hawaiian investor for $15 million

Solid state

A ‘solid’ retail center with a

strong mix of long-term tenants

sells for $7.1 million

B is back

The sale of an Interlocken

office building signals a return to

investor appetite for stabilized

B-class properties

Pizza place

The Pagliacci’s restaurant

site will be developed

into luxury apartments

1AA 1AA 2AA 6AA See Section B