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DECEMBER 18-DECEMBER 31, 2013

by Jill Jamieson-Nichols

One of the country’s oldest

real estate investment com-

panies entered the Denver

market with its acquisition of

Denver City Center, the larg-

est deal to close in the metro

area this year.

The nearly 1.3 million-

square-foot property com-

prises a full block with two

Class A office towers – 707

17th St. and Johns Manville

Plaza at 717 17th St. – along

with the largest outdoor

plaza in Denver’s central

business district. The price

reportedly was $286 million.

Shorenstein Properties, a

San Francisco-based com-

pany that owns more than

$7.5 billion worth of office

properties, bought Denver

City Center from Crescent

Real Estate Holdings LLC.

Crescent recently completed

an approximately $7 million

renovation that included cre-

ating a second main entry

at 707 17th St., adding new

retail space and storefront

glass, redoing the lobbies

and renovating the plaza to

enhance its appeal.

“The seller had put a tre-

mendous amount of money

into repositioning this asset.

They had really done a phe-

nomenal job in the lobbies,”

said HFF Senior Managing

D i r e c t o r

Mary Sul-

livan, who

h a n d l e d

the

sale

with John

Jugl, also

a senior

managing

director at

HFF.

T h e

property has an inbound

light-rail stop across the street

and is catty-corner from an

outbound stop. “There is less

than a handful of assets that

Denver City Center sale tops 2013 deals

Photo by Steve Zavodny

A pair of office towers and the largest outdoor plaza in Denver’s

central business district make up Denver City Center.

by Jennifer Hayes

A privately held California-

based real estate company

acquired the Alexan at Briar-

gate apartment community in

the highest-priced multifamily

sale ever to close in Colorado

Springs.

Passco Companies LLC,

which specializes in the invest-

ment, acquisition, development

and management of commer-

cial properties throughout the

United States, paid $54 million

for the community, renamed

Vue21.

The $167,701 price per unit

also represents the highest

price per unit ever achieved

in Colorado Springs, noted

Kevin McKenna of ARA Colo-

rado, who handled the transac-

tion with ARA Colorado’s Jeff

Hawks and DougAndrews.

“Properties like this don’t

come up in a market this size,”

said McKenna. “It’s a different

price point, a different pool of

buyers. There was a lot of inter-

est in the asset.

“It's not often an asset like this

comes on the market. Buyers

realized that this was a unique

opportunity to control a mar-

ket-leading property in a great

location. They were attracted to

by John Rebchook

When shopping center

owner Jamie Harris received

a cold call from Marcus &

Millichap broker Chris

Wiedenmayer asking if he

was interested in buying

the Mayfair Center, Harris

didn’t hesitate.

“Literally, I said, “How

soon can you meet me over

there?’” said Harris, who

recently began a $2.25 mil-

lion renovation of the cen-

ter at East 14th Avenue and

Krameria Street in the up-

and-coming neighborhood

in Denver.

When they met at the cen-

ter, Harris told Widenmayer

on the spot that he wanted

it.

“I think he was like, ‘Oh,

yeah, sure,’” recalled Har-

ris, who purchased the

11,700-square-foot center in

October for $1.35 million, 60

percent of what he is putting

into the redevelopment.

Harris, who purchased it

through a single-asset lim-

ited liability company, Chair

Five (which pays homage to

Chair 5 in Vail, as Harris and

his family are avid skiers),

lives in Lowry, five minutes

from the Mayfair Center.

Passco Cos. pays $54 million for Vue21 Center a labor of love for developer

A privately held California-based real estate company acquired the 322-unit Alexan at Briargate apart-

ment community, renamed Vue21, in the highest-pricedmultifamily sale to ever close in Colorado Springs.

A view of the new Mayfair Center

Mary Sullivan

Please see City Center, Page 12 Please see Passco, Page 18 Please see Center, Page 10

CONTENTS

Greater Denver 4 Boulder County 14 Larimer & Weld Counties 16 Colorado Springs 17 Finance 20 Law &Accounting 22 Property Management 24 CDE 32 Office 2AA Health Care 3AA Retail 4AA Multifamily 8AA Industrial 10AA Who’s News 15AA Doubling up

Apartment developers pulled twice

as many permits in the first 10

months of the year as compared

with the same period in 2012

Tale of two cities

The developers of a major new

mixed-use development in Superior

aim to bridge the gap between

the old and new parts of town

New showing

A national real estate

investment company debuts in Denver

with the $16.6 million acquisition of a

Castle Rock apartment community

Suburban standout

Granite Properties pays $26

million for Prentice Plaza, a

Class A office building in the

heart of the Denver Tech Center

Inside

6 14 1AA 2AA See Page 16AA