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FEBRUARY 5-FEBRUARY 18, 2014

by Jill Jamieson-Nichols

Beacon Investment Proper-

ties has entered the Denver

market with the $25.05 mil-

lion acquisition of 6455 South

Yosemite, a 10-story office

building in the Denver Tech

Center.

The 198,000-square-foot

LEED Gold building is adja-

cent to Interstate 25 and the

pedestrian bridge for the

Arapahoe at Village Center

light-rail station.

“We’ve been patiently

studying Denver for almost

a year to find just the right

office property as our entry

into the marketplace, and

6455 South Yosemite met all

our criteria,” Ariel Bentata,

co-founder and managing

member of the Hallandale,

Fla.-based company, said in a

statement. “It’s a stable, cash-

flowing architectural land-

mark in Denver’s strongest

suburban submarket with

generous indoor and outdoor

parking, exceptional access

for motorists and public tran-

sit commuters and a solid ten-

ant base that we were able to

acquire at a significant dis-

count to replacement cost.”

Beacon Investment Prop-

erties is a real estate insti-

tutional investment fund

management company that

has acquired 3.6 million sf of

top-tier commercial proper-

ties in the last 12 months. “We

believe the Denver market

will continue to gain strength

throughout its nine-county

region, and we’re currently

looking at other stable, per-

forming and value-creation

suburban and downtown

Denver office properties,”

Bentata said.

Major tenants at 6455 Yosem-

iterepresentthetopthreeindus-

tries – according to the Metro

Denver Economic Develop-

ment Corp. – for employment

Beacon Investment enters Denver market

The property at 6455 S. Yosemite St. in Greenwood Village is Beacon Investment Properties’ first

Denver asset. Meyer Blinder, a penny stock king convicted of securities fraud, built the building for his

company’s headquarters in 1982.

by John Rebchook

Alberta

Development

Partners, based in Green-

wood Village, with a part-

ner, opened the Cornerstar

regional shopping center

in Aurora just as the Great

Recession was kicking off.

“Although this project

made its debut in the midst

of the economic downturn,

the quality of the devel-

opment, its prime loca-

tion, and Alberta Develop-

ment Partners’ local mar-

ket knowledge and tenant

relationships were key fac-

tors in making Cornerstar

a success,” Philip Russick,

principal with PCCP LLC,

Alberta’s partner in the cen-

ter at East Arapahoe Road

and Parker roads, said in a

statement.

Russick was alluding to the

fact that Alberta and PCCP

recently sold 430,000 square

feet of the 685,000-sf center

to Phoenix-based Cole Real

Estate Investments for $116.5

million. Target, one of the

anchors, was not part of the

sale, as it owns its building.

The price per sf for the

430,000 sf that sold equates

to almost $271. By contrast,

Forest City recently sold

914,000 sf of the Orchard

Town Center in Westminster

for $123.5 million, or about

$135 per sf.

“That is an unbelievable

price,” said John Winslow,

a local consultant who was

not involved in the deal.

“That has to be a record on

a per-square-foot basis for

that type of regional center,”

Winslow said, noting it is

not uncommon for smaller

retail projects to fetch more

on a per-sf basis.

He said the amount Vestar,

also of Phoenix, paid per sf

for the Orchard Town Center

is much more typical.

Winslow said he can’t

explain the difference, as

both centers have excellent

locations in their respective

submarkets and both have a

strong tenant mix.

“I will tell you that the

guys at Cole are really smart

and do not make many mis-

takes,” Winslow said.

Cole is a real estate invest-

ment trust that owns more

than 1,000 properties valued

Cornerstar purchased for $116.5 million

Tenant signage at Cornerstar

Please see Beacon, Page 8 Please see Cornerstar, Page 8

CONTENTS

Greater Denver 4 Boulder County 10 Larimer & Weld Counties 11

Colorado Springs

13

Who’s News 14 Finance 16 Law &Accounting 18 Property Management 20 Green Building 24 CDE 25 Office 38 Industrial 39 Multifamily 40 Retail 41

Inside

Golden ticket An apartment developer believes a

Golden Triangle site is ideal for its first

luxury apartment tower in Denver

SPARK plug A Boulder developer proposes a

creative live/work development for the

former Sutherlands Lumberyard

Persistence pays The Loveland community’s efforts

to put a historic property back in use

bears fruit as an arts campus takes shape

Suburban spin An apartment owner/developer

best known for its infill projects sells

two suburban assets for $40.75 million

6 11 10 40 See Section B