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JULY 2-JULY 15, 2014

by Jill Jamieson-Nichols

Denver-based Westfield

Co. has acquired a 12.31-acre

redevelopment site on Brigh-

ton Boulevard at what ulti-

mately will be a gateway into

downtown Denver.

The sale of 4120 Brighton

Blvd. is the largest transac-

tion to occur on the Brigh-

ton Boulevard corridor since

the Denargo Market property

sold a decade ago – and an

indication that institutional-

type capital is finding its way

to the corridor.

The property contains

368,833 square feet of income-

producing

manufac-

t u r i n g /

d i s t r i bu -

tion space,

a l l owi ng

W e s t -

field to be

patient as

the Brigh-

ton Boule-

vard corri-

dor evolves, said Rich Wham,

Westfield managing director

of investments.

Westfield is working with

OZ Architecture to explore

redevelopment

concepts,

which likelywill include reno-

vation of existing buildings as

well as ground-up construc-

tion to include office, light-

industrial, retail and, possibly,

residential uses. The property

is next to the first light-rail

stop out of Union Station.

“It is a rare luxury to own

a redevelopment opportu-

nity like 4120 that generates

current income which allows

strategic patience to deter-

mine the highest and best

use,” said Wham. “We are

very pleased to own a sig-

nificant asset in one of Den-

ver’s most transformative

urban neighborhoods. West-

field has been closely watch-

ing the Brighton Boulevard

submarket for several years

and views this acquisition as a

near-perfect entry point.”

“This strategically located,

significant property could

represent Denver’s single

most promising redevelop-

ment opportunity, delivering

considerable upside value,”

Kevin McClintock, Westfield

vice president of acquisitions,

said in a statement. “The

timing is optimal for 4120’s

makeover due to the contin-

ued successes of Brighton

Boulevard’s ongoing trans-

formation and multiple new

Westfield invests in Brighton Boulevard

Rich Wham

Hines will develop one of the city’s tallest and most distinctive office towers, 1144 Fifteenth,

beginning next May. The 640,000-square-foot building is being developed on a speculative basis.

(See story on Page 4)

New tower on the horizon

by John Rebchook

The prime “gateway” parcel

to Cherry Creek North at East

First Avenue and University

Boulevard could be poised for

a future redevelopment that

would include a new and big-

ger Whole Foods and eight-

story buildings.

While it is far too early for

exact plans to be in place,

many observers expect that

ultimately the Sears building

on the site will be razed and

the giant, struggling retailer

will not be a player in the

rebirth of Clayton Lane.

The 7.7-acre site, believed

to be the largest single par-

cel in the area along what

is known as Denver’s Rodeo

Drive, eventually could be a

walkable, mixed-use develop-

ment with retail, office and

residential – but not a hotel.

AmCap Inc., the owner

of most of Clayton Lane, is

seeking to “opt in” to the

Cherry Creek North zoning

as envisioned under the Cher-

ry Creek Area Plan, which

would pave the way for

future development.

AmCap

has hired

a r ch i t e c t

D a v i d

Tryba, who

des igned

the origi-

nal Clay-

ton Lane

about 15

years ago

for Denver developer Randy

Nichols, to not only poten-

tially come up with a new

plan for the site, but also to

meet with neighbors and seek

their input.

On July 30, City Council-

woman Jeanne Robb is sched-

uled to hear a recommenda-

tion from a Cherry Creek

North task force on whether

that portion of Clayton Lane

and several other parcels

should be allowed to opt in to

CCN’s zoning.

Robb indicated that a giant

surface parking lot around

what is arguably Whole

Foods’ flagship store in the

Denver area is not the best

Clayton Lane could be redeveloped

A map from AmCap shows the current configuration of Clayton Lane.

David Tryba

Please see Westfield, Page 10 Please see Clayton, Page 35

CONTENTS

Greater Denver 4 Boulder County 12 Larimer & Weld Counties 13 Colorado Springs 15 Finance 17 Law &Accounting 20 Property Management 22 Green Building 26 CDE 27

Office

2AA

Industrial 3AA

Multifamily

4AA

Retail 5AA Who’s News 12AA

Inside

Thinking ahead A Boulder company buys a 100

percent-leased office/flex campus with

long-term redevelopment potential

Striking oil CBRE says the Niobrara oil shale

play – and its impact on commercial

real estate – could last for decades

Perfect pose The owner of the Prana

Apartment Homes executes its

business plan to “perfection” with

$34.5 million in refinancing

Doubling up

Apair of California groups

team up to buy an Aurora apartment

community in a $30.6 million value-add deal

12 13 17 1AA See Section B