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OCTOBER 1-OCTOBER 14, 2014

by Jill Jamieson-Nichols

It’s been a busy four

months for Matrix Group

Inc., which just acquired a

Fort Collins shopping center

for $11.73 million.

Midtown Commons, a

98,764-square-foot center on

South College Avenue, is the

latest of three 1031 exchange

acquisitions the company

has made since selling Mid-

town Industrial Center in

Denver for $20.25 million in

June. It also sold a retail cen-

ter and medical office build-

ing during that time frame.

“We like the Front Range,”

said companyPresident John

W e b b ,

who has

a b o u t

800,000 sf

of retail,

industrial

and office

p r o p e r -

ties from

Northern

Colorado

to High-

lands Ranch.

Webb said Midtown Com-

mons, located at 2701 and

2721 S. College Ave., was

appealing because of its ten-

ancy and location near the

Foothills Mall redevelop-

ment, and a new Trader Joe’s

and Sierra Trading Post.

JoAnn Fabric, Dollar Tree,

ARC Thrift Store, Dickey’s

Barbecue Pit and Urban

Mattress occupy 70 percent

of the space on long-term

leases. “It is 96 percent

leased with very little roll-

over,” he said.

Longtime Northern Colo-

rado developer Everitt Cos.

developed Midtown Com-

mons in 1965 and added a

second building in 1979. It

spent around $5 million ren-

ovating the retail property

over the last couple of years,

a project Matrix Group will

continue by completing

stucco finish and signage

improvements.

Matrix wasn’t the only

party interested in the asset.

“We had phenomenal

interest in it as soon as we

took it out,” said Cassidy

Turley broker R.C. Myles,

who handled the sale with

Cassidy Turley brokers

James Brady and Aki Palm-

er. “We had numerous offers

that came in, many of which

were at or above our asking

price.

“It’s a testament to inves-

tor interest in college

towns,” said Myles, explain-

ing investors like the stabil-

ity of retail in cities with uni-

versities. Interest came from

private real estate invest-

ment trusts, high-net-worth

individuals, 1031 exchange

buyers and others – locally,

within Colorado and out of

state, he said.

Cassidy Turley’s Northern

Colorado office will contin-

ue to market and lease the

shopping center.

Over the last four months,

Aurora-based Matrix Group

also acquired MetroTech

Centre, a six-building flex

park in Westminster, for $7.3

million, and Evergreen Mar-

ketplace, a 29,724-sf retail

center, for $2 million.

“We had tax-exchange

money out of one of the

properties, so we needed to

replace them, and we like

the cash flow of these prop-

erties,” said Webb.

Matrix Group’s recent dis-

positions included the $3.15

million sale of Colfax &

Kipling Center in Lakewood

and Foxridge Medical Build-

ing in Centennial, which

traded for $2.75 million.

s

$11.73m deal one of many for Matrix

Interest in Midtown Commons, on South College Avenue in Fort

Collins, was “phenomenal,” according to Cassidy Turley’s R.C. Myles.

John Webb

by John Rebchook

Matthew Schildt, managing

director of Trammell Crow

Residential, is bullish on the

Denver area apartment mar-

ket.

And not hypothetically bull-

ish.

TCR’s Denver office is

aggressively developing apart-

ment communities on prime

sites in Denver, as well as in

Boulder and Colorado Springs.

TCR’s Denver office has five

apartment communities mov-

ing forward in Cherry Creek

North, Uptown, Sloan’s Lake

andWest Highlands, as well as

in Gunbarrel in Boulder.

When completed, TCR will

have 1,472 units, which repre-

sents 7.5 percent of the 19,515

units planned, according

to Cary Bruteig, principal of

Apartment Appraisers & Con-

sultants.

Combined, the projects have

an estimated value of about

$327 million.

In addition, TRC is moving

forward on the $23 million,

156-unit second phase of its

Briargate community in Colo-

rado Springs.

“They are really hitting it

hard,” said Terrance Hunt, a

broker withARA.

“During the last cycle, they

were one of the biggest build-

ers here as well as nationally,”

Hunt said.

“They’re now back at it,” he

said.

Of course, with more than

20,000 units currently under

construction and dozens of

communities that were built

in the last cycle, TRC is not

the only apartment developer

active in the metro area.

“They are behind some other

Trammell Crow bullish on Denver apts.

Alexan at Sloan’s Lake

Alexan Cherry Creek

Please see TRC, Page 8

CONTENTS

Greater Denver 4 Boulder County 12 Larimer & Weld Counties 13 Colorado Springs 15 Finance 16 Law &Accounting 20 Property Management 22 CDE 28 Office 2AA Industrial 3AA Multifamily 4AA Retail 6AA Senior Housing 7AA Who’s News 16AA

Inside

Strategic buy

Stonebridge Cos. acquires property

in the heart of Cherry Creek

Core strength

The Station at Riverfront

Park is a rare combination of a

core asset and value-add opportunity

Miss Apartments

A former beauty queen

had experience with $1.85 billion in

multifamily deals before joining a

powerhouse team at ARA

Target

Arrow Electronics targets a

128,000-square-foot office

building for its headquarters

4 1AA 1AA 2AA See Section B