CREJ - page 1

AUGUST 19-SEPTEMBER 1, 2015
by John Rebchook
Not long ago, apartment
investors had little interest in
the Glendale area market.
But not Morgan Reynolds
and Steve Daniel, principals of
Denver-based Blueline Proper-
ties.
In 2011, they started buying
older apartment buildings in
Glendale and in Denver, across
the street fromGlendale.
“When we started investing,
there was no competition,”
Daniel said.
“Carmel was a big owner at
the time, but reallywewere the
first people to come into that
market.”
Their bet, instincts and pro-
jections that they could trans-
form tired buildings and make
themhip, lower-cost options to
trendier urban Denver neigh-
borhoods paid off.
They recently sold five apart-
ment communities for a total
of $69.5 million toArel Capital,
based in NewYork City.
That works out to an average
of $129,423 per square foot.
Records indicated they paid
$33.46 million for the five
apartment communities.
One of the buildings that
they bought, refurbished and
sold was the Birch, a 129-unit
building built in 1965 at 4390 E.
Mississippi Ave.
It is believed to be the first
apartment buildingbuilt by the
late and legendaryKal Zeff, the
founder of Carmel Properties,
which he built into the largest-
ever locally owned apartment
empire in the Denver area.
“That’s the story,” said Ter-
The Birch was not only one of the apartment buildings in a Glendale portfolio that recently sold, but
also it is believed to be the first apartment building in the metro area developed by Kal Zeff.
by Jill Jamieson-Nichols
Local developers Bradbury
Properties and Confluent
Development have teamed
up to build out the remain-
ing 72 acres at HighField
Business Park, starting with a
100,000-square-foot specula-
tive industrial building.
HighField Building 5 will be
the fifth building to be built in
the business park near E-470
and Peoria Street in the last five
years. The most recent spec
building, completed in spring
2014, is fully leased.
“Themarket is tight. If you’re
a tenant looking in the south-
east flex industrial market, you
have very, very few options
– certainly no options that I’m
aware of of 100,000 square
feet,” said Confluent Develop-
ment’s Marshall Burton, who
added the building will offer
flexible options to tenants from
15,000 to 100,000 sf with a cou-
ple of 8,200-sf spaces.
It will feature 24- to 28-foot-
clear warehouse space, 5 to 30
percent office build-out and
ample parking. Asking lease
rates range from approximate-
ly $8.50 to $10 per sf triple net.
Jim Bolt, Jeremy Ballenger
and Tyler Carner of CBRE,
which handled lease-up of
HighField Building 3, are mar-
keting Building 5.
“HighField Building 5 signi-
fies the industrial momentum
we are seeing in the south-
east Denver market,” said Bolt.
“This is the fourth speculative
building constructed in the
area over the past seven years,
and the timing is appropriate
by Bradbury Properties and
Confluent Development to
take advantage of the growing
interest in this location.”
The approximately $10 mil-
lion project is expected to be
completed by spring. “We do
have several active prospects
for the building currently,”
Burton said.
HighField Business Park
is being developed on land
Bradbury’s family owned and
farmed for 60 years.
“The opportunity to trans-
form land that’s been in our
family for decades into prop-
erty that will give Colorado
residents a place to work in a
top location is very meaning-
ful,” said Bradbury. “We are
proud to team up with a great
partner in Confluent Develop-
ment tomakeHighFieldBuild-
ing 5 possible.”
HighField Business Park sits
on an elevated site, and the
buildings, attracting compa-
nies including Polystrand Inc.,
Applied Controls, Colorado
Studios, EdgeConneX and J.R.
Butler, also set a high standard,
said Bradbury. Intergroup
Architects, which designed all
the buildings at HighField, is
the architect for Building 5.
Bradbury Properties and
Confluent
Development,
which has developed nearly 3
million sf of commercial prop-
erty in the southeast Denver
market, formed a partnership
to develop the remaining land
at HighField earlier this year.
Inside
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