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NOVEMBER 16-DECEMBER 6, 2016

by Jill Jamieson-Nichols

Companies looking to stand

out on the southeast Interstate

25 corridor will have a new

option with a 120,000-square-

foot speculative office build-

ing slated to be delivered late

next year.

Artis REIT, advised by Mar-

west Enterprises, and devel-

opment manager Trammell

Crow Co. have started con-

struction of a four-story, Class

A building at 169 Inverness

Drive in Englewood.

“We feel its ease of access,

high-profile visibility and top-

quality design will draw high-

quality tenants in the south

Denver market,” said Philip

Martens, Artis executive vice

president.

Located within Inverness

Business Park, the site is next

to the AT&T building at 161

Inverness, which Artis REIT

has owned since 2010.

Through ownership of that

property, Artis recognized the

appeal that the southeast sub-

urban submarket – particular-

ly the area south of Arapahoe

Road – holds for corporate

users, said Ann Sperling of

Trammell Crow Co. Many

regional and national head-

quarters have chosen the area

in order to draw from a tal-

ented workforce, she said.

“There are just scores of ten-

ants who have chosen that

portion of the southeast sub-

urban market. I think that is

what really motivated the

development of this building.

“The opportunity to have

either a significant portion of

a building or an entire build-

ing, to have visibility and sig-

nage on the highway, to have

a combination of structured

and surface parking is very

appealing,” Sperling said.

The building will check a

lot of the boxes for tenants,

agreed John Marold of CBRE,

who, along with CBRE’s Joe

Serieno, is leasing andmarket-

ing the building.

Being south of Arapahoe

Road, near the 470 beltway,

allows employers to tap into a

workforce stretching from the

Parker area west to Highlands

Ranch, as well as surrounding

areas.

The site is located off the

Dry Creek Road interchange,

the most underutilized inter-

change in the southeast sub-

Spec office building comes to Inverness

Artis REIT and Trammell Crow Co. will deliver a 120,000-square-foot building in Inverness Business Park

in late 2017. Fentress Architects is the architect.

by John Rebchook

Koelbel & Co. began buying

land near what was then the

LowryAir Force Base in the late

1970s and early 1980s.

“It was a B-minus or a C-plus

location,” recalledWalter “Buz”

Koelbel, president of his name-

sake, family owned real estate

development dynasty.

The 190-acre site, around a

large, but hidden, lake became

the site for the Breakers Resorts.

Last month, the apartment

community sold for a stagger-

ing $350 million, blowing past

the previous record of $255mil-

lion for an apartment commu-

nity in the Denver area.

Indeed, only an apartment

sale in Manhattan can boast a

higher price tag anywhere in

the U.S. this year.

“It was an amazing feat to

build the Breakers,” said Jeff

Hawks, part of the ARANew-

mark team that sold the com-

munity.

“It was really the first of

what I would call an institu-

tional-quality apartment com-

munity in the Denver area,”

said Hawks, part of the ARA

team that also included Ter-

rance Hunt, Doug Andrews,

Shane Ozment, Anna Stevens

and Amanda Meldrum, which

fielded more than 20 offers for

the colossal community.

Before the Breakers, apart-

ment developments were proj-

ects, not communities.

Units had low ceilings; the

clubhouses, if they existed,

were small and tucked away;

and they lacked high-end fin-

ishes. Few of the projects even

had central air, depending on

air-conditioner units in thewin-

dows, Hawks noted.

The Breakers changed every-

thing.

“Really, everything that has

been built since the Breakers

has been influenced by what

happened there,” Hawks said.

Koelbel remains a minority

owner in the 1,523-unit com-

munity.

The new majority owners

are Pensam Residential and its

partners, BH Equities LLC and

Wafra Capital Partners.

The Breakers marks the first

acquisition in the Denver area

for Pensam and BH Equities.

Wafra specializes in structuring

Shari’ah-compliant leasing and

real estate products, according

to its website.

More than 20 groups were

interested in buying the Break-

ers, despite its stratospheric

price.

Koelbel said the seller, and

the majority owner, the Bas-

comGroup, had a 10-year hold

period and decided now was

a great time to sell, not only

because it had owned for a

decade, but also because apart-

ment sale prices have never

been higher.

Breakers, a legacy holding for Koelbel

A 60-acre lake anchors the Breakers, which recently sold for $350 million.

Please see Trammell Crow, Page 8 Please see Koelbel, Page 13 Featured Quarterly

CONTENTS

Mixed Use 4 Office 6 Industrial 10 Multifamily 12 Retail 14 Boulder County 16 Larimer & Weld Counties 18 Colorado Springs 20 Law &Accounting 21 Finance 22 CDE 28 EDC 39 Profile 40 Who’s News 41 Build-to-sell A 270,000-square-foot industrial build-to-suit trades for $31.9 million Its own class A California buyer pays $82 million for Aspen Grove, which one observer says is in a class of its own Up a notch A Boulder apartment community sets a new record high price at $426,332 per unit Epicenter Conceptual plans are finalized for a 77-acre development at the heart of development activity in Colorado Springs

Inside

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