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by Jill Jamieson-Nichols

An approximately 80,000-

square-foot “communal”

office building is being

planned for 2½ acres in East


Sagebrush Cos. recently

purchased the site at 5125

Pearl Parkway for $4 mil-

lion. It is working with Bill

Holicky of Boulder-based

Coburn to design Boulder

Industry & Arts Center, a

working environment simi-

lar to Industry in Denver’s

River North neighborhood.

“It’s really designed to be

an Industry concept where

you have a lot of different

companies, but you can

still have your own private

offices,” said Don Caster,

principal and president

of asset management and

development for Denver-

based Sagebrush Cos. By

code, the largest user will

be 5,000 sf, “So you can rent

a 100-square-foot office all

the way up to 5,000 square

feet,” he said.

People will be able to lease

out a desk for a day or a

month, “But the majority

of it, we’ve found, will be

private offices,” said Caster,

adding there also will be

restaurant offerings on the

ground floor.

With Google’s new cam-

pus being constructed less

than 1½ miles away at Pearl

and 30th streets and employ-

ing up to 1,500 workers over

time, Caster said Boulder

Industry & Arts Center is

likely to appeal to technol-

ogy companies following

Google. However, “I don’t

believe it’s going to be 100

percent tech-driven,” he

said, adding there definitely

will be interest from artists,

whether they be dance stu-

dios, painters, sculptors, etc.

The development is among

Sagebrush Cos.’ first proj-

ects in Boulder. It also is

building for-rent rowhomes

and planning a boutique

hotel in Boulder Junction.

“Boulder is a good mar-

ket. There’s a lot of demand.

It’s obviously high barrier

to entry. It’s a beautiful area

– great people, great eco-

nomics. I don’t think there’s

anything not to like about

it,” Caster said.

Because the uses proposed

for Boulder Industry & Arts

Center are allowed under

current zoning, he antici-

pates Sagebrush Cos. will be

in position to break ground

in about a year. The project

will take approximately 12

months to complete.

by John Rebchook

Pembrooke on the Green

has everything going for it

as an apartment community

– size, location and its value-

add opportunity.

With 959 units, it is one of

the largest apartment com-

munities near the Denver

Tech Center.

“And it has got a pretty

irreplaceable location next to

(Kennedy) golf course. It is

three minutes from the Den-

ver Tech Center and all of

those jobs. And it’s already

on a light-rail station that is

now going to go the other

way and connect to the air-

port, as well as downtown,”

said Dave Potarf of CBRE,

who listed and marketed the

apartment community with

fellow CBRE brokers Dan

Woodward andMatt Barnett.

Los Angeles-based Oak

Coast Properties, according

to public records, recently

paid $128.35 million for the

apartment community in


Oak Coast bought Pem-

brooke on The Green from

Bridge Realty Capital, based

in Murray, Utah.

“It’s a big one,” Potarf said.

Bridge Realty acquired the

community on 29.23 acres

at 10700 E. Dartmouth Ave.

in 2012 for $50.2 million,

according to public records.

In other words, Bridge

Realty more than doubled

its investment in four years.

That appears to be one of

the largest percentage gains

of any institutionally sized

property that recently sold in

the Denver area’s hot multi-

family market.

“If the same investor

would have put $50.2 mil-

lion in the bank at today’s

rates, roughly 1 percent for

passbook savings account, to

achieve the rate of growth,

it would take 95 years to

accomplish this,” noted John


“The rate of growth per

month for this property since

the last sales price was 2.06

percent, or a total of 155.77

percent appreciation since

Dec. 31, 2012,” added Win-

slow, principal of Winslow

Property Consultants.

Winslow was not involved

Communal office building in the works Pembrooke on the Green sells for $128M

Barcelona-based Sanzpont Arquitectura created the conceptual drawings for Boulder Industry & Arts

Center, which is being designed by Boulder-based Coburn.

Pembrooke on the Green, with 959 units, is one of the largest

apartment communities near the Denver Tech Center.

Please see Communal, Page 14 Please see Pembrooke, Page 14

Featured Quarterly


Metro Denver 4 Multifamily 6 Office 8 Industrial 10 Retail 11 Boulder County 12 Larimer & Weld Counties 13 Colorado Springs 15 Law &Accounting 16 Finance 18 CDE 20 EDC 32 Who’s News 36 Health Care & Senior Housing 39 Legacy Grand Peaks sells the Glenbrook apartment community, which the Simpson family developed more than 30 years ago Seeing clear DCT Industrial Trust adds to its Denver portfolio with a 145,948-square-foot building anchored by Champion Windows Superior deal A California buyer pays $13.51 million for an office/retail building on the U.S. Highway 36 corridor Banking on condos First National Denver provides a $49 million loan for a luxury condominium tower in Cherry Creek North


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