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14 20 10 22 Re-energized United Power will move into a long-vacant building on the northern Interstate 25 corridor Foothold Earth Treks to open the nation’s largest climbing gym in Sports Authority’s former headquarters Cherry-picking Alta Cherry Hills apartments sell for $78.3 million New heights Elevations Credit Union acquired an iconic building on the U.S. Highway 36 corridor as it continues to grow along the Front Range

MAY 17-JUNE 6, 2017

Featured Quarterly

by Jill Jamieson-Nichols

What may be the most dis-

tinctive office building in the

Union Station neighborhood

just became the priciest.

The Triangle Building sold

for $154 million, or $676.54

per square foot, eclipsing

the previous price per sf for

an office building in down-

town Denver.

Hamburg,

Germany-

based Union Investment

Real Estate GmbH bought

the

227,631-square-foot

LEED Gold building at 1550

Wewatta St. on behalf of the

Unilmmo: Global real estate

fund. Seattle-based Metzler

Real Estate advised the pur-

chaser.

East West Partners and

Starwood Capital Group

developed and sold the Tri-

angle Building. CBRE bro-

kers Mike Winn, Tim Richey,

Chad Flynn and Jenny

Knowlton handled the sale.

The price far exceeds the

$602 per sf another German

investor paid for the Antero

Resources building on the

south side of Union Station

in 2014.

Completed in 2015, The

Triangle Building was 98

percent occupied at the

time of the sale. Its largest

tenants, WeWork and Lib-

erty Global, occupy around

75,000 sf each, accounting

for approximately 70 per-

cent of the tenancy.

There was very good

interest in the building, and

market conditions made it

an opportune time to sell,

said Chris Frampton, East

West’s managing partner in

Denver.

“Through a competi-

tive process, we ultimately

selected Union Investment

Triangle sale sizes up to $676.54 per sf

by Jennifer Hayes

One of the country’s most

active multifamily investors

continues to have an appe-

tite for Denver area apart-

ments.

Los Angeles-based TruA-

merica Multifamily and the

Magnolia Real Estate Fund

paid $53 million for the 287-

unit Fox Creek community in

Thornton.

Fox Creek is the sixth mul-

tifamily investment in the

Denver area for TruAmerica,

which has acquired approx-

imately 3,000 units in the

past three years here. Fox

Creek is the first investment

for the newly launched

McLean,

Virginia-based

Magnolia Real Estate Fund.

The value-add commu-

nity, built in two phases in

1984 and 1999, comprises a

mix of one-, two- and three-

bedroom units in a low-den-

sity, parklike setting. The

19.5-acre property includes

two resort-style swimming

pools, a clubhouse with a

24-hour fitness center, play-

ground, dog park, spa and

bike shop.

“Fox Creek represents a

true value-add opportunity

as the majority of the units,

which feature vaulted ceil-

ings, fireplaces and full-size

washers and dryers, have

been largely untouched,”

said Greg Campbell, senior

managing director of acqui-

sitions and dispositions for

TruAmerica. “About a quar-

ter of the units also have

lofts, an attractive feature

Fox Creek apartments sell for $53 million

East West Partners and Starwood Capital Group developed and sold The Triangle Building.

Fox Creek is the sixth multifamily investment in the Denver area for TruAmerica, which has acquired

approximately 3,000 units in the past three years here.

Please see Triangle, Page 28 Please see Fox Creek, Page 28

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