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12 16 8 25 Industrial strength A 100 percent-occupied industrial building changes hands for $12.67 million Pathway ADenver retail center in the path of growth sells for $12 million Landing zone A medical transport company leases 62,214 square feet for its corporate headquarters Farm to family A $42.5 million loan is provided for redevelopment of a former agricultural site

JUNE 7-JUNE 20, 2017

Featured Quarterly

by Jill Jamieson-Nichols

The Interstate 25 corridor

north of Denver is pulling in

developers seeking to meet

demand for large blocks of

industrial space.

FromU.S. Highway 36 north

to Highway 34, “Essentially

there are no large blocks of

space avail-

able in that

ma r k e t , ”

said Cush-

man

&

Wakefield

Managing

D i r e c t o r

Chris Ball.

“It’s tight

b e c a u s e

there’s not a lot of planned,

zoned and platted industrial

parks. You just don’t have that

much that’s teed up, ready to

go.”

That will begin to change

with Conor Commercial Real

Estate breaking ground this

month on four speculative

buildings at Park 12 Hundred

Tech Center, fronting I-25 at

the southwest corner of 119th

Avenue and Huron Street in

Westminster.

Other developers are “seri-

ously looking” for sites, said

Ball. United Properties has a

parcel under contract along

I-25 south of E-470.

“If you look at the demo-

graphics around our site – the

labor pool, the density and

the accessibility – it’s equal to

what you find in central Den-

ver,” said Kevin Kelley, senior

vice president and regional

director for United Properties

in Colorado. “It’s a very good

site, a lot of challenges. We’ve

got a lot of work and due dili-

gence to do,” he said.

Access to labor, a growing

population, infrastructure and

a new view on the part of

some municipalities are driv-

ing demand on the I-25 cor-

ridor, which until now hasn’t

seen much industrial develop-

ment.

Industrial developers see potential on I-25

by Jennifer Hayes

Work is underway to bring

life into a “neglected” retail

center along Wadsworth Bou-

levard.

Centre Point Properties and

Abington Emerson recently

paid $5.5 million, or $84.78 per

square foot, for the Villa South

Shopping Center at 1000, 1050

1090 S. Wadsworth Blvd., near

Belmar, in Lakewood.

Villa South, constructed in

1983, was 30 percent occupied

at the time of sale with current

in-place rents of $10.50 – well

below surrounding market

fundamentals that have a 5

percent average vacancy and

rents of $16 to 22 per sf triple

net.

“We saw an opportunity to

improve a neglected center in

one of the busiest retail corri-

dors in theDenvermetro area,”

saidAlan Bruno, vice president

and managing partner of Cen-

tre Point Properties. “This is

one of the few centers in the

area that has not been reno-

vated or rebuilt. Neighboring

centers have 90 percent-plus

occupancy versus our current

occupancy of 30 percent.

“With the GreenGables com-

munity currently in develop-

ment just south of the center,

retail demand is expected to

increase. It was clear to us that

there is high demand in the

area providing a win-win-win

opportunity for investors, ten-

ants and the community,” he

added.

The three-building cen-

ter, comprising 64,872 sf, will

undergo an estimated $2.5 mil-

lion in renovations, including

a new façade, roofing, land-

scaping and parking lot reno-

vations.

As part of the renovations,

the center also will be rebrand-

ed and renamed Cottonwood

Plaza.

Renovations underway at Villa South center

The former Villa South Shopping Center, renamed Cottonwood Plaza, is undergoing an expected $2.5

million in renovations, including a new façade, roofing and landscaping.

Please see Villa South, Page 46

Chris Ball

Conor Commercial Real Estate will break ground this month on Park 12 Hundred Tech Center on I-25

in Westminster. Ware Malcomb designed the development.

Please see I-25, Page 46

CONTENTS

Multifamily 4 Office 8

Industrial

12

Retail 16 Rebchook RE Corner 18 Boulder County 20 Larimer & Weld Counties 21 Colorado Springs 22

Law & Accounting

24

Finance

25

CDE 28 Who’s News 44