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Page Background Making sense An apartment owner turns out to be the logical buyer for an industrial park in Aurora

Inside

10 6 High altitude A Florida-based buyer makes its foray into Colorado with a $58.5 million buy

OCTOBER 4-17, 2017

15 Eyes on Amazon Steve Ferris looks at Denver metro sites capable of accommodating Amazon’s massive second headquarters 18 Branching out Green Leaf Partners pays $59.25 million for Colorado Springs apartments Featured Quarterly

by Jennifer Hayes

Continental Realty Advi-

sors Ltd. made its return to the

metro Denver marketplace

with the purchase of Canyon

Reserve at the Ranch.

CRA, a Denver-based

national multifamily invest-

ment and management firm,

in partnership with GTIS

Partners, a global real estate

investment firm headquar-

tered in NewYork, purchased

the 256-unit property at 2890

W. 116th Place inWestminster.

The community was sold

for $48.9 million by LivCor

LLC/The Blackstone Group,

according to public records.

Constructed in 1984, Can-

yon Reserve recently was

upgraded with new roofs and

skylights, however, it offers

the opportunity for a full

renovation to the community,

which has a current occupan-

cy above 96 percent.

“Canyon Reserve at the

Ranch is a perfect example

of CRA’s strategy to invest

in and improve communi-

ties with strong underlying

economics while maintain-

ing a commitment to provide

affordable rents and quality

service to our residents,” said

Robert Ireland, director of

acquisitions for CRA.

“We will continue to

expand our Denver portfolio

through strategic acquisitions

in demand-driven submar-

kets within the greater MSA,”

added Ireland. “Canyon

Reserve is a good representa-

tion of what CRA is looking

for going forward, although

we do not have constraints

on age, ceiling height, etc., as

many others do. We take a

top-down approach when

analyzing potential invest-

ments beginning with the

market as a whole and then

drive down into submarkets

that provide a solid existing

employment base, transpor-

tation support, retail support

CRA, GTIS partner on Canyon Reserve

by Jill Jamieson-Nichols

An electrical supply com-

pany growing by leaps and

bounds in the Denver market

and another large, expanding

building products firm leased

the last available spaces in a

new 376,598-square-foot indus-

trial building at Crossroads

Commerce Park.

Graybar Electric Inc.

signed a lease for 238,194

square feet of warehouse/

distribution space in Cross-

roads Building 2 at 480 E.

55th Ave. in Denver. The

lease is among the largest

to be signed in the Denver

market this year.

Lansing Building Products

leased 52,547 sf in the same

building.

“These two tenants are a

c omp l e t e

home run

because of

the qual-

ity of the

t e n a n t s ,

their uses

and cred-

it. We’re

just really

thrilled not

only to have Building 2 100

percent leased, but also the

Crossroads signs two leases for 290,742 sf

The 256-unit Canyon Reserve at the Ranch, outlined above, sold for a reported $48.9 million.

Please see CRA, Page 43

A pair of building products companies leased up the available space at Crossroads Commerce Park’s

Building 2.

Please see Crossroads, Page 21

Ann Sperling

CONTENTS

Multifamily 6

Office

8

Industrial 10 Retail 12 Rebchook RE Corner 14 Boulder County 16

Larimer & Weld Counties

17

Colorado Springs 18 Finance 23

CDE

28

Law & Accounting

36

Who’s News

38