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Page Background On a mission Tritower Financial Group steps up its investment in mission-critical assets near Buckley Air Force Base Inside 8 8 Wrapped up Western Union signs a lease for another 85,547 square feet in the Denver Tech Center, completing its headquarters relocation

DECEMBER 6-19, 2017

16 Through the trees Village Forest Trace center sells to a buyer – a ‘natural’ fit – for more than $545 per square foot 22 Picking up Investor interest is increasing for Springs multifamily assets, as evidenced by the sale of The Preserve at Hidden Creek Featured Quarterly

by Jennifer Hayes

One of the nicest apart-

ment communities at the

heart of growth in Aurora

sold to Inland Real Estate

Acquisitions Inc.

According to public

records, Inland paid $49.25

million for Arterra Place,

a 200-unit community at

17036 E. Ohio Drive. The

acquisition of the commu-

nity comes on the heels of

Inland’s $95 million pur-

chase of the 8000 Uptown

apartment community in

Broomfield and represents

the 10th transaction Inland

has negotiated and closed in

the Denver metro area.

Built in 2014, Arterra Place

was sold by a private family

investment group from the

San Francisco Bay Area.

“There is not a lot of new

product in this part of Auro-

ra,” CBRE’s David Portarf

said of Arterra Place, con-

structed in 2014. “It was

one of the advantages of the

property and why buyers

liked it. It is one of the nic-

est, if not the nicest, apart-

ment communities in that

part of Aurora.

“There were more than a

dozen offers,” he added. “It

was a real popular deal.”

Potarf, along with CBRE’s

Dan Woodward and Matt

Barnett, all of the CBRE Cap-

ital Markets, Colorado Mul-

tifamily Investment Proper-

ties group, represented the

seller in the transaction.

Additionally, Arterra Plac-

es is located in the heart of

where job growth is occur-

ring in the Aurora market,

noted Potarf, as the com-

munity is near Fitzsimons,

Buckley Air Force Base, and

all the activity and new jobs

being generated by Amazon

Inland adds Arterra Place to portfolio

by Jill Jamieson-Nichols

The Prentice Point office

building in the Denver Tech

Center sold in a $34.98 mil-

lion value-add deal.

An affiliate of Rialto Capi-

tal Management, a Miami-

based investment and asset

management

company,

bought the 213,152-square-

foot building at 5299 DTC

Blvd. from a partnership of

AllianceBernstein and Steel-

Wave Inc. The building was

77.3 percent occupied, offer-

ing upside in continuing

lease-up momentum that’s

occurred over the last year.

The sellers completed more

than 90,000 sf in deals in the

12 months prior to closing,

according to Paul Donahue

of Newmark Knight Frank,

who represented the seller

with NKF’s John Jugl.

“When they (the sellers)

purchased the asset, they

were faced with a couple

of known vacates, and they

did a great job of re-leasing

and getting through those

known vacates,” said Dona-

hue.

SteelWave and Alliance-

Bernstein invested in a com-

prehensive building renova-

tion, which, along with a

“strong rent profile,” will

provide value to the new

owner, said Jugl.

“Prentice Point presents

an attractive lease-up oppor-

tunity in a historically well

occupied asset, and interest by

investors was significant,” he

said. “After a competitive pro-

cess, it’s apparent that there is

still an appetite for high-qual-

ity suburban office product

in amenitized locations with

great accessibility and value-

creation opportunities.”

Prentice Point trades at $34.98 million

The Arterra Place community in Aurora sold for $49.25 million.

Steve Zavodny

Prentice Point offers a value-add opportunity in the Denver Tech Center.

Please see Inland, Page 36 Please see Prentice, Page 46

CONTENTS

Multifamily 4

Property Management

6

Office

8

Industrial 14

Retail

16

Boulder County 18 Larimer & Weld Counties 19

Colorado Springs

22

Colorado 23

CDE

26

Who’s News 34 Finance 42