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Page Background Opportunity The sought-after Tamarac Shopping Center sells for $20 million

Inside

14 8 Big buy Griffis Residential buys The Huron apartments for $100.5 million

JANUARY 17- FEBRUARY 6, 2018

34 Green light What passage of Denver’s Green Roof Initiative means and where it goes from here 22 Going, going … The Gogo Building in Interlocken Advanced Technology Environment goes for $47.1 million Featured Quarterly

CONTENTS

Office

4

Multifamily

8

Industrial

12

Retail

14

Rebchook RE Corner

18

Boulder County

22

Larimer & Weld Counties

25

Colorado Springs

26

Finance 28

Property Management

33

Who's News

36

CDE

44

by Jill Jamieson-Nichols

One of the world’s largest

investment managers paid

$51 million, or $104.94 per

square foot, for a multiten-

ant industrial portfolio in

Denver and Golden.

The 485,984-square-foot

portfolio consisted of Bry-

ant Street Quad and 6400

Broadway in central Den-

ver, along with 16600 Table

Mountain Parkway in Gold-

en. UBS Realty Investors

sold the 100-percent leased

assets to TH Real Estate,

an affiliate of Nuveen (the

investment management

arm of TIAA).

Andrew Pyke, TH Real

Estate head of Northwest

investments, said the Den-

ver metropolitan statistical

area is one of the top per-

forming industrial markets

over the past 10 years and

TH anticipates continued

outperformance, specifi-

cally in the submarkets in

which the portfolio is locat-

ed.

“The strong fundamentals

of the submarkets coupled

with attractive in-place

yields and diversified rent

roll made this an attractive

acquisition opportunity for

TH Real Estate,” he said.

The deal was among the

largest industrial real estate

sales to occur in Denver in

some time,

t o p p i n g

the $50.57

million in

local assets

LBA Real-

ty sold to

Blackstone

Group as

part of a

multistate portfolio deal a

year ago.

“Industrial right now is

a highly sought-after asset

class,” said John Jugl, New-

mark Knight Frank vice

chairman, Western Region

Capital Markets. “The chal-

lenge with industrial here

in Denver is there’s just not

a lot of it. We have a very

good institutional owner-

ship base, so when indus-

trial comes up, there tends

to be a number of groups

Industrial portfolio draws $51 million

by Jennifer Hayes

A San Francisco Bay Area-

based private investment

firm added to its metro Den-

ver holdings with its acquisi-

tion of The Rail at Inverness.

The 219-unit garden-style

community sold for $52 mil-

lion, according to public

records, to Jackson Square

Properties.

A joint venture comprised

of Holland Partner Group

and an affiliate of Heitman

LLC sold the property locat-

ed at 10001 E. Dry Creek

Road in Englewood.

David Martin, Pamela

Koster and Mike Grippi of

Moran & Co. represented the

seller in the transaction.

“Given the property’s

highly desirable location in

the Denver Tech Center and

within the Cherry Creek

School District, it is already

very well positioned for

future rent growth and value

creation,” said Martin. “The

Rail at Inverness can easily be

positioned to generate addi-

tional cash flow as a unique

core-plus investment oppor-

tunity through completed

renovations.”

Built in 2007, The Rail at

Inverness features one- and

two-bedroom units in nine

The Rail at Inverness sells for $52M

Steve Zavodny

The building at 16600 Table Mountain Parkway in Golden was part of a three-building portfolio sale.

John Jugl

Please see Industrial, Page 22

The Rail at Inverness was purchased by Jackson Square Properties.

Please see The Rail, Page 10