MARCH 21-APRIL 3, 2018 Featured Quarterly Lots of energy ANorthern Colorado building leased to an oil and gas company trades for $9 million Inside 24 27 Big buy A Florida buyer acquires a downtown Aspen asset 12 Bear market A joint venture pays $124 million for Village at Bear Creek by Jill Jamieson-Nichols Artis Real Estate Invest- ment Trust has acquired the remaining 50 percent inter- est in two Class A office buildings in downtown Denver for $70 million. The Canadian REIT owned 1700 Broadway and Hudson’s Bay Centre in joint ventures with an affil- iate of MDC Property Ser- vices Ltd., a boutique real estate company focused on commercial markets in Western Canada and the Western U.S. “MDC’s investment strat- egy wasn’t going to be as long term as a REIT’s, and so this was not necessarily a surprise to us that this would come around. It was just different time horizons for the investment,” said Philip Martens, executive vice president for Artis’ U.S. region. The 22-story 1700 Broad- way totals 394,174 square feet of leasable area and is 85.5 percent occupied with tenants that include Whit- ing Oil & Gas and the Colo- rado Secretary of State. Artis purchased a 50 per- cent interest in the build- ing in 2013. It acquired the remaining joint venture interest for $51 million, which represents a build- ing value of $258.77 per sf. Artis assumed the sell- er’s portion of the exist- ing mortgage, resulting in a total mortgage on the property of $43.9 million at 3.11 percent interest. The remaining $29 mil- lion of net equity required, less typical closing adjust- ments, was satisfied with issuance of 2.44 million trust units of Artis REIT at $14.85 per unit. Hudson’s Bay Centre is a 20-story building on the 16th Street Mall. Located at 1600 Stout St., it comprises 179,938 sf and is 81.2 per- cent leased to a mix of ten- ants, including law firms, and financial services and energy companies. Artis acquired a 50 per- cent joint venture interest in Hudson’s Bay Centre in 2014 and bought the remaining interest for $19 million, representing a building value of $211.18 per sf. It also assumed MDC’s existing mortgage, resulting in a total mort- gage of $19.7 million at 3.76 percent interest. Artis issued 748,241 trust units of the company at $14.85 Artis seals assets’ ownership for $70M by Jennifer Hayes A sought-after apartment community in Denver’s Uni- versityParkneighborhood sold for $46.25 million to a buyer planning to make improve- ments to the midrise asset. RedPeak purchased the 269- unit Buchtel Park Apartments, located at 3700 E. Jewell Ave., near the corner of Buchtel Bou- levard and Colorado Boule- vard. The community, renamed RedPeak Colorado Station, which spans seven buildings, was constructed in 1963 and 1971 on 9 acres of “parklike” grounds. Its location, coupled with the setting and the value- add opportunity the proper- ty offered, drew a significant amount of interest. “The amount of showings and offers that were conducted and received in such a short period of time of three weeks blew us away as brokers as well as our seller,” saidMichael Krebsbach of Pinnacle Real Estate Advisors LLC. “We expected an incredibly high amount of interest in this asset given its value-add potential and location, however, the sheer aggressiveness of the offers and their willingness to work with our seller’s 1031 exchange timing requirements was what took us a bit by sur- prise.” The Mitchell Krebsbach Team, consisting of Krebsbach and Jamie Mitchell, along- side Pinnacle Real Estate’s Edwards Ethington Team of Rob Edwards and TomEthing- Buchtel Park Apartments sells for $46.25M The building at 1700 Broadway, which includes a newly reno- vated lobby, is valued at approximately $259 per square foot. The Buchtel Park Apartments, renamed RedPeak Colorado Station, features 269 units spread over a 9-acre, parklike site. Please see Artis, Page 8 Please see Buchtel, Page 46 CONTENTS Office 8 Multifamily 10 Retail 14 Industrial 16 Rebchook RE Corner 18 Boulder County 22 Larimer & Weld Counties 24 Colorado Springs 26 Colorado 27 Finance 28 Property Management 30 Who's News 32