APRIL 18-MAY 1, 2018 Featured Quarterly One of a kind The only garden-style apartment asset in downtown Denver trades for $128.7 million Inside 8 24 ‘Cash’ pad The price for a Boulder student housing building climbs to a breathtaking $1.12 million per unit 12 Bag it up A fully leased shopping center in Aurora sells for $19.7 million 4 High-rising Prices for southeast suburban office buildings continue to break records as One Belleview Station fetches $477.90 per square foot CONTENTS Office 4 Multifamily 8 Retail 12 Industrial 14 Boulder County 24 Larimer & Weld Counties 26 Colorado Springs 27 Finance 30 Property Management 33 Who's News 36 by Jill Jamieson-Nichols Brookfield Properties sold 51 percent interest in downtown Denver’s second-biggest office tower for $285.6 million. PNC Realty Investors Inc., on behalf of the AFL-CIO Building Investment Trust, was the buyer. Brookfield retained 49 percent interest in the asset. The 1.3 million-square-foot building is valued at approxi- mately $560 million. The acquisition price for the office space equated to about $426 per sf. At 54 stories, 1801 California is Denver’s second-tallest, and second-largest, office tower downtown, behind Republic Plaza. It was built in 1983. Brookfield bought the build- ing, the former Qwest’s world headquarters, for $215 million in late 2011. It spent in excess of $50 million transforming it into a Class AA building at a time when no new office buildings were under con- struction in downtown Den- ver. The building features an impressive plaza entry with a two-story lobby finished in Italian marble and floor-to- ceiling glass. Large blocks of space that CenturyLink vacated follow- ing its merger with Qwest have been leased up, bring- ing the building to 95 percent occupancy. Tenants at 1801 California include Transam- erica, which occupies about 149,000 sf; SendGrid, an approximately 108,000-sf ten- ant; Molson Coors, which has 90,000 sf; and Healthgrades, which occupies approximately 85,000 sf. Guard and Grace restaurant, with a large out- door patio at the plaza entry, and Ink! Coffee are on the first level. Located between 18th and 19th, and California and Stout streets, the LEED Gold build- ing has light-rail stops on Cali- fornia and Stout, as well as a designated Free MetroRide stop. Mike Winn, Tim Richey, Chad Flynn and Jenny Knowl- ton of CBRE’s Capital Mar- kets, Institutional Properties Team in Denver handled the sale of 1801 California. Neither Brookfield nor PNC representatives returned calls about the transaction. s Stake in 1801 California trades for $285M by Jennifer Hayes M&J Wilkow Ltd., together with MetLife Investment Man- agement on behalf of its clients, acquired the Southlands retail center. The partnership purchased nearly 750,000 square feet of the 1.7 million-sf retail and office property in southeast Aurora that sold for $141.99 million, according to public records. “We are proud to once again partner with MetLife Investment Management on this transaction to acquire the Southlands,” saidM&JWilkow Executive Vice President Gregg Wilkow. “We have always been drawn to the Denver metro area; having previously owned andmanageda 415,000-square- foot office park in Greenwood Village (Triad at Orchard Sta- tion), we also recently pur- chased the Cherry Creek Cor- porate Center – another out- standing addition to our grow- ing Denver footprint. “With strong in-migration and job creation, Denver con- tinues to perform as one of the most exciting growth markets in the country,” addedWilkow. “This is clearly evident in the residential communities sur- rounding the Southlands, where new home construction continues at a record pace and the affluent residential popula- tion is growing rapidly. South- lands’ position in the path of growth and the strong Southlands center sells for $141.99 million Jim Havey, Havey Productions PNC Realty Investors Inc. paid approximately $426 per square foot for 51 percent interest in 1801 California. Please see Southlands, Page 44 M&J Wilkow Ltd., with MetLife Investment Management on behalf of its clients, acquired Southlands in southeast Aurora.