JULY 4-17, 2018 Back in business A Boulder company leases the former GE Healthcare facility in Golden INSIDE Record setting A Colorado Springs office building trades in a record-setting sale- leaseback 12 Playful A private investor makes a cash- flow play with its purchase of the Colorado Marketplace New blood More companies entering downtown Denver have leased new office space in this, vs. the last, development cycle Metro Denver 4 Office 6 Multifamily 10 Retail 12 Rebchook RE Corner 14 Industrial 16 Boulder County 18 Larimer & Weld Counties 20 Colorado Springs 22 Law & Accounting 24 Finance 26 Who's News 30 6 22 4 CONTENTS FEATURED by Jill Jamieson-Nichols A fund managed by Equus Capital Partners paid $29 million for a Class A office building in Inter- locken Advanced Technol- ogy Environment in Broom- field. IPXI Interlocken Investors LLC acquired 370 Interlock- en Blvd., a 150,656-square- foot building, from an affili- ate of Rialto Capital Man- agement. “Denver is a target mar- ket for our investment platform, and this asset in particular is a high-quali- ty, Class A building in the northwest corridor which sits in the best-performing business park within that corridor,” said Brant Glomb, Equus Capital Partners vice president of acquisitions. Interlocken, with a vacan- cy rate of around 5 percent for Class A office space, has some of the lowest vacancy along the northwest corri- dor and in the Denver metro area. It also garners some of the highest rents, he noted. “We like the dynamic nature of the corridor,” Glomb added, citing its connectivity to downtown Denver and equidistance between downtown and Boulder. The six-story building was 94 percent leased to approximately a dozen ten- ants, including Stantec, Clif- tonLarsonAllen, New York Equus Capital buys 370 Interlocken Blvd. by Jennifer Hayes A Minnesota-based fresh fruit and produce distribu- tor’s expansion into Colora- do marks one of the largest industrial deals in Pueblo in years. Russ Davis Wholesale pur- chased the 128,100-square- foot vacant manufacturing facility, once home to the Mars Co., Petcare Division, for $5.41 million from the Pueblo Economic Develop- ment Corp. PEDCO pur- chased the building in 2016 from Mars at a discounted price of $3.9 million. “Russ Davis was look- ing for a distribution center in the Denver metro area but was unable to find a facility for sale that met all their requirements, so we expanded our search north and south of Denver,” explained Ron Webert of Lee & Associates Denver. “This facility met all the cri- teria, and with the economic incentives being offered by Pueblo, it was a home run.” PEDCO had purchased the property in order to head off any marijuana buyers, who were buying up all of the available industrial real estate, and try to preserve it for traditional employers, said Webert. “Their strategy worked perfectly as Russ Davis will bring a high number of employees to the area,” he added. Webert, along with Chris Garcia of Lee & Associates Minneapolis, represented Russ Davis Wholesale in the acquisition. The city of Pueblo pro- vided Russ Davis Wholesale a $2.6 million grant from its sales and use tax capi- tal improvement projects fund to help purchase and ready the building while the city also will transfer up to $130,400 for pre- employment training at Pueblo Community College, according to a City Council Distributor expands with Pueblo purchase The vacant building, once home the Mars Co., Petcare Division, sold to a Minnesota-based fresh fruit and produce distributor expanding into the state. The Class A building at 370 Interlocken Blvd. was 94 percent leased at the time of the sale. Please see Equus, Page 8 Please see Pueblo, Page 10