CREJ

FEBRUARY 20-MARCH 5, 2019 Value add A value-add investment opportunity along Arapahoe Road sells to a Southern California buyer INSIDE Long-term view An eye for opportunity and a long- term outlook led to the largest industrial portfolio sale in Colorado One more time The sale of The Forum at Cherry Creek is the second go-around for Millice Group Ltd. 4 12 16 FEATURED Brick by brick HFF arranges financing for the development of Brickhouse at Lamar Station, a 293-unit Class A community 32 CONTENTS Office 4 Multifamily 8 Industrial 14 Retail 18 Boulder County 20 L arimer & Weld Counties 22 Colorado Springss 26 Whale Sites 30 Finance 32 CDE News 36 Property Management 45 Who's News 46 by Jill Jamieson-Nichols The former CenturyLink building at 930 15th St. will be reimagined as modern office space, creating a rare option for large tenants in downtown Denver. A floor-to-ceiling glass cur- tain wall system, robotic-lift parking, a rooftop terrace with a state-of-thee-art fit- ness center, and event and conference space will be added to the 223,000-square- foot building, which Rialto Capital Management LLC and SteelWave recently acquired for $22.5 million. Gensler is leading the design, which also will fea- ture an innovative, collab- orative office lobby with bar, lounge and café options. “This was an ideal invest- ment opportunity for us,” said Matthew Drummond of Square Mile Capital Manage- ment LLC, which originated a $54.6 million loan for the property. “Downtown Denver is a dynamic commercial office market that we find extremely attractive. It’s also a market where the current demand for flexible creative office product is very strong. Rialto has a sterling track record and a compelling plan to meet that demand through the re-creation of this well- located boutique building.” CenturyLink sold the most- ly vacant 12-story building in an “ongoing effort to remain competitive by reducing costs, achieving operational efficiencies and implement- ing best practices,” said spokesman Mark Molzen. Employees were relocated to other facilities in downtown Denver, Broomfield and Lit- tleton. The building at 930 15th sits a block from the Denver Center for Performing Arts and the 16th Street Mall. The repositioning will be the first of its kind in down- town Denver in more than a decade. Newmark Knight Frank Vice Chairman Tim Har- rington, Directors Jon Tilton and Jenn Chavez, and Asso- ciate Eddie Kane are han- dling marketing and leasing efforts. The building will deliver in 2020 as new construction space with features and ame- nities comparable to ground- up construction. Office suites will have 13-foot, 4-inch slab-to-slab ceilings, fiber connectivity and completely Downtown building to deliver ‘new’ space by Jennifer Hayes It was a high price for The Shoppes at Highpointe. The retail center at Interstate 25 and East HampdenAvenue – at one of the highest eleva- tions in Denver – recently sold for $15 million, or $614.70 per square foot. “The strong interest and price execution is a testament to the strong real estate funda- mentals and quality of product that was developed here by D.H. Friedman Properties. Mr. Friedman built this property originally as a legacy asset,” Riki Hashimoto of Newmark Knight Frank said of the cen- ter. The 24,402-sf center also benefits from its strong visibil- ity, good access and high-pro- file tenant roster, which drew a great deal of interest from private and institutional inves- tors, added Hashimoto, who represented the seller with Newmark Knight Frank’s Dan Grooters. Friedman Properties built the asset in 2012 and sold it to an institutional buyer, Sun Life Assurance Company of Canada, according to public records, for a separate client account. The fully leased center is home to tenants including Panera Bread, Sprint, Cricket Wireless, Shred415, Smash- burger, Elements Massage, Santiago’s, Milk & Cake, Fire- house Subs, Kung Fu Tea and Taziki’s Mediterranean Grill. The four-building retail cen- ter is part of the mixed-use Highpointe project, developed on the site of what was the first full-service Marriott hotel west of the Mississippi River, that also includes the Veranda Highpointe apartments and the HighPointe Assisted Liv- ing &Memory Care. s The Shoppes at Highpointe sells for $15M Newmark Knight Frank A glass curtain wall and host of new amenities are planned for the building at 930 15th St. in downtown Denver. Please see 930, Page 6 The four-building retail center sold for $614.70 per square foot. David Johnson Bruce Etkin

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