MARCH 6-19, 2019 Office 4 Multifamily 6 Retail 10 Industrial 12 Boulder County 19 Larimer & Weld Counties 20 Colorado Springs 22 Finance 24 CDE News 32 Who's News 42 Officially in In-N-Out Burger closes on two parcels for the California-based hamburger chain’s foray into Colo. INSIDE Lessons learned A Boulder company capitalizes on its experience in that market to bring a new product type to Frederick Room to run An investor that’s been active in the Denver market picks up another value-add opportunity 4 20 22 FEATURED Big buy A Toronto buyer pays $300,000 per unit for the Broadstone Montane community 6 CONTENTS by Jill Jamieson-Nichols Gemini Rosemont sold Cole Center at Denver West Busi- ness Park for $18.9 million, or $113.03 per square foot. The 167,205-sf Cole Center consists of three connected office buildings at 1687-1707 Cole Blvd., just off Interstate 70 and Denver West Colorado Mills Parkway in Lakewood. It was built in 1981 and reno- vated in 2012. New West Physicians and the Colorado Department of Revenue are the largest ten- ants at the property, which was approximately 82 percent leased at the time of the sale. “With the successful recent leasing activity, including new leases representing 24 percent of Cole Center and renewal leases comprising 6 percent of the property, the ownership decided the time was right to take the property to market to achieve its investment goals,” said Tim Farrell, senior vice president for Gemini Rose- mont. “Gemini Rosemont is a long- term owner of over 1 million square feet of commercial office space at the Denver Energy Center andDiamondHill office buildings, and we remain com- mitted to the Denver market.” Cole Center LLC, an affili- ate of Bancroft Capital, was the buyer. Bancroft owns the nearby Sixth Avenue West office building, as well as sev- eral other properties in metro Denver and Boulder. Cole Center at Denver West Business Park features fitness and conference facili- ties, monument signage and an outdoor courtyard. It is located in Denver West Busi- ness Park and within walk- ing distance of numerous res- taurants and retail at Denver West and Colorado Mills. The property drew interest from high-net-worth individ- uals, private equity funds and institutional groups, accord- ing to Charley Will, senior associate with the Capital Markets, Institutional Invest- ment Group, in CBRE Inc.’s Denver office. There even was interest from foreign capital, said Will, who repre- sented the seller with CBRE’s Mike Winn, TimRichey, Chad Flynn and Jenny Knowlton. The asset’s selling points included its accessibility, Cole Center at Denver West trades at $18M by Jennifer Hayes Centura Health is growing in Colorado Springs. The health care system paid $30 million for a 57.81-acre parcel at the intersection of Interstate 25 and Interquest Parkway, where, in 2020, it is anticipated to start work on a third hospital campus for Centura Health’s Penrose-St. Francis Health Services. Initial plans for the land include approximately 50 acute care hospital beds with the design contemplating future expansion up to 300 beds. A large ambulatory surgery center, inpatient and outpatient surgery, inpatient rehab facility and at least one medical office building are included in the initial phases of the project. “Our extensive commu- nity studies and projections indicate that this area repre- sents both an existing need and significant future growth. With this campus, Penrose- St. Francis Health Services will build on its 130-year legacy of providing excellent and innovative care locally. Southern Colorado residents need not travel far to receive world-class health care. With three campuses in Colorado Springs, we will serve every- one in need with compas- sion and respect,” a Centura spokeswoman said in a state- ment. Additionally, as the center of Colorado Springs is mov- ing to the north and east, the new campus is designed to work in conjunction with its expanding primary care and urgent care services to bring the full spectrum of care to Centura lands Interquest site for $30M Cole Center at Denver West consists of three connected buildings with covered parking. Please see Cole, Page 8 An aerial view of where Centura Health will break ground next year on its latest Northern Colorado Springs hospital campus Please see Centura, Page 8