CREJ

MARCH 20-APRIL 2, 2019 Office 6 Multifamily 12 Industrial 16 Retail 20 Boulder County 24 Larimer & Weld Counties 26 Colorado Springs 27 Finance 6AA CDE News 11AA Who's News 24AA Checkout A California-based buyer bags a Denver multitenant retail center for $8.6 million INSIDE Making reservations Focus Property Group starts planning for a 500-plus-room convention center hotel Big deal AvalonBay pays $91.25 million in one of the year’s largest multifamily deals 12 19 20 FEATURED Triple play Graham Street Realty buys three Boulder office buildings for $28 million 24 CONTENTS by Jill Jamieson-Nichols Schnitzer West has acquired a site across the street from Fiddler’s Green Amphithe- atre that is entitled for more than 1 million square feet of development. Peakview Place, a 10.9-acre parcel at 6363 Greenwood Plaza Blvd. in Centennial, was one of twoproperties Schnitzer West purchased in an off- market deal. The price wasn’t released, but it was recorded at $20.25 million, or $42.57 per sf. Schnitzer West also bought 115 Inverness, a 55,706-sf office building in Englewood. Both properties are within walking distance of light-rail stations. Schnitzer West plans to develop a Class A mixed-use commercial development on the Centennial site starting in January. Preliminary plans include two high-rise office buildings with a mix of retail and residential. The company said it is assembling a team of “best-in-class” consultants to work on the project, which is in design. Nearby amenities, in addi- tion toFiddler’sGreen, include restaurants and retail, and Vil- lage Center Station. The property is one of the last larger sites in the Green- wood Village area, according to Mike Kboudi, a land bro- Schnitzer West buys site for up to 1M sf by Jennifer Hayes NALS Apartment Homes purchased the Overlook at Interquest, a 264-unit apart- ment community, at a record- setting per-unit figure. The community is first pre-stabi- lized multifamily asset to sell in recent Colorado Springs his- tory. The buyer paid $66.5 mil- lion, or $251,894 per unit, for the community built in 2018, whichwas 80 percent occupied at the time of sale. The transaction represents the market’s demand for new product and demonstrates a boost in buyer confidence, according to Kevin McKenna of Newmark Knight Frank Multifamily. “A recent trend in the Den- ver multifamily market is the increase in pre-stabilized asset sales. Pre-stabilized sales bring value to the seller/developer by allowing them to more quickly transition capital into new projects,” said McKenna. “The sale of Overlook at Inter- quest is the first pre-stabilized asset sale in Colorado Springs and it characterizes the contin- ued closing of the economic gap between Colorado Springs andmetro Denver.” McKenna, along with Newmark Knight Frank Multifamily’s Saul Levy, represented the undisclosed seller in the transaction. Located at 11124 Cedar Glen View, Overlook at Interquest is situated in the northern sub- market of the city, where the property’s surrounding demo- graphics are some of the stron- gest in the Colorado Springs metro area. Within 2 miles of the asset, the average house- hold income is $139,243, which is 52 percent higher than the Overlook sale sets new record in Springs Newmark Knight Frank Multifamily Overlook at Interquest sold for $66.5 million, or $251,894 per unit. Please see Overlook, Page 14 Please see Schnitzer, Page 10 Fentress Architects Preliminary plans for the site at 6363 Greenwood Plaza Blvd. call for two high-rise office buildings with a mix of retail and residential uses.

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