CREJ

MAY 1-14, 2019 Resuscitation A new owner will bring a Longmont medical office building back to life INSIDE Refinance Essex Financial arranges a $32 million loan to refinance Market Center in downtown Denver Possibilities Beacon Capital Partners buys a newly completed, vacant office building in Inverness 6 28 23 FEATURED Molto bene A Maggiano’s restaurant in Englewood sells for more than $736 per sf 14 CONTENTS Office 6 Multifamily 10 Industrial 12 Retail 14 Hotel 18 Legislative 22 Boulder County 23 Larimer & Weld Counties 24 Colorado Springs 26 Finance 28 CDE News 32 Who's News 42 by Jill Jamieson-Nichols A n a p p r o x i m a t e l y 900,000-square-foot Class A industrial park is coming to the Interstate 25 north cor- ridor in Thornton. A newly formed joint ven- ture of RMS Properties Co. and Bow River Capital is kicking off development with two speculative build- ings totaling 220,000 square feet. The new park, called 25 North, comprises 73 acres at Washington Street and East 148th Avenue that the venture just purchased for $4.6 million. The site is southeast of the interchange of I-25 and E-470. “This land sale was a unique opportunity for the joint venture to acquire a large, premium land site in the high-growth north I-25 Denver area that has limited existing industrial product,” said Matt Trone of Cushman & Wakefield, who represented seller Regal Properties Ltd. with fellow Cushman & Wake- field Managing Director Class A industrial park comes to north I-25 by Jennifer Hayes A long-awaited $78.7 mil- lionmixed-use development in Aurora is under construction. Parkside @ City Centre is a ground-up, mixed-use proper- ty comprising 216 market-rate apartments and approximate- ly 36,000 square feet of retail space on 5.6 acres at South Sable Street and East Alameda Avenue. Northstar Commer- cial and Milender White are co-sponsors for the project that Summit Capital VentureGroup is co-developing. “This is an exciting project in one of Colorado’s fastest-grow- ing cities,” said Brian Watson, Northstar chairman and CEO. “We think the retail develop- ment has a chance to positive- ly impact Aurora by creating new jobs while offering the area high-quality multifamily apartments at a more afford- able price point thanmany sur- rounding markets.” Northstar purchased the land for Parkside in 2015 and after several years of securing devel- opment approvals and form- ing partnerships, construction started on the project inApril. Milender White also will act as general contractor. OZ Architecture is the architect for Parkside. Canyon Partners Real Estate provided the pre- ferred equity for the project. A total of $24.5 million of equity and preferred equity has been invested. Parkside will feature studio, one-, two- and three-bedroom units with balconies and Class A finishes. Apartments will average 875 square feet. Com- munity amenities at the five- story, wood constructed build- ing will include a fitness cen- ter, top-floor lounge and large clubhouse opening to a court- yard with grills, a pool and hot tub. Additionally, the develop- ment is located near Interstate 225 with direct access to the R light-rail line. Retail at Parkside will be located both on the ground floor of the multifamily build- Partnership breaks ground on Parkside The first buildings at 25 North will be delivered early next year. Please see Class A, Page 18 The Parkside @ City Centre development will include 216 market-rate apartments and 36,000 square feet of retail space in Aurora. Please see Parkside, Page 8

RkJQdWJsaXNoZXIy MzEwNTM=