JANUARY 1-14, 2020 Long-term view Broe Real Estate Group plans a 75,000-square-foot office building as part of a legacy project INSIDE Healthy investment The country’s largest dedicated owner of medical office space buys two buildings in Lowry Potential A Colorado Springs apartment community with strong value-add potential sells for a reported $69.3M 23 6 4 FEATURED Affordability Affordability, location combine at Fox Crossing community 10 CONTENTS Office 4 Multifamily 10 Industrial 12 Retail 14 Hotel 16 Boulder County 18 Larimer & Weld Counties 20 Colorado Springs 23 Finance 32 Law & Accounting 34 Who's News 36 CDE News 40 by Jill Jamieson-Nichols A new industrial park with great freeway access is coming to yet another former Denver area green- house property. SunCap Property Group and Colony Industrial, a subsidiary of Colony Capi- tal, bought the Welby Gar- dens property at East 74th and Clayton Street in Adams County to develop North Central Logistics Center. The development will include 640,995 square feet of specu- lative industrial product. Welby Gardens, a fourth- generation wholesaler to independent growers and landscapers, had a half-mil- lion sf of greenhouses on the property that are being repurposed. The company continues to operate anoth- er 500,000 sf of greenhouse space in the Denver area, along with a garden center in Arvada. North Central Logistics Center will offer a “last-mile” setting 6 miles north of down- town Denver with immedi- ate access to Interstate 76, and quick access to Interstates 25 and 70. “The access to highways is second to none in any of the north-central d e v e l o p - ments,” said Mitch Zatz of JLL, who noted that k e e p i n g transporta- tion costs down is a key driver for warehouse and distribution companies. “We are thrilled to be bringing speculative space to the Denver community,” said Mike Orr, senior vice president of SunCap Proper- ty Group. “To date, our proj- ects in the area have been build-to-suit p r o j e c t s . North Cen- tral Logis- tics Cen- ter allows SunCap to demonstrate our under- standing of the needs of today’s industrial user and deliver a product that suits both tenants and their employees.” Access options will allow users to avoid traffic congestion associated with the Colorado Depart- ment of Transportation’s Central 70 project, slated to continue through 2022. North Central Logistics Center will comprise three buildings accommodating tenants in a variety of sizes and configurations. Two of the buildings, 167,781 and 182,983 sf, will be single- loaded with truck loading in back. A central, 290,239- sf building will offer cross- dock loading. All build- ings will have 32-foot ceil- ing clearance and ample employee parking. While there is room for a large user, “You don’t see a ton of users that are bigger SunCap, Colony to develop spec industrial by Jennifer Hayes Candlewood Suites is com- ing toWestgate. Utah-based hospitality firm Western States Lodging and Nuterra Partners, a Utah-based development and manage- ment company, are under con- tract on a 1.86-acre parcel in the 58.71-acre Westgate at Powers mixed-used project in south- east Colorado Springs. The partnership is planning to construct a 104-key Candle- wood Suites at the develop- ment, located at the west gate entrance to Peterson Air Force Base on the northwest corner of Powers Boulevard and Airport Road. The hotel will be a new pro- totype for Candlewood Suites and one of the first in Colo- rado Springs to implement the updated design, noted Sean Skanchy of Nuterra Partners. The hotel is expected to include a fitness center, guest laundry, swimming pool, hot tub, gaze- bo andkitchenette in each suite. “This is a part of town where development has not kept pace with population growth, leaving a community of resi- dents and employees craving more commercial options. It’s incredibly encouraging to see the hotel parcel picked up so quickly and affirms that West- gate at Powers is well poised Westgate project adds Candlewood Suites North Central Logistics Center will comprise 640,995 square feet of speculative industrial product. Mitch Zatz Mike Orr Please see SunCap, Page 47 The Candlewood Suites at Westgate at Powers will be a new prototype for the hospitality chain. Please see Westgate, Page 8