CREJ

JANUARY 15-FEBRUARY 4, 2020 On campus A Kennedy Wilson-managed fund buys office and industrial campuses valued at $116 million INSIDE Big demand Majestic Realty Co. goes small and sees big demand Numbered PCCP LLC funds $51 million in financing for the acquisition of a Greenwood Village office property 32 22 4 FEATURED One up An Atlanta-based buyer grows its Colorado Springs apartment portfolio with its $37.1M purchase 26 CONTENTS Office 6 Multifamily 14 Retail 18 Industrial 20 Boulder County 24 L arimer & Weld Counties 25 Colorado Springs 26 Colorado 28 Property Management 30 Finance 32 CDE News 35 Who's News 46 by Jill Jamieson-Nichols Two big retailers are expand- ing their footprints in the Den- ver industrial market with dis- tribution facilities that could reach more than a half-million square feet each. Amazon leased the first speculative building at First Industrial Commerce Center in Aurora, and Costco is starting construction of a new “depot” in the Porteos development near Denver International Air- port. Amazon’s latest Aurora facil- ity, totaling 555,840 square feet, will be located at 22300 E. 26th Ave., near the northwest quad- rant of the Interstate 70 and E-470 interchange. The building will be part of Amazon’s AMXL operations, which delivers television and other large items, like furni- ture, to customers’ homes, and unpacks and assembles them as needed. “We’re excited to continue our investment in the state of Colorado with the addition of a new AMXL operations loca- tion in Aurora. Amazon has long provided delivery of large products such as televisions to couches, and we’re excited to continue expanding this offer- ing to customers in the Denver metro area. We expect this site to open in 2020,” an Amazon spokesperson said. First Industrial Commerce Center is a 1.9 million-sf indus- trial park being developed by First Industrial Realty Trust Inc. Besides Amazon, no one involved in the transaction would comment on the deal. Mitch Zatz, Carmon Hicks and Jason White of JLL are the list- ing brokers for the commerce center. Cushman & Wake- field brokers Tyler Smith, Alec Rhodes and Aaron Valdez are believed to have represented Amazon, Costco boost industrial footprints by Jennifer Hayes An out-of-state group ended 2019 with its entry into the Colorado multifamily market. Sunroad Enterprises, under the names Sunroad SMVA Portola LLC and Sunroad SRCP Portola LLC, paid $71 million, or $351,485 per unit, for the Portola at Southglenn, sold by Southglenn Property Holdings LLC, according to public records. The 202-unit community, located at 6851 S. Gaylord St. in Centennial, is part of the mixed-use The Streets at SouthGlenn development. The Portola at Southglenn, built in 2009, comprises a mix of studio, one-, two- and three-bedroom apartment units. It also has space for the development of 12 town- home units. According to the communi- ty’s website, Portola at South- glenn features upgraded cab- inetry, fixtures, countertops, farmhouse sinks, oversized tubs, solar window shades, and a washer and dryer in select units. Community amenities at Portola include package lock- ers, an outdoor fire pit, garage parking, billiards/pingpong, dry-cleaning service, a heated swimming pool, on-site recy- cling, fitness center, hot tub, spa and clubhouse. Additionally, it is steps from all the shopping, dining and entertainment that The Streets of SouthGlenn offers, including Parry’s Pizza, Modern Market, Snooze, an A.M. Eatery, Tokyo Joe’s, Pho 95, Bad Daddy’s Burger Bar, Whole Foods Mar- ket, the Regal Southglenn the- ater, Macy’s, Marshalls, Ross Dress for Less, Best Buy and Sur La Table. CBRE’s David Potarf, Dan Woodward and Matt Bar- nett marketed the asset. They declined to comment on the transaction. San Diego-based Sunroad Enterprises is a diversified holding company founded in 1977 in San Diego and con- sists of two divisions: real estate and automotive. Its portfolio includes a number of apartment communities in Reno and Las Vegas, Nevada, Arizona, Seattle and Califor- nia. It also has been involved in projects in California, Colo- rado and Mexico. V Portola at Southglenn sells for $71 million The 202-unit Portola at Southglenn was constructed in 2009. The building at 1050 Walnut is one of three downtown Boulder office buildings that sold for $146.3 million. The buyer also is acquiring multifamily assets in Boulder. See story on Page 24. Going big in Boulder Please see Amazon, Page 20

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