CREJ

FEBRUARY 19-MARCH 3, 2020 Branching out Great Western Industrial Park looks to add new uses to a portion of the park INSIDE Big plans Hyde Development and Mortenson team up on 2.2 million square feet of industrial development Trophy A trophy retail property in Steamboat Springs sells for $6.65 million 28 14 22 FEATURED First A Missouri buyer picks up its first Colorado Springs property with its buy of Woodmen Office Campus 26 CONTENTS Highlights 4 Office 8 Multifamily 10 Industrial 14 Retail 18 Boulder County 20 Larimer & Weld Counties 21 Colorado Springs 26 Colorado 28 Finance 32 CDE News 38 Who's News 46 by Jill Jamieson-Nichols South Main Station Apart- ments is opening its doors in downtown Longmont, build- ing on significant investments – and paving the way for addi- tional amenities – in that part of the city. The 253-unit apartment com- munity, with frontage onMain Street, is a major milestone for South Main Station, the rede- velopment of the 26-acre for- mer Butterball turkey plant. The “phenomenally success- ful” Wibby Brewing opened there four years ago, and developer Mass Equities now is moving ahead with plans for creative workspace, a food hall and a 60-unit apartment building. Future plans call for an additional 250 apart- ment units. S o u t h Main Sta- tion extends west from Main Street to include all four corners of the intersection at Second and Emery streets. “I had a vision of creating a real community, a neighbor- hood,” said Mass Equities Principal BrianBair, adding the mix of existing and planned uses takes a page out of what’s happening in Denver’s River North Art District, where the company also is active. In Longmont, “There are not a lot of large tracts of land downtown. We were able to buy 7 acres on Main Street. That’s very rare,” he said. The $72 million South Main Station Apartments is the first large-scale urban apartment community to be developed in Longmont. It includes 10,000 square feet of street- Longmont’s South Main Station takes shape by Jennifer Hayes A California-based pri- vate real estate investment trust purchased a multiten- ant retail center in what is believed to be the highest- priced retail sale to close in Pueblo in the past three years. CREIT, a trust affiliated with CIRE Equity, paid $11.65 million, according to public records, for the Eagleridge Shopping Cen- ter. The 116,305-square-foot center at 4210 N. Freeway Road in Pueblo was built in 1997. “The growing trend among retail investors is to target secondary and tertia- ry markets to achieve greater risk-adjusted returns. Much has been w r i t t e n r e g a rd i ng the demise of big-box retail as a prod- uct type; h o w e v e r , the real- ity is a number of retailers are thriving in the era of e-commerce – particularly those in the discount sector. Three out of the five tenants at Eagleridge are discount- focused (Ross Stores, dd's Discounts, TJ Maxx),” said Ryan Bowlby of Marcus & Millichap, who noted that there was an equal amount of interest in the asset from in- and out-of-state buyers Pueblo retail sells at highest price in years A portion of a truss that connected two facilities at the Butterball plant was salvaged to create signage at South Main Station. Brian Bair Please see South, Page 47 by Jennifer Hayes The first Class A specu- lative office development in more than a decade in Colorado Springs now has its first tenant. Progressive Casualty Insurance Co. signed an 18,089-square-foot lease at The Offices at Victory Ridge, a two-building, 145,053-sf office and retail development at 10855 Hid- Progressive joins Offices at Victory Ridge development Progressive Casualty Insurance Co. is the first tenant to sign a lease at the speculative Offices at Victory Ridge in northern Colorado Springs. Please see Progressive, Page 47 Please see Eagleridge, Page 26 Ryan Bowlby

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