MARCH 4-17, 2020 Cup of joe Westminster Dutch Bros sells for nearly $2,500 per square foot INSIDE Box it up Amazon plans to open a new, 800,000-square-foot fulfillment center in Colorado Springs Casting a net Steadfast Cos. increases its presence in Loveland with Patina Flats at The Foundry 24 6 20 FEATURED Brewing The former Walnut Brewery building sells, but the buyer’s plans haven’t been announced 22 CONTENTS Metro Denver 4 Office 10 Multifamily 12 Industrial 18 Retail 20 Boulder County 22 Larimer & Weld Counties 24 Colorado Springs 28 Finance 30 Property Managment 36 CDE News 38 Who's News 46 by Jill Jamieson-Nichols A pair of new industrial buildings in Broomfield sold for a record $199.32 per square foot as prices for industrial investment properties continue to escalate. San Francisco-based Stock- bridge Real Estate paid $47.8 million for Interpark Industrial Center, a two-building, 239,816- sf property on 16.13 acres at 11325 Main St. and 11380 Reed Way. United Properties devel- oped and sold Interpark with partner Brue Baukol Capital Partners. Completed in 2018, the build- ings are 89.7% leased to Swiss- log Healthcare, MKS Instru- ments and GC Imports. The price per sf is a record for warehouse/distribution product in the Denver metro market. “Interpark Industrial Center is a brand-new, state-of-the-art ClassAdevelopment in a high- ly sought-after location along the U.S. 36 corridor, allowing for convenient access toDenver and Boulder,” said Jeremy Bal- lenger of CBRE. “The buyer was attracted to the high-qual- ity tenant mix with long-term leases and the location, which has both increasingly high bar- riers to entry and rapid eco- nomic growth projections.” Ballenger represented the sellers with Tyler Carner, Jim Bolt, Jessica Ostermick and Frank Kelley, all with CBRE’s Denver office, and Jeremy Kro- ner of the firm’s Boulder office. Interpark Industrial Cen- ter features 24-foot-clear ceiling heights, ESFR fire sprinklers, dock-high and drive-in loading, a 220- foot shared truck court and 60-foot concrete loading pads. It is just north of ame- nities at Westminster Prom- enade and across Highway 36 from 1stBank Center, part of the Arista mixed-use development. “The development at Inter- park involved the assistance from a number of dynamic groups that played a role in creating a successful project. Special thanks to our partners at Brue Baukol; our contractor, Murray & Stafford; and kudos to the tenant rep brokers Jason Industrial center trades for $199.32 per sf by Jennifer Hayes A real estate company is prepped to create valuewith its first Colorado acquisition. PREP Property Group Inc., a vertically integrated real estate company focused on creating value in retail real estate, pur- chased the Aurora City Place regional shopping center. It purchased the 356,305- square-foot center at Interstate 225 and East Alameda Avenue in Aurora for $51.4 million, according to public records, for the PREP strategic investments portfolio. The center was sold byWeingartenRealtyandGDC Properties, under the names Weingarten/Miller/Aurora II LLC and GDCAurora LLC. Aurora City Place is home to tenants including Target, Ross Dress for Less, Michaels, PetSmart, Party City, Conn’s and Barnes & Noble, in addi- tion to several other national and regional tenants. “PREPispleasedtoannounce the acquisition of Aurora City Place. Located inone of the fast- est growingMSAs,AuroraCity Place offers a premier regional shopping destination for the Denver metro area,” said Roy Williams, PREP chief invest- ment officer. “PREP’s mission is to be the industry leader in transforming retail real estate assets and the acquisition of Aurora City Place will be a great addition to our growing strategic investment portfolio.” CBRE’s Brad Lyons, Mike Winn and Tim Richey repre- sented the sellers. Built in 2003 by Miller Wein- gartenRealty,AuroraCityPlace was a sought-after asset. Lyons noted that multiple offers were received on the property, which offered a value-add compo- nent.At the time of sale,Aurora City Place was 84% occupied. Included in the sale was the vacant SportsAuthority space. PREP Property Group was founded by Michael C. Phil- lips, co-founder of Phillips Edi- son & Co., and built on the foundations of Phillips Edi- Aurora City Place sells for $51.4 million The 356,305-square-foot center is located at Interstate 225 and East Alameda Avenue. Interpark Industrial Center consists of two buildings completed in 2018. Please see Interpark, Page 27 Please see City Place, Page 20