Speculative A newly constructed, fully leased spec industrial property sells in Colorado Springs INSIDE Revving up Rev360, a RiNo office building, is set to open its doors next month Off the tee Apartments neighboring Aurora golf course sell for $46 million 8 4 22 FEATURED Catalyst A six-story, mixed-use building is proposed by Housing Catalyst for downtown Fort Collins 20 CONTENTS Office 4 Multifamily 8 Retail 12 I ndustrial 14 Boulder County 18 L arimer & Weld Counties 20 Colorado Springs 22 Colorado 24 Law & Accounting 26 Finance 27 CDE News 32 Who’s News 42 JUNE 17-30, 2020 by Jennifer Hayes A Denver warehouse distri- bution building sold in one of metro Denver’s largest single- building industrial trades. An investor advised by Zurich Alternative Asset Man- agement LLC of New York paid $85.7 million for Enter- prise Business Center Building Six, a 647,483-square-foot facil- ity at 3980 Central Park Blvd. in Denver. “Enterprise Business Cen- ter Building Six offered a true infill distribution property of scale with state-of-the- art amenities and a long- term tenant in a reces- sion-proof industry. Getting this deal across the finish line despite a global pandemic affirms the strong appetite among institutional capital for Denver industrial product,” said Tyler Carner, executive vice president, CBRE. “The sale speaks to the industrial market in general and capital’s belief in the mar- ket,” he added. “The indus- trial market is benefitting from our changing world more than other asset classes. Prior to COVID-19 it was a favored asset class; post-COVID-19, it’s an even more favored asset class.” Carner, along with Jeremy Ballenger, Jim Bolt, Mike Winn and Jessica Ostermick of CBRE’s Denver office rep- resented the seller, United Properties. ZAAM was rep- resented by Zurich’s Thomas Buffa, executive director, and Sean Bannon, managing direc- tor and head of U.S. real estate. “This checked all the boxes for capital as an ideal tro- Enterprise building sells for $85.7 million by Jenna Walters Aglobal contract and manu- facturing company acquired the former AstraZeneca facil- ity in Boulder. AGC Biologics purchased the 178,713-square-foot manu- facturing facility at 5550 Air- port Blvd. from seller Astra- Zeneca. The building, which was built in the mid-1990s, has been vacant for 16 months. A teamfromBinswanger, includ- ing Eric Dienstbach, senior vice president, marketed the property’s availability. Accord- ing to Boulder County records, the property sold for $39.7mil- lion, although Dienstbach said that was only a portion of the actual sales price, as consid- erations, including existing facility equipment that will go to AGC, were not included. He could not disclose the final sales price. To sell the property, the Binswanger team conducted a national marketing campaign for the facility’s availability. At the time,AGCBiologics, a sub- sidiary of the Japanese compa- ny AGC Inc., was based out of Washington state and looking for an opportunity to expand. The bioscience company looked at facilities internation- ally in Germany andDenmark before ultimately placing a bid for the Boulder facility. “Throughout the process, we identified a variety of international buyers and went through a bid process to nar- row them down,”Dien- stbach said. “We eventu- ally reached the top four, andwhenwe did a final bid, AGC was the suc- cessful bidder.” According to Dienstbach, the current facility, which sits on approximately 20 acres just south of the Boulder airport, could expand into a 300,000-sf facility. In a news release, the Colorado Office of Economic Development and Internation- al Trade said the company is planning a $100 million invest- ment to transform the manu- facturing site. The Economic Development Commission approved AGC for a Job Growth Incentive Tax Credit for $6.4 million and a Strategic Fund Incentive of $75,000. The Strategic Fund requires a one-to-one local match of $75,000 from the city of Boulder. However, these AGC Biologics acquires industrial facility Enterprise Business Center Building Six sold in one of metroDenver’s largest-single building industrial sales. Tyler Carner AGC Biologics plans to move into the former AstraZeneca manufacturing facility in Boulder within the year. Eric Dienstbach Please see Enterprise, Page 43 Please see AGC, Page 41