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A lift up Pinkard Construction gives a lift to seniors and their families INSIDE Good genes GeneThera becomes the first owner- user at Northwest 36 development Capping off Walker & Dunlop arranges a $46.65 million loan to refinance Capstone at Vallagio 23 14 42 FEATURED Rewiring Industry veteran Winn looks forward to ‘rewirement,’ not retirement 26 CONTENTS Office 4 Multifamily 6 Retail 10 Industrial 12 Boulder County 14 Larimer & Weld Counties 16 Colorado Springs 18 Law & Accounting 20 Finance 23 Profile 26 CDE News 32 Who’s News 42 JULY 1-14, 2020 by Jennifer Hayes A three-building Class A medical office campus in Colorado Springs sold to a full-service real estate com- pany that acquires, devel- ops, leases and manages health care real estate across the United States. MBRE Healthcare pur- chased UnionMedical Office Plaza, a 149,428-square-foot building at 1625, 1633 and 1644 Medical Center Point, for a total of $33.63 million, according to public records. Union Medical Campus Owner LLC sold the build- ings located at the north- west corner of Union Bou- levard and Fillmore Street, 2 miles to Penrose Hospital and 3 miles to Memori- al Hospital, and easily a c c e s s i b l e from Inter- state 25. The JLL Capital Mar- kets team representing the seller was led by Managing Directors Andrew Milne and Larry Thiel, Director Matt DiC- esare and Senior Managing Director Eric Tupler. JLL also procured the buyer. “Given the investment profile and location in Colo- rado Springs, the asset gar- nered significant interest from the most active health care investors resulting in a highly competitive process,” said Thiel. “Broadly speak- ing, the pace at which capital wants to discuss and deploy in the Colorado Springs market is accelerating. The Union Medical Plaza trans- action is a snapshot of how investors view Colorado Springs’ resurgence.” At the time of sale, Union Medical Office Plaza was Union Medical Office Plaza sells for $33.63M by Jenna Walters Amultitenant shopping cen- ter in Arvada sold for $10.6 million. MalyCommercialRealtyInc., a Missouri-based private capi- tal investor, purchased Arvada Connection, a 38,711-square- foot Class A retail property located at 5220 Wadsworth Blvd. from seller Armstrong Commercial Services. The buy- er’s subsidiary management company, Aspen Holdings, will manage and lease the property from its Colum- bia, Mis- souri, office, with local A r v a d a pe r s onne l overseeing the day-to- day man- a g e m e n t duties. Matt Henrichs of CBRE was a transactional broker in the sale. The entire property, which includes one multitenant building and four single-tenant outparcels, was built in 1988 by Trammell Crow Co. How- ever, the seller acquired it only recently, in 2019.Within the last year, Henrichs said the seller made each of the buildings its own separate tax parcel and listed the strip center indepen- dently. According to its website, Armstrong, which owns a vari- ety of properties across Colo- rado and Utah, purchased the site to capitalize on the signifi- cant traffic counts drawn to the intersection of 52nd Avenue and Wadsworth Boulevard as well as the established resi- dential neighborhoods in the immediate trade area. Dwight Medbery, a due dili- gence representative for the buyer, said it was attracted to the property for similar rea- sons. “The property is a well- located asset at a busy intersec- tion with great visibility and access,” Medbery said. “Also, there’s a diverse tenant line-up with amix of local andnational tenants.” Tenants at Arvada Connec- tion include Sherwin-Williams Paints, Jimmy Johns, Xfinity, King Buffet and Sola Salons. According to Medbery, at the time of the sale, the property was 96% occupied with only one vacant space of 1,611 sf. Closing June 3, the buyer added Arvada Connection to a portfolio of dozens of retail and office properties across the country. Since the property is rela- tively upgraded, Medbery said the buyer has no plans tomake improvements. Its main focus is maintaining the property’s first-class condition and leas- ing the vacant retail space, he added. s Arvada shopping center sells for $10.6M The three-building, 149,428-square-foot Class A medical office campus in Colorado Springs was pur- chased by MBRE Healthcare. Larry Thiel A Missouri-based investor acquired Arvada Connection and will handle tenant leasing at the property. Matt Henrichs Please see Union, Page 42

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