CREJ

If the shoe fits Crocs opens its new global headquarters in Broomfield INSIDE Digging in MIG to develop The Clarkson apartment community in Englewood Underway Construction on Shamrock Foods’ 1.3-million-square-foot complex at Majestic Commercenter is underway 14 8 18 FEATURED Checkout A California-based buyer acquires a Thornton Walgreens for $6.13 million 12 CONTENTS Office 4 Multifamily 8 Retail 12 Industrial 14 Boulder County 18 Larimer & Weld Counties 20 Colorado Springs 22 Colorado 23 Finance 25 Property Management 32 CDE News 40 Who's News 47 JULY 15-AUGUST 4, 2020 by Jennifer Hayes Greystar added another apartment asset to its portfolio with its purchase of Champi- ons ParkApartments in Thorn- ton. Greystar paid a reported $119 million, or $247,917 per unit, for the 480-unit community, renamed Avana Thornton Sta- tion. Eaton Vance’s real estate investment group, according to public records, sold the prop- erty, which it purchased in 2012 for $68.26 million. Located at 2525 E. 104thAve., Avana Thornton Station was built in2001 andwas 94%occu- pied at the time of sale. JLL’s Pam Koster and Jordan Robbins marketed the com- munity, however, declined to comment on transaction specif- ics. However, Robbins noted the Denver’s overall suburban apartment market is appealing to renters and investors alike. “Generally, Denver’s sub- urban market continues to be popular. It has a lower cost than the urban market and is more insulated from new con- struction,” explained Robbins. “Right now there continues to be interest in Denver from institutional investors to pri- vate capital and there is a lack of product to meet that need.” According to the property’s website, Avana Thornton Sta- tion features a mix of one-, two- and three-bedroom apart- ments ranging from 721 to 1,358 square feet. Apartments include hardwood-style floor- ing, energy-efficient stainless steel appliances in modern kitchens, air conditioning, pri- vate balconies and patios, a garden tub in every bathroom, a full-size washer and dryer in each unit, ceiling fans and large closets. Community amenities at AvanaThorntonStationinclude an updated clubhouse, heated swimming pool and spa, game room with pool, shuffleboard and giant Scrabble, 24-hour fit- ness center, package room, ten- nis court, basketball court, sand volleyball court, playground, Greystar pays $119M for Thornton apts. by Jenna Walters Two adjoining buildings at the Rampart Center business park in Englewood sold for $14.5 million. California-based buyer Libitzky Property Cos. pur- chased two buildings totaling 99,600 square feet at 7173 and 7245 S. Havana St. from seller LBA Realty. The property sold for approximately $146 per square foot. Riki Hashimoto and Dan Grooters of New- mark Knight Frank represent- ed LBA Realty in the sale. The buyer represented itself. According to Hashimoto, the properties were part of a three-building portfolio at the business park. After one of the buildings sold to a separate owner-user, the seller d e c i d e d to list the rema i n i ng proper t i es together. The sale was part of a 1031 e x c hang e , with the buyer trading out two similar investment properties. One of the buildings is office space, and the other is flex space. The single-story build- ings are each 49,800 sf. At the time of sale, Hashimoto said the buildings had a combined 88% occupancy with tenants includingDaVita Kidney Care, Jeppersen Sanderson, Joint Restoration Foundation and Village Workspace. According to Newmark Knight Frank, the average rental rate at the property is $14.50 per sf. An undisclosed third-party man- agement company handles leasing at the property. The average weighted remain- ing lease term is seven years, Hashimoto said. The buildings were con- structed in 1999. Since then, Hashimoto said there have been cosmetic upgrades made but no major renovations. He said the seller, which has owned theproperty since 2017, Rampart Center properties sell for $14.5M The Champions Park Apartments, renamed Avana Thornton Station, features a mix of one-, two- and three-bedroom units. California-based buyer Libitzky Property Cos. expanded its portfolio to Colorado with the purchase of two adjoining buildings in Englewood. Riki Hashimoto Please see Rampart, Page 25 Please see Greystar, Page 25

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