CREJ

Decline For the first time in more than a decade, Denver’s rents decline year over year INSIDE Ready Partnership purchases North Denver speculative industrial park that delivers first two buildings Big plans Real estate firm makes plans for $95 million mixed-use project in Broomfield 20 16 8 FEATURED Triple play A trio of Brakes Plus properties across the metro area sells in a portfolio deal 12 CONTENTS Office 4 Multifamily 8 Retail 12 Industrial 16 Metro 18 Boulder County 20 Larimer & Weld Counties 21 Colorado Springs 22 Law & Accounting 26 Finance 29 CDE News 36 Who's News 47 AUGUST 5-18, 2020 by Jennifer Hayes Durango Town Center sold in the second-largest shop- ping center transaction in Colorado in 2020. A private local investor paid $13.35 million for the 41,781-square-foot center – the second-highest-priced transaction to close to date in the state, per CoStar. The retail center is locat- ed at 1125, 1145 and 1185 S. Camino Del Rio and is shad- ow anchored by a Walmart Supercenter, the only Walmart within 40 miles. “Durango Town Center is positioned extremely well within the city of Durango, and has out- performed most cen- ters during the COVID s hu t down and sub- s e q u e n t restrictions. The escrow was opened a week after the shutdown began, and the seller was fielding multiple inquiries from potential tenants (local, regional and national) with interest in leasing space at the center during the shut- down,” said Ryan Bowlby of Marcus & Millichap. “This is the center where Durango does most of its shopping,” added Bowlby. The area also has high bar- riers to entry as the moun- tainous topography limits the amount of developable land. Bowlby and Drew Isaac of Marcus & Millichap listed the property on behalf of the seller, a private partnership led by David Spriggs of Den- Durango Town Center sells for $13.35M by Jenna Walters Afully occupiedmultitenant industrial property in Louis- ville sold for $49 million. Berkeley Partners purchased the 411,485-square-foot build- ing at 333-335 Centennial Parkway from sellers DPC Cos. and Long Wharf Capital. Tyler Carner, Jeremy Ballenger, JimBolt, Jessica Ostermick and Jeremy Kroner with CBRE’s Denver and Boulder offices represented the sellers. The buyer was unrepresented in the sale. It closed July 10. At the time of the sale, the property was 100% occu- pied by six tenants, including Bestop Inc. and Servtech Inc., which rent 50%of theproperty, and Alpen High Performance Products Inc., ArcherDX Inc., Synnex Corp. and an undis- closed e-commerce company that collectively rent the other half. The tenants represent multiple industries, including robotics, biotechnology, infor- mation technology, e-com- merce and manufacturing. According to Ostermick, the sellers’ initial plan upon its acquisition in 2017 was to create value by improving the property and fully stabilizing it from 50% occupancy, both of which were accomplished within the past year. In 2019, the sellers completed an exten- sive renovation project that included replacing the old roof, improving the outdoor façade and entries and adding more loading docks and new monument signage. Following the renovation, the building was fully leased up in April with assistance from Carner, Ballenger and Kroner. After completing the lease- up, Ostermick said her team listed the property for sale. “We saw impressive but tar- geted buyer interest for an off- market process, despite uncer- tain times, underscoring the high-value location and tenan- cy embodied at 333-335 Cen- tennial,” Ostermick said. “We Louisville industrial property sells for $49M Durango Town Center is shadow anchored by a Walmart Supercenter. Ryan Bowlby A Louisville industrial property sold following its full lease-up in April. Please see Durango, Page 47 Please see Louisville, Page 10