Salvation Developers acquire the Salvation Army’s former infill property in Globeville INSIDE Triple-net A triple-net-leased Arvada property, home to Jiffy Lube, sells a to local buyer Taking flight Bluebird Market, a food and beverage hall, is set to open next year at 4th Street Crossing 24 16 12 FEATURED Relocation A Boulder-based aerospace company acquires a northwest Denver office property 4 CONTENTS Office 4 Multifamily 6 Industrial 12 Retail 16 Boulder County 18 Larimer & Weld Counties 20 Colorado Springs 22 Colorado 24 Law & Accounting 26 Finance 30 CDE News 38 Who's News 47 AUGUST 19-SEPTEMBER 1, 2020 by Jennifer Hayes PepsiCo’s lease has popped the top on the Pecos Logistics Park project. P e p s i C o B e v e r a g e s North America signed a 283,500-square-foot lease at the 66-acre infill logistics park under construction at the northwest corner of 56th Avenue and Pecos Street in Denver. “Pecos Logistics Park is one of the last infill, large- scale development sites in the Denver market. The park is unrivaled in its high- way accessibility, proximity to Denver’s population base and scale at over 1.15 mil- lion square feet. It’s a huge endorsement to the project to kick things off with a tenant of this quality com- mitting to a lease of this magnitude,” said Matt Mitchell, vice president of industrial, Westfield Com- pany Inc. Tyler Carner, Jeremy Bal- lenger and Kyle McClure with CBRE’s Denver office represented the landlord, Denver-based Westfield Company Inc., which is developing the project, and are marketing the property for lease. PBNA was rep- resented by Jim Bolt and Glenn Dyke of CBRE and Alan Peterson of Choyce Peterson. “For more than 65 years, PBNA has proudly served the Denver metro market and we are so proud that we can enhance our operation in Colorado,” said Shawn Early Sr., market director for PepsiCo Beverages North America’s Mountain West Market, noting that the new location at Pecos Logistics Park is an expansion of its current footprint. “This facility will allow us to better serve our employ- ees, customers and com- munity, while setting us up for long-term success in the future.” Pepsi lease kicks off Pecos Logistics Park by JennaWalters A multifamily asset in Longmont sold for $13.7 million. According to public records, Quail Housing LLC purchased the Quail Vil- lage Apartments, the 72-unit apartment complex at 321 Quail Road, from seller Quail Village LP. Taylor Froland, Dan Woodward, David Potarf, Matthew Barnett and Jake Young of CBRE represented the seller. The buyer was unrepresent- ed. The sale was part of the buyer’s 1031 exchange. The property, which totals 71,424 rent- able square feet across 3.23 acres, was listed in January. Young said it garnered significant buyer inter- est, receiving 20 offers from a range of inves- tors. “We mostly saw private high-net-worth and exchange- type buyers, but we did have some larger fund and insti- tutional interest,” Young said. The sale closed in June. Young said the property had a stable tenant occupancy at clos- ing, but he could not release the official rate. According to public records, the property has received funding through the low- income housing tax credit pro- gram, so it has a set number of units available to people earn- ing less than 50% to 60%of the area median income. Rents for the affordable housing units are capped at a maximum of 30% of the set-aside AMI. Not all units are used for afford- able housing purposes. The property offers two- and three-bedroom apartments complete with a balcony or patio, walk-in closets, addition- al storage space, dishwasher, garbage disposal, and in-unit washer and dryer connections. It also features community amenities, including a business center, clubhouse, fitness center, playground, leasing office and Amazon parcel lockers. According to Young, the seller recently made improve- ments to multiple units at the 20-year-old property, and he believes the buyer will con- tinue with the renovation pro- gram, cosmetically upgrading units as needed. The property sits across the street from the Longmont com- munity recreation center and city museum. Located near the intersection of State Highway 287 and Ken Pratt Boulevard, it gives residents who work in surrounding communities such as Boulder, Broomfield and Loveland easy access to major commuter routes. The property also is less than a five- minute drive frommajor retail- ers and restaurants, including Safeway, Best Buy, Lowe’s Home Improvement, Panera Bread, McDonald’s and Chick- fil-A. s Longmont apt. complex sells for $13.7M A portion of the units at the Quail Village Apartments are slated for affordable housing purposes. Jake Young Please see Pepsi, Page 10 PepsiCo Beverages North America signed a 283,500-square-foot lease at the 1.15-million-sf Class A development – one of the last large-scale infill industrial development sites in Denver. Tyler Carner