CREJ

Office 4 Multifamily 6 Retail 10 Industrial 12 Boulder County 16 Larimer & Weld Counties 18 Colorado Springs 20 Finance 26 CDE News 38 Who's News 45 Landing More than 1 million square feet of office space is planned for development at Peña Station Next INSIDE Growing Northrop Grumman grows its Colorado Springs presence with nearly 100,000-square-foot lease Landmark A $25.5 million refinance loan was arranged for the Landmark Corporate Center office building 26 20 4 FEATURED Driven Subaru parks at Majestic Commercenter with 550,000-square- foot industrial lease 12 CONTENTS SEPTEMBER 2-15, 2020 by Jennifer Hayes A trio of recently completed industrial buildings in the 100- acre Highfield Business Park recently sold, capping off the developing partnership’s $100 million venture. Development partners Brad- bury Properties and Conflu- ent Development sold the three buildings, completed in June, to a separate account investor advised by Invesco. The buildings comprise a 202,000-square-foot build-to- suit for a national distribution center and two speculative buildings, a 160,000-sf and 130,000-sf property. The developers declined to comment on the sales price for the buildings, which signi- fied the build-out of the Doug- las County business park that comprises 1.25 million sf. The sale of the three buildings also represented the completion of a greater, four-building port- folio sale to the buyer totaling 592,000 sf within the business park near the intersection of E-470 and Peoria Street. “Even in these most chal- lenging of times, the indus- trial sector remains one of the most stable and attractive asset classes and serves as the foundation for many essential sectors,” saidMarshall Burton, president and CEO of Con- fluent Development. “We are seeing growing interest and confidence in these projects, demonstrating that industrial development delivers a prom- ising and steady investment opportunity. The demand for industrial space across the U.S. outside city centers continues to surge, and theDenvermetro market is where it’s at now.” CBRE’s Jeremy Ballenger, Jim Bolt, Tyler Carner and Jessica Ostermick brokered the sale and are serving as leasing advisers. Ware Mal- comb served as the architect and Brinkmann Construc- tors as general contractor for the 202,000-sf build-to-suit distribution center. Inter- group Architects served as the architect for the 160,000- sf and 130,000-sf properties, with Murray & Stafford as general contractor. “Highfield Business Park has grown into one of the best business parks in Den- ver and is a premier southeast metro industrial offering that combines Class A space with a superior location. The park is exceptionally accessible, located just south of Centen- nial Airport at E-470 and I-25, providing tenants convenient access to the region’s growing Trio of Highfield Business Park buildings sell by Jenna Walters A California-based buyer acquired an Amazon distri- bution center in Loveland for $32.63 million. Mark IV Capital pur- chased Centerra Industrial Building IV, the Class A, 122,806-square-foot indus- trial facility at 4541-4555 Viking Way, along with an adjacent parking lot, from seller and developer McWhinney. The property sold for nearly $266 per sf. A JLL Capital Markets team represented the seller. The team was led by Managing Direc- tors Larry Thiel and Britton Burdette, Senior Manag- ing Directors Bo Mills and Eric Tupler, Senior Director Brock Yaffe and Associ- ate Rachel Vogel. The buyer was u n r e p r e - sented. A c c o r d - ing to pub- lic records, Amazon took occupancy of the entire facility in Novem- ber, using it as a distribution hub for Front Range com- munities, including Denver, Fort Collins and Colorado Springs. Listed last spring, Thiel said the property saw sig- nificant interest from a wide variety of investors but was ultimately purchased by a buyer familiar with Colo- rado who owns office and industrial assets across the state in Broomfield, Denver and Englewood. “The marketing of Cen- terra Industrial Building IV saw several new-to-the-sec- tor investors looking for an opportunity to place capital in an e-commerce facility,” Thiel said. “Our team was honored to advise Colorado- based McWhinney on this Class A asset in the prized Centerra master-plan devel- opment.” Situated on 20.64 acres at McWhinney’s 3,000-acre Centerra community, the building is part of a mas- ter-planned community featuring both single- and multifamily residences. In addition to housing, the Amazon distribution center trades hands The newly developed Centerra Industrial Building IV at McWhinney’s Centerra master-planned devel- opment sold to a California-based buyer. Larry Thiel The buildings, purchased by a separate account investor advised by Invesco, signify the build-out of the Douglas County business park. Please see Trio, Page 23 Please see Amazon, Page 23

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