Office 8 Multifamily 10 Retail 14 Industrial 18 Boulder County 22 Larimer & Weld Counties 23 Colorado Springs 24 Finance 29 CDE News 36 Who’s News 45 New use A Northglenn office property is slated to be transformed into a product testing laboratory INSIDE Checking out Roxborough Marketplace, a Safeway-anchored center in Littleton, trades for $18.35 million Artsy The ArtWalk Apartments at City Center in Englewood sells for $123.5 million 10 14 8 FEATURED South of the border A Canadian REIT turns to Colorado Springs for its first purchase in the United States 24 CONTENTS NOVEMBER 4-17, 2020 by Jennifer Hayes A Virginia-based private investment group made its first Colorado acquisition with its record-setting purchase of Patriot Park VI. The103,970-square-foot office building at 655 Space Center Drive in Colorado Springs sold for $24.25 million, according to public records – setting what is believed to be a high-water mark for an office building in the Springs’ market in the last decade. “The sale of, as well as the recent long- term lease signed at, Patriot Park VI shows the continued, significant investment interest in C o l o r a d o S p r i n g s , ” saidAaronD. Johnson of Cush- man & Wakefield, who repre- sented the seller, Crescent Real Estate LLC, with Cushman’s Jon D. Hendrickson. “The education of investors on the Colorado Springs mar- ket has taken time,” explained Johnson. “Colorado Springs has unique demographics and drivers, and the growth story there is outpacing Denver. It’s a very attractive option to inves- tors, who today are looking for durable cash flow and strong tenancy.” The three-story building, constructed in 2008 by Cor- porate Office Properties Trust, also benefits frombeing one of the top office buildings in the market, he added. “It is one of the nicest Class Aoffice properties in the south- east airport market.” Patriot Park VI recently underwent an interior renova- tion as well as the addition of sensitive compartmented infor- mation facility space. Lockheed Martin took occupancy at the building earlier this year. The building also has close proximity to PetersonAir Force Base as well as “phenomenal” highway identity off Highway 24 and North Powers Boule- vard. Patriot Park VI was part of a 13-building Colorado Springs office portfolio purchased by Crescent for $125.25 million in late 2018. s Patriot Park VI office sells for $24.25 million by Jenna Walters ADenver-based developer acquired the first and sec- ond phases of land for its multiacre, mixed-use project in Erie and began construc- tion on the parcels. In a public-private part- nership between Evergreen Devco and the Town of Erie Urban Renewal Authority, the developer acquired 40 acres of land at the southeast corner of U.S. Highway 287 and Arapahoe Road. The first acquisition, totaling 28 acres, closed Oct.1, while the second, totaling 12 acres, closed at the end of October. The acquisitions are two of three that will make up the developer’s 48-acre Nine Mile Corner project, which is set to feature a Lowe’s Home Improvement- anchored shopping center and 287 multifamily resi- dential units. According to Tyler Carl- son, managing principal and executive vice presi- dent at Evergreen, the first phase of land will be used for retail space, specifically the Lowe’s store. The sec- ond phase will be used for multifamily space, and the final 8 acres, which will be acquired in the third phase early next year, will be used for another smaller anchored retail space. Once the first acquisition was complete, Evergreen sold a portion of the land to Lowe’s. Carlson declined to release the sales price of any of the acquisitions or estimated project costs for the development. Christop- er Burton of Legend Part- ners represented Lowe’s in the transaction, while Allen Lampert and Phil Hicks of David Hicks & Lampert Brokerage represented Ever- green in the transactions with the town of Erie and sale to Lowe’s. The pair also handles the leasing of the shopping center. Construction begins on Nine Mile Corner The sale price of Patriot Park VI is believed to be a high-water mark for an office building in the last decade in Colorado Springs. Aaron D. Johnson Renderings show what the shopping center will look like following Nine Mile Corner’s completion. Please see Evergreen, Page 26