CREJ

Office 4 Multifamily 8 Industrial 12 Retail 16 Boulder County 19 Larimer & Weld Counties 20 Colorado Springs 22 Finance 28 CDE News 35 Who’s News 46 On the green Partnership purchases Fairways at Lowry for $68.45 million INSIDE New spread A Colorado-based butter producer and distributor is making 25 North its new home Downtown JLL secures a $105 million construction loan for a downtown multifamily property 28 14 8 FEATURED Three decades For the first time in nearly three decades, historic Larimer Square has new ownership 18 CONTENTS JANUARY 6-19, 2021 by Jennifer Hayes A California-based buyer purchased its first Denver metro apartment community with its acquisition of Water- mark at First Creek. Borello Asset Management Inc. paid $74.65 million, or $282,765 per unit, for the 264- unit Class A community at 18493 E. Elmendorf Drive at the northwest corner of Tower Road and Elmendorf Drive in Denver near Denver Interna- tional Airport. “There were numerous offers,” CBRE’s David Potarf said of the level of interest in the asset due to the signifi- cant interest in the DIA submarket. “Despite a large slow- down in airport traf- fic and over- all travel, including business and occu- pancy at The Gaylord, there is still strong interest in the DIA submarket. It is seen as a strong long-term market with a ter- rific overall employment story going forward.” Potarf and CBRE’s Dan Woodward and Matt Barnett represented Watermark Resi- dential, a wholly owned affili- ate of Thompson Thrift, which sold the community it com- pleted in 2018. Watermark at First Creek fea- tures an e-Urban design that is 30% more efficient and utilizes 30% less materials than tradi- tional design in its two four- story rental buildings situated on 8.78 acres. The one-, two- and three- bedroom units that comprise the community each feature a gourmet bar-kitchen with cus- tom cabinetry, granite counter- tops, 9-foot ceilings, and in-unit washers and dryers. The prop- erty offers the largest average unit size of market-rate proper- ties in the submarket at 1,042 square feet. Watermark at First Creek Watermark at First Creek sells for $74.65M by Jenna Walters A California buyer acquired a multibuilding industrial portfolio in Broomfield for $48 million. San Diego-based Westcore, a leading industrial real estate acquisition, development and asset management firm, purchased the 11-building, 509,164-square-foot campus at West Midway Boulevard and Burbank Street from sell- er Commander Leasing LLC. Westcore was self-represent- ed, while Tyler Carner, Jeremy Ballenger, Jim Bolt, Jessica Ostermick and Jeremy Kro- ner of CBRE represented the seller. The buildings in the port- folio were built between 1969 and 1985 and range in size from 20,268 sf to 90,400 sf. The property was 100% occupied by 15 tenants at the time of sale and has been over 95% occupied for more than 20 Broomfield industrial campus sells for $48M The 264-unit community is the only elevator-served apartment community in the Denver International Airport submarket. David Potarf Please see Watermark, Page 23 An 11-building industrial campus north of Denver will be renovated and repositioned by a new California investor. Please see Broomfield, Page 23