CREJ

Office 4 Industrial 10 Multifamily 14 Retail 20 Law & Accounting 24 Finance 26 CDE News 30 Who's News 49 Downtown lease Dallas-based law firm signs lease at Block 162 INSIDE Growing portfolio Cohen Rojas Capital Partners acquires Tennyson Place apts. Mountain town buy Terrapin Investments picks up two Glenwood Springs hotels 22 16 8 FEATURED New project Silver Point Development buys land for 1 million-sf build 10 CONTENTS JANUARY 5-18, 2022 by Jenna Walters A 1.15-million-square-foot Class A industrial park in northwest Denver traded hands. Agroupofinstitutionalinves- tors advised by J.P. Morgan Global Alternatives acquired the 66-acrePecos Logistics Park from developer Westfield Co. According to public records, the asset, located at 5675-5725 Pecos St., sold for $318 million. Tyler Carner, Jeremy Ballenger, Jessica Ostermick and Jim Bolt of CBRE brokered the deal on behalf of the seller. Upon completion, the park will encompass seven build- ings featuring 28- to 32-foot clear heights, shared amenity space for tenants, Union Pacific rail access, trailer parking and at least 3,000 amps of power perbuilding. Phase Iof theproj- ect, totaling 675,100 sf across four buildings, wrapped up in September. Phase II, adding 471,000 sf across three build- ings, is scheduled for comple- tion in the second quarter of this year. At closing, Phase I was 68% leased. The park’s location in a high- ly competitiveDenver submar- ket, coupled with its luxury amenity package and initial leasing success, proved attrac- tive to the buyer, Carner noted. “Pecos Logistics Park is an irreplaceable property with one of the best locations in Denver for capitalizing on the last-mile e-commerce evolu- tion and overall industrial expansion,”Carner said. “Two- thirds of Denver’s population is accessible within a 15-mile radius, and highway access is unmatched. The quality of ten- ants that have already commit- ted to the project is proof of its value.” Nick Firth of J.P. Morgan Asset Management deemed the asset a welcome addition to the buyer’s portfolio, saying, “Pecos Logistics Park is amod- ern, state-of-the-art warehouse park in a prime, supply con- strained location, prized for its accessibility to Denver’s grow- ing population. We’re pleased to add it to our nationwide industrial portfolio of 75.9 mil- lion square feet, including 2.8 million square feet of the best industrial space in the Denver market.” s Class A industrial asset sells for $318 million by JennaWalters DENVER – A global private investment firm added to its Denver-area holdings with the purchase of a seven-property multifamily portfolio inCentral Park. Starwood Capital Group acquired the Central Park port- folio, an asset comprising 1,445 units and nearly 100,000 square feet of office and retail space. Accordi ng to public records, the buyer pur- chased the portfolio for $619.5 mil- lion from seller Brook- field Proper- ties. Jordan Robbins and Pamela Koster of JLL brokered the sale. Constructed between 2004 and 2019, the portfolio ranges from luxury, core-plus wrap and garden-style product to value-add garden-style homes, offering a mix of floor plans averaging 917 square feet. At closing, the entire portfo- lio was 93% occupied. This number includes the Class A retail and office space, home to nearly three dozen national and regional tenants, including Starbucks, Orangetheory Fit- ness and Chipotle. The multifamily portion of the portfolio includes 7575 Town Center at 7575 E. 29th Place, The Aster Conserva- tory Green at 4890 Willow St., Botanica Town Center at 2853 Roslyn St., Crescent Flats at 7470 E. 29th Ave., The Aster Town Center at 3131 Roslyn Way, and TheAster Town Cen- ter North at 3207 Syracuse St. The commercial space is spread across the East 29th Avenue Town Center. According to Robbins, the portfolio garnered significant interest, signifying a desire by investors to complete large- scale deals. He said Starwood, as an experienced Denver area investor, was the perfect fit. The buyer adds the Central Park portfolio to a list of global hold- ings worth more than $105 bil- lion. s Global investor snags $620 million portfolio Developer Westfield Co. sold the newly constructed Pecos Logistics Park. CoStar Starwood Capital Group acquired a multifamily portfolio in Central Park, including 7575 Town Center. Jordan Robbins

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