Four SEC Filings You Need To Read
You can learn a lot about Denver commercial real estate by trolling SEC filings. (Plus you'll impress anyone who looks over your shoulder.) Here are four facts we found about companies important to Denver.
1. Kimco Realty Buys Big
Kimco Realty doubled down on Denver, acquiring two shopping centers in recent weeks, including Northridge Shopping Center in Arvada for $19.8M and the 44k SF Village at Highlands Ranch II in Littleton for $14.6M, anchored by King Soopers. Northridge, which tallies 146k SF and is anchored by Target and Hobby Lobby. "Kimco sees multiple value creation opportunities" through redevelopment and outparcel repositioning, officials say.
2. Camden's Newest Will Cost Millions
Camden Residential revealed that its newest Denver apartment project will cost $48M. Called Camden Lincoln Station, the firm recently announced plans to develop the 275-unit property, and already spent $5M toward the project, according to filings. But that's okay because Camden made millions selling two Denver properties: Camden Pinnacle (above) and Camden Centennial, which sold for nearly $55M.
3. DCT Industrial Hits 10M SF Mark
Denver's DCT Industrial reports that it leased more than 10M SF this year at $4.56/SF average rent. The company also purchased 23 building--4.6M SF across the country, including in SoCal, Atlanta, Dallas, NJ, Chicago, Charlotte, and Seattle for a total of $220M. (Americans can't agree on the name for the night before Halloween, but it can agree it likes what DCT is offering.) Of its eight projects under construction, nearly half are fully leased, including Slover Logistics Center I and II in Southern California (above).
4. Franklin Street Sees Occupancy Slip
But that's because it bought a Denver building. The company reports that occupancy rates slipped from 94.4% to 93.8%, mainly as a result of buying 1001 17 St, a 20-story 656k SF tower in Downtown Denver from Miller Global Properties for $217M. It was 88.5% at acquisition. "We believe this property offers an excellent opportunity to increase occupancy and rental income stream within a vibrant and growing Denver CBD office market, creating incremental value for the company," officials state in the SEC document. (The filings double as a thesaurus for positive adjectives.)
