This Week’s Denver Deal Sheet: Spartan Investment Group Ends 2024 With $175M In Purchases
Golden-based Spartan Investment Group closed 2024 with $175M in acquisitions and $100M in raised capital, fueling its expansion into six new markets, including central Florida, Georgia, South Carolina, Tennessee, West Virginia and the Pacific Northwest. The firm added 13 properties totaling 839K SF of self-storage space and 7,446 rentable units.
Co-founder and Chief Investment Officer Ben Gibson attributed the growth to Spartan’s investment approach in a news release, noting the acquisitions are positioned to meet rising storage demand in high-growth areas.
Spartan said it is set to grow further in 2025 with four ground-up development projects and additional acquisitions.
PEOPLE
UDR promoted Mike Lacy to chief operating officer and expanded President and Chief Financial Officer Joe Fisher's role to include chief investment officer. The company will begin a search for a new CFO, at which point Fisher will relinquish those responsibilities.
SALES
Pinnacle Real Estate Advisors brokered the $4.1M sale of a 24K SF industrial property at 501-521 Kalamath St. in Denver. The buyer plans to use half the property for their HVAC business and lease out the remainder. Advisers Paul Nora and Jamie Mitchell represented the seller.
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CentrePoint Properties acquired the 76K SF Edgewater Public Market at 5505 W. 20th Ave. for $25.5M. The property includes 16 food and beverage businesses, a brewery, 17 retail spaces and three additional buildings that house restaurants and fitness businesses.
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Berkshire Residential Investments purchased The Retreat at Westminster, a 264-unit luxury apartment community at 6969 W. 90th Ave. for $87M. The acquisition was funded by a $56.8M loan from Berkadia Commercial Mortgage. The property last sold for $43M in 2015.
LEASES
Industrial Outdoor Ventures leased its recently acquired property at 3750 Nome St. in Denver to Lakin Tire, a tire recycling and distribution company. The site was leased fewer than 30 days from its purchase and is IOV's 10th acquisition in the Denver area. The 4.94-acre property includes 31K SF of warehouse and office space. CBRE's Sam Dragan and Mike Camp represented IOV, while Steve Serenyi of Colliers International represented Lakin Tire.
THIS AND THAT
Denver Mayor Mike Johnston released a report highlighting progress on the city's 2024 goals. Stated achievements include reducing street homelessness, a drop in citywide shootings, expanding affordable housing and securing funding for downtown revitalization. The report also notes advancements in streamlining city processes to improve services for residents.
