This Week's Denver Deal Sheet
Sares Regis Group acquired Terracina Apartments at 13620 Via Varra Road in Broomfield, using a $139.88M loan provided by Mesa West Capital Funds.
Built in 2010, the 386-unit property includes one- and two-bedroom apartment homes and was 95% leased at the time of closing. A portion of the loan proceeds will help fund a capital improvement plan that will upgrade unit interiors and renovate common areas. Financing was arranged by JLL Managing Director Brian Torp. Â
PEOPLE
Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, hired Michael Conway as senior director for joint venture equity and structured capital in its Denver office.Â
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Umpqua Bank, a subsidiary of Umpqua Holdings, hired Todd Grover as senior vice president and market leader to lead the expansion of its commercial real estate division in Colorado. Grover most recently served as market executive for BBVA USA.
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Norris Design promoted Chris Rink to associate in its Denver office. Rink is a registered landscape architect with nearly 25 years of experience.
SALES
New York-based IG Logistics, an owner and operator of industrial properties with outdoor storage or transportation components, and Meadow Partners, an institutional middle-market real estate investor, acquired a 26.7-acre industrial storage site at 409 West 66th Ave. in Denver for $19M. The vacant property is zoned for outside storage and includes a 10K SF freestanding industrial building and two drive-thru service bays. Cushman & Wakefield’s Matt Trone and Joey Trinkle were hired to market the property.
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A 40-unit, 25.4K SF multifamily property at 1536 Macon St. in Aurora sold to an undisclosed buyer for $7.3M. Keith Hardy of NorthPeak Commercial Advisors represented the buyer and Scott Fetter and Joe Hornstein of NorthPeak Commercial Advisors represented the seller.
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A six-unit, 4.2K SF multifamily property at 2440-2450 Ogden St. in Denver sold to an undisclosed buyer for $1.8M. Kevin Calame and Matt Lewallen of NorthPeak Commercial Advisors represented the seller.
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Brickstone Partners acquired Kensington Apartments, a 163-unit property near the University of Colorado Boulder campus, from an undisclosed seller for $71M.
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An entity called JT 10320 LLC sold a 17K SF auto repair building at 10320 East Sixth Ave. in Aurora to Hat Trick for $3.3M. Paul Roberts of Fuller Real Estate represented the seller. Â
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Properties of Healing LLC sold a 3.3K SF office condo at 7120 East Hampden Ave. in Denver to an entity called 744 N. Center-Mesa for $1.06M. Andrew Dodgen of Fuller Real Estate represented the seller.
LEASES
Moog, an engineering company, expanded its 30K SF space by leasing an additional 15.6K SF at Mountain Gateway, a two-building Class-A industrial development at 5025-5045 Robb St. in Aurora. Additional leases at the property include Habitat for Humanity of Metro Denver, which leased 20.6 K SF, and Fiero Automation, a specialized high-tech provider of pneumatics, motion and mobile control solutions, which leased 15.3K SF. Mountain Gateway is now 76% leased and has 34.2K SF of remaining space available. Tyler Carner, Jeremy Ballenger and Jeremy Kroner of CBRE represented the landlord, Griffin Opportunities.
DESIGN AND CONSTRUCTION
Suntec completed a podium deck pour at 3000 Huron, a 354K SF, 300-unit residential tower near Denver Union Station, allowing construction of its residential units to proceed. The 14-story tower is scheduled for completion in December 2023. Chicago-based CA Ventures is the developer, Shears Adkins Rockmore is the architect and Brinkmann Constructors is the general contractor.
THIS AND THAT
Denver Housing Authority is seeking a development partner for a new affordable housing development at 901 Navajo St. in Denver. The request for qualifications leverages approximately $60M in dedicated bond proceeds to acquire land and buildings for the creation of affordable housing opportunities in Denver. A pre-proposal meeting is scheduled for Sept. 8, with submissions due to DHA on Nov. 4. The RFQ is available at www.denverhousing.org.
