This Week's Denver Deal Sheet
The Colorado Department of Transportation completed the last major milestone for its $1.2B Central 70 Project on Interstate 70 over Labor Day weekend.
The announcement marks the end of major construction impacts on the major thoroughfare and allows drivers to proceed in the new permanent alignment of westbound Interstate 70 between Brighton and Colorado boulevards in Denver.
Central 70 provides a regional connection to Denver International Airport and carries upward of 200,000 vehicles per day. The project broke ground in August 2018 and included a complete reconstruction of this portion of Interstate 70, including the construction of 19 bridges that were either newly built or replaced along with 24 ramps.
With major work completed, next steps include the completion of the 4-acre cover park over the interstate, including a new playground for Swansea Elementary School. The project developer is Kiewit Meridiam Partners.
SALES
Mill Creek Residential purchased land at 155 and 165 Cook St. in Denver for $15.9M, according to BusinessDen. Mill Creek submitted redevelopment plans to the city in 2021, and the latest versions show a five-story 110-unit apartment complex, per the publication. Two office buildings originally currently occupy the site, which is less than one square acre.
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Urban Renaissance Group purchased two office buildings totaling 480K SF at 380 and 390 Interlocken Crescent in Broomfield, Colorado, from Franklin Street Properties for $102.5M.
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An 8.1K SF multifamily property consisting of 20 units at 1400 Clarkson St. in Denver sold in a 1031 exchange for $2.6M. The undisclosed owner is expected to spend more than $2M to renovate the 1902 structure and reposition the property to deliver 20 upscale apartments in summer 2023.
Hunter Schaefer of NorthPeak Commercial Advisors represented the seller, while Conner Piretti and Greg Johnson of NorthPeak Commercial Advisors represented the buyer.
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A 4.8K office property at 8585 Huron St. in Thornton, Colorado, sold for $1.1M. The seller, San Miguel Real Estate, was represented by Matt Kulbe and Jordan Burgess of NavPoint Real Estate Group. The buyer, a religious organization called Iglesia Apostolica de la fe en Cristo Jesus in the United States, was represented by Jennifer Mussato of Keller Williams Realty.
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An entity called Panorama Falls 9085 sold a 2.8K SF office condominium at 9085 East Mineral Circle in Englewood, Colorado, to the Colorado Corn Administrative Committee for $725K. Charlie Davis of NavPoint Real Estate Group represented the seller and Fredric De Loizaga of CBRE represented the buyer.
FINANCING
Clarion Partners Real Estate Income Fund provided mezzanine loans subordinate to two senior loans originated by Blackstone Real Estate to refinance two student housing assets owned by Brickstone Partners and Daniel Otis in Boulder, Colorado. The senior loans were arranged by KeyBank Real Estate Capital. The two properties, known as Brickstone Boulder, consist of 312 units adjacent to the University of Colorado-Boulder campus that were renovated in 2015 and 2016 and were recently valued at more than $180M.
LEASES
Michelle Has Munchies leased 3.7K SF of retail space at 122 North Tejon St. for 5.5 years. Brent Ham of NavPoint Real Estate Group represented the landlord.
DESIGN AND CONSTRUCTION
Chicago-based Midwest Property Group broke ground on a 60K SF Class-A office project that includes 10K SF of ground-floor retail at 320 Fillmore St. in Denver. Delivery on the project is expected in the fourth quarter of 2023. The architect is 4240 Architecture and the builder is Haselden Construction.
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McWhinney broke ground on two speculative flex industrial buildings at 1755 and 1765 West 160th Ave. in Broomfield. The two buildings are 152.7K SF each and are adjacent to two previously constructed industrial properties McWhinney completed in 2018 and 2021. The architect is Ware Malcomb and the builder is Golden Triangle Construction.
THIS AND THAT
NFL Super Bowl-winning quarterback Russell Wilson partnered with Carrier Global Corp. to help launch solutions critical to healthy and sustainable buildings and homes. The Denver Broncos quarterback will partner with Carrier to introduce customers to differentiated offerings for healthy indoor air quality and sustainable solutions.
