This Week's Denver Deal Sheet
Xcel Energy will be the latest company to build at HighPoint Elevated, a 125-acre, 5.5M SF industrial business park in development directly south of Denver International Airport.
Xcel spent $2.5M to purchase 10 acres from Hyde Development and Mortensen, the project’s developers, who will also oversee the construction of a planned 40K SF facility.
CBRE represented the sellers in the deal. Xcel will join two other companies that have announced plans to operate at HighPoint since the project broke ground in 2021: Hawthorne Hydroponics, which will occupy 37% of a 540K SF building available for lease, and Dollar General, which will open a 919K SF, custom-built facility at the site.
PEOPLE
Jordan Meehan will join Cincinnati-based Viking Group as an acquisitions manager at the firm’s Denver office. He was previously a senior acquisitions associate at Baceline Group.
SALES
The Corsican Apartments, an 11-story, 82-unit high-rise in Cheesman Park, was purchased from its ownership group for $31M by an unidentified buyer. Built in 1968, the building had never before been sold.
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Harvest Junction — a 364K SF shopping center in Longmont, home to Best Buy, Dick’s Sporting Goods and Lowe’s, among other retailers — sold for $73.8M to Pine Tree and Wafra. JLL represented Walton Street Capital and a regional operating partner.
LEASES
Safehold has closed on a $31M ground lease at a site on West Colfax Avenue, 2 miles west of downtown Denver. The site will be the future home of a 260K SF, 196-unit apartment complex, a qualified opportunity zone project led by the Max Collaborative.
CONSTRUCTION AND DEVELOPMENT
Prologis purchased an additional 55-acre parcel at Prologis Park 70, its industrial park in Aurora’s airport submarket. The acquisition will allow it to add 1M SF to the existing 12-building, 5.7M SF complex.
FINANCING
Capital One furnished a $33.8M Freddie Mac loan to real estate investor FCP. The funds will refinance Heights on Huron, a 252-unit multifamily housing complex in Northglenn.
