This Week’s Denver Deal Sheet
Broomfield officials unanimously voted this week to close the 1stBank Center. The 16-year-old concert and sports venue will be torn down, and the land it sits on could be lumped into a 22-acre package that the city hopes to sell to a developer.
The 7,000-person venue was built in 2006 for approximately $45M. The Broomfield City Council said on Tuesday that more than $34M is owed on the building’s bonds.
9News reported the building never turned a profit.
PEOPLE
Kevin Wieland is joining Tower Capital’s Denver office as a vice president. Wieland will be responsible for arranging debt and equity capital for investors to acquire and develop commercial projects across the Rocky Mountain region. Before joining Tower, Wieland was a principal at Lasalle Investment Management.
SALES
Santa Barbara, California-headquartered Granite Capital Group sold the Enclave Belle Creek, a 167-unit multifamily and townhome community in Henderson, Colorado, for about $46M. Transwestern Real Estate Services Vice President John Blackshire and Senior Vice President Tom Wanberg represented Granite Capital Group in the transaction.
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Grant and Marisue Marsh and their son, Griffin Marsh, bought a more than 4K SF building at 4501 38th Ave. in Denver for $1.35M. NAI Shames Makovsky’s Joey Gargotto represented the seller, Miguel Vigil.
LEASES
MTM Transit LLC inked a lease for a 22K SF industrial outdoor storage space at 280 West 62nd Ave. in Denver’s central submarket. Newmark Managing Director Mike Viehmann represented MTM Transit.
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A 1K SF retail space at 10970 South Parker Road in Parker was leased for five years by Tiana Neff and Jordan Reeves. Brent Ham and Mike Quinlan of NavPoint Real Estate Group represented the landlord.
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Village Work & Wellness Center subleased a 37.1K SF space at 7173 South Havana St. in Centennial from Davita Inc. NAI Shames Makovsky’s Paul Cattin, Adam Hubschman and Solomon Stark represented the subtenant in the transaction.
FINANCING
Los Angeles-based investor and developer Banyan Residential secured a $73M loan to finance the construction of a 399-unit multifamily building in Aurora. Construction is slated to begin in June and is expected to be completed in Q1 2025.
THIS AND THAT
The Cherry Creek North Business Improvement District released its summer schedule, which includes 70 days of events. The schedule includes long-running favorites such as the Cherry Creek Arts Festival from July 1 to July 3. It also includes new events such as the Bastille Day French Fest July 14 and 15.
