This Week’s Denver Deal Sheet
Denver-based development firm Formativ broke ground on a 214-unit multifamily project in Colorado Springs that will feature studio apartments up to two-bedroom units and include a few walk-up townhome-style options. Formativ and its investment partner, Argosy Real Estate Partners, plan to hold the building for up to 10 years, according to a press release.
The project will be known as The Hunter in honor of longtime Colorado Springs resident Samuel C. Hunter Jr. and his family. Hunter was a World War II veteran and NAACP civil rights award recipient, according to his obituary.
“As folks have more optionality about where to call home these days, Colorado Springs is seeing itself as a popular choice,” Formativ CEO Sean Campbell said in a press release. “And it’s no surprise with the access to the outdoors, historic landmarks, like the Air Force Academy, U.S. Olympic & Paralympic Museum and the new Weidner Field, as well as a bustling food and drink scene.”
PEOPLE
JLL Senior Managing Director Peter Merrion has been appointed to lead the firm’s capital markets team in Denver. Merrion has more than two decades of experience in commercial real estate and specializes in office and life sciences investments.
SALES
A more than 1,200 SF retail building at 4065 Ute Highway in Longmont was sold for more than $1.1M. The seller, Peerless Tires, was represented by Kirk Vanino of Lee & Associates. Cedar Lakewood LLC was the buyer.
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A recently renovated 10K SF single-tenant office building in Denver’s historic Five Points neighborhood sold for a record $3.1M, or about $315 per SF. The seller, King Wesley LLC, was represented by NAI Shames Makovsky’s Paul Cattin, Adam Hubschman and Solomon Stark.
LEASES
Santa Monica Seafood leased a 33K SF industrial building at 1101 East 126th Ave. in Thornton. Brian Cox and Becky Thompson of Lee & Associates’ Dallas-Fort Worth office represented the tenant. Joe Krahn of Cushman & Wakefield represented the landlord, Thornton Owner LLC.
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CBRE announced that Eastpark 70, a 1.3M SF industrial space in Aurora, is fully leased after Empire Today and Performance Contracting inked new leases for more than 135K SF. CBRE’s Doug Viseur and Todd Witty represented the park’s developer and landlord, Consolidated Investment Group.
CONSTRUCTION AND DEVELOPMENT
Colorado-based developers Koelbel & Co. and DeNovo Solutions LLC teamed up to build a new defense contracting building near Buckley Air Force Base in Aurora. The building, known as Innovus, will be about 200K SF and about four stories tall once it is completed in 2025, the companies said in a press release.
THIS AND THAT
Sheraton Downtown Denver will open a new Topgolf Swing Suite in its lobby next to the Bazel cocktail lounge. A press release describes the new suite as a “symbol of the ongoing improvement and revitalization of Upper Downtown Denver.”
