This Week’s Denver Deal Sheet
Colorado-based developer Comunale Properties inked one of Northern Colorado’s largest leases this year with Asch, a custom cabinet builder, leasing more than 93K SF in Building 2 at Mulberry Connection. The 164.2K SF speculative industrial space near Fort Collins is expected to be ready for tenant move-in next year, according to a news release from Cushman & Wakefield.
Comunale also signed pre-leases for Building 1 at Mulberry Connection with Gustave A. Larson Co., an HVAC equipment distributor, and Winlectric, a full-service electrical wholesaler.
“Mulberry Connection’s success is owed to a singular focus on execution and a lot of hard work in activating a great site with tremendous highway visibility, in a market where development is very difficult,” Comunale Properties President John Comunale said in the news release.
Cushman's Travis Ackerman is the leasing broker for Mulberry Connection.
PEOPLE
Brian Cox, Matt Burgner and Matt Nora were all promoted to associate roles at Lee & Associates Denver. Collectively, the three agents have more than 20 years of experience in commercial real estate, and they were promoted because of their respective high sales and leasing volumes, according to a press release.
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JLL added Tom Jeffries as its new executive director for the firm’s value and risk advisory team. Jeffries has more than 18 years of commercial real estate experience, spanning a variety of underwriting, mortgage banking, consulting and valuation services.
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Bob Cope joined Norwood Development Group as a vice president of retail and commercial development this week. Cope was previously an economic development officer for the city of Colorado Springs.
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Steve Markey joined JLL’s Denver office as a senior vice president of the firm’s retail division. Markey has more than 25 years of experience in tenant representation and retail brokerage and specializes in the hospitality sector.
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Censeo AV + Acoustics announced two new hires for its Denver office this week. Melanie Pappas joined the firm as a project manager and Adam Lega joined as a building information modeling manager. The two have more than 45 years of commercial real estate combined.
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Essex Financial Group hired Alex McPherson to be the firm’s next vice president of loan production. She was previously a portfolio manager at Independent Financial where she managed a portfolio of loans on commercial buildings between $5M and $20M in value.
FINANCING
KeyBank provided $36.3M of financing to support the construction of Elevate, a 137-unit multifamily project in Aurora. The bank’s community development lending and investment branch sourced a $6.3M equity bridge loan and KeyBank’s commercial mortgage group provided $31.2M of private activity bonds. The project also received $30M in low-income housing tax credits and another $5.5M from Colorado state tax credit equity.
THIS AND THAT
Publicly traded homebuilder Landsea Homes Corp. expanded into the Colorado market this week by purchasing the assets and lot inventory of Richfield Homes. Lisa Wiebelhaus will manage Landsea’s Colorado operations after serving as a managing director of Richfield Homes for the past seven years.
