This Week’s Denver Deal Sheet
A 213K SF office building known as Riverview at 1700 Platte St. traded hands for $129.1M, or roughly $606 per SF. It is one of a few office sales to take place in Denver this year, as falling values and rising interest rates weighed on the market.
Texas-based Crescent Real Estate purchased the building from a holding company affiliated with Houston-based Lionstone Investments and the California State Teachers’ Retirement System, the Denver Business Journal reported.
CBRE's Tim Richey, Jenny Knowlton, Charley Will, Chad Flynn and Alex Mulvihill represented the seller in the transaction.
The property is home to the headquarters of BXP Energy, the U.S. oil and gas arm of BP.
PEOPLE
KSL Capital Partners LLC added four people to the firm’s partnership ranks effective Jan. 1: Kirk Adamson, Martin Edsinger, Kevin Rohnstock and Tina Yu. Adamson was previously a principal on Blackstone's real estate debt strategies team. Edsinger was an investment manager at Arle Capital Partners before joining KSL. Rohnstock is KSL’s new general counsel, while Yu will focus on European investments.
SALES
A five-unit multifamily property at 2144 N. Vine St. in Denver sold for $1.2M, or roughly $242K per unit. Austin Bengford of NorthPeak Commercial Advisors represented the seller in the transaction, which closed Dec. 8.
***
An industrial property at 1609 and 1713 Park St. in Castle Rock sold for $3.2M. The deal includes 1.7 acres and two buildings that combine for about 12K SF. Matt Call of NavPoint Real Estate Group represented the seller, JGC2M LLC, while NavPoint’s Jeff Brandon represented the buyer, Four Square Properties II LLC.
LEASES
Hernon Fly Fishing leased 2,400 SF of retail space at 611 N. Wilcox St. in Castle Rock. NavPoint Real Estate Group’s Jordan Burgess and Matt Call represented the landlord.
***
TSR Solutions renewed its lease on 1,900 SF of office space at 7304 S. Alton Way in Centennial for five years. Jeff Brandon of NavPoint Real Estate Group represented the tenant in the deal.
***
Positive Vibes leased 1,900 SF of retail space at 674 N. Santa Fe Drive in Denver. Peter O'Bryan and Jori Hayes of SVN Denver Commercial represented the tenant, while Unique Properties represented the landlord.
***
G2 Secure Staff leased 1,900 SF of office space at 7001 Tower Road in Denver. Peter O'Bryan of SVN Denver Commercial represented the tenant.
FINANCING
KeyBank secured $16.7M to refinance a 204-unit multifamily property known as Edge DTC. The five-year, fixed-rate loan has an interest rate of 5.6% and was sourced from Fannie Mae. KeyBank will service the loan.
