This Week’s Denver Deal Sheet
Klaviyo, the Boston-based international marketing tech company, is following through on its plans to invest in a full-time Denver office this year.
It opened a 13,300 SF office at the WeWork in the Tabor Center, 1200 17th St., in late June. The space is more than six times the size of Klaviyo’s previous space at a WeWork on Platte Street.
The company’s new Denver office can accommodate 175 people. It also features meeting rooms, huddle rooms and several phone booths. In addition to Denver, Klaviyo has hubs in Boston, London and Sydney.
“Denver has been a success for us,” Carmel Galvin, the company’s chief people officer, told the Denver Business Journal. “Originally, the thinking was we’ve a lot of customer prospects, etc., there, plus the fact that there’s such a good fiber and talent market, so that was sort of the original impetus for going. That has only increased, and our growth plans continue to increase. ... It’s been a successful place for us to be able to find great talent.”
FINANCING
Gantry secured a $5.1M permanent loan to refinance the 54K SF multitenant industrial building at 8530 Concord Center Drive in Englewood. The property has three tenants and offers 24-foot clear heights, direct access to the I-25 and E-470 highways and regional proximity to the I-70 corridor.
Gantry’s Stefan Malmlund and Andy Bratt represented the borrower, a private real estate investor. The seven-year, fixed-rate loan was provided by one of Gantry’s correspondent life company lenders at an attractive rate for the cycle and features a 30-year amortization.
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Northmarq’s Denver office has secured $46M in construction financing for Wadsworth Junction in Broomfield. The three-building, 227-unit Class-A apartment community will be developed on approximately 7.7 acres at 11495 Wadsworth Blvd.
Northmarq arranged the financing on behalf of the developer, Blackburn Communities, through a regional commercial bank. The construction financing was structured on a four-year, interest-only term with an extension option.
Wadsworth Junction will offer one-, two- and three-bedroom apartments averaging 967 SF.
CONSTRUCTION AND DEVELOPMENT
The Colorado subsidiary of California-based Azure Printed Homes plans to establish a manufacturing plant in Bennett. The company uses 3D printing technology to manufacture so-called tiny homes.
According to a press release, the company’s 20K SF plant is a recipient of a loan award made possible through Colorado’s Proposition 123 Affordable Housing Financing Fund, announced earlier this year by Gov. Jared Polis.
Construction of the manufacturing plant, which will generate 50 new jobs, is expected to commence this fall, with the first homes to be delivered within 60 days of the plant's completion.
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Howell Construction, in conjunction with Lee Architects, recently completed a renovation project at the One Hope Church in Littleton. Howell renovated 28K SF of the church’s three-story, 42K SF office building into a place of worship.
The facility’s first floor now accommodates a 500-seat auditorium, lobby, coffee bar, conference rooms, kitchen and new restrooms, while the second floor has been converted into three children’s areas.
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Little Sunshine's Enterprises, which operates 35 early learning centers across the U.S., has announced plans for its sixth Denver-area location. The company didn't specify the size of the space.
The new location is scheduled to break ground in Thornton later this month and open in 2025. It will feature classrooms and a comprehensive curriculum for children aged six weeks to prekindergarten.
PEOPLE
Scott Vollmer has been named general manager of the Dairy Block mixed-use project in Denver's Lower Downtown.
Dairy Block is home to more than a dozen shops, restaurants and bars, a coworking space and Maven Hotel.
Vollmer has led other large-scale property operations and retail placemaking for mixed-used development projects. He was previously with Milender White, where he spent five years as Director of Property Operations.
SALES
Pinnacle Real Estate Advisors announced the sale of a 5K SF retail property at 3830 Morrison Road in Denver for $1.2M. Pinnacle's Peter Sengelmann represented the seller. Neither the buyer nor the seller was disclosed.
“The property had been in the family since the 1960’s. I was happy to help them sell the asset to a uniquely motivated buyer who will also occupy the property,” Sengelmann said in post on Pinnacle's website.
