This Week’s Denver Deal Sheet
Mortenson Properties and Hyde Development signed a long-term lease for 1.1M SF in two industrial buildings at 76 Commerce Center in Brighton.
Broadrange, a Georgia-based logistics company, signed the lease on the two remaining buildings at 76 Commerce Center, a four-building, 155-acre logistics park in Denver’s I-76 corridor.
The deal reportedly represents the largest speculative lease ever completed in Colorado. Todd Witty and Daniel Close of CBRE represented the landlords, Hyde and Mortenson.
Sam Dragan and Jim Bolt of CBRE represented the tenant with Atlanta-based Strategic Real Estate Partners.
Broadrange plans to occupy the space in September.
SALES
UCHealth has purchased a retail building in Denver’s Cherry Creek neighborhood for $3.8M. The property houses a restaurant and liquor store and sits on a 6K SF lot at 101 Madison St.
The lot is next door to UCHealth’s Cherry Creek Medical Center at 100 Cook St. UC Health now controls about three-quarters of an acre along Madison Street next to its facility. It has spent $13M in the past six years on the land.
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Pinnacle Real Estate Advisors this week announced three new property sales in metro Denver.
A 14K SF office at 7456 W. Fifth Ave. in Lakewood sold for $1.5M. The firm's Greg Titus, Paul Nora and Jamie Mitchell represented the seller.
An 8,500 SF retail property home to a liquor store at 18611 Green Valley Ranch Blvd. in Denver sold for $1.9M. Pinnacle's Levi Saxen and Corey Sandberg represented the buyer and seller.
A two-tenant, 38K SF light industrial and warehouse facility in Wheat Ridge sold for $4.8M. The property is on 3.3 acres at 4725 Independence St.
John Reynolds and James Wachholz with Cushman & Wakefield and R.C. Myles with Pinnacle Real Estate Advisors represented the sellers, Tecta LLC and Solo@LHC LLC.
Mark Alley and Paul Schneider with Pinnacle represented the buyer.
LEASING
Whole Foods is relocating its regional headquarters in Denver while reducing its office footprint by nearly 25K SF.
Permit filings quoted by The Denver Post say the company is building out a 13,500 SF office on two floors at 1500 Wynkoop St., in the city’s Lower Downtown neighborhood. The new space will replace Whole Foods' 38K SF office at 3012 Huron St.
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Meta is also reducing its downtown Denver office space by about half. The company will reduce its leased space at 1900 16th St. by early next year. Meta had leased about 24K SF on one floor of the building in 2018 and expanded to 47K SF on two floors in 2020.
Meta, which has gone through several rounds of layoffs, will continue to occupy nearly 24K SF at 1900 16th St. and is counted among the building's major tenants "willing to pay a premium" to remain there, according to marketing materials.
The building is being sold and is 87% leased, according to the Denver Business Journal, citing JLL marketing materials.
FINANCING
On Wednesday, Gov. Jared Polis and state agencies announced the preliminary selection of the first six recipients of the voter-approved Proposition 123 equity program.
These funds will provide investment capital for low- and middle-income multifamily rental projects, supporting the creation of an estimated 628 affordable housing units.
More than $39M has been preliminarily approved for six recipients in Denver, Fort Collins, Montrose, Lone Tree and Craig. Final award details will be determined during the underwriting process for each project.
THIS AND THAT
The 190-room Kimpton Claret Hotel is now open in Belleview Station at the corner of I-25 and East Belleview Avenue. Kimpton Hotels & Restaurants, part of IHG Hotels & Resorts’ luxury portfolio, said the 19-floor boutique hotel officially opened its doors to guests on July 17.
The hotel at 6985 E. Chenango Ave. has 10K SF of meeting space and two ballrooms, a boardroom, prefunction space and an outdoor terrace.
The hotel is a collaboration between Kimpton Hotels & Restaurants, DTC Hospitality Investors LLC, developer Cypress 16 LLC and McClurg Century Investments LLC.
