This Week’s Denver Deal Sheet
TRC Retail has purchased Highlands Garden Village, a transit-oriented retail investment property anchored by Sprouts and 24 Hour Fitness.
Located on the former site of Elitch Gardens amusement park in Denver, the properties at 4450-4700 West 38th Ave. traded for $26.9M.
Highlands Garden Village spans 75K SF across five buildings and 17 suites and is fully occupied.
TRC Retail is a privately held retail real estate operating company based in Southern California. The seller, HGV Commercial, developed the properties.
Robert Edwards and Tom Ethington of Blue West Capital represented both the buyer and seller.
SALES
The city of Arvada has purchased a 44.3K SF building that formerly housed the Early College of Arvada.
Arvada bought the building at 4905 W. 60th Ave. for $6.45M from ECHSA Building Corp., according to council documents. The funding for the purchase will come from the city’s general fund.
The city said it has not yet decided what to do with the building, but potential uses include a navigation center for people without housing, a 24-hour emergency shelter or hosting various nonprofits in the space.
CONSTRUCTION AND DEVELOPMENT
Gould & Ratner LLP opened its first location outside of Chicago in Denver’s LoDo neighborhood.
The new office at 1400 16th St. includes corporate partners Chris McCall and Garrett Graff, who joined Gould & Ratner after practicing at a Denver-based regional full-service law firm.
Gould & Ratner Corporate Practice Chair Rob Chidester, who is licensed in Colorado, will also be using the office as a home-away-from-home when he is serving local clients.
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Nonprofit Urban Peak has opened a $38M, 136-bed homeless shelter.
The four-story building, also known as the Mothership Campus, is at 1630 S. Acoma St. in Denver and is meant for homeless people ages 12 to 24. The facility was built directly over its original, one-story predecessor.
The new shelter, the result of eight years of planning, now offers living units as well as case management and life skills courses. Nearly $17M of the project came from voter-approved funding.
PEOPLE
Krista Trofka has rejoined JLL as vice president for its higher education advisory business.
Based in Denver, Trofka has more than 15 years of experience working across planning and development. She will work with clients to build customized solutions around the financial sustainability of campus real estate, from portfolio strategy to creating public-private partnerships to deliver on the strategic initiatives of the institution.
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LS Gallegos, an Englewood-based engineering and construction program and project management firm, has been sold by its founder, Lawrence Gallegos, to company executives President Kelly Angel, Chief Operating Officer Melanie Urso and Chief Financial Officer Seth Joraanstad.
Gallegos will continue as president emeritus to support the transition and continued growth of the company.
Angel has been with LSG for nearly 11 years and has more than 20 years of experience as a transportation engineer and program and project manager.
Urso joined LSG in 2011 and has more than 25 years of experience directing teams and projects.
Joraanstad is a 25-year accounting and finance veteran, having previously held a number of senior roles in the engineering, manufacturing and cybersecurity industries.
FINANCING
FirstBank closed a $21M loan with Boulder Housing Partners to support the Hawthorn Court development that broke ground in May. It will add 73 units — 40 one-bedroom apartments, 27 two-bedroom and six three-bedroom — to the city of Boulder.
The development is on about 5 acres at 2950 and 2960 Hawthorn Ave., adjacent to Boulder Housing Partners’ Diagonal Court Apartments.
It will primarily serve households making 30% to 60% of the area median income. Five units will be set aside for families experiencing or at risk of homelessness.
The development will feature solar energy, high-efficiency all-electric HVAC systems, high-performance windows, electric vehicle parking and certifications from Enterprise Green Communities, Energy Star and Zero Energy Ready Homes.
THIS AND THAT
Apprenticeship Colorado, at the Colorado Department of Labor and Employment’s Office of the Future of Work, is seeking applications from registered apprenticeship programs in the building and construction trades.
Awards range up to $100K and prioritize projects that provide training to apprentices at no cost throughout the entirety of their apprenticeship, remove barriers to accessing training to target populations and embed diversity, equity, inclusion and accessibility into their program.
Funds for the awards originate from the Colorado HB23-1246 Support In-Demand Career Workforce Act.
Colorado has 162 registered apprenticeship programs across 51 occupations within the building and construction trades industry.
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Breckenridge Brewery is opening a new location in August in Fort Collins.
The brewery, one of the oldest craft beer makers in Colorado, will rebrand and convert the facility at 1020 E. Lincoln Ave. currently occupied by Sweetwater Brewing.
Breckenridge Brewery and Sweetwater Brewing were both purchased in 2023 by Tilray, an international cannabis company.
In addition to the new Fort Collins location, Breckenridge has a 12-acre campus, restaurant and taproom in Littleton, and its brewpub in the resort town of Breckenridge.
