This Week's Denver Deal Sheet
Texas-based Lovett Industrial has completed construction on Broadway Logistics Center, a 201K SF, Class-A front-park, rear-load industrial building at 6795 Broadway.
Drew McManus, Bryan Fry and Ryan Searle with Cushman & Wakefield are marketing the building for lease to a single tenant or multiple tenants with divisibility down to 22K SF.
The facility is in unincorporated Adams County. It also features a 32-foot clear height, a 6-inch reinforced concrete slab, 204 parking stalls, 57 dock-high doors, 130-foot truck courts and 50 trailer spots.
CONSTRUCTION AND DEVELOPMENT
Landsea Homes Corp. broke ground on its newest community, Spring Valley, at the southwest corner of Highway 66 and Sundance Drive in Longmont. The development will consist of 28 duplexes, and sales are expected to launch this autumn.
The community is adjacent to Ute Creek Golf Course, providing residents with access to open spaces and scenic walking trails.
PEOPLE
JLL has announced the addition of Elizabeth Osborne as managing director in its Denver office. With more than 15 years of experience, Osborne comes to JLL from Cushman & Wakefield, where she was an executive managing director and completed more than 10M SF of transactions across the country.
Osborne specializes in tenant representation.
SALES
Havana 37 Business Center, a small-bay industrial property and business center in north Denver, sold to a global fund manager for nearly $18M, the Denver Business Journal reported.
Located at 3700 N. Havana St., Havana 37 is a three-building, 150K SF property in the city’s Central Park neighborhood.
BKM Capital Partners, a California-based real estate operator and fund manager, sold the property to an LLC associated with Bahrain-based Investcorp on Aug. 16, according to public records. Records also show that BKM purchased the property in October 2019 for nearly $15M.
The property is 95% leased. The sale of Havana 37 was part of a $110M recapitalization of five U.S. light industrial properties in BKM’s portfolio, the company told the Denver Business Journal.
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Imperial Restaurant Group, owner of Imperial Chinese at 431 S. Broadway in Denver, purchased four other metro Denver restaurants and will assume their locations.
Imperial purchased Sushi-Rama restaurants in Aurora, Denver, Lone Tree and Broomfield, according to Pinnacle Real Estate Advisors, which represented Imperial. As part of the business sale, Imperial also assumed the Sushi-Rama leases, and those locations will feature Imperial’s new fast-casual concept, Imperial To Go.
Financial terms of the deal weren't disclosed. Pinnacle’s Elizabeth Morgan, Cody Stambaugh and Kyle Moyer represented Imperial. David Schneider with Axio Commercial Real Estate represented Sushi-Rama.
THIS AND THAT
Denver’s first cannabis spa is scheduled to open on Sept. 14.
The Pure Elevations Canna-Spa & Salon at 185 S. Santa Fe Drive will be among the city’s first public consumption spaces, where guests who book a massage or pedicure will be able to smoke cannabis on-site before or after their appointment.
The business will sell cannabis products from a small dispensary counter in its salon for guests to consume on the outdoor patio. It will also integrate THC- and CBD-infused topicals into its services and treatments.
