This Week’s Denver Deal Sheet: $28M Loan Secured For Arvada Marketplace
CBRE secured a $28M loan for Gerrity Group’s acquisition of the 284K SF Arvada Marketplace at 7370 W. 52nd Ave. in Arvada. The financing, arranged by CBRE’s Mark McGovern, Brian Cruz and Morgon Fraser, includes a five-year term at a fixed rate.
Anchored by Sam’s Club, the 96% leased regional shopping center also features Michaels, Ulta Beauty and Five Below. Its location near the Wadsworth Boulevard interchange along Interstate 70 makes it one of the area’s dominant retail nodes.
SALES
Pinnacle Real Estate Advisors brokered the $5.6M sale of an almost 22K SF historic office building at 1123 Auraria Parkway in Denver. Darrin Revious represented the seller. The property is 100% leased and will be included in the proposed River Mile project, a 14M SF mixed-use development along the South Platte River.
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Pinnacle Real Estate Advisors brokered the $1.6M sale of a 9-unit apartment building at 4439 W. Nevada Place. Built in 1956, the property sold for $175K per unit and $245 per SF. Josh Newell and Connor Knutson of Pinnacle represented both the seller and buyer.
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Antonoff & Co. brokered the sale of two retail condominiums totaling 5,300 SF at 1617 California St. in downtown Denver. The buyer was 1617 California St. Denver LLC.
CONSTRUCTION AND DEVELOPMENT
Landsea Homes closed on 32 home sites in the Cherry Meadows master-planned community in Brighton. The single-family homes will range from 1,473 to 2,937 SF across eight floorplans. Development begins in January 2025, with sales expected by spring 2025.
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Floor & Decor will open an 84K SF store at Bowles Crossing in Littleton on Dec. 19, marking the home improvement retailer’s first location in the city and sixth in the Denver metro area. The space required a roof-raising renovation.
Bowles Crossing, owned by Vestar, continues to expand its tenant mix, recently welcoming Café Rio and Via 313, with Party City set to open an 11K SF location in spring 2025.
THIS AND THAT
The first residents are moving into The Meadowmark, a new affordable senior housing community in The Meadows neighborhood of Castle Rock. Developed by Ulysses Development Group, the property includes 14 EV charging stations and plans for a shuttle service.
