This Week's Denver Deal Sheet: Ambrose Property Group Snaps Up 33-Acre Industrial Park
Indianapolis-headquartered Ambrose Property Group has expanded its Denver footprint with the $61M acquisition of Ascent Commerce Center, a 33-acre industrial park located at the intersection of 84th Avenue and Telluride Street in Commerce City. The industrial park, which includes three modern industrial buildings totaling about 595K SF, was completed in 2021 and is near Denver International Airport and major highways like Peña Boulevard and E-470.
Buildings in the park are partially occupied by tenants like La-Z-Boy, PCL Construction, McKesson and Lawless Group. It has more than 200K SF available to lease across three buildings, according to a press release.
Cushman & Wakefield’s Mountain West team represented the seller, and its Denver office will continue to handle leasing and property management services for the site. Ambrose also partnered with First Merchants Bank on a loan for the acquisition.
PEOPLE
Hoff & Leigh Denver hired Claire Hertel as a broker associate. A Littleton native with a background in commercial real estate, Hertel previously earned several top brokerage awards. She holds both a BSBA in Marketing and an MS in Real Estate from the University of Denver.
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ME Engineers Associate Principal Jamy Bacchus was named a LEED Fellow by the U.S. Green Building Council. The honor is awarded to just 14 professionals worldwide in 2024. This distinction highlights his significant contributions to sustainability and leadership in the green building industry.
LEASES
A two-story, 2,159 SF historic, triangle-shaped office building at 2222 Broadway in Denver’s Five Points neighborhood has been leased to Upfront Entertainment & Events LLC. The tenant agreed to a 14.5-month triple-net lease at a rate of $12.50 per SF each year, with $6.33 for operating expenses.
Charles Nusbaum of Antonoff & Co. Brokerage Inc. represented the landlord, Trybe Property Management. The tenant was unrepresented in the deal.
SALES
SRS Real Estate Partners completed the $8.3M sale of a 7-Eleven property at 52 W. 84th Ave. in Thornton. The 4,050 SF property, built in 2023, is part of a long-term corporate-guaranteed lease with 14 years remaining. The buyer was a California-based private investor.
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Pinnacle Real Estate Advisors facilitated the sale of a 6,358 SF office building at 1525 Josephine St. in Denver for $2.1M. The buyer, Collaborative Healing Initiative Within Communities, will use the property to further its mission of supporting women’s economic and social empowerment.
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Cushman & Wakefield arranged the $3.5M sale of a Class-A retail asset at 4487 Highland Meadows Parkway in Windsor. The 9,615 SF property is leased to Mash Lab Brewing and Infusion Architects on a triple-net basis. The building was designed by Infusion Architects and built by Elder Construction.
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Pinnacle Real Estate Advisors arranged the sale of the 6,233 SF historic Gargoyle Building in Denver’s Capitol Hill neighborhood for $1.3M. Originally built in 1937, the three-story, historic property was designed by William Lang who History Colorado calls “one of Denver’s most prolific late 19th century architects.”
The building was built for Adolph J. Zang, the general manager of Colorado’s first brewery owned by his brother, Philip. Adolph and Philip are both in the Colorado Business Hall of Fame. Adolph also headed the Zang Investment Company.
CONSTRUCTION AND DEVELOPMENT
The Orchard Town Center at 14697 Delaware St. in is set to welcome new tenants, including Warby Parker, J.Crew Factory, PF Chang's and Cozy Coffee Co., adding over 52K SF of shopping and dining options. The outdoor lifestyle center is now over 90% leased, and construction is underway for some of the new tenants.
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Project partners cut the ribbon on a new 63-unit affordable senior housing community at 6240 Smith Road in Denver, developed by Archdiocesan Housing and Catholic Charities. The income-restricted project is located at Federal Boulevard and Vassar Avenue and will exclusively serve residents earning below 60% of area median income. Cushing Terrell, Palace Construction, IMEG Corp. and Terracon Consultants were all involved in developing and constructing the facility.
THIS AND THAT
Banner Real Estate Group has launched Banner Industrial Properties, a Denver-based platform focused on industrial real estate investments. Led by industry veterans Mark Bowen, Dan Morrison and Scott Blanding, the new operation will target value-add properties in key logistics markets throughout the Western U.S.
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Snell & Wilmer has relocated its Denver office to the 25th floor of Block 162, a modern, 30-story Class-A building at 675 15th St. in Denver’s Central Business District.
Jim Kilroy, managing partner of the Denver office, pointed to the big growth of Snell & Wilmer's Denver practice since its 2000 opening.
