|
For those interested in
Real
Estate and Transportation, James Real
Estate Services is proud to announce the development of
a Group in LinkedIn with that name. The group provides
a platform for valuable on-line discussions of real
estate and transportation. Please join us! If you
already have a LinkedIn account just click on:
http://www.linkedin.com/groups/Real-Estate-Transportation-4760558/about
to join the
Real
Estate and Transportation group. If you
don't yet have a free LinkedIn account open one by
simply entering your name and email address at:
http://www.linkedin.com/
After opening your LinkedIn account join the group by
coming back to this email and click on the Group link
above.
Here are the headlines of the latest articles compiled
for
Real
Estate Perspective from various
publications and websites in the Denver metro area. If
you would like to review and receive free this or one of
our other newsletters, please click on one of the
following links:
Real Estate Perspective
Cherry Creek Perspective
Apartment Perspective
Real Estate Perspective
includes free searchable access to all of the articles
in the REP library back to 2001. Research a property or
a market based on location, date, source or even a word
in the text. Access the database and research your next
property of interest at:
www.jres.com/articles
Click on the logos to the left to go to sponsor
websites. This weekly email newsletter is available
free of charge. Feel free to forward it to others.
To access an individual article summary, click on the
link below and you will be taken to the summary on the
JRES website. From there you can view other JRES article
summaries from the past week or you can link directly to
the source article at its original publication if it is
available on the web. Look for the View Source link at
the bottom of the JRES article summary.
If your organization is interested in sponsorship of
Real Estate Perspective contact
Bill James
at
bjames@jres.com or 303-316-6768.
The Market Center,
an assemblage of buildings totaling 120,369 SF at
1624-1660 Market Street and 1322-1380 17th Street, has
been purchased by Jonathan Rose Cos. for an unknown
price. Sold by Toma West for an undisclosed price, the
transaction was managed by agents John Jugl and Mary
Sullivan of Jones Lang LaSalle.
King Soopers
has announced that it has signed with the Nichols
Partnership Inc. to be a part of the apartment complex
planned at
20th
Street and Chestnut Place. To occupy
42,000 SF of ground-floor retail in the 312-unit 5-story
complex, the format of the grocery store will be
designed to serve the urban neighborhood.
The redevelopment of the historic Union Station in
downtown Denver got a boost when
Union
Station Alliance, the team responsible
for the project, announced that it has gained real
estate investment and development company
McWhinney
as a team member. To serve as its managing member, the
company is credited with the developments Centerra in
Loveland and North Park in Broomfield. Union Station
Alliance announced that it had also successfully
completed financing for the development with FirstBank
of Colorado, who has financed similar developments in
the area. The redevelopment of the historic Union
Station calls for the property to become the centerpiece
for the FasTracks transit program by the Regional
Transportation District via the transformation of the
station into a 112-unit boutique hotel as well as the
hub for the system and also house Amtrak rail service.
Additionally, the ground floor of the station is to
offer retail and restaurant space totaling 22,000 SF and
is to be complemented by outdoor plaza space totaling
40,000 SF.
The redevelopment of the
former St.
Anthony Hospital site (north of) West
Colfax Avenue and east of Sheridan Boulevard was
advanced recently when EFG-South Sloans Lake I LLC
purchased the property for $9.5 million, or $12/SF, from
Catholic Health Initiatives of Colorado. Totaling
approximately 19 acres, the company intends to invest
the next 12 months in demolishing the property for the
redevelopment, which could eventually have as many as
1,200 new residential units and 300,000 SF of commercial
and retail space. Some buildings on the site and an
existing parking garage are to be spared from
demolition.
The 415-unit
Metro
Apartments complex at 2121 Delgany
Street in downtown Denver was the recent focus of an
exchange between buyer MEPT / Bentall Kennedy and seller
CBREI. Sold via Pamela Koster and David Martin with
Moran and Co., the property was exchanged for $90.75
million, or $218,675/unit. CBREI had purchased the
property in 2009 for a per unit price of $131,807.
A new
Greenbox
Self Storage facility was recently
opened in downtown Denver by Focus Property Group.
Totaling 747 units with 45,000 net rentable SF at 3310
Brighton Boulevard, the 65,000 SF property is to meet
LEED certification standards and provide amenities such
as computerized keypad access, individual door alarms,
web-based payment options, temperature controlled units
and closed-circuit video surveillance.
Anadarko Petroleum Corp. has signed a lease agreement
with the landlord of 1099 18th Street in downtown Denver
to expand its space at the property by 20,858 SF.
Represented via Cushman and Wakefield of Texas, the
company now occupies 350,000 SF in the building.
Newmark Knight Frank Frederick Ross agents Nathan
Johnson and Pete Staab represented the landlord.
Significant renovations have been announced for the
buildings at 707 17th Street and 717 17th Street. To
also affect the common outdoor plaza, the renovations
include an updated facade and 12,000 SF of new retail
and restaurants. To be rebranded the
Denver
City Center upon its completion, the
properties are also to benefit from five separate lease
transactions totaling 97,153 SF that include Baker
Hughes, Broadridge Financial Solutions, Calfrac Well
Services Corp., Cunningham Financial and Concord Energy.
The 14-story
Penn
VII Apartments at the NEC of 7th Avenue
and Pennsylvania Street was recently exchanged for $8.65
million, or $139,516/unit. Brokered via Chuck Sweeney,
the transaction occurred between seller Red Hen Systems
and buyer Alden Brown and Co.
A recent purchase by the
Colorado
Ballet is to bring the organization to
the Santa Fe Arts District. Located at
1075 Santa
Fe Drive, the organization purchased the
30,804 SF property from Allyn International Corp. dba
Santa Fe 1075 LLC for $1.3 million, or $42/SF. Agency
for Colorado Ballet was provided by Kittie Hook of
Cassidy Turley and Allyn was represented via Cushman and
Wakefield agents Candis Hewitt and Mike Fickinger.
The first out-of-state expansion of a brewery into the
Colorado market was announced recently by
Epic
Brewing Co. LLC. To be located into a
20,000 SF industrial warehouse in the River North (RiNo)
neighborhood of Denver at
3001
Walnut Street that it leased from
Kresher Capital, its opening later this year is
anticipated to be followed by the hiring of 15
employees. The opening will make it the third brewery
to locate in the neighborhood.
The recent exchange of the
Commons
Park West Apartmenta between seller
JPMorgan Chase and buyer Heitman Financial Ltd. managed
to set a new per SF record sale price in Colorado.
Located at 1550 Platte Street, the 337-unit property
was exchanged for $98.7 million, or $246/SF or
$291,000/unit. The transaction was managed on behalf of
the seller by Pam Koster and David Martin of Mountain
States Moran and Co.
A price of $44/SF, or $3.38 million, was paid by
WalBlake LLC for the 1.77-acre property at
3601-3655
and 3707 Walnut in the River North area
of Denver. Sold on behalf of Gregory Land Co. via Sam
Leger and Tim Finholm of Unique properties LLC-TCN
Worldwide, the property is across from the
planned
38th Street and Blake Street light-rail station.
The new owner intends to hold the property, which
currently houses two industrial buildings, for future
development.
MGL Partners has announced a new apartment complex near
the Denver Botanic Gardens. To be located at the corner
11th Avenue and Gaylord Street, the
Residences at the Gardens is to offer
156 units in 7 stories and provide 2-levels of
underground parking.
A price of $11.4 million ($126,666/unit) was paid by Red
Peak Properties for the 90-unit
Tiffany
Apartments at 515 Clarkson Street in
Denver. Located in the Capitol Hill neighborhood, the
property offers a unit rent range of $700 to $1,800.
A transformation of the
Wellshire
Inn in southeast Denver has garnered it
new recognition among businesses and event planners.
Located halfway between downtown and the Denver Tech
Center at 3333 South Colorado Boulevard, the $2 million
investment in the historic building resulted in the
addition of a 280-seat tented pavilion in 2011 and a
room large enough to hold 380 persons overlooking the
golf course in 2012. Previously existing rooms in the
historic building accommodate 30, 40, 100, 130 and 240
guests and the event center is served by a 300 space
parking lot in addition to the golf parking lot in the
evenings. Led by Howard Torgove, Lawrence Atler and
Chris Schild, owners of Wellshire Inn LLC, the
improvements are hoped to allow the facility to expand
its reach and improve profitability.
A price of $40 million, or $69,808/unit, was paid by BMC
Investment LLC for the 573-unit
Spyglass
Hill Apartments in Denver. Located at
7100 East Mississippi Avenue, Carmel Cos. sold the
property via CBRE Group Inc. brokers Daniel Woodward,
David Potart and Jordan Robbins.
The 4-star
Loews
Denver Hotel at the edge of Glendale and
the Cherry Creek shopping district was recently
purchased for $11.2 million, or $61,202/room, by the HP
Denver Hotel Owner LLC. Located at 4150 East Mississippi
Avenue, the new owners are to close and begin extensive
renovations of the 11-story, 183-room hotel at the end
of February so that it can reopen as a Hyatt Place.
The purchase of a 5.25-acre Cherry Creek multifamily
land site in Glendale is to make way for the development
of a 341-unit apartment complex by MKS Residential.
Purchased by the company for an undisclosed price from a
joint venture of DPC Development Co. and ROC-Bridge, the
site is located within the larger Cherry Creek Corporate
Center at the southwest quadrant of Cherry Creek Drive
South and South Cherry Street. To be known as
The
Apartments at Cherry Creek Corporate Center,
the location of the property will place it within close
proximity to the Glendale River Walk, the Glendale Whole
Foods and the Cherry Creek shopping area. Management of
the transaction was performed by ARA.
Denver City Council Member Jeanne Robb reports that the
proposed rezoning for
245
Columbine Street, the site of the old
Cherry Creek Post Office, moved out of Council's Land
Use, Transportation, and Infrastructure (LUTI)
Committee. The public hearing is currently scheduled
for February19 in Council Chambers in the City and
County Building. The committee had held the rezoning in
committee since November 27 to give the community and
the developer additional time to work together.
The Denver Post reports that a new fleet of shuttle
buses will soon arrive on the
16th
Street Mall in downtown Denver, despite
critics who say they are being purchased with little
regard to their reliability and cost. The Regional
Transportation District board of directors voted over
the objections of two new members to spend not more than
$21,147,350 to purchase 32 shuttle buses from Charlotte,
N.C.,-based DesignLine. The new buses will replace 36
TransTeq mall buses that were bought in 1999 and are now
limping along. RTD mechanics have used parts from other
vehicles or have gone to an outside shop to keep the
shuttles moving, said RTD assistant general manager
Bruce Abel. But the two new board members - Natalie
Menten and Paul Solano - wanted the board to hold off on
approving the contract with DesignLine until the
company's record could be reviewed. RTD officials said
they have investigated DesignLine and found their past
problems have been resolved. Two prototype buses are
currently being used on the mall "Our experience with
these two vehicles have been very positive," said Abel.
"DesignLine has given us the vehicles we asked for."
Most of the board agreed. "I'm pretty satisfied with
the position we are taking," said member Bill James.
The DesignLine buses have three wide passenger doors to
speed loading and unloading, said Abel. Also, they are
low-floor buses, meaning that there are no steps from at
least one of the entrances into the passenger
compartment, which improves access for people with
handicaps. RTD is using a $6.5 million State of Good
Repair Grant to help pay for the buses; the rest is
coming from the agency's 2013 budget. More at:
http://www.denverpost.com/breakingnews/ci_22429151/rtd-approves-new-shuttle-buses-16th-street-mall?IADID=Search-www.denverpost.com-www.denverpost.com#ixzz2JH4YXQ5W
The
Colfax
Corridor Connections transit alternative
study, a City of Denver project looking to improve
mobility in the East Colfax corridor is currently in
Level 2 evaluation of the Alternatives Analysis. In
Level 1 evaluation the project screened out several
transit modes and is now considering four modes:
enhanced bus, bus rapid transit, light rail, and modern
streetcar. The project is evaluating the feasibility of
these modes on several alignments in the corridor. More
at:
www.ColfaxCorridorConnections.com
Public meetings will present the results of Level 1 and
Level 2 evaluations:
Denver - Wednesday, February 27
5:30pm to 7:30pm
Knights of Columbus Hall
1555 Grant Street
Aurora - Thursday, February 28
5:30pm to 7:30pm
North Middle School Cafeteria
12095 Montview Blvd
RTD staff continues to work on the FasTracks Internal
Savings Account and has found that refinancing of debt
at current low interest rates offers RTD an opportunity
to build the
North
Metro Rail Line to 72nd sooner than
expected. If financial market conditions remain constant
and RTD receives timely approvals from local governments
on in-process design, RTD may release a Request for
Proposal within the next 10 months to build the North
Metro Line to 72nd. RTD is analyzing the possibility of
applying for federal grants to help fund the remainder
of the North Metro Line to 162nd, and whether regional
partners could collaborate to fund the other 50 percent
match (approximately $250 million) if a grant can be
secured. This latest strategy will not negatively
impact the availability of funding for other partially
funded projects.
The selection of a consultant to conduct the
Northwest
Area Mobility Study is currently
underway. A Request for Proposal (RFP) was issued in
December and RTD received five strong proposals in
response. RTD staff will present the recommended team
to the RTD Board for approval in February. The purpose
of the study is to develop consensus among RTD, CDOT and
northwest area stakeholders on cost-effective mobility
improvements for the corridor. The study will evaluate
mobility options in the northwest area, including a
potential North Metro Rail Line extension to Longmont
and bus rapid transit (BRT) opportunities. The study is
scheduled to start in March and be completed in early
2014.
Integrated testing on the
West Rail
Line will continue until March 1st. RTD
will then conduct operations training until the line
opens April 26th. During this time, trains will be
running throughout the corridor so people are asked to
be cautious when driving, biking or walking along the
rail line. Nearly 300 people gathered to see the 6th
Avenue Bridge illuminated for the first time. RTD Board
Chair Lorraine Anderson and RTD General Manager Phil
Washington turned on the lights as a light rail train
crossed the bridge. The LED lights will stay on
continuously and have a lifespan of 100,000 hours, or
about 11 years. The ceremony marked the end of
construction and signifies the countdown to the grand
opening on April 26.
The groundbreaking ceremony for the entire I-225
Rail Line is set for March 1st. This
will kick off construction along the I-225 rail corridor
from Iliff northbound to Smith Road & Peoria. Kiewit
Infrastructure Company will build out the full line.
Construction has been underway from Nine Mile to Iliff
since spring 2012 as part of a joint contract with CDOT
and SEMA Construction. The completed line will connect
to the Aurora City Center and the Anschutz/Fitzsimons
Medical Campus, plus it will provide regional
connectivity between the Southeast Rail Line and the
East Rail Line to Denver International Airport.
|
