James Real Estate Services - Cherry Creek Perspective

 

 

 

 

Newmark, Knight and Frank - Frederick Ross

 

 

Fidelity National Title Company
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

January 2013   

 

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

 

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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.

 

 

 

 
 

 

 

 

 

 
 

 

Sponsorship of Real Estate Perspective and Cherry Creek Perspective by the Colorado Chapter of the Appraisal Institute does not constitute endorsement of James Real Estate Services, Inc. by the Chapter.

 

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