HREC Investment Advisors Announces Sale of Residence Inn Durango
The 66-guestroom Residence Inn located in Durango has sold to an unnamed regional owner/operator of premium-branded select service hotels. HREC Investment Advisors along with Lodging Partners represented the private seller on this transaction. The marketing and negotiations were led by Jeffrey Duni, senior vice president in HREC Investment Advisors’ Denver office …
CBRE Updates 2020 Hotel Outlook
CBRE has updated its 2020 Hotel Outlook amidst the Covid-19 pandemic. While outbreaks of several forms of transmissible viruses such as SARS, Ebola, and H1N1 (Swine Flu) took a large human toll, they were not as impactful on the paid accommodation industry as the COVID-19 virus. CBRE expects GDP growth …
Joint Venture Receives Financing for S’PARK Railyards in Boulder
A joint venture between The John Buck Company, Kinship Capital and Element Properties, has secured $29.4 million in construction financing for S’PARK Railyards (Railyards), a 69,263-square-foot Class A office building in Boulder. JLL worked on behalf of a joint venture to secure the five-year, floating-rate construction loan through Wintrust Financial …
Fully-Leased Industrial Property in Englewood Sells for $10M
Colorado company Gordon Development LLC has sold its 63,550-square-foot industrial property located at 8644 South Peoria in Englewood, for $10 million. 8644 South Peoria is a Class A, multi-tenant industrial building built in 2017 and 100 percent leased to two companies: a manufacturing tenant and Ninja Nation, a leading provider of obstacle course arenas and …
Apartment Sale in Lakewood Demonstrates Trend in Region’s CAP Rates
Rosalie at Belmar, a 40-unit apartment community in Lakewood, has sold for $7 million. According to Marcus & Millichap’s Denver office, steady rent growth in Denver’s submarkets has piqued the interest of investors. Boomer Beatty and Peter Standley, both senior associates in Marcus & Millichap’s Denver office, had the exclusive …
Colorado Springs Apartment Community Sells for $22M
PLC Apartments of Newport Beach, Calif., has made their first Colorado apartment acquisition. PLC purchased The Centre Apartments, a 168-unit apartment community in central Colorado Springs, for $21,900,000 ($130,357/unit). The seller, Skyline Real Estate Investments, a local partnership, was represented in the sale by Bill Morkes and Craig Stack of Colliers International. …
Union Terrace Office Building in Lakewood Sells for $11.3M
Bancroft Capital Advisors, Inc. of Manhattan Beach, Calif. has acquired Union Terrace office building, a four-story, 84,145-square-foot office building located at 12596 West Bayaud Avenue in Lakewood. According to CBRE, Bancroft plans to amenitize the asset and upgrade the property’s common area, enhancing the asset’s value and tenant demand. Patrick Devereaux, James Brady and Campbell …
Boulder Office Portfolio Refinanced for $69.5M
The WW Reynolds Companies, a development and professional property management and leasing firm, has received $69.5 million in refinancing for One Boulder Plaza, a three-building, Class A office portfolio totaling 234,000 square feet in downtown Boulder. Senior Director Leon McBroom and Senior Managing Director Eric Tupler with JLL worked on behalf of …
Nine Retail Properties Across Front Range Sell for a Combined $32.6M
Matthew Henrichs, Brad Lyons and Parker Brown with CBRE Capital Markets recently completed the individual sales of nine single-tenant, net-lease retail properties across the Front Range for a total of $32.6 million. Over the past nine months, the team has completed 21 single-tenant, net-lease sales totaling more than $84.86 million. According to CBRE’s …
Cherry Creek Plaza Fetches $54M
TerraCap Management LLC, a privately held investment firm out of Estero Florida, has acquired Cherry Creek Plaza in Glendale for $54 million. Cherry Creek Plaza is comprised of two thirteen-story office buildings totaling 335,000 square feet of Class A office with structured parking. The property features numerous amenities, including a newly renovated …