Transactions Report Week of 12.11.17
HFF Announces Sales in Aurora, Grand Junction and Greenwood Village
Holliday Fenoglio Fowler, L.P. (HFF) announced the $18.75 million refinancing of East Park 70 Building 1, a 357,555-square-foot, 100-percent occupied, newly constructed industrial building in Aurora. The HFF team worked on behalf of the borrower, Consolidated Investment Group (CIG), to place the 12-year, 3.63-percent, fixed-rate loan with a correspondent life insurance lender. HFF’s debt placement team representing the borrower included managing director Josh Simon.
The loan was structured with two years of interest-only debt service payments and flexible prepayment in the final three years of the loan term. Loan proceeds were used to refinance the property’s construction loan.
East Park 70 Building 1 was developed by CIG, delivered in late 2016 and is fully occupied by a single credit tenant, which signed a 10-year lease. Situated on 18.2 acres at 19500 East 23rd Avenue, the building features a cross-dock design, 36-foot clear heights and 145 stalls for trailer parking.
HFF announced the $2.1 million sale of an 85,485-square-foot, vacant, single-tenant retail building at 2809 North Avenue in Grand Junction. The HFF team marketed the property on behalf of the seller, a privately held operator out of the Midwest. AMERCO, the parent company of U-Haul, purchased the asset.
The building is situated on 10.34 acres in the heart of the North Avenue retail corridor, a major east-west artery connecting Grand Junction’s major business districts, and half a mile off Interstate 70, the area’s main east-west connector.
The HFF investment advisory team included directors Chad Murray and Mark Williford.
HFF announced the $70.675 million financing of Granite Place at Village Center, a 10-story, 299,568-square-foot, Class AA office tower in Greenwood Village. The HFF team worked on behalf of the borrower, Crestone Partners, LLC in partnership with an institutional investor, to secure the six-year, fixed-rate, interest-only loan through Principal Real Estate Investors. Loan proceeds were used to acquire the property.
Granite Place at Village Center is located at 6165 S. Willow Drive in the southeast submarket of Denver. The property is visible from Interstate 25, is a five-minute walk to the Village Center light rail station, and is within walking distance of many shopping, dining and residential options. Designed by Open Studio Architecture and completed in 2017, Granite Place at Village Center features a large community area on the ground floor where workers can work and socialize, full height glass providing abundant natural light and mountain views, conference facilities with a boardroom, large training room and pre-function staging area, fitness center and a full service café. The state-of-the-art building is fully leased to two companies; Charter Communications, one of the largest private employers in Greenwood Village; and CSG International.
The HFF debt placement team representing the borrower included senior managing director Eric Tupler.
ARA Newmark Brokers Value-Add Property in Highlands Ranch
ARA, A Newmark Company (ARA Newmark) announced the sale of The Legacy at Highlands Ranch, a 422-unit asset located in the 22,000-acre master-planned community recognized by Forbes as one of the top places to move in the nation. Vice Chairmen Terrance Hunt and Shane Ozment represented an undisclosed seller in the sale to Chicago-based LaSalle Investment Management, one of the world’s leading investment managers.
Completed in 1999 at 355 West Burgundy Street, The Legacy at Highlands Ranch features high ceilings, spacious floor plans, walk-in closets, large private balconies or patios, and direct-access garages in select units. The property is zoned for Douglas County School District, one of the top-performing districts in Colorado. In Q3 2017, the Highlands Ranch submarket averaged rents of $1.63 per square foot, up 6.5 percent from the last 12 months.
Greystone Unique Apartment Group Represents Both Buyer & Seller of 6 Units in Englewood
Greystone Unique Apartment Group, multifamily division of Unique Properties, Inc., brokered the sale of a 6-unit multifamily asset located at 3390 South Pearl Street in Englewood. The property sold for $1.2 million. Phil Dankner of Greystone Unique Apartment Group represented both the seller and buyer in this transaction.
Constructed in 1952 and fully renovated in 2016, the James featured six fully furnished short term rental units. All units were large one-bedrooms averaging 660 square foot and were uniquely themed. Neighboring Swedish Medical Center & Craig Hospital, the James was able to achieve above apartment market rents by operating as short-term rentals. The property also features community amenities such as dedicated parking, washer/dryers on each floor, keyless entry to all units, a pet area, and an outdoor fenced patio area with barbecues.