Western Real Estate Business

AUG 2018

Western Real Estate Business magazine covers the multifamily, retail, office, healthcare, industrial and hospitality sectors in the Western United States.

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C A L I F O R N I A 20 • August 2018 • Western Real Estate Business www.REBusinessOnline.com M O U N TA I N S TAT E S LMC, WEITZ CO. TOP OUT 18-STORY, 329-UNIT MULTIFAMILY DEVELOPMENT DENVER — Developer LMC, A Len- nar Co., and general contractor The Weitz Co. have topped out vertical construction for Radiant, a high-rise multifamily property in downtown Denver. The 18-story, 486,000-square- foot tower will feature 329 apartment units, an amenity deck with a pool and hot tub on the fifth floor, a fitness cen- ter and patio on the sixth floor, a club room on the 17th floor, and a four-level parking garage. Situated in Denver's Welton corridor, the project is located on the L Route of the Regional Trans- portation District Light Rail System. Designed by RNL, the property is slat- ed for completion in June 2019. TREVEY NEGOTIATES $2.1 MILLION SALE OFFICE PROPERTY PARKER, COLO. — Trevey Land and Commercial has arranged the sale of Bridgeside Professional Building, located at 11031 Pikes Peak Drive in Parker. Pikes Peak Properties sold the building to an undisclosed buyer for $2.1 million. With more than 10,500 square feet of leasable space, the two- story property features a brick façade and a basement. At the time of sale, several tenants, including a dental office, occupied the property. Nick Nickerson and Mitch Trevey of Trevey Land and Commercial represented the seller, while Tom Ethington of Pin- nacle Real Estate Advisors represent- ed the buyer in the deal. EIGHT O ONE ACQUIRES 60,468 SF INDUSTRIAL PROPERTY FOR $7.6 MILLION DENVER — Eight O One LLC has purchased an industrial property lo- cated at 620 E. 52nd Ave. in Denver. TC Crossroads #7 LLC sold the prop- erty for $7.6 million. The property fea- tures 60,468 square feet of industrial space. Mike Wafer, Timothy D'Angelo and Mike Wafer Jr. of Newmark Knight Frank represented the seller in the deal. 29TH STREET CAPITAL ACQUIRES 43-UNIT MULTIFAMILY PROPERTY LAYTON, UTAH — 29th Street Capi- tal (29SC), a privately-held real estate investment and advisory firm, has purchased Twin Trees Apartments, a 43-unti multifamily property in Layton. The buyer plans to invest approximately $10,000 per unit in capital improvements, including up- graded countertops, cabinets, floors, appliances, lighting and fixtures. Ex- terior renovations include upgraded landscaping, new heating and air conditioning units, and curb appeal enhancements. The name of the seller and the acquisition price were not re- leased. NEWMARK KNIGHT FRANK ARRANGES $17.1 MILLION SALE OF OFFICE BUILDING WESTMINSTER, COLO. — Newmark Knight Frank has brokered the sale of an office building located at 1765 W. 121st Ave. in Westminster, a northwest suburb of Denver. Northridge Proper- ty Owner LLC/Westminster 121 LLC acquired the property from Denver Northridge Equities for $17.1 million. The building features 124,945 square feet of office space. Riki Hashimoto and Daniel Grooters of Newmark Knight Frank represented the seller in the transaction. MARCUS & MILILCHAP BROKERS $9.2 MILLION SALE OF 92-ROOM HOTEL ENGLEWOOD, COLO. — Marcus & Millichap has arranged the sale of a Holiday Inn Express & Suites, a 92- room hotel located at 7380 S. Clin- ton St. within Denver Tech Center in Englewood. A private seller sold the property for $9.2 million. The buyer plans to complete a property improvement plan to convert the property into an EVEN Hotel by In- terContinental Hotels Group. Neville Rustomjee of Marcus & Millichap represented the seller and buyer, a Florida-based private investor, in the transaction. QUANTUM COMMERCIAL BROKERS $2.9 MILLION SALE OF MEDICAL OFFICE BUILDING COLORADO SPRINGS, COLO. — Quantum Commercial Group has arranged the sale of a medical office building located at 1699 Medical Cen- ter Point in Colorado Springs. A pri- vate investor, 601 El Camino Real LLC, acquired the property for $2.9 million. The building features 9,585 square feet of medical office space. Kay Folan of Quantum Residential Group and Mary Frances Cowan of Quantum Commercial Group represented the seller, 1699 Medical Center Point LLC. Steve Ghirardo and Nick Ghirardo of Ghirardo Real Estate Group repre- sented the buyer in the deal. Scheduled for delivery in June 2019, Radiant will bring 329 apartment units to downtown Denver's Welton corridor.

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