Western Real Estate Business

SEP 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 38 • September 2018 • Western Real Estate Business www.REBusinessOnline.com M O U N TA I N S TAT E S NALS APARTMENT HOMES SELLS 361-UNIT MULTIFAMILY COMPLEX IN SALT LAKE CITY SALT LAKE CITY — NALS Apart- ment Homes has sold Cobble Creek, a multifamily property located six miles south of downtown Salt Lake City. An established, family owned real estate investment business purchased the asset for an undisclosed price. Devel- oped in 1974, the property was owned and operated by the seller for more than 25 years. Situated on more than 18 acres, the property features 309,696 square feet of net rentable space and 361 apartment units, with a weighted average unit size of 858 square feet. Steve Gebing of Institutional Property Advisors (IPA) and Cliff David, Dan- ny Shin and Brock Zylstra of Marcus & Millichap represented the seller in the deal. Cody Cannon of Marcus & Millichap is the broker of record in Utah. PINNACLE NEGOTIATES $4 MILLION SALE OF 21-UNIT APARTMENT BUILDING DENVER — Pinnacle Real Estate Advisors has arranged the sale of an apartment building located at 1410 Poplar St. in Denver. An undisclosed buyer purchased the property for $4 million or approximately $190,000 per unit. Built in 1949, the building fea- tures 21 apartment units. Eric Veith of Pinnacle represented the buyer, while Matt Lewallen and Kevin Calame of Pinnacle represented the undisclosed seller in the transaction. ORIGIN INVESTMENTS, SEEC ENTERPRISES TO DEVELOP 150-UNIT BRICK STONE APARTMENTS DENVER — Chicago-based Origin Development has partnered with Boulder-based SEEC Enterprises to develop Brick Stone Apartments on 56th Street, a garden-style multifamily development in a burgeoning corridor of Denver. Situated on 5.5 acres, the $35 million Brick Stone Apartments will comprise seven three-story build- ings, a clubhouse and a pool house. The 150-unit community will feature 42 one-bedroom/one-bath units, av- eraging 735 square feet; 78 two-bed- room/two-bath units, averaging 1,035 square feet; and 30 three-bedroom/ two-bath units, averaging approxi- mately 1,350 square feet. In-unit ame- nities will include stainless steel ap- pliances, in-unit washer and dryer, designer cabinets, walk-in closets and high-speed connectivity. Community amenities will include a fitness center, swimming pool, and entertainment features such as dog and bike wash stations and direct access to the First Creek trail. Brick Stone Apartments is expected to be delivered in phases be- ginning in the second quarter of 2019. CONFLUENCE TO BUILD 107-UNIT STUDENT HOUSING PROJECT GOLDEN, COLO. — Confluence Cos. is set to break ground on a 107-unit residence hall for undergraduate stu- dents on land adjacent to the Colo- rado School of Mines in Golden. A timeline for development has yet to be announced. Blaylock Van served as sole placement agent on $44.3 million in bond financing for the project. The financing provides staged funding during the construction period and is secured by a leasehold mortgage on the improvements. In this deal, the owner of the land parcel sold it to the state of Colorado on behalf of the Colorado School of Mines, then leased it back through a long-term ground lease and will commence construction this month on the residence hall. KIMCO UNVEILS $14.5 MILLION REDEVELOPMENT PLANS FOR VILLAGE ON THE PARK AURORA, COLO. — Kimco Realty Corp. has unveiled plans for its $14.5 million redevelopment of Village on the Park, a 179,862-square-foot shop- ping center in Aurora. As part of the redevelopment, Kimco will demol- ish and reconstruct the four currently vacant retail spaces located south of Ross Dress for Less. The company has signed a lease with Old Navy to oc- cupy a 13,800-square-foot space in the new section. America's Best Contacts & Eyeglasses will fill a 3,515-square- foot space located on the pad adjacent to TJ Maxx. Kimco will break ground on the redevelopment this fall, with completion scheduled for summer 2019. America's Best Contacts & Eye- glasses is expected to open this year. FM CAPITAL ORIGINATES $5.4 MILLION LOAN FOR 280,000 SF OFFICE COMPLEX COLORADO SPRINGS, COLO. — FM Capital has secured a $5.4 million bridge loan for an office complex lo- cated in Colorado Springs. The undis- closed borrower purchased the asset through the Ten-X platform. FM Capi- tal originated the loan within seven days of acquisition. At the time of sale, the 280,000-square-foot asset was home to two Fortune 500 company call centers. THINK. PLAN. LIVE. SHOP NAVAJO! 928-871-2218 | P.0. BOX 478 WINDOW ROCK, ARIZONA WWW.NNSCINC.COM UTAH COLORADO KAYENTA TUBA CITY NAVAJO PINE PINON DILKON ST. MICHAELS WINDOW ROCK CROWNPOINT PINEHILL SHIPROCK NEW MEXICO NEW MEXICO COLORADO ARIZONA ARIZONA UTAH ARIZONA NEW MEXICO Welcoming New Retail Opportunities and Development at any of our 10 locations on the Navajo Nation. NAVAJO NATION SHOPPING CENTERS INC. 7 9 NAVAJO NATION SHOPPING CENTERS, INC. Has provided over 35 years of unique business opportunities for the Navajo People and is one of the largest Navajo operators and owners of grocery-anchored shopping centers in the Four Corners region of Arizona, New Mexico, Colorado and Utah. Has proven and shown an operating platform that acquires, leases and manages its own properties. The largest Native American tribe has retail opportunities and development a awaiting you on the Great Navajo Nation. WE OPEN OUR DOORS TO NEW RETAILERS! Located at 1410 Poplar St. in Denver, the property features 21 apartment units. Located in Colorado Springs, the 280,000-square-foot office complex is home to two Fortune 500 company call centers.

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