Western Real Estate Business

OCT 2018

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

Issue link: https://westernrealestatebusiness.epubxp.com/i/1037966

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Page 22 of 56

C A L I F O R N I A 22 • October 2018 • Western Real Estate Business www.REBusinessOnline.com M O U N TA I N S TAT E S UNICO PROPERTIES DELIVERS 96,000 SF MIXED-USE BUILDING IN DENVER DENVER — Unico Properties, with Confluent Development as construc- tion manager, has delivered The Circa Building, a 96,000-square-foot mixed- use building located at 1615 Platte St. in Denver. The four-story building features 80,000 square feet of office space on the top three levels, 10,000 square feet of Class A retail and res- taurant space on the ground level, and three levels of underground parking. Xero, an online accounting software provider, has leased 30,000 square feet of space at the property and will occu- py the entire top floor of the building. Unico Properties is the owner and de- veloper of the project, with Confluent Development managing the project's entitlement and construction. Swin- erton Builders served as general con- tractor and Open Studio Architecture served as architect. JLL is the broker for the office space, and Cushman & Wakefield serves as the retail lease broker. ARA NEWMARK BROKERS $7.6 MILLION SALE OF APARTMENT PROPERTY BOULDER, COLO. — ARA Newmark has arranged the sale of 2037 Walnut, a multifamily asset located one block from Pearl Street in Boulder. An un- disclosed buyer acquired the property from Boulder-based Element Prop- erties for $7.6 million. Constructed in 1981 and renovated in 2014, the property features 26 one-bedroom units with private patios. Recent reno- vations included new kitchens and bathrooms, stainless steel appliances, engineering hardwood floors and en- ergy-efficient appliances. Andy Hell- man and Justin Hunt of ARA New- mark represented the seller. HFF ARRANGES CONSTRUCTION FINANCING FOR SENIORS HOUSING COMMUNITY DENVER — HFF has arranged financ- ing for the development of Solera at Cherry Creek, a Class A seniors hous- ing development in the Cherry Creek neighborhood of Denver. Solera at Cherry Creek will comprise 64 assist- ed living apartments and 32 memory care units within a three-story build- ing totaling approximately 55,000 rentable square feet. A joint venture between affiliates of Banner Senior, Solera Senior Living and Wheelock Street Capital are developing the property. Rosemann & Associates is designing the community, which is scheduled for completion in 2019. The HFF team representing the borrower included David Fasano, Sarah Ander- son and Brock Yaffe. A national bank is providing the nonrecourse loan. The amount of the financing was not disclosed. ARROWROOT REAL ESTATE BUYS 64-UNIT MULTIFAMILY PROPERTY SALT LAKE CITY — Santa Monica, Calif.-based Arrowroot Real Estate has purchased Edgewood Park Apart- ments, a multifamily property located in the Cottonwood Heights submar- ket of Salt Lake City, for an undis- closed price. Built in 1994, the value- add property features 64 apartments. The asset is the fourth investment made by Arrowroot Real Estate Fund I thus far in 2018. James Wadsworth and Greg Barratt of Berkadia facili- tated the transaction. The name of the seller was not released. IBORROW PROVIDES $6.4 MILLION LOAN FOR CO-WORKING OFFICE CONVERSION DENVER — iBorrow, a nationwide private direct lender for commercial real estate, has funded a $6.4 million for an industrial property slated for conversion into a co-working office building. Located at 3950 Wynkoop St. in Denver, the asset includes a 16,646-square-foot warehouse and a parking lot. The undisclosed bor- rower plans to construct a two-story structure above the current parking lot and a second story above the cur- rent warehouse. QUANTUM REAL ESTATE ARRANGES $1.2 MILLION SALE OF RETAIL BUILDING GUNNISON, COLO. — Quantum Real Estate Advisors has arranged the sale of a multi-tenant retail building located at 720-730 N. Main St. in Gun- nison. A Crested Butte, Colo.-based individual investor acquired the property for $1.2 million. At the time of sale, the 8,848-square-foot prop- erty was fully occupied by a variety of tenants, including Domino's and Verizon. Zack Hilgendorf of Quantum Real Estate represented the seller, a Phoenix-based individual investor, in the transaction. EQUITY RESIDENTIAL ACQUIRES 372-UNIT ALEXAN UPTOWN APARTMENT TOWER DENVER — Equity Residential has acquired Alexan Uptown, a luxury apartment tower located at 1935 Lo- gan St. in Denver's Uptown neigh- borhood. Trammel Crow Residential sold the 12-story property for an un- disclosed price. Completed in 2017, the tower features 372 units in a mix of studio, one- and two-bedroom floor plans averaging 771 square feet. Indi- vidual units feature high-end finishes, including premium cabinetry, quartz countertops, stainless steel appli- ances, oversized windows, high ceil- ings, mudrooms, custom closets and balconies. On-site community ameni- ties include a resort-style pool and spa with views of downtown, Coors Field and the Rocky Mountains; a state- of-the-art fitness center with yoga, cross training and spin studios; a fifth-floor games lawn; clubhouse; ca- tering kitchen; resident lounge; busi- ness center; pet spa; and electric car charging stations. Jordan Robbins and Anna Stevens of HFF represented the seller and procured the buyer in the deal. The acquisition marks Equity's re-entry into the Denver market since exiting in area in January 2018. READY CAPITAL ARRANGES $9.5 MILLION LOAN FOR APARTMENT COMPLEX MIDVALE, UTAH — Ready Capital Structured Finance has secured a $9.5 million loan for the acquisition, reno- vation and stabilization of an apart- ment complex located in the Union Park District of Midvale. The undis- closed borrower plans to renovate the 96-unit property. The plan includes in- terior upgrades to most units, the addi- tion of a swimming pool to the court- yard and the construction of a new leasing office and fitness center. The non-recourse, part floating-rate/part fixed-rate loan features a 60-month term, flexible pre-payment terms and is inclusive of a facility to provide fu- ture funding for capital expenditures and working capital reserves. PINNACLE ARRANGES $1.2 MILLION ACQUISITION OF SINGLE-TENANT PROPERTY CAÑON CITY, COLO. — Pinnacle Real Estate Advisors has brokered the acquisition of a retail property locat- ed at 2765 E. Main St. in Cañon City. An undisclosed buyer purchased the property for $1.2 million, or $56.82 per square foot. Zach Wright, Rob Ed- wards and Tom Ethington of Pinna- cle's The Edwards | Enthington Team represented the buyer, while Jeffrey Hirschfield of Antonoff & Co. Broker- age represented the undisclosed seller in the deal. Office Depot occupies the 20,679-square-foot building. NEWMARK KNIGHT FRANK ARRANGES $7 MILLION SALE OF INDUSTRIAL PROPERTY ENGLEWOOD, COLO. — Newmark Knight Frank has arranged the sale of an industrial property located at 8640 S. Peoria St. Building No. 6 in Engle- wood, a suburb of Denver. IBC Con- cord IV LLC sold the 42,720-square- foot asset to Peoria Street Properties LLC for $7 million. Keith Bell, Jason Addlesperger and David Lee of New- mark Knight Frank represented the seller, while CBRE represented the buyer in the transaction. VINTAGE CAPITAL PARTNERS SELLS 265-BED STUDENT HOUSING COMMUNITY ST. GEORGE, UTAH — Vintage Capi- tal Partners, an investment affiliate of Redstone Residential, has sold Vintage Tabernacle, a 265-bed student housing community located near Dixie State University in St. George. The property opened in 2018 and offers two-, four- and five-bedroom units with shared amenities. An investor based in Cali- fornia acquired the community for an undisclosed price. Brock Zylstra and Danny Shin of Marcus & Millichap brokered the transaction. Redstone Residential will continue to manage the project for the new owner. Photo credit: Ellen Jaskol Photography Located on Platte Street in Denver, The Circa Building features 80,000 square feet of office space, 10,000 square feet of retail and restaurant space and three levels of underground parking. Located in Denver's Uptown neighborhood, Alexan Uptown features 372 apartments, a resort-style pool, fitness center, resident lounge, pet spa and business center.

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