Western Real Estate Business

MAY 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 34 • May 2018 • Western Real Estate Business www.REBusinessOnline.com M O U N TA I N S TAT E S PINNACLE REAL ESTATE ARRANGES $3.4 MILLION SALE OF OFFICE BUILDING CASTLE ROCK, COLO. — Pinnacle Real Estate Advisors has brokered the sale of a multi-tenant office building located at 1189 S. Perry St. in Castle Rock, a suburb of Denver. An undis- closed buyer acquired the property for $3.4 million, or $269.51 per square foot. Built in 2005, the property fea- tures approximately 12,801 square feet of office space. Corey Sandberg and Jeff Johnson of Pinnacle repre- sented the undisclosed seller in the transaction. COLLIERS INTERNATIONAL ACQUIRES COLDWELL BANKER COMMERCIAL ADVISORS IN SLC SALT LAKE CITY — Colliers Interna- tional has acquired the operations of Coldwell Banker Commercial Advi- sors in Salt Lake City. The new com- pany will be rebranded as Colliers International | Utah. Terms of the transaction were not disclosed. Col- liers maintains 200 professionals who provide investment sales, lease bro- kerage, property management and consulting and advisory services to local, regional, national and global cli- ents. ESI NEGOTIATES SALE OF 54-UNIT INDEPENDENT LIVING COMMUNITY IN COLORADO BOULDER, COLO. — Evans Senior Investments (ESI) has arranged the sale of Flatirons Terrace, a 54-unit in- dependent living community, for an undisclosed price. Built in 2007, Flat- irons Terrace is a Class A community in the heart of Boulder. It was 95 per- cent occupied at the time of sale. ESI represented the seller, Golden West Senior Living, a Boulder-based non- profit. The buyer was Dial Retirement Communities, which will also oper- ate the community. The Omaha-based company operates 17 communities in Illinois, Iowa, Kansas and Nebraska, with Flatirons Terrace being its first Colorado community. CHIPOTLE UNDERTAKES ENVIRONMENTAL SUSTAINABILITY PROJECT DENVER — Chipotle Mexican Grill plans to divert half of all of its res- taurant waste from landfills by 2020. Since 2015, the Denver-based fast-ca- sual restaurant chain has made strides toward reducing the amount of food and packaging waste bound for land- fills, increasing its diversion rate from 31 percent that year to 40 percent in 2017. To reach this goal, Chipotle and its partners are implementing several best practices to reduce the amount of food waste, adjust services, recycle and compost waste, audit its pro- grams and donate leftover food. NEXUS COMMERCIAL FACILITATES $4.5 MILLION SALE OF APARTMENTS DENVER — Nexus Commercial Real Estate has arranged the sale of Glen- view Apartments, a multifamily prop- erty located at 16300 R. Colfax Ave. in Denver. Odgen Park Town Homes sold the property to 16300 Colfax Avenue Holdco LLC for $4.5 million. Situated on 1.8 acres, the 31,096-square-foot building features 48 apartment units in a mix of one- and two-bedroom lay- outs. Jason Koch of Nexus represented the seller and buyer in the deal. CLARION PARTNERS BUYS 3.7 MILLION SF INDUSTRIAL PORTFOLIO DENVER — Clarion Partners has purchased a 3.7-million-square-foot industrial portfolio for $200 million. The portfolio is situated in four states. The Denver portion of the portfolio includes more than 1.9 million square feet, marking Denver's single larg- est industrial transaction on record, according to Clarion. This portion has been renamed Clarion Gateway. Clarion Gateway includes 14 Class A logistics properties situated in the Air- port submarket, the region's primary distribution corridor. The properties feature ESFR sprinkler systems, dock- high and drive-in loading, and clear heights ranging from 22 feet to 32 feet. The Denver portfolio is currently 96.5 percent leased. The remainder of the portfolio focuses on supply chain markets, including two Las Vegas properties totaling 698,300 square feet. The buildings are all new Class A construction with low office finishes and clear heights ranging from 32 feet to 36 feet. Tenants across the portfolio include United Parcel Service, Sim- mons, M S International, Whirlpool, SITCO Lumber and Cardinal Health. The portfolio is diversified by indus- try with no single tenant occupying more than 13 percent of the total rent- able area. CBRE represented the seller, PAULS Corporation of Denver, in this transaction. The firm has also been retained to lease Clarion Gateway in northeast Denver and the Dallas por- tion of the portfolio. NEENAN CO. BEGINS CONSTRUCTION OF MIXED-USE CENTER TIMNATH, COLO. — The Neenan Co. has started construction for The Plaza at Riverbend, a mixed-use retail center in Timnath, a suburb of Fort Collins. The project will total 39,000 square feet and include two freestand- ing single-story buildings with retail, office and restaurant space. The larger building will feature 23,000 square feet of commercial space. Studio 68 will own 9,307 square feet of space, slated to open by the end of the year. The second facility will feature 16,000 square feet of speculative commercial space. Serving as the project's devel- oper and design-builder, The Neenan Co. will sell the retail and office con- dominiums to each end user upon the project's completion in late 2018. Located at 1189 S. Perry St. in Castle Rock, the office property features 12,801 square feet of office space. Located in Timnath, The Plaza at Riverbend will feature 23,000 square feet of commercial space. "Best Places to Live" Money Magazine-18th For Information Please Contact Brian A. Preece, MPA Director of City Commerce 801-254-3742; bpreece@sjc.utah.gov www. sjc.utah.gov RiverPark Corporate Center Class A Office Pheasant Hollow Business Park FrontRunner TOD Office, Medical Devices, Residential, Service Retail Daybreak Commerce Park Business, Light Industrial & Manufacturing Across the Street from the New Boeing Facility 20 Minutes from Downtown Salt Lake City and the Salt Lake Interna onal Airport Come Build Your Business with US

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