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.

Issue link: https://westernrealestatebusiness.epubxp.com/i/978056

Contents of this Issue


Page 37 of 66

C A L I F O R N I A www.REBusinessOnline.com Western Real Estate Business • May 2018 • 35 M O U N TA I N S TAT E S BKM ENTERS DENVER MARKET WITH $20.2 MILLION PURCHASE OF 215,000 SF INDUSTRIAL PARK ENGLEWOOD, COLO. — BKM Capi- tal Partners has entered the Denver market with the purchase of Inverness Business Park, located at 14 Inverness Drive East in Englewood. A private family office sold the property for $20.2 million. The eight-building asset features 215,268 square feet of Class A industrial space. At the time of acqui- sition, the park was 91 percent occu- pied by 86 tenants averaging approxi- mately 2,750 square feet each. BKM plans to invest $2 million in upgrades to the asset, including a complete re- brand as well as fresh paint, upgraded landscaping, cosmetic upgrades to the lobby and signage, and various structural improvements. Newmark Knight Frank represented the seller in the transaction. ZOCALO COMMUNITY DEVELOPMENT TO OPEN 159-UNIT ACTIVE ADULT COMMUNITY NEAR DENVER LITTLETON, COLO. — Zocalo Com- munity Development is preparing to open Vita, a 159-unit active adult community in the Denver suburb of Littleton. KTGY Architecture + Plan- ning designed the community, which is restricted to residents over 55 years of age. The developer is seeking LEED Gold certification. The com- munity features a variety of mixed- use features, including walking/bik- ing trails, art galleries, antique shops, specialty shops, clothing boutiques, restaurants and bars. It is also located one block from an RTD Light Rail sta- tion, providing easy access to down- town Denver and the airport. Zocalo, a Denver-based developer, expects to open Vita in May. SECURITY PROPERTIES BUYS 220-UNIT APARTMENT COMPLEX FOR $41 MILLION COLORADO SPRINGS, COLO. — Security Properties has purchased the 220-unit Willows at Printers Park apartment complex in Colorado Springs for $41 million. The commu- nity is located at 2205 Willow Tree Grove, two miles east of downtown. Willows at Printers Park contains one- to three-bedroom apartments with well-appointed kitchens, walk- in closets and in-unit full-size wash- ers and dryers. Amenities include a swimming pool, clubhouse with a small kitchen and attached business center, and fire pit gazebo. Security Properties plans to upgrade the prop- erty adding aesthetic upgrades to the clubhouse and expanding the amenity offerings. Security Properties-affiliate Security Properties Residential will manage the property. CBRE ARRANGES REFINANCING OF 224-UNIT WASATCH COMMONS HEBER CITY, UTAH — CBRE has secured an undisclosed amount of refinancing for Wasatch Commons Apartments, a 224-unit multifam- ily community located in Heber City. Andrew Behrens and Jesse Weber of CBRE's San Francisco office secured the 10-year, interest-only, floating-rate Fannie Mae mortgage on behalf of the undisclosed owner. The property consists of 106 newly renovated one-, two- and three-bedroom units. Resi- dences include walk-in closets, pri- vate balconies/patios, air condition- ing and in-unit washers and dryers. Community amenities include cov- ered parking, a playground, barbecue areas, a heated swimming pool and 24-hour fitness room. L M CONSTRUCTION BREAKS GROUND ON 119,200 SF INDUSTRIAL BUILDING BOISE — L M Construction Co. has broken ground on a 119,200-square- foot industrial building in Boise. The facility will be located at 8485 Federal Way. The cross-dock, multi-tenant building is a design-build project for Brass Cap Development. The project is currently 50 percent pre-leased. The future tenant, Teffco, is current- ly headquartered in nearby Nampa. Teff is an ancient grain and the staple of Ethiopian and Eritrean diets. Tef- fco hires local Idaho farmers to raise Teff for these communities, supply- ing them with American-grown teff. The concrete tilt-up building boasts a clear height of 30 feet and includes an ESFR fire sprinkler system. The bal- ance of the project's divisibility can be as small as 14,900 square feet or as large as 59,600 square feet. The facility is scheduled for completion this Oc- tober. It is situated directly across the street from Micron Technology and is visible from Interstate 84. M&J WILKOW, METLIFE BUY 1.7 MILLION SF SHOPPING CENTER IN METRO DENVER AURORA, COLO. — M&J Wilkow Ltd., along with MetLife Invest- ment Management, has acquired The Southlands, a retail center located in southeast Aurora. Developed in 2005, the 1.7 million-square-foot complex features retail and office space. Ten- ants include AMC Theatres, Dick's Sporting Goods, H&M, Bed Bath & Beyond, Barnes and Noble, Ross Dress for Less, Ulta Beauty and Best Buy. Additionally, the center consists of a traditional power center compo- nent, an open-air lifestyle component (known as the Town Center) with fashion, food and entertainment and office space totaling more than 917,000 square feet. Southlands is the third re- tail center co-owned by M&J Wilkow and MetLife. NEXUS NEGOTIATES $3.2 MILLION SALE OF APARTMENT BUILDING DENVER — Nexus Commercial Real Estate has brokered the sale of Park Plaza Apartments, located at 2250 Josephine St. in Denver. Anchor Jo- sephine LLC acquired the apartment building from Park Plaza Josephine LLC for $3.2 million. The 22-unit building features 20 one-bedroom units, one studio apartment and one two-bedroom unit. Adam Riddle of Nexus represented the seller, while Riddle and Austin Smith, also of Nex- us, represented the buyer in the deal. Located in Heber City, Wasatch Commons Apartments features 224 apartments, including 106 newly renovated one-, two- and three-bedroom units.

Articles in this issue

Links on this page

Archives of this issue

view archives of Western Real Estate Business - MAY 2018