Industrial property sells as part of national portfolio deal

Ascent Commerce Center, a speculative Class A warehouse/ distribution center in Commerce City, was sold as part of an eight property, 4.7-million-square-foot industrial portfolio to PGIM Real Estate. Crow Holdings’ real estate investment management company Crow Holdings Capital completed the sale of the portfolio comprising 15 buildings across five markets, including Commerce City, Atlanta, Dallas, […]

Jennifer Hayes

September 21, 2020

Vacant Salvation Army facility sells for $6M to developers

A longstanding flex property in Globeville sold to a buyer experienced in redevelopment. Wolf | Stutz Investments, headed by developers Ken Wolf and Ari Stutz, whose prior projects have included redevelopments in the River North and Clayton neighborhoods, purchased the former Salvation Army facility at 4751 Broadway in Denver. It paid $6 million for the […]

Jennifer Hayes

August 23, 2020

Pepsi lease kicks off Pecos Logistics Park

PepsiCo’s lease has popped the top on the Pecos Logistics Park project. PepsiCo Beverages North America signed a 283,500-square-foot lease at the 66-acre infill logistics park under construction at the northwest corner of 56th Avenue and Pecos Street in Denver. “Pecos Logistics Park is one of the last infill, large-scale development sites in the Denver […]

Jennifer Hayes

August 17, 2020

Strong fundamentals to help us thrive post-pandemic

In the middle of March, the COVID-19 pandemic took over the U.S. and abruptly stopped the world’s largest economy, with no certainty of what could happen next. Mass layoffs occurred quickly in the restaurant and

CREJ

August 11, 2020

EverWest, Invesco acquire 25 North spec industrial project

Denver-based EverWest Real Estate Investors purchased 25 North, a speculative industrial project designed to meet North Denver’s need for move-in-ready, Class A space. EverWest purchased the two-building, 219,200-square-foot property as well as additional acreage for future development in a joint venture with Invesco. The property, located along North Washington Street in Thornton and fronting Interstate […]

Jennifer Hayes

August 10, 2020

Denver’s decade-long rent growth ends in second quarter

For the first time in more than a decade, the Denver apartment market saw declining year-over-year rent growth, according to the Apartment Association of Metro Denver’s quarterly Denver Metro Area Apartment Vacancy and Rent Survey. The second-quarter survey, conducted by the University of Denver’s Daniels College of Business and Colorado Economic Management Associates, noted that compared to second-quarter 2019, average rent decreased to $1,506 per month, a $30 monthly decrease and a $360 annual decrease. This represents an inflation-adjusted 2.1% decrease in rents. The last time rents were lower than the period 12 months earlier was in the first quarter of 2010.

Jennifer Hayes

August 3, 2020

Greystar pays $119M for Thornton apts.

Greystar added another apartment asset to its portfolio with its purchase of Champions Park Apartments in Thornton. Greystar paid a reported $119 million, or $247,917 per unit, for the 480-unit community, renamed Avana Thornton Station. Eaton Vance’s real estate investment group, according to public records, sold the property, which it purchased in 2012 for $68.26 […]

Jennifer Hayes

July 13, 2020

Colo. apt. vacancy rate remains virtually the same as first quarter

The Colorado Apartment Association reported that the current vacancy rate for Colorado rental properties is 6% – virtually the same as the first quarter Denver Metro Area Apartment Vacancy and Rent Survey’s 5.9% published March 11 despite COVID-19. “It is encouraging to see that Colorado’s rental housing industry remains strong and demand for units is […]

Jennifer Hayes

July 5, 2020

Commercial real estate ‘icon’ Winn moves on to next chapter

Name any commercial real estate trophy asset in Denver, and Mike Winn has probably sold it at least once, and perhaps three or four times. Winn and partner Tim Richey, vice chairmen with CBRE Capital Markets, completed more than $21 billion in office and retail transactions over the last 30 years. They also fostered others’ […]

Jill Jamieson-Nichols

June 29, 2020

Evergreen Development adds Aurora apartments for $46M

Evergreen Development added an Aurora apartment community to its metro Denver portfolio. It paid $46 million, or $171,641 per unit, for the Turnberry Apartments at Heather Ridge, a 268-unit community, at 2038 S. Vaughn Way. It was sold by Kevlyn Investments Inc. “It’s just an amazing location,” John Blackshire of Transwestern said of the community, […]

Jennifer Hayes

June 22, 2020