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JANUARY 1-JANUARY 14, 2014
Patriot Equities debuts with $134m buy
Inside
6
12
12
Going to town
New construction is under way
at the Town Center at the
Meadows at Historic Castle Rock
Spec is back
Etkin Johnson Group is
bringing speculative industrial
development back to the U.S.
Highway 36 corridor
Value play
Real Capital Solutions buys a
flex/office portfolio in the
coveted Interlocken Advanced
Technology Environment
1AA
Store-bought
A King Soopers anchor
comes with the $19 million
acquisition of a retail
center in Golden
CONTENTS
Greater Denver
4
Boulder County
12
Larimer & Weld Counties 13
Colorado Springs
15
Finance19
Law & Accounting
20
Property Management
22
Green Building
35
CDE 36
Office2AA
Retail3AA
Industrial4AA
Multifamily6AA
Who’s News
10AA
See Page 22
by Jennifer Hayes
A nearly 1.2 million-squarefoot office portfolio sold to
Patriot Equities LP in one of
Colorado Springs’ largest-ever
office transactions.
The suburban Philadelphiabased real estate development
and investment company purchased the 15-building portfolio from Corporate Office Properties Trust in a transaction valued at $134 million, according
to COPT.
“It was by far the best collection of buildings in Colorado
Springs in terms of quality of
construction and age,” Cushman & Wakefield of Colorado’s
Mike Winn said of the properties, which garnered significant
interest and a number of offers.
“A buyer like this and a
sale like this really shows
the strength of the Colorado
Springs market,” added
The 15-building, nearly 1.2-million-square-foot office portfolio sold by Corporate Office Properties
Trust features tenants including Northrup Grumman, Lockheed Martin, Spectranetics and RT Logic.
Peter Scoville of Cushman
&
Wakefield|Colorado
Springs Commercial. “It
gives validity to the fact the
market here has turned and
assets in Colorado Springs
can draw strong capital.”
Winn and Scoville were
part of the team, which
included Tim Richey of Cushman & Wakefield and Greg
Phaneuf of Cushman &
Wakefield|Colorado Springs
Commercial, that handled the
transaction, one of the highest
priced office sales to close in the
Please see Patriot, Page 16
Denver office asset achieves $473.69 per sf
by Jill Jamieson-Nichols
A Lower Downtown office
building has achieved $473.69
per square foot, the highest
price per sf ever paid for a
Denver office asset.
ASB Real Estate Investments paid $53.5 million for
1755 Blake, a fully leased,
office building two blocks
from Denver Union Station
and the 16th Street Mall. The
five-story LEED Silver building sold for $359.59 per sf,
at 76 percent occupancy,
two years ago. It consists of
112,943 rentable sf.
The seller was a private real
estate fund advised by Crow
Holdings Capital Partners
LLC.
The building at 1755 Blake sold two years ago for $359.59 per square foot.
ASB made the acquisition
on behalf of its Allegiance
Fund, a $3.1 billion core real
estate vehicle that earlier this
year bought 1512-1517 Wazee
St., also in LoDo.
“At ASB, we see the ongoing $500 million Union Sta-
tion expansion driving the
continuing evolution of LoDo
Please see Denver, Page 10
Community shopping takes step forward
by John Rebchook
The brick walls in the
Source along Brighton Boulevard in the River North
district of Denver are covered with graffiti, even
though the one-of-a-kind
market space center only
opened for business last fall.
And Kyle Zeppelin, who
redeveloped the 1880s building, couldn’t be happier.
That is because the graffiti
captures the gritty ambiance
he wanted to preserve.
“It’s not like we hired
taggers to come here,” said
Zeppelin, on a recent tour
of the 26,000-square-foot
building at 3350 Brighton
Blvd. that is occupied by an
eclectic mix of 15 tenants,
which each lease from 1,000
sf to about 3,500 sf.
The graffiti was there
when they bought the building in 2010 from a group
headed by Frank Day, which
founded the Rock Bottom
Restaurant chain.
“They had a vision for a
luxury condo project on the
site during the prerecession
days,” said Zeppelin, who
also is developing the nearby TAXI development with
his father, Mickey.
The younger Zeppelin,
Please see Source, Page 44
An exterior look at the Source along Brighton Boulevard in the
RiNo neighborhood
Page 2 — COLORADO REAL ESTATE JOURNAL — January 1-January 14, 2014
We’ve got the capital connections
to deliver the right results.
RECENT TRANSACTIONS
ARRANGED BY THE DENVER REGIONAL OFFICE
Fielder’s Creek
217 UNITS CITY: DENVER, CO
PRODUCER: JOHN M. STEWART
SIZE:
Mason Street Flats
30 UNITS CITY: FT. COLLINS,CO
PRODUCERS: GORDON MICKELSON &
DALE STEWART
SIZE:
Paradise Office Building
41,379 SF CITY: LOS ANGELES, CA
PRODUCER: PAUL BRUDER
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o
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558 UNITS CITY: FALCON, CO
PRODUCER: DALE STEWART
SIZE:
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northmarq.com
DENVER REGIONAL OFFICE
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303.225.2100
January 1-January 14, 2014 — COLORADO REAL ESTATE JOURNAL — Page 3
APARTMENT REALTY ADVISORS
The #1 multifamily brokerage rm in Colorado
2013 ARA TRANSACTIONS
50
7,843
TRANSACTIONS
UNITS
$950
MILLION IN TOTAL SALES VOLUME
ARA Colorado would like to thank our clients, vendors, collaborators and
cooperating brokers who have helped ARA become the leading
multifamily brokerage rm in Colorado for the past ten years.
Wishing you happy holidays and a 2014 lled with prosperity and success.
Thank you for ten amazing years!
2013 ARA TRANSACTIONS
UNITS
PROPERTY NAME
460
390
378
372
351
332
322
318
300
290
272
240
224
220
220
216
216
208
200
186
183
174
150
141
140
137
120
120
112
105
73
70
61
44
41
37
24
24
24
24
12
Land
Land
Land
Land
Land
Land
Land
Land
Land
Marquis at the Parkway
The Village at Coronado
Arvada Station
AMLI at Westcliff
Del'Arte Lofts & Flats
Warwick Station
Alexan at Briargate
Belmar Villas
The Lodge on 84th Avenue
Lakeview Towers
Whisper Creek
Ridgepointe at Gleneagle
Camden Pinnacle
Westridge
Hunter's Cove
Central Ridge Apartment Homes
Crescent at Cherry Creek
The Registry
Palmer Park
Rolling Hills
Sonata at Cherry Creek
Pueblo Value-add Portfolio *
Legends at Lowry
Cherry Creek Place
Quail Ridge
Village East
Village Crest
Dayton Meadows
South Circle Arms
Aspen Circle
Village Garden
Shannon Hills
H20 & Aperture
Marcellina *
Tiburon
831 & 861Cherry Street
Ruth Dianne
Parkview
1120 & 1136 York Street
The Kimberly
910 S. Pearl
Market at DTC II
ALTA Cherry Hills
Crowne on Timberline Road
Villages at Southlands
The Gardens on Havana
1000 Speer
Platt Park Row Homes
Anthem Quincy
Elan Union Station
METRO DENVER
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COLORADO SPRINGS
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* not included on the map
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Greater Denver
ViaSat leases the LEED Gold building at 349 Inverness Drive in Englewood.
REIT begins Western expansion
with Parkside Office Plaza buy
An East Coast real estate
investment trust that is expanding into Western markets paid
$18.25 million for Parkside
Office Plaza in Englewood.
Virginia-based
Gladstone
Commercial Corp. bought the
97,797-square-foot
building
from Founders Properties. The
Class A, LEED Gold property is
100 percent leased to ViaSat, a
satellite and wireless networking systems company.
“This acquisition is consistent
with our strategic decision to
expand our acquisition efforts
in both primary and secondary
markets in the Western U.S.,”
said Andrew White, Gladstone
Commercial managing director. “The Class A construction,
Jonathan Stern, Publisher & Founder
[email protected]
Jennifer Hayes, [email protected]
Jill Jamieson-Nichols, [email protected]
John Rebchook, [email protected]
Kris Oppermann Stern, [email protected]
Lori Golightly, Director of Client Services
[email protected]
Jill Harris, Circulation Manager
[email protected]
Jennifer White, Marketing Consultant
[email protected]
Production/Graphic Design:
Jennifer [email protected]
Web site: www.crej.com
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Vol. 23 No. 1
strong tenancy and premiere
location in Denver’s southeast
submarket will provide stable
and attractive returns for our
investors.”
White, who leads Western region acquisitions from
Gladstone’s Manhattan Beach,
Calif., office, said, “Denver has
emerged as a highly desirable
primary market for many investors, including Gladstone.
“During the past few years,
Denver’s economy has undergone a paradigm shift away
from being just an energydriven economy. In addition to
energy, Denver now has a very
strong technology-based economy,” he said, noting a CBRE
report published in September
ranked Denver eighth in the
country for high-tech services
jobs and office rent growth. “In
addition, Denver’s low cost of
living, good business climate,
strong infrastructure and growing population will help drive
superior performance in real
estate,” White said.
Gladstone Commercial focuses primarily on one- to fourtenant, triple-net-leased office,
industrial and medical office
properties, but also works with
full-service gross and modified
gross leases if the base year has
been set. It can underwrite leases
as short as seven years and also
has the ability to underwrite
the credit of nonrated tenants
where other net-leased investors
require a Moody’s or Standard
& Poor’s rating. “Our ability
Please see REIT, Page 10
Greater Denver
Retail, office under way in the Meadows in Castle Rock
by John Rebchook
The master-planned Meadows
at Historic Castle Rock recently
hit a milestone, with the recent
groundbreaking on a new retail
center that was initially to have
gotten out of the ground in 2008.
The center was delayed
because of the Great Recession,
but both the master developer
of the 4,000-acre master-planned
community and the developer
of the first-phase center were
patient.
Now, they both believe there
are enough rooftops in the
Meadows and nearby communities such as Castle Pines Village
to support additional retail.
“We bought the land in 2007
and had the drawings done
and the ground pads ready to
move forward on in 2008, and
then the crunch happened,” said
developer Tim White, whose
company, White Construction,
is developing the two-building,
48,000-square-foot first phase of
the Town Center at the Meadows.
He said with more than $200
million of investments on the
east side of Interstate 25, more
than 5,000 rooftops in the Meadows itself, a new intersection
that improves access to the area
and the Castle Rock Adventist
Hospital that opened in August,
the time is right for the new
retail. The project also will
include office and medical office
space.
“We’re pretty excited about
this,” White said. “Thankfully,
we didn’t start construction in
2008. Jim Riley, the president of
the master development company, completely understood
why it didn’t make sense to start
construction right away.”
The hospital’s impact will be
huge on the Town Center, he
predicted.
“The hospital is literally across
the street from us,” White said.
“Generally, the retail will serve
the neighborhood,” White said.
“But it also will serve the many
hundreds of people at the hospital,” including staff, as well as
those visiting patients.
This won’t be the first retail
in the Meadows. It already has
the AMC Castle Rock 12 movie
theater, for example, as well as
some restaurants on pads.
“The movie theater would
probably be another four blocks
from us as the crow flies, so it
probably isn’t really in walking
distance,” he said.
HB&A Architects is designing the buildings in the new
center. The leasing agents are
Michael J. Quinlan and John G.
Gustafson of Newmark Grubb
Knight Frank.
“Our floor plates could accommodate up to a 10,000- or 12,000square-foot tenant, although I
expect most of the tenants will
be in the 1,500- to 2,500-squarefoot range, although we probably will get some decent sized
restaurants in the 4,000- to
5,000-square-foot range,” White
said.
The Meadows traces its roots
to the late 1980s, when it was
conceived by the infamous
Charles Keating, convicted on
A view of one of the buildings to be built in the Town Center at the Meadows at Historic Castle Rock
various counts of fraud, racketeering and conspiracy for his
role in the collapse of the savings
and loan industry.
In 1997, the 4,000-acre community was purchased by the Castle Rock Development Co. LLC,
whose majority owner is Denver
businessman Donald Sturm.
Today, the Meadows is home
to about 5,000 homes, while it is
zoned for more than 10,000.
In addition to the houses,
about 250 acres has been set
aside for commercial, retail and
multifamily development.
“We’re like a much smallerscale Highlands Ranch,” said
Riley, president of Castle Rock
Please see Meadows, Page 10
A nighttime view of one of the buildings in the Town Center at
Meadows at Historic Castle Rock
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Coburn Design
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A conceptual drawing shows a barrel-roof structure that will be enclosed to create new commercial space.
Lumberyard repositioning gets
unexpected demand, sculpture
A local partnership bumped
up against unexpected demand
when it bought what is believed
to be Denver’s oldest lumberyard.
Envisioned as a multitenant
industrial opportunity, the 2.48acre property at 924 W. First Ave.
in Denver is drawing interest
from a restaurant, brewery, coffee roaster, fitness studio, artists and others. Fin Art, which
designs and builds custom furniture, will be the first new tenant.
“When we bought it, we saw it
as a multitenant industrial complex. There seems to be more
commercial demand for it. We
hope to keep it industrial, but
we never thought a restaurant,
for example, would want to be
there,” said Hal Naiman of The
Sherman Agency, a 50-year-old
family owned Denver real estate
investment, management and
consulting company.
Naiman and partner Howard
Snyder are part of the group
that bought the property from
Stark Lumber, which has been
there more than a century and
continues to occupy about a
third of the site. The new ownership is working with the city on
site development and expects
by next spring to be well on
the way to creating a place not
unlike TAXI, in Denver’s River
North area, that is driven by creative companies, be they industrial, retail or office oriented.
Calling TAXI “a phenomenal
project in a tough location”
when developer Mickey Zeppelin got under way there more
than a decade ago, “I think this
is a much easier location,” said
Naiman. It’s on the Santa Fe
Drive corridor, just off Interstate
25 and Sixth Avenue, close to
downtown and Cherry Creek,
and it’s visible from light rail.
A focal point will be a sculpture of a bronco, made from
chrome bumpers, that was a
longtime fixture at the Denver
Bumper Works property on
Interstate 25.
Commissioned by the bumper
company in the early 1980s to
show their affinity for Denver’s
football team, the sculpture was
the first large piece completed
by artist Sean Guerrero, who
has gone on to do sculptures
across the country for as much
as $50,000 apiece. He currently
is working on a larger-than-lifesize longhorn bull for a bourbon
A bronco sculpted from chrome bumpers, the first such piece by artist
Sean Guerrero, will be a focal point of a redevelopment at the Stark
Lumber property just south of downtown Denver.
distillery in Austin, Texas, along
with a small horse, two eagles,
a tarpon and a version of H.G.
Wells’ Time Machine.
Naiman, once Guerrero’s
landlord, recently contacted
Guerrero to see if he wanted to
lease space at the Stark Lumber
property, but he had relocated to
Montana. Guerrero told Naiman
Denver Bumper Works was selling its property, and he didn’t
want to see his bronco end up in
somebody’s backyard. Naiman
was thrilled to acquire it. “It was
just good timing. I like it because
it’s a cool piece of art,” he said.
The sculpture fits with what
The Sherman Agency does, and
what it is doing with the Stark
Lumber site.
“We’re about repurposing
buildings. We like to be part
of Denver history,” said Rebecca Schwartz of The Sherman
‘With this
project, we’re
looking to the
future while
respecting the
past. We’re
trying to
rejuvenate
that part of
Denver as well.’
– Rebecca Schwartz,
The Sherman Agency
Agency, which owns a number
of commercial buildings on the
Santa Fe corridor. “With this
project, we’re looking to the
future while respecting the past.
We’re trying to rejuvenate that
part of Denver as well.”
The property consists of a conglomeration of buildings that
total 48,000 square feet. They
include a small structure that
will be demolished to create a
central landscaped pedestrian
area. A large, barrel-roof building with a timber ceiling is open
on one side and will be enclosed
to create usable commercial/
industrial space.
“There are a lot of challenges
in each building,” said Naiman,
explaining not all of the buildings have water and restrooms,
for instance. “We have water
service to the property, but we’re
going to have to figure out how
to deliver that to all the buildings and bring the buildings up
to code,” he said. Because of the
type of users expressing interest,
build-out will be greater than
originally anticipated, but that
also will make for a more desirable, diverse project.
The owners plan a cohesive,
walkable atmosphere that people both in and outside Denver
will want to visit, said Schwartz.
“I think it’s a wonderful opportunity.”
Naiman said a car repair business wanted space there, but
that won’t happen. “We’re going
to want to do what works for the
community we’re going to create there,” he said.
“Our intention is to go in and
revitalize it and keep it as a longterm investment asset. That’s
what we like to do.”s
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Greater Denver
Denver
Continued from Page 1
into one of the nation’s most
attractive and dynamic urban
submarkets, while providing
tremendous underpinnings
for future investment growth
in and around Denver’s core,”
ASB Real Estate Vice President
Aaron Duncan said in a press
release. “In addition to convenience of light rail and shuttle
bus service and a pedestrianfriendly environment, the mix
of commercial, residential, restaurants, shops and entertainment in the neighborhood will
also help attract greater tenant demand for a long time to
come.”
The previous record price per
sf for a Denver office building
was the $435 LaSalle Investment
Management paid for Millennium Financial Center, also in the
Union Station neighborhood.
Completed in 2008, 1755 Blake
is an Energy Star-rated building with 2½ levels of belowgrade parking and approximately 13,000 sf of street-level
retail space occupied by tenants
including 7-Eleven and Choppers Custom Salads. H&L Archi-
tecture and EF (Education First)
are among the office tenants.
The Class A office space
includes high ceilings, floorto-ceiling windows, open floor
plans and an energy-efficient
under-floor heating and cooling
system. The building is among
a very limited number of new
buildings in Lower Downtown, where there is “incredible demand for office space and
especially new office space,”
said Geoff Baukol of CBRE,
who represented the seller with
CBRE brokers Kevin Shannon
and Tim Swan.
“It checked a lot of the corporate boxes for groups that want
to be in LoDo, near Union Station,” Baukol said.
“We did over 25 tours and our
offer list was filled with brandname, national institutional real
estate buyers,” he said.
Considering Union Station
hasn’t been completed, Baukol
expects the run-up in demand
for office space in the neighborhood, and the excitement surrounding the area will continue
to grow.
ASB acquired approximately $1 billion in assets in high-
demand urban U.S. markets in
2013, including office, apartments, and “high-street” retail
properties in New York, San
Francisco, Los Angeles, Chicago, Boston, Washington, D.C.,
and Miami, in addition to other
major markets.
Washington, D.C.-based ASB
Real Estate Investments, a division of ASB Capital Management LLC, is a U.S. real estate
investment management firm
that, as of Oct. 1, had more
than $4.4 billion in gross assets
under management for 213
institutional clients.s
term is perfect for Gladstone
and allows us to achieve higher
returns and better pricing compared to 10- or 15-year leases,”
White said.
Parkside Office Plaza, built in
2008, is located at 349 Inverness
Drive. It houses critical operations for ViaSat’s Exede and
Wildblue Internet services. The
building offers state-of the-art
infrastructure and technology.
Cushman & Wakefield of
Colorado’s team of Vice Chairmen Mike Winn and Tim Richey,
along with Director Chad Flynn,
represented Founders Properties in the sale. Founders Vice
President David Watson said
the disposition provided investors with the opportunity to take
advantage of the strong characteristics of the asset and the
Denver market.
In addition to Denver, Gladstone Commercial Corp. is targeting primary and secondary
markets in Seattle, Portland,
Phoenix, all of California, Salt
Lake City and Las Vegas. The
acquisition was its first in its
Western expansion. Gladstone
owns 86 properties totaling more
than 9 million sf in 22 states.
Gladstone Commercial is
among four public investment
vehicles for the Gladstone
Group companies, a family of
public and private investment
funds that invest in commercial
real estate, farmland, and smalland medium-sized companies.
Gladstone Group funds also
provide financing to businesses
across the capital structure, from
second lien and mezzanine debt
to equity and real estate financing. s
first apartments in the Meadows.
“I think we would end up
between 2,000 and 2,500 homes,”
when it is built out, he said.
He said interest is just now
starting to catch on for apartments
in the Meadows.
“Multifamily is really hot right
now in most of the Denver area,”
White is not only a suburban
It also is a low-key partner with
Riley said.
builder and developer, but also a Mickey and Kyle Zeppelin at
“I think multifamily needed to big player in downtown Denver.
their TAXI development and the
reach a saturation point from the
“Our mainstay is construction,” Source.
center of the area and only now White said. “We’ve worked on a
“We are a 45 percent owner of
is it starting to move down to the lot of downtown projects, as well the Freight building at TAXI and
Lone Tree and Meadows area,” as having built a lot of the Denver a 47 percent owner of the Source,”
he said.
Public Schools
and at DIA.”
White
4Bites-5x7.25:Layout
1 6/15/11
11:26 AM Page
1 said.s
REIT
to underwrite the current and
future strength of the real estate
and the market enables us to
get comfortable with the shorter
term of the lease, which yields
superior risk-adjusted returns
for our investors,” said White.
ViaSat has just under eight
years remaining on its lease.
“This relatively shorter lease
Meadows
Development.
The Town Center could eventually have about 160,000 to 350,000
sf of retail and office, and it is
zoned for up to 3,000 homes, both
for sale and what would be the
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from the belief that there is a critical connection between long-term value, high-quality urban design and
ecological sustainability.
Birthplace: Salina, Kansas
How many years with company: 17 years
Education: Bachelor of Arts, Kansas University; graduate work at Harvard/Radcliffe, business
administration
Birthplace: New York
First job outside of real estate: Public relations, William Kostka & Assoc.
First job in real estate or related field: Larimer Square development
What projects are you currently working on, and what are you planning for the future? Oxford
Hotel, Denver Union Station, Renaissance on the River, Frederick, Co.
Favorite author: David McCullough
Person you most admire or person who most inspired your career: Jim Rouse, Jane Jacobs
Rules to live by in business: Keep your word.
Civic activities: Greenway Foundation, Trust for Public Land, We Don’t Waste, History Colorado, Colorado
Preservation, Inc.
Education: Bachelor of Arts, Colgate University
First job outside of real estate: I’ve always worked in real estate
First job in real estate or related field: The Rouse Company, Property Manager
What projects are you currently working on, and what are you planning for the future? We
continue to focus on our projects in the Union Station area. We expect to break ground on two new projects
there in the next six months. We are beginning planning for the former Market Street Station site. We will
break ground before year end on a new Whole Foods-anchored shopping center in Westminster; we just
opened a new Whole Foods center in Lincoln, Neb., last month. We are building a 1,600-unit housing
project in North Dakota (we just delivered the first 330 units last month). We are involved with three
regional mall assets around the country thru a KKR venture we are in. We expect to break ground on a new
hotel at our Belmar project in the spring as well.
Hobbies or interests: Travel, skiing, hunting, cooking, motorcycles, art and my family
Favorite book or author: Sand County Almanac
Person you most admire or person who most inspired your career: Jim Rouse
Rules to live by in business: I have always enjoyed the challenge of complex projects. I can tell you from
experience it is easier to make money on the simpler deals, but they just don’t excite me.
Charitable civic activities/Favorite charities: MCA|Denver, Colgate University, The Nature Conservancy
Jim “Jimmy” Miller
Bill Mosher
President & CEO
Miller Global Properties
Senior Managing Director
Trammell Crow Company
Company description: Invests in the acquisition and development of high-quality office buildings and
hotels throughout the U.S.
Company description: Real estate development and investment
How many years with company: 35 years
Birthplace: Denver
How many years with company: 7 Years
Birthplace: Denver
Education: Yale University, Bachelor of Arts
Education: Bachelor of Arts, Willamette University (Salem, Ore.) and Master of Science, University of
Arizona
First job outside of real estate: Tennis instructor
First job outside of real estate: Tennis coach
First job in real estate or related field: Leasing office buildings for Miller-Davis Co.
First job in real estate or related field: Downtown Development Corporation of Tucson, Ariz.
What projects are you currently working on, and what are you planning for the future? We are
currently working on closing our seventh Fund, which will have equity commitments of over $200 million.
Within that Fund, we are completing the development of three office buildings in Houston and looking to
close on Panorama Corporate Center in Denver, a seven-building complex with two development sites. We
are also hoping to acquire other office buildings and begin some hotel developments in that fund, while
continuing to manage our existing assets.
What projects are you currently working on and what are you planning for the future? Currently
wrapping up owner representation for Denver Union Station Project Authority and master planning and
rezoning the Olde Town Arvada TOD site. Future plans include industrial, office and multifamily residential
site acquisitions.
Hobbies or interests: My wife, my children, our dogs, jogging, skiing, singing and playing the guitar
Favorite book or author: Currently reading “The Zealot” by Aslan Reza
Favorite book or author: Dr. Seuss
Person you most admire or person who most inspired your career: Most admire my mother and
wife, Molly. Philip Whitmore was my career mentor and most significant influence.
Person you most admire or person who most inspired your career: My father
Rules to live by in business: Always do the right thing and never compromise your integrity
Hobbies or interests: Cycling, skiing, fly fishing, time with kids and grandkids, and travel
Rules to live by in business: Do unto others as you would have them do unto you.
Charitable civic activities/Favorite charities: Civic activities include Downtown Denver Partnership
and Colorado State University Board of Governors. Favorite charities include Judi’s House, Children’s
Hospital Colorado, and my church
Boulder County & U.S. 36 Corridor
Etkin Johnson leases big block, launches spec building at CTC
Etkin Johnson Group is
launching the first new speculative industrial construction on
the U.S. Highway 36 corridor in
several years after leasing a big
block of existing space in the Colorado Tech Center in Louisville.
With Trelleborg Sealing Solutions inking a lease for 75,889
square feet at 1886 Prairie Way,
Etkin Johnson will build two
new Class A industrial buildings
at the tech center. The first, a
66,350-sf industrial/flex building
at 1900 Cherry, will be delivered
in late summer. As construction
of that building wraps up, construction will start on 1900 Taylor Ave., a 136,701-sf industrial
building at the southwest corner
of CTC Boulevard and Taylor
Avenue.
“We are excited to continue
our commitment with the city
of Louisville and Colorado Tech-
nology Center by investing in
and developing two new properties,” David Johnson, president of Etkin Johnson Group,
said in an announcement. “The
recent Trelleborg lease reflects
the growing demand we’ve seen
for Class A industrial space in
the Northwest Corridor. We are
confident these facilities will see
strong interest and leasing activity, and we are currently working
with active prospects for the new
buildings.”
“The leasing success we’ve
seen in CTC over the past year
has given us the confidence and
opportunity to continue developing in the business park. We
look forward to building on this
momentum and fulfilling our
leasing objectives at these two
new properties,” added Ryan
Good, Etkin Johnson Group vice
president.
The Colorado Tech Center’s
vacancy rate currently stands
Etkin Johnson Group’s first new speculative building will be located at 1900 Cherry St.
at 6.9 percent, and, “There are
about 250,000 square feet of
active deals in the CTC, mainly
large, credit-grade tenants,” said
Good.
CBRE broker Jeremy Kroner,
who represented Trelleborg Sealing Solutions in its lease, said market activity combined with a lack
of new product create a window
of opportunity for development.
Please see Etkin, Page 14
Trelleborg Sealing Solutions leased 75,889 square feet at 1886 Prairie Way
in the Colorado Tech Center.
Real Capital Solutions acquires rare Interlocken portfolio
Real Capital Solutions bought
a portfolio of properties in Interlocken Advanced Technology
Environment in Broomfield for
$11.97 million, or $76.61 per
square foot.
“We think
that they are
a great value
play,
particularly for
Interlocken,”
said Graham
Riley,
vice
president of
commercial
Graham Riley
acquisitions.
“At the price we bought them,
we’re going to have some of the
lowest basis in Interlocken.”
“The Interlocken portfolio represented one of the best valueadd opportunities under
$15 million
in
Denver
in
2013,”
said Patrick
Devereaux of
Jones Lang
LaSalle, who
represented
seller
Patrick Devereaux the
with JLL broker Jason Schmidt.
The 156,178-sf portfolio consists of a three-story, 43,270-sf
office building at 350 Interlocken
Parkway and five single-story
flex buildings
at 100 Technology Drive,
A-C, and 325
Interlocken
Parkway, A
and B. Occupancy was
approximately 60 percent
at the time of
Jason Schmidt
the sale.
“We have a pretty significant
capital plan that we will implement to update and upgrade the
building systems and some of
the common areas and amenities,” Riley said, adding available space will be offered for
Please see Interlocken, Page 14
The portfolio included an office building at 350 Interlocken Parkway.
Boulder company pays $78.15 per sf for industrial space
A Boulder industrial building
that received multiple offers sold to
a user whose company is growing
“exponentially.”
AOV Inc., which is in the cus-
tom screen-printing, embroidery
and promotional products business, paid $2.11 million, or $78.15
per square foot, for the 27,000-sf
warehouse/showroom building at
6655 Arapahoe Road. The business
needed to expand out of two other
buildings it was leasing in Boulder,
and the owner also was interested
in investing in property, said Greg
Fair of The Colorado Group, who
Please see Growing, Page 14
AOV Inc. will occupy the former Boulder Door & Millwork building at
6655 Arapahoe Road in Boulder.
Small buildings trade at premiums
Commercial real estate in
Boulder commands premium
prices, and that rings especially true with small owneruser buildings that have sold in
recent months.
The Newland Mansion, a
4,900-square-foot office building at 3011 Broadway, recently
sold to a user for $1.9 million,
or $388 per sf. “I think it’s a
pretty remarkable price for a
small office building, and it was
essentially delivered vacant,”
said Geoffrey Keys of Keys
Commercial Real Estate, who
represented the seller with Keys
Commercial’s Ashley Overton.
“I think it gives you an indication of where the owner-user
market is going in Boulder right
now.”
“I would say the Boulder
Please see Newland, Page 14
Boulder investor buys 954 North St.
A local investor bought a fully
occupied, small-tenant office
building in Boulder for $1.3 million.
Steve Remmert purchased
the Matrix Office Building, a
3,704-square-foot building at
954 North St., for $350.97 per
sf. The acquisition was part of a
1031 exchange.
The building houses 18 holistic health practitioners. The
three-story, elevator-served
building is within walking distance of the Pearl Street Mall
and has 16 parking spaces,
including eight covered spaces.
Please see Matrix, Page 14
Larimer & Weld Counties
Airpark Village in Fort Collins
trades in $2 million transaction
The former Downtown Fort
Collins Airport, once targeted
for a major redevelopment that
failed to get off the ground, has
sold for $2 million.
Airpark Industrial Development LLC bought the 151-acre
infill property from Mile High
Bank. Located 1½ miles from
Old Town Fort Collins at 2200
Airway Ave., the property contains four warehouses and an
office building that total 46,055
square feet. The buildings were
nearly 90 percent occupied at
the time of the sale.
The buyer, a Fort Collins
businessman whose company
occupies space on the property, plans to continue to lease
out the buildings and hold the
property for future development, according to Cassidy
Turley broker Travis Ackerman.
Ackerman represented the
buyer in the transaction.
The property is known as Airpark Village for a large-scale
mixed-use redevelopment that
was being planned there after
the airport closed in 2006. It
is located two miles west of
Interstate 25 and just north of
Mulberry Street.
Fort Collins rezoned the former airport for the proposed
redevelopment, but plans failed
to materialize, and the property
fell into foreclosure.
Other News
n CMC Group Inc. is building
a 59,400-square-foot build-to-
suit for Cameron International, an oil and gas well servicing
company, on 15 acres of land at
East County Road 64 and North
County Road 7 in Wellington.
The building will be completed next summer.
According to Mike Wafer
of Newmark Grubb Knight
Frank, the build-to-suit was
driven by specific requirements
the company had as well as
a lack of available industrial
space for lease in Northern Colorado. “They really preferred
the I-25 corridor and wanted to
be north of Loveland,” Wafer
said.
CMC Group, through an entity called BDC III LLC, purchased
the land from Bonfire LLC for
$500,000.
Wafer and Newmark Grubb
Knight Frank broker Bruce
Mawhinney represented CMC
in acquiring the land on Cameron’s behalf and represented
Cameron in a long-term lease
for the building.
n F&W Media recently leased
30,800 sf of space at 4856 and
4868 Innovation Drive in Fort
Collins.
Currently in four buildings in
downtown Loveland, the company will consolidate into the
buildings at Oakridge Business
Park. It will occupy the entire
building at 4868 Innovation
and 11,400 sf of the building at
4856 Innovation.
The relocation, which will
occur in April, will provide
more efficient single-story
space for the company, said
Chuck Zeman of Zeman Realty Partners, who represented
F&W Media in the transaction.
Jason Ells of Cassidy Turley
and Annah Moore of Realtec
Commercial Real Estate Services represented the landlord,
Oakridge Innovation LLP, in
the 10-year lease.
n Elder Construction is
expanding in Windsor with
construction of a 9,500-sf
office/warehouse building at
7380 Greendale Road. The site,
located in Highland Industrial
Park, includes land for future
growth.
Elder Construction, owned
by Tom Elder, is a 20-year-old
company with offices in Loveland and Colorado Springs. It
will move the Loveland office
to the new building when it is
completed.
The company’s Northern Colorado office has grown approximately 400 percent in the past
four years. Elder Construction
hired 15 new employees in
2013.
Elder Construction provides
construction
management,
design-build, general contracting and preconstruction services. Its projects include office
and tenant improvement projects, as well as dental, education, health care, government,
industrial, worship and retail
facilities and others.
Please see Larimer, Page 42
Interlocken
institutional-size assets. You
simply don’t see a lot of investment transactions below $20
million within the Interlocken
business park, and especially
ones that have a value-add component to them.”
Net rents in Interlocken are
$3 to $4 per sf higher than net
rents in other Denver suburban markets, Devereaux said,
so, “There’s a financial benefit to
ownership groups for the leasing costs they spend on new
tenants.”
There were approximately 15
offers for the portfolio, approximately 35 percent of them from
companies that were new to
Denver, he said.
“We’ve seen an explosive
growth of new capital needing
to be in Denver. Denver is now
in the top 10 most preferred
investment markets in the country, and buyers that were on the
fringes of investing in Denver
now want to be here, and their
capital sources want them to be
here.”s
space, Kroner said.
Trelleborg is an advanced
polymer sealing and bearing
solutions provider for the oil and
gas, industrial, medical, automotive and aerospace markets. It
will relocate to the tech center
next spring.
Etkin Johnson’s new buildings
will offer 24-foot-clear ceiling
heights, heavy power, mountain views and energy-efficient
designs for low operating costs.
MOA Architecture is the architect for 1900 Cherry, which is
being built on 4.84 aces at the
southwest corner of CTC Boulevard and Cherry Street. It will
feature 11 loading docks and two
drive-in doors.
Ware Malcomb is designing
the second building, which will
occupy an 11.14-acre site and
include 20 dock doors and four
drive-in doors.
Murray & Stafford is the contractor for both buildings.
Etkin Johnson Group owns
approximately 650,000 sf of
industrial product and more
than 30 acres of developable land
in the Colorado Tech Center.s
Other News
market is pretty strong right
now,” concurred Angela Topel
of Gibbons-White Inc., who represented the buyer that plans
to occupy the building. Topel
worked on the sale of another
North Broadway building last
summer that traded for $400
per sf.
There is high demand and
limited supply of quality product, both for sale and lease, and
low interest rates make it easy
for owner-users to justify buying vs. leasing, she said.
The Newland Mansion was
built as an inn in 1889 and was
converted to Class A office space
in 1983. CBIZ Meyers Dining, a
business managed by the seller,
planned to vacate the property
by the end of the year.
Keys said the market for small
owner-user buildings has been
particularly active, and strong
pricing is being seen for prop-
n LSTRE LLC paid $750,000
for a 4,000-square-foot lightindustrial building on 3.86 acres
of land at 3216 Longhorn Road
in Boulder.
The buyer owns Boulder Valley Towing, but doesn’t plan
to occupy the property in the
near future, according to Brandon Ray of Cassidy Turley, who
represented LSTRE with Cassidy Turley’s Chris Ball and will
be marketing the property for
lease.
Geoffrey Keys and Ronan
Truesdale of Keys Commercial Real Estate represented the
seller, 3216 Longhorn LLC.
The building features new
interior finishes; electric,
remote-controlled gates; a video
security system; overhead
doors; and an outdoor, state-ofthe-art basketball court.
studio at 2653 Spruce St. in
Boulder sold for $550,000. The
property, most recently occupied by the Rolf Institute, which
is relocating, consists of a 1,081sf house that was converted to
an office building and a 1,605-sf
workshop/studio/classroom.
Jayme Martin, Suzanne
Swanson, Don Martin and
Thomas Noyes purchased
the property from Buffalo Oil
Corp.
Geoffrey Keys of Keys Commercial Real Estate and John
McElveen of Re/Max of Boulder represented the seller. Rich
Gribbon of Re/Max of Boulder
represented the buyers.
lease at what are expected to
be some of the most affordable
rates in Interlocken. Spaces
range from 1,000 to 22,000 sf.
The 21,923-sf Building A at 325
Interlocken is in shell condition
and is being offered either for
sale or lease.
The largest tenant in the portfolio is National Entertainment
Network, which occupies the
approximately 22,000-sf Building B at 325 Interlocken Park-
way. Brother Mobile Solutions
leases 14,784 sf at 100 Technology Drive. Murata Power Solutions also is in a tenant at 100
Technology, occupying 8,161 sf.
According to Devereaux, four
tenants had submitted letters of
intent for space that, if converted to leases, would represent
about 25,000 sf of absorption
post-closing.
Real Capital Solutions plans
to put separate loans on the
buildings so they can be sold
separately, giving it a very flex-
Etkin
Growing
represented him in the transaction.
AOV will occupy 15,000 sf.
The rest of the space is leased
to short-term tenants, allowing
the company to grow over time.
“It was a great opportunity for
him to invest in a building that
he can grow into,” said Fair.
The buyer acquired the property with a U.S. Small Business
ible exit strategy.
A lender, Ares Capital, sold the
portfolio. The price Real Capital
Solutions paid was approximately half the price previously
paid for the buildings.
Devereaux said the deal provided a rare chance for a private
investor to enter the prestigious
Interlocken business park. “It’s
a challenging market for private capital investors to enter
because the nature of the majority of the assets that are within
Interlocken business park are
Administration loan.
“We had a lot of activity on
that particular building,” said
Todd Walsh, also of The Colorado Group, who represented the
seller, Nathan Investment. The
seller was affiliated with Boulder Door & Millwork, which
vacated the property in 2012.
The building sits on 1.71 acres
just east of 63rd Street. It has
dock-high and grade-level loading, as well as a fenced yard.s
Trelleborg, now located in
Broomfield, was considering
building a new building when
Good suggested the space on
Prairie Way, which Pearl Izumi
is vacating for its own building
across the street.
Trelleborg Sealing Solutions
does business with other manufacturers in the CTC.
The move allows it to consolidate four existing locations, three
of which are second-generation
space, into a high-image, Class A
Newland
The Newland Mansion recently sold for $388 per square foot.
erties across all product types.
According to CoStar Group, the
average price for office, retail
and industrial buildings from
1,000 to 5,000 sf sold in Boulder
in 2013 was $375 per sf as of
mid-December, compared with
$185 per sf in the entire Denver
metro area.
Buyers view Boulder as a
secure market, said Topel. “We
were the last to feel the downturn a few years ago and the
first to come out of it,” she said.
n An office and workshop/
n Maurice’s leased 5,167 sf of
retail space at Harvest Junction,
located at Ken Pratt Boulevard
and Main Street, in Longmont.
Courtney Dahlberg of SullivanHayes Brokerage represented the landlord, Ramco
Gershenson Properties LP.s
Matrix
and keep the vacancy very low.”
The cap rate was in the high 6
percent range, said Walsh, adding the price was in line with
the market. “I think the buyer
got a good deal. The seller was
happy,” he said.
Todd Walsh of The Colorado
Group called it “a nice property
in a nice location.”
Remmert
concurred.
The building
is just south
of the Boulder
Community Hospital property,
with
its potential
redevelopTodd Walsh
ment, in an
area that is
seeing new construction. “I
think that whole little area is
poised to grow,” said Remmert.
Because 954 North has so
many tenants, the vacancy risk
is very low, said Walsh. On the
flip side, the property required
someone willing to actively
‘I think this was
something that a local
investor could take
and manage on their
own and keep the
Other News
vacancy very low.’
n Kelby Zorgdrager
– Todd Walsh,
The Colorado Group
A local investor acquired the Matrix Office Building at 954 North St.
manage it, said Walsh, who represented the seller, 954 North
LLC, with Jessica Cashmore,
also of The Colorado Group.
“We had good activity, but
some of the concern was the
strength with this buyer,” he
said. “I think this was something that a local investor could
take and manage on their own
of
DevelopIntelligence
paid
$472,000, or $234.13 per square
foot, for a 2,016-sf office/flex
condo at 3200 Carbon Place,
No. 101, in Boulder.
DevelopIntelligence, which
provides training in Java, web
development and other technology, will occupy the space.
Make Trax Investments was
the seller.
Todd Walsh and Chris Hansen of The Colorado Group
were the listing brokers. Walsh
also represented the buyer.s
Colorado Springs/So. Front Range
Unit interiors at Ridgepoint at Gleneagle are expected to be updated, which will provide a bump in rents to
new owner Griffis/Blessing.
Griffis/Blessing pays $30.3m for
Ridgepointe at Gleneagle apts.
by Jennifer Hayes
Griffis/Blessing is ready to write
the next chapter to the value-add
story at Ridgepointe at Gleneagle.
The firm recently paid $30.3 mil-
FedEx building
sells for $30.05m
by Jennifer Hayes
Cole Corporate Income Trust
Inc. recently acquired five single-tenant corporate properties
across the country, including the
FedEx Corporate Services Inc.
building in Colorado Springs.
Cole paid $30.05 million,
according to public records, for
the 155,508-square-foot Class A
office building at 350 Spectrum
Loop. The three-story building,
constructed as a build-to-suit for
FedEx more than a decade ago,
is the primary facility used by
FedEx for the development and
programming of various technologies that the company uses
to route and track its delivery
services.
The lease has approximately
11 years remaining, plus renewal
options, according to Cole.
The property also is adjacent
to a FedEx data center and in
the path of growth in Northern Colorado Springs, noted
Peter Scoville of Cushman &
Wakefield|Colorado Springs
Commercial. Scoville and Greg
Phaneuf in the Cushman &
Wakefield Alliance office in the
Springs, along with Mike Winn
and Tim Richey of Cushman &
Wakefield of Colorado in Denver,
handled the sale of the asset.
Piedmont Operating Partnership sold the building, which
was its last wholly owned asset
in the Colorado market.s
Corner turning on
commercial market
by Jennifer Hayes
The Colorado Springs commercial real estate market improved
in 2013 and signs point to continued growth this year, according
to a recent market forecast event
held by Sierra Commercial Real
Estate Inc.
“We’ve clearly turned the corner,” Kent Mau, senior managing
director of Sierra’s office group,
said of the Springs office market,
where the number of transactions increased in 2013 dropping
vacancy at year end to below 15
percent – down from 2012’s 16.75
percent – and a level not seen
Please see Corner, Page 45
lion for the 240-unit apartment
property at 13631 Shepard Heights
in Colorado Springs.
“There's a big pool of buyers
looking for a value-add story like
the one Ridgepointe presented.
It's a fantastic property in a great
location, but the interior finishes
are 12 years old and the rents are
well below other Class A assets
Please see Ridgepointe, Page 16
Colorado
Sought-after Hotel Telluride sells to California buyer
by Jennifer Hayes
A sought-after Telluride hotel
sold to a San Francisco buyer
making its first acquisition in
the town.
VY Telluride LLC, an affiliate of VYTC Investors LLC,
an owner/developer of hotels,
office buildings and masterplanned residential communities, purchased the Hotel Telluride for an undisclosed amount.
The buyer acquired the
remaining inventory (42 units)
and common areas of the
59-unit hotel, constructed in
2001 and converted to a condo
hotel in 2005.
Larry Kaplan and Mark Darrington of CBRE Hotels in
Denver represented the seller,
Northridge Capital LLC, in
conjunction with J.J. Ossola of
Telluride Sotheby’s International Realty.
“We are pleased that our
international marketing campaign resulted in sourcing
such a highly qualified buyer
group,” said Kaplan. “The
Hotel Telluride generated a
high level of investor interest
throughout North America due
to its spectacular location and
luxury amenities. The condo
hotel component of the transaction resulted in some additional complexities but all parties
worked together to effectuate a
timely closing prior to the win-
ter season.”
“It is a nicely amenitized, very
highly sought-after property in
a market with high barriers to
entry,” added Darrington. “It’s
a hard to replicate asset that
traded well below replacement
cost.”
Located in historic downtown at 199 N. Cornet St.,
the three-story hotel includes
underground parking.
The buyer has yet to determine if it will keep the balance
of the asset as a whole or sell
the remaining units as condos.
Other News
n NAI Mountain Commercial recently released its firstever quarterly market report in
which it offered a third-quarter
snapshot on the Vail Valley
commercial real estate market.
The report, authored by Mike
Pearson, president of NAI
Mountain Commercial, noted
that in the upper valley retail
space within the Vail Village
didn’t take the hit that the rest
of the valley did during the
recession, allowing pricing to
stabilize much faster and begin
to climb toward its prerecession
highs.
Lionshead has seen stabilization among its rates but not the
gains like Vail Village, according to the report. However, a
pickup in leasing activity leading into this year’s ski season
is attributable to tenants looking for deals. The 1.07-millionsquare-foot submarket has
37,638 sf available for lease.
Retail space within the midvalley stabilized in 2012 and
has shown signs of strength at
the end of 2013. Most interest at
the end of the year was seen in
the Avon and Eagle-Vail areas.
Prime retail in Beaver Creek is
very similar to the Vail market in that it is less susceptible
to macro moves in the overall
economy with its high demand
and lack of inventory, according to the report.
The office market within the
submarket remains soft with
few deals getting done, despite
depressed prices. However, the
flex market is a bright spot for
midvalley with favorable rates
and a lack of inventory.
Retail, office and flex space
in the lower valley have been
much slower to recover compared with its counterparts as
prices are just starting to discover a bottom, which are just
above the lows of the recession and well off of prerecession highs, noted Pearson. The
depressed pricing has allowed
for inventory to build up, especially in the light-industrial sector, prompting plenty of inquiries but few closed deals.s
The Hotel Telluride generated a “high level” of investor interest across
the country.
Colorado buyer purchases pair of full-service Ramada hotels
by Jennifer Hayes
A Colorado-based hotel management company purchased a
pair of full-service Ramada hotels
from a court-appointed receiver
for an undisclosed amount.
The buyer purchased the 123room Ramada Inn in Glenwood
Springs and the 102-room Ramada Inn in Sterling from Hospital-
ity Receiver LLC, an affiliate of
Prism Hotels and Resorts and the
court appointed receiver.
“The Glenwood Springs Ramada is located on one of the prime
pieces of real estate in Glenwood
Springs,” Mark Darrington of
CBRE Hotels said of the hotel
located two blocks from the historic downtown and off the Interstate 70 exit to Aspen. “It’s at a
great location in a high-barrierto-entry market at the gateway to
Aspen.”
The Ramada Glenwood Springs
at 124 W. Sixth St. features highway visibility, an on-site restaurant, indoor swimming pool and
hot tub. Built in 1979, the previous owner had started renovations at the property, which will
be continued by the new owner-
ship group.
The Ramada Sterling, located
at 2500 E. Chestnut, is the only
full-service hotel in the market
and features a Country Kitchen
restaurant, heated indoor pool
and fitness center. The hotel, built
in 1979, previously had been partially updated but the buyer is
expected to update it further.
Darrington and Larry Kaplan
of CBRE Hotels in Denver represented the seller.
“We are pleased to have been
involved in the sale of these two
hotels in Colorado. The properties garnered attention and offers
from investors throughout the
country. Many highly qualified
and aggressive buyer groups participated in the bid process,” said
Kaplan.s
capital improvement plan and our
strong asset management style,”
added Gary Winegar, chief investment officer for Griffis/Blessing.
“The property will produce immediate cash flow for our investors
with an additional revenue lift
from increasing market rents in a
growing Colorado Springs apartment market.”
Built in 2001, the community
features studio, one-, two- and
three-bedroom units, which were
97 percent occupied at the time
of sale. Griffis/Blessing plans to
upgrade the unit interiors as well
as make enhancements to the pool
area, clubhouse and fitness facility.
The community also includes a
playground, business center and
theater.
There were a dozen offers on the
asset due to the value-add nature,
ability to bump rents through renovations and its location, noted
McKenna.
“This was a pioneering location when they built it back in
2001. However, the city has grown
up to it as it's moved north over
the years. Now it's right down
the street from the largest new
retail development in the metro
area and a number of blue-chip
employers like FedEx and Oracle.
This location is only going to get
better and better over the years,”
said McKenna.
“The addition of Ridgepoint at
Gleneagle apartments to our portfolio is especially exciting due to
its strategic location in the fastest-
growing area of Colorado Springs.
Being adjacent to the newest and
largest retail destination development, Copper Ridge at Northgate,
which is anchored by Bass Pro
Shops, will increase rental demand
in this location,” agreed William J.
Hybl Jr., president and chief operating officer of Griffis/Blessing’s
Property Services Group.
Financing for the acquisition
was arranged through Freddie
Mac. Griffis/Blessing will manage
the property.s
145,498 sf; 12515 Academy Ridge
View, 61,372 sf; 9925 Federal Drive,
53,744 sf; 9945 Federal Drive, 74,005
sf; 9950 Federal Drive, 66,221 sf;
9960 Federal Drive, 46,947 sf; and
9965 Federal Drive, 77,583 sf.
The properties feature both single-tenant and multitenant space
as well as single-story and multistory buildings home to tenants
including Northrup Grumman,
Lockheed Martin, Spectranetics
and RT Logic. Eleven of the buildings were constructed since 2001;
a number of those were built
since 2008, and many are LEED
Silver and Gold certified.
When Patriot Equities started
looking at the portfolio, occupancy was around 87 percent and
with a new lease expansion to be
signed, occupancy will be above
91 percent, noted Geof Gardner,
chief investment officer of Patriot
Equities.
“One of the attractive features
about the portfolio is the momentum in the leasing market,” said
Gardner.
“COPT did an amazing job
building a portfolio of high-quality buildings at the most strategic
locations in the marketplace and
we are excited about building on
their momentum,” added Erik
Kolar, Patriot Equities’ president
and CEO.
“We are pleased to have completed our Strategic Reallocation
Plan within the three-year time
frame we established for ourselves and to have executed these
dispositions at exit cap rates that
were within our guidance,” Roger
A. Waesche Jr., COPT’s president
and CEO, said in a release regarding the sale.
With the sale, COPT now owns
only land in the Colorado Springs
market, which it first entered in
2005.
CBRE will manage the portfolio, which represents Patriot Equities’ first foray into the Colorado
market.
Patriot Equities owns, operates,
and invests in the entire spectrum
of corporate real estate property
types, including office, industrial,
raw land and mixed-use space
in a geographically diverse footprint that spans the entire North
American continent. Patriot and
its principals have acquired more
than 20 million sf of corporate
real estate in excess of 80 buildings,
across 14 cities, with development
value in excess of $1 billion.s
Ridgepointe
in its submarket. There's ample
opportunity to update the interiors and move the rents,” said
ARA Colorado’s Kevin McKenna,
who handled the transaction with
ARA’s Doug Andrews and Jeff
Hawks.
“Ridgepointe allows us the
opportunity to execute our proven
value-add strategy to successfully
create strong investor cash flow
and appreciation through a key
Patriot
marketplace.
The 1.17-million-sf portfolio comprises properties in the North Interstate 25 and Airport submarkets of
Colorado Springs.
The properties include: 565
Space Center Drive, 86,837 sf; 655
Technology Court, 33,207 sf; 1055
N. Newport Road, 62,245 sf; 1670
N. Newport Road, 67,260 sf; 3535
Northrop Grumman Point, 130,573
sf; 10807 New Allegiance Drive,
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Finance
BofA makes $185 million loan
by John Rebchook
Lenders
Directory
@
For Company Profiles, Contact
Information & Links, Please Visit
www.crej.com
If you would like to include your firm in this directory,
please contact Jon Stern at 303-623-1148 or [email protected].
Bank of Colorado
Bank of the West
Berkadia Commercial
Mortgage, LLC
CBRE|Capital Markets
Shorenstein bought the Denver City Center for $286 million.
ville, Ill., summed up commercial
real estate loans before the crash as
“good loans destroyed by a really
bad economy. In other words, the
borrower did not cause the loans
to go bad, it was the economy.”
Between 1992 and 2010, Shorenstein has raised about $6.5 billion
in 10 separate funds to invest in
commercial real estate.
The purchase of the 1.3 millionsquare-foot Denver City Center at
707 17th St. and 717 17th St. was
part of the $1.22 billion Fund 10.
Denver City Center was the second biggest of the properties it
bought in that fund. It was only
eclipsed in size by the 1.6 millionsf 33 South Sixth St. in Minneapolis.
The 33 South Sixth St. includes
a 52-story skyscraper that looks
very similar to Denver’s 56-story
Republic Plaza. Both buildings
were designed by Skidmore,
Owings & Merrill.
The 33 South Sixth St. also
includes the Minneapolis Marriott
City Center.
Shorenstein prides itself on a
green culture and the Denver City
Center fits that bill, as it is a Silver
LEED complex.
“I’m sure Shorenstein liked that
it was a Silver LEED building,”
Winslow said. “It has a lot of green
buildings in its portfolio.”
He noted that Shorenstein paid
$220 per sf for the Denver City
Center.
The Denver City Center was
built in 1978 and 1981 and was
renovated from 2011 to this year.
Work included its green updates.
“Other newer buildings have
traded for a much higher price on
a per-square-foot basis,” Winslow
said.
HFF brokers Mary Sullivan and
John Jugl represented Crescent in
the sale, which likely will be the
largest commercial real estate sale
in Denver in 2013.
However, the BofA financing
won’t represent the largest loan
made this year.
Early in the year, the Denver
office of HFF made a $220 million
loan on the Breakers apartment
community.s
Chase Commercial Term Lending
Colorado Business Bank
Colorado Lending Source
Commerce Bank
Commercial Federal Bank
CW Capital
Essex Financial Group
Fairview Commercial Lending
FirstBank Holding Company
Front Range Bank
Heartland Bank
JCR Capital
Johnson Capital
KeyBank N.A., Key Commercial
Mortgage Inc.
Mile High Banks N.A.
Montegra Capital Resources,
Private Lender
NorthMarq Capital, Inc.
Principal Partners Lending
Stark Management Co., Inc.
TCF Bank
Terrix Financial Corporation
Trans Lending Corporation
Trinity One Group, LLC
U.S. Bank – Commercial Real Estate
U.S. Bank SBA Division
Vectra Bank Colorado, N.A.
Wells Fargo SBA Lending
Wells Fargo N.A. – Commercial
Real Estate Group
C O M M E R C I A L R E A L E S TAT E L E N D E R S D I R E C T O R Y
It has been well publicized that
San Francisco-based Shorenstein
Properties LLC recently paid $286
million for the two-building Denver City Center in the heart of
downtown.
The center includes the Johns
Manville Plaza and the Marriott
City Center.
What has been less publicized is
that Shorenstein received a loan of
$185 million from Bank of America for the purchase from a Crescent Real Estate entity, according
to public records.
It is probably a good loan for
BofA, according to John Winslow,
a veteran appraiser, broker, consultant and researcher.
“That is a very conservative
loan,” said Winslow, owner of
Winslow Property Consultants
LLC.
“It’s a 64.5 percent loan-to-value
transaction,” Winslow said.
“I’m sure BofA was thrilled to
make that deal,” given that Shorenstein came up with $101 million from other sources.
“Shorenstein is a big player.
They are stronger than horseradish,” said Winslow, expressing
his Texas roots, even after being
involved with Denver commercial real estate for more than three
decades.
Institutional investors such as
Shorenstein sometimes will pay
cash and later put on debt to take
advantage of low interest rates
and leverage money.
Even during the go-go days
before the Great Recession
brought commercial real estate
investments to its knees, most
institutional investors typically
took big equity positions for most
purchases, Winslow said.
“For the most part, they didn’t
go crazy,” like so many homeowners did by putting nothing down
on houses they couldn't afford,
he said.
“It wasn’t uncommon for them
to put 50 percent down, so putting 65 percent down would make
this very attractive to a lender,”
he said.
Indeed, Denice Gierash, a real
estate attorney and CPA in Naper-
Commercial Real Estate
Law & Accounting
Reviewing 2013 CRE legal issues
experience perspective
I
BKD National Construction & Real Estate Group
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Denver, Colorado 80202
Telephone: 303.825.0800
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www.bw-legal.com
Providing Counseling and Legal Services to the
Real Estate Community since 1945
n Colorado, 2013 was an
interesting, if not bountiful,
year for real estate in the
courts and at the state Legislature.
Following are a few issues that did
arise and impact the way different
aspects of real estate are conducted.
n Entitlements: Water Supply Plans Update. In 2012, the
Douglas County District Court
decided Chatfield Community Association v. Board of County Commissioners of Douglas County, Case No.
2011CV1437, invalidating Douglas
County’s approval of the Sterling
Ranch Planned Development
(“Sterling Ranch”) because Sterling Ranch LLC failed to demonstrate an adequate water supply
for the entire development in its
initial plans. As anticipated, the
court’s decision triggered legislative action. In early 2013, Colorado legislators passed Senate Bill
13-258, which clarifies that a developer does not have to show water
adequacy for an entire development up front, but may demonstrate sufficient water supply in
phases throughout the approval
process. Further, the new law provides that “the local government, in
its sole discretion, not only makes the
determination but also possesses the
flexibility to determine at which stage
in the development permit approval process the determination will be
made.” The bill’s passage gave the
Sterling Ranch application another
chance at approval. In July, Douglas County affirmed its original
decision and again approved
Sterling Ranch. However, Sterling
Ranch may be halted once more. A
community association challenged
the new approval, alleging that: 1)
Sterling Ranch still does not have
an adequate water supply; and
2) Douglas County approved a
closed, not pending, application.
The court has yet to address this
new challenge.
n Construction Trust Fund
Statute. The recent Supreme
Court decision in Yale v. AC Excavating Inc., 2013 CO 10, clarified the
scope of Colorado’s construction
trust fund statute, C.R.S. § 38-22127. The trust fund statute requires
all funds disbursed to a contractor
on a construction project to be held
in trust until subcontractors are
paid. The case involved a development company that exhausted its
construction financing mid-project,
leaving subcontractors unpaid. A
company manager deposited his
own money into the company’s
account to pay operating expenses
and keep the company in business.
The issue was whether the deposited funds fell within the scope
of C.R.S. §
38-22-127 and
must be held
in trust to pay
subcontractors. The court
concluded
that the manager’s capital
contribution
did not conJames M.
stitute “funds
Mulligan
disbursed on
Senior real estate
a
construcpartner, Snell &
tion
project”
Wilmer LLP, Denver
under the trust
fund statute.
The capital
was instead
disbursed to
finance general
operations and
therefore was
not required
to be held in
trust. The court
explained that
to
construe
Jason Brinkley
Real estate associate, §38-22-127 to
Snell & Wilmer LLP, encompass all
Denver
funds loaned
to a development company, regardless
of the purpose
for which the
funds were
advanced,
would
discourage managers
from
investing in
a struggling
Andrea
company.
Fitzgerald
n MuniciReal estate associate,
District
Snell & Wilmer LLP, pal
Denver
Financing.
In Todd Creek
Village Metropolitan District v. Valley Bank & Trust Co., 2013 COA
154. No. 12CA1302, the Colorado
Court of Appeals held that the
Todd Creek Village Metropolitan District (the “district”) had
both constitutional and statutory
authority to enter into loans with
Valley Bank & Trust Co. In Todd
Creek, the district obtained and
defaulted on a general obligation
loan from Valley Bank. The district attempted to void the loan
and its repayment, arguing that
the loan did not meet constitutional and statutory requirements
for municipal district financing.
First, Article XI, Section 6(1) of the
Colorado Constitution requires
local governments to receive voter
approval before issuing debt. Here,
the district’s voters approved issuance of general obligation debt.
However, the district argued that
its loans were invalid because the
approved proposal did not identify the specific collateral. The Court
of Appeals disagreed, holding that
the Colorado Constitution requires
the ballot initiative to inform voters of the district’s intent to issue
general obligation debt, but does
not require identification of the
specific assets to be pledged. Such
a narrow interpretation of Section
6(1) would restrict districts from
asking voters to approve debt until
specific collateral was identified.
Second, C.R.S. §§ 32-1-101, et. seq.
require a potential municipality to
file a financial plan with the board
of commissioners and conform to
the plan “so far as practicable.”
The district argued that its plan,
approved by the Adams County
Board of Commissioners, did not
provide for the issuance of general
obligation debt. The court again
disagreed, finding that the plan
did not explicitly disallow general
obligation debt. Therefore, the loan
substantially conformed to the
approved plan, as it did not go
against its provisions. Overall, the
district could not avoid its loan.
n Colorado State Land Board
Legislation. In 2013, House Bill
13-1274 was enacted to provide the
State Board of Land Commissioners with a consistent mechanism
to invest in large commercial real
property holdings and to generate revenue for the state school
lands by leasing the acquired property. To accomplish this purpose,
the legislation granted the board
authority to instruct the state treasurer to enter into lease-purchase
agreements on behalf of the state
school lands for the acquisition,
construction and renovation of
commercial real property. The
board will then lease the property
as office space to state agencies or
other tenants. HB 13-1274 authorizes the issuance of $50 million
of lease-purchase agreements per
year.
Space limitations prevent covering unreported cases unless they
result in subsequent legislation,
such as the Chatfield Community
Association case referenced above.
Accordingly several trial cases cannot be covered (e.g., Landmark Towers Ass’n, Inc., et. al. v. Marin Metro.
District, Colorado Bondshares, et. al.,
Case No. 11CV1076; etc.) that may
become important if appealed or
otherwise result in legislation.
The impact of these laws and
cases will be felt during the ensuing
year and attention to them is likely
to be helpful. Stay tuned as these
matters become implemented.s
Law & Accounting
Bright-line standard revisited
T
he Health Care and
Education Reconciliation Act of 2010 added
Section 1411 to the Internal
Revenue Code. This section
imposes a 3.8 percent tax on
the net investment income
of taxpayers with modified
adjusted gross income in
excess of $250,000 for couples
filing jointly and $200,000 for
individuals filing as single or
head of household. This tax
is effective for calendar year
2013. While seemingly simple
in its context, this provision
was the subject of more than
300 pages of regulations originally proposed in late 2012.
Those regulations were reissued as final on Nov. 26, 2013,
and contained a number of
notable changes from the proposed version.
One of the changes made
in the final regulations provides an objective safe harbor that allows a “real estate
professional” (a defined term
under existing passive activity loss rules) to exclude rental
income derived from a rental
real estate activity, as well as
gain from the disposition of
the activity, from the definition
of NII. This exclusion means
this rental income and gain
are not subject to the 3.8 percent tax on NII. The originally
proposed regulations provided
that if a real estate professional
had rental activities that rose
to the level of a trade or business, the NII associated with
that rental activity could be
excluded. However, there was
no bright-line standard or
objective test to determine if
the activity was a trade or business. The Internal Revenue Service received a large amount of
public comment on this provision, including from our firm,
that an objective standard was
needed. To its credit, the IRS
listened and provided such a
standard.
In order to qualify for the safe
harbor exclusion, two principal requirements must be met.
First, the taxpayer must qualify
as a real estate professional as
defined by IRC Section 469(c)
(7). This qualification is a relatively easy hurdle if one truly
is involved in a real estate
occupation. To qualify during
a taxable year, you must show
that more than half of your
personal services performed in
trades or businesses are performed in real property trades
or businesses
in which you
materially
participate
and perform
more
than
750 hours of
service during the year
in such real
estate busiTad A.
nesses.
Goodenbour,
The second
CPA
qualification
Tax partner, BKD,
requires real
Colorado Springs
estate professionals to
participate in the rental real
estate activities for more than
500 hours during the year, or
during any five of the preceding 10 years. If both qualifications are met, the net rental
income and any gain from the
disposition of the real property
will be excluded from the calculation of NII and, therefore,
not subject to the 3.8 percent
tax.
The 500-hour rental activity
portion of the safe harbor creates a practical problem: how
an “activity” is defined. The
safe harbor requirement is that
you must provide more than
500 hours of service in the rental real estate activity. A person
who owns more than one activity (rental real estate property)
must provide more than 500
hours of service in each activity. This may not be an issue
if you own a small number of
rentals, but if you own a large
number of rental properties, it
would be virtually impossible
to qualify all of them under the
500-hour rule. Fortunately, the
final regulations also contain a
provision to address this issue.
The second
qualification
requires real estate
professionals to
participate in the
rental real estate
activities for more
than 500 hours
during the year,
or during any five
of the preceding
10 years.
Under existing regulations
(1.469-9(g)), taxpayers may
affirmatively elect to treat all of
their rental real estate activities
as one rental real estate activity.
If such an election is or has been
made, the taxpayer merely has
to show he or she provided
500 total hours in all rental
real estate properties combined
– without question, a much
easier bar to reach. If the rental
activities are owned through
pass-through entities such as a
limited liability company, partnership or S corporation, special rules apply regarding the
election to combine the rental
real estate into a single activity. The combination can still
be achieved, though a couple
of technical compliance steps
must be taken.
In a final acknowledgment
that the rules take a reasonable
approach, the regulations provide that if real estate professionals can show that, under
the facts and circumstances,
their nonpassive rental real
estate activities rise to the level
of a trade or business, failure to
meet the 500-hour requirement
will not preclude exclusion of
the net rental income or the
gain on the sale of the rental
real estate from the definition
of NII.
For example, a real estate
professional owns a large number of residential rental properties and spends fewer than 500
hours per property performing management, maintenance
and leasing activities. For various reasons, this taxpayer does
not elect to combine the rental activities into one activity.
Therefore, this taxpayer would
need to prove trade or business
status for each rental activity
in order to exclude the nonpassive income from NII.
The final regulations provide additional clarity and
taxpayer-friendly provisions
from those contained in the
proposed regulations. Many of
these provisions will require
affirmative action on the part
of taxpayers or their return
preparers while preparing and
assembling information to file
2013 returns.
* This information was written by qualified, experienced BKD
professionals, but applying specific information to your situation
requires careful consideration of
facts and circumstances. Consult
your BKD adviser before acting on
any matter covered here.s
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E
arlier this month,
I attended Denver
Metro’s BOMA
December luncheon, where
a skit called “A Day in the
Life of a Property Manager”
was performed. It reminded
me of how many different
facets there are to property
management. One day you
might be an accountant
working on the general ledger
and month-end reports and
the next, you are a counselor
working with a tenant who is
having a bad day.
In any given week, “How
many hats do Property Managers
wear?” Many property
managers would relate to
having to step into many
roles and responsibilities
from HR, operations,
accounting, finance, legal, risk
management, tenant relations
and more. Even if you happen
to be a jack of all trades, there
is no way to handle each
and every aspect of property
management as an individual.
You have to surround yourself
with the best possible people
that have complementary, not
redundant, skill sets.
Team building is not a new
concept; however, I dare say
that it is one that few people
have mastered. There is
always a natural tendency to
surround yourself with similar,
like-minded individuals. The
truth is, you are “amazing,”
How Many Hats Do You Wear?
Hunter Marr, RPA,
FMA, LEED AP O+M
General Manager,
CBRE | Asset Services | Denver
so why not surround yourself
with more “amazing?” The
problem with this logic is that
in the end, it creates a onesided team with redundant
skill sets. If numbers are your
strength and you hire numberfocused individuals, there is a
good chance that your monthly
reports will be exceptional.
However, I am also willing to
bet that your tenant relations
program is hurting. Overall,
you need to build a team that
complements each member.
Ideally, you need a social
person to be the glue that
holds the tenants and team
together, a numbers person
to ensure the accounting and
financial reports are buttoned
up and a structure-oriented
person to ensure operations
are running in a manner
that follows legal and risk
management protocol. You
also need idea-generators to
help create a vision for the
future of the property.
Often we work in small
buildings, with specific groups,
so it seems that it would be
impossible to bundle up all
personality types and skill
sets needed in such a small
group. My argument is that
you have to think broader.
There is more to the team
than just the internal property
management group. To ensure
you maximize the potential
of your property, consider all
of your service partners as
extended members of your
team. If you do this, think
of all the additional skill sets
you can now offer your client.
By surrounding yourself with
specialized experts, you have
increased the overall strength
of your team.
So now you have a robust
team, full of unique skill
sets, personalities, values and
goals that happen to work for
several different companies.
The above reminds me of my
family and has led to some
To ensure
you maximize
the potential of
your property,
consider all of
your service
partners as
extended
members
of your team.
epic battles over the years. This
hodgepodge of abilities and
personalities can be a recipe
for disaster, unless you are able
to create both a vision and
a goal that is truly agreeable
to all members of the team.
Without the team’s buy-in to
the grand vision, the ship will
flounder and the differences in
the team members could split
everything apart.
I would argue that this is
the true test of a property
manager. This is what we
should spend our time and
focus on creating. To me,
there is nothing more capable
than a focused team that
understands each member’s
roles and responsibilities. It
allows the team to proactively
respond to situations with the
highest qualified resource. In
return, this collaboration could
lead itself to a higher level
of performance, than if each
individual worked in a bubble.
The high level of performance
of the team will end up
building on itself as it gets
closer to achieving its vision.
As the group’s moral increases,
friendships will form and it
will be more fun for everyone
coming into the office.
No matter how large or small
your property management
team is, realize that teamwork
rarely happens overnight. That
is why you need to consistently
lead by example. If you want
to instill teamwork, you need
to be willing to do whatever
task you are asking your staff
to do. You also need to focus
on the positive things people
do to encourage more of it.
So do the right things and
acknowledge when others do
things right. Before you know
it, you will have a winning team
that seamlessly works together,
achieving amazing results that
propels your property forward.
In the end, it is not about
how many hats you personally
are capable of wearing, but
ensuring that as a team, each
hat has a head to rest on.
Drake Asset Mgmt Full Pg Ad CREJ.pdf
1
11/19/13
10:37 AM
The Clear Choice: A Look into Energy
Efficiency in Property Management
F
or real estate
management
companies like
Griffis Blessing – which has
thousands of multifamily
units and commercial
square footage right at their
fingertips – energy efficiency
and sustainability can be a
huge strategic advantage.
In Colorado Springs and
many other communities
across the nation, innovation,
sustainability, and energy
efficiency has consistently
lagged behind other markets.
So, what if we can create
properties unlike anything else
in the marketplace? What if we
can get ahead of the curve and
differentiate ourselves from the
competition?
The primary mission
for property management
companies is to enhance the
real estate investments of
clients. If energy-efficiency
projects can do this – and in
most cases they do – then it
is our responsibility to take
the opportunity. Business as
usual or the baseline model
for property management is
stale and stagnant. We must
do something that will get
people’s attention. We must
be proactive and take action
before innovative ideas and
concepts become common
practice.
Countless articles have
been written about energy
efficiency and sustainability,
and companies promoting
green initiatives are popping
up everywhere. But how
much of this is truly effective
communication and action?
How much of this is actually
making a lasting impact that
improves the economy and,
at the same time, improves
the world in which we live? I
would like to challenge this
green rhetoric. It is not as simple
as “just doing something.” We
must strategically think about
the projects we pursue and
the effects they will have on
stakeholders. We must think
deeply about the most effective
way to save energy.
Multifamily is a particularly
tricky area of real estate in
regard to energy efficiency,
but it offers a tremendous
opportunity. Today, multifamily
properties pass on most (if
not all) of the utility cost to
residents, which creates a split
incentive and market failure.
With no incentive to pay for
upgrades, many building
owners forgo efficiency options.
Moreover, energy-efficiency
projects are unfamiliar territory
for most, and often are viewed
as discretionary. But there are
real incentives for this business
model.
Chad Achterhof
Director of Energy & Sustainability,
Griffis Blessing, Colorado Springs
An efficiently run property
has a number of competitive
advantages: lower turnover,
more satisfied residents,
higher rents, and increased
property value to name a few.
Ask yourself one question:
“If I am looking for an
apartment, would I rather
pay higher utilities and lower
rent, or higher rent and
lower utilities?” For most, the
answer would be the latter.
In this time of volatile and
ever-increasing energy rates,
lower consumption decreases
risk and exposure, which is
particularly important for
low-income renters. As utility
rates continue to rise, the
market will reach a point
when residents will demand
more efficient apartments. If
this need is not met, they will
avoid the apartment complex
altogether. So which is it:
energy retrofit, or an empty
apartment?
One benefit of energy
efficiency that has been
wrongfully perceived is
economic activity. Many have
said that tightening regulations
puts a strain on the economy,
but just the opposite is true.
Energy-efficiency projects
create jobs, reduce building
maintenance cost, and cut
utility expenses for residents
and tenants, which ultimately
generates economic activity.
Not only this, but also they
improve the physical condition
of the building, reduces
emissions, and improves
the long-term viability of
multifamily housing. The
benefits are seemingly endless.
To take advantage of these
benefits, we are pursuing
various opportunities at Griffis
Blessing. By replacing toilets
with WaterSense labeled
fixtures, we have saved The
Signature at Promontory
Pointe Apartments more
than 900,000 gallons of water
and $6,500 per year. After
incentives and rebates, the
return on investment was 188
percent. These savings are
passed on to residents, which
improves satisfaction and the
overall value of the property.
Assuming a 6 percent cap rate,
property value increased over
$108,000.
Future projects include
Creekside at Palmer Park
Apartments, The Willows at
Printers Park Apartments,
The Haven at Valley Hi, and
RidgePointe at Gleneagle
Apartments.
Continual improvement is
key to remaining competitive.
Most businesses already are
taking measures to improve
technology, operating
practices, and supply chain
costs. So why should energy
conservation be left on the
sidelines? Why is it that we
are so quick to improve the
look and texture of a building,
but so slow to improve the
efficiency of a building?
Property management should
not exist just to make things
look better, but should add
real value to real estate and
make a true monetary impact
for residents.
R
ecently, I was riveted
to my seat, watching
intently a battle scene
portrayed in a war movie.
Then, amidst the din of
explosions and the shouts
of soldiers, there came a cry,
“Man down!” When that soul
cry sounded, several faithful
soldiers moved toward the
sound, risking their own lives,
ignoring any danger to reach
their injured comrade. And the
soldier down knew that help
would come. Whatever the risk,
someone would be running low
or literally crawling to reach
his side, placing himself in the
most dangerous of positions,
even to the point of giving
of his own life, to protect his
fallen comrade, and to provide
needed aid and comfort. I have
found this literally to be true
with every great team. They
care for each other, cover their
backs, and often go “beyond the
call of duty!”
I bleed orange! I went to
graduate school at Clemson,
and now that Peyton Manning
is in Denver, orange is a
wonderful color – it’s even
the color of sunsets. While at
Clemson, the economy and
job market was significantly
depressed and it was most
difficult to talk with owners
and possible employers about
work. The mindset of many
owners and employers at that
time was not about adding
talent, but rather how to keep
Man Down – Next Man Up
Steven Trythall,
MRED
Senior Vice President,
Sessions Group LLC
the staff they had on hand, or
who do they let go so they can
merely stay afloat. It was easy
to get discouraged about the
future. I am sure the owners,
the employees and, for sure,
the students, each felt that they
were the “man down” with no
one coming to their aid.
And I vividly remember a
great class discussion on the
principle of “Next man up!”
Applying this principle to
property management, the
worst situations I have been
in are those where we have
transitioned a property, and
the soon-to-be former property
manager had not prepared
concise documentation
(i.e., organized property,
tenant, and vendor files), but
has merely kept important
details in their heads. These
transitions were a literal
nightmare. The former
property manager took no
thought how the “next man
up” would be able to effectively
cope and land on the ground
running, not limping.
Espionage has often crossed
my mind. A great property
manager should be able to
effectively transition a property
to another property manager
within 30 to 60 minutes, max!
Applied to the Broncos,
Peyton Manning has lost a
starting left tackle, the starting
slot receiver for a handful of
games, and on the defensive
side of the ball there have
been a merry go round of
injuries that have caused
serious adjustments and, in
many instances, compromised
performance. It is fortunate
that there are players on the
bench, who have prepared
themselves, kept themselves in
shape and are able to execute
and perform as the “next
man up.” Peyton Manning has
worked closely with these new
teammates in game conditions.
He does an incredible job at
raising the level of play for
everyone around him, and that
is an excellent attribute we
Today, many
buildings are
changing hands
and there are many
transitions occurring.
Therefore, it is
absolutely critical
that we become
experts in effectively
transitioning
properties,
all should work on to develop
more in ourselves.
Today, many buildings are
changing hands and there are
many transitions occurring.
Therefore, it is absolutely
critical that we become experts
in effectively transitioning
properties, preparing every
player for their opportunity
to play and perform at the
highest level. The “next man
up” mindset helps every
individual, and every team, to
perform the duties they will be
required to execute.
There is always a generation
shift occurring! The old
generation can and must
impart much wisdom and
guidance to the “next generation
up” as they prepare to
transition to other pastures,
hopefully in the clouds! And,
the old can learn much from
the new generation, who are
anxious to “get into the game”
particularly in the effective
utilization of the Internet and
the information age.
Business today is all about
disruptive innovations, and
life is all about transitions!
Everyone and everything is
transitioning, from birth,
through youth, to adults,
making vital connections along
the way. And then, we all will
transition through death.
As Steve Jobs so perfectly
perceived, “Death is the
destination we all share, no
one has ever escaped it. And
that is as it should be because
death is very likely the single
best innovation of life.”
No matter the situation,
no matter the conditions,
each generation has a critical
contribution to make(i.e.
whether that be the seasoned
veteran calling the shots or the
effective manager delegating
responsibility to a responsible
staff, or the young generation
practicing patience while
increasing their talent knowing
that given the opportunity
their chance to perform will
come). On the contrary, those
who fail to prepare as the
“next man up,” or claim it is
too hard to make it, will have
it written as John Greenleaf
Whittier once said: “Of all sad
words of tongue or pen, the saddest
are these, ‘it might have been!’”
B
y the time you read
this, you either will
be in the holidays’
liveliness or recovering from
festivities. Whether you are
preparing for company,
packing for a visit, or are back
into the reality of the new year,
stop to consider that hiring
a general contractor to work
in your building is a lot like
having a house guest.
Some guests you want to
return because they display
polite manners and respectable
attitudes. Others, you hope,
never grace your doorstep
again.
So what does it take to be a
good houseguest – or more
appropriately a good general
contractor – that gets asked for
return visits?
n Communication. Good
houseguests communicate their
plans for arrival, departure
and activities in between,
taking into consideration your
expectations of them.
In the world of construction
projects in occupied buildings,
scheduled weekly meetings
between the property manager
and general contractor
provide opportunities
to discuss expectations,
upcoming changes, noisy
work and disruptions in
utilities. Building management
can then disseminate this
information to their tenants,
keeping them up to date on
activities that may affect their
How to be a Good Houseguest
work environment.
n Housekeeping. Nobody
likes dirty houseguests who
don’t pick up after themselves.
Property managers don’t
care for sloppy construction
activities in their buildings
either. And a general
contractor who maintains
a disorganized project site
is at risk for injuries to
trades people and building
occupants.
A builder who values
a clean work area and a
high-quality end product
proactively controls safety
hazards, noise, dust, odors and
access with careful planning
and execution. Abiding by
the building rules reduces
noise, inconveniences and
disruptions to normal routines
while increasing the likelihood
that you’ll be asked to visit
again.
n Leaving on time.
Houseguests who overstay their
welcome can grate on even
the most patient host’s nerves.
Similarly, a property manager
won’t hire a contractor
who completes projects
late. Scheduling is a core
competency of every skilled
builder, and those who deliver
projects as promised are
invited back time after time.
Completing projects as
scheduled can benefit property
managers’ relationships with
their tenants as well since
noisy, complex or phased
Piper Hamill
Project Engineer, Swinerton Builders
renovations can take months to
complete, causing disruptions
to tenants’ daily operations
and construction fatigue.
Even something as simple
as planning in advance for
utility interruptions or loud
core drilling can have a major
impact on the schedule and
property manager/tenant
relationship. When property
managers are armed with
the knowledge of a detailed
project schedule, they are able
to share this information with
their tenants ,who typically
become more tolerant of
construction when everyone
is well informed and work is
progressing as planned.
n Budget Management. Ever
have a houseguest suggest a
great place for dinner – and
then stick you with the bill,
possibly compromising your
budget and relationship?
Budget control is one
of the most fundamental
responsibilities a general
contractor has, and when
performed properly, holds all
involved accountable to the
financial success of a project.
Efficiently managing this
broad and complex process,
an experienced general
contractor forecasts, identifies,
communicates and controls
costs.
Many construction projects
face financial challenges at
some point in the process.
The strongest and most
responsible general contractor
cannot necessarily guarantee
that those challenges will
never take place. However,
the opportunity for such
challenges to occur is greatly
reduced when costs are
accurately identified and
forecasted, thus salvaging
budgets, relationships and
dinner plans.
n Always say “Thank You.”
Proper etiquette suggests
bringing a gift when you
arrive at your host’s dwelling
– something thoughtful like
a bottle of wine or a bouquet
of flowers. For a contractor,
having an experienced team
ready to tackle the job on day
one is a respectful way to show
appreciation.
During a visit, similar to
construction duration, it’s
the little things that make
time spent together more
enjoyable: keeping your things
tidy, making dinner. Many
times during the course of a
project, property managers
may have small tasks that they
need the builder to perform
outside of the contract. Firms
with client-focused attitudes try
to accommodate those extra
tasks at no or minimal cost by
leveraging their relationships
with subcontractors.
Lastly, after the visit or
project is complete, the utmost
sign of gratitude is a token
of thanks. Timely punch
list and closeout activities,
accurate as-built drawings, and
completed O&M manuals are
all appropriate gifts contractors
should give. Building
Information Modeling
facilitates electronic as-builts
that property managers can
easily use to inform future
renovation work without the
hassle of paper drawings.
When general contractors
maintain the mindset that
they are guests in another’s
place, communication and
consideration are major keys
to a successful project. More
often than not, offering these
gifts – with no surprises –
results in a repeat visit.
W
Breathing New Life into QR Codes
hen was the last
time you scanned
a QR code? Unless
your response is “What’s a QR
code?” I’m guessing it’s been
at least a year. Developed in
the mid-90s by a subsidiary
of Toyota, the square Quick
Response bar codes hit the
American landscape in a
big way just a few years ago.
They’re often used alongside
print advertising to entice the
reader to learn more about the
product, earn a small reward,
or join a loyalty program.
Typically, the customer snaps
a photo of the code with his
or her smart phone and is
taken to a website with further
instructions. In real estate, for
example, QR codes have been
used on multifamily property
ads to educate potential
tenants about the property.
These days, bloggers are
sounding the death knell
for QR codes. So what went
wrong? Why is this medium
failing? Four primary reasons
are often cited:
1. The scanning software is
not usually preloaded onto
smart phones. The user has to
install it separately.
2. The target web page
displayed after scanning
is often not optimized for
mobile devices. No one wants
to try navigating a full-size,
nonoptimized website from his
phone.
3. The web page often is
Tom Lowery, CPM
Principal, Caxon Real Estate Ltd.,
Littleton
written by tech gurus, not
marketers. Inconsistent
marketing messages coupled
with no call to action, or
no easy way to opt-in, are
common.
4. QR codes sometimes pop
up in odd places, creating
a mental disconnect, for
example on web pages. (Really,
I’m supposed to take a picture
of my computer screen with my
phone? Just give me a link to
click!)
But a new online service
might just breathe some new
life into QR codes. Munzee,
named after the German word
for “coin,” is a combination
scavenger hunt game and QR
code-based marketing vehicle
that originated in Dallas in
2011. Similar to geocaching,
where players use GPS devices
and coordinates to find hidden
“treasure,” Munzee players
(called Munzers) find hidden
QR code tags (Munzees) and
rack up points and standings
on the Munzee website. The
points can sometimes be
cashed in for real-world prizes.
Also like geocaching, it gives
people an excuse to get out
of the house or office, walk
around, and interact with
nature and their surroundings.
Munzee reports more than
350,000 tags deployed across
50 countries and 2 million
scans so far. My brief look at its
website revealed hundreds of
Munzee tags scattered across
the Denver area.
The Munzee business model
lies in using the game as a
marketing tool. Businesses
can create their own tags and
provide an incentive for people
to come scan them. Imagine
a small retail chain. The
marketing message is “Capture
all our Munzees and earn
points on our loyalty program”
(i.e., visit all our locations
and scan the QR code at each
one). Munzee provides all
the data to the retailer: who
scanned, when and where.
Businesses can set up a basic
Munzee presence for free.
Just give folks
that extra
incentive to
show up at the
right place at
the right time.
Munzee will
keep track of
who actually
came.
Premium options are available
at additional cost.
So how can we use a tool
like this in commercial real
estate? Think of any situation
where you want people to
show up on-site, perhaps
within a certain time window.
It could be part of a broker
compensation program,
where agents scan a code
at each of your listings to
earn a reward. The tags just
happen to be situated next
to the main thing(s) you
want them to notice at each
property. (Clue: The tag is
near the marble fountain!) As
a property manager, you could
deploy Munzees to ensure your
vendors are performing on-site
inspections when they’re
supposed to. Or the tags can
be used to drive traffic (the
real kind) to your business or
charity event. Just give folks
that extra incentive to show up
at the right place at the right
time. Munzee will keep track
of who actually came. The
possibilities are endless.
The company has started
rolling out near-field
communication (NFC) tags
in addition to the QR code
tags, in line with this capability
being more prevalent on new
smart phones. With NFC,
the phone just needs to be
within several inches of the
tag. No photo is taken. It’s
the same technology used
by some POS systems that
allow people to pay for their
purchase by “bumping” their
phone to the terminal. NFC
tags can be truly hidden out
of sight, if that’s the desire
of the person placing them.
They can be placed within
restaurant menus, for example,
giving a discount on the meal
in exchange for providing
the restaurant your contact
information though Munzee.
The scan itself is not covert;
the smart phone user is aware
of it and must opt-in.
For now, Munzee still
supports QR code tags.
Perhaps they’ll eventually be
discontinued in favor of NFC,
but for now the QR code is
back in play.
Caxon Real Estate offers complete real estate management and
brokerage services for commercial properties in the Denver area.
Tom Lowery, CPM
2 W. Dry Creek Circle, Suite 100
Littleton, CO 80120
(303) 482-0900 office
(303) 482-0901 direct
[email protected]
Management
Brokerage
We’re dedicated to the financial success
of your property, keeping you happy,
and being easy to work with.
We specialize in commercial landlord
representation for office, retail, and
warehouse.
• Managing real estate since 1995
• Specializing in office, retail, and
warehouse properties
• Relentless focus on increasing cash flow
and asset value
• No ABAs - All vendor discounts passed
to owner
• Reduce vacancy, increase tenant retention
and maximize rents
• Comprehensive market analysis
• Constant exposure to targeted tenants
• Focus on complementary tenant mix
T
Multifamily: Is it Time for Raising Rents?
hese are words we as
landlords and owners
love to hear! As you
well know, we are experiencing
an excellent rental market
for apartment homes in the
Denver area. Many of you
might be considering raising
rents but might have some
hesitation as well.
There are many benefits to
raising rents. In the appraisal
of an income property,
income adds value, therefore
increasing the worth of your
investment property. Also net
operating income – certainly
raising rents will increase
your NOI. Another possible
benefit might be capital
improvements. The increased
income will give you the
opportunity to do some of the
improvements you have been
putting off, which will also
potentially increase the value
of your investment property.
The first thing to consider is
how much to raise rents. Start
with a simple market study.
As an owner and landlord
you have probably already
identified three or four other
investment properties in your
area as competition. Give
them a call and see what they
rented their last apartment for.
This will tell you what actually
rented and not just want they
were trying to get for rent. Be
prepared to share information
with them as well. You can also
check out their websites or see
what is listed on Craigslist in
your area. With this market,
many landlords and owners are
only advertising on Craigslist.
Be sure to consider amenities
Mike Fiorillo
President, Apartment Concepts
Unlimited, Denver
and utility costs in your
comparison.
Next, ask whose rent should
be raised. Absolutely a new
move-in, but current residents
should be considered too. If a
resident is in a lease, his rent
cannot be considered until the
lease is up for renewal. Look to
see what leases are renewing in
the next 40 days. If you require
30 days’ notice to move, then
you should provide at least 30
days’ notice for renewal and
increase.
Some residents might be
month to month. This is a
great time to get them in a
lease. Having a lease provides
you the stability of staggering
move-outs, so you don’t have a
month when a high percentage
of your residents move. Having
a lease provides renters the
benefit of locking in their
rental rate during the term of
their lease.
If it is time for a renewal or
increase, consider offering an
improvement with the increase.
Maybe new window coverings,
carpet clean, bathtub scrape
and re-caulk. Set appointments
with these renters, walk the
apartments and see what needs
improving. This is an excellent
opportunity for you to check
on any deferred maintenance
issues as well. During these
appointments, let them know
the market rent in the area
and that you want to keep
them in the building, but that
you need to stay current with
rental rates. You don’t have to
increase rates to the current
market rent, but certainly
you can try to get closer. Let
your tenants know they are
still getting a great deal living
there since, although the rent
is going up, it isn’t going up to
market rent. As always – treat
everyone the same – be sure
to consider this when you
have a resident you are not as
interested in keeping.
Raising rents is an excellent
opportunity for both landlords
and residents. Residents
may get some needed or
desired improvements, and
the landlord protects the
investment.
Start the new year off with
a positive and consider taking
advantage of this amazing
market by raising rents!
Fostering technology adoption in
kindergarten through 12 schools
Teleco of the Rockies, a leading provider of unified communications, will be launching
a program designed specifically for the education market. Today's teachers are utilizing outdated technology that
is not only robbing them of
much-needed functionality but
also is also incurring unnecessary expenses during tough
economic times. Teleco of the
Rockies is actively spreading
awareness about several of
today's technology advancements that increase a school's
capacity to collaborate, establish continuous communication channels and, most importantly, improve overall campus
security. These developments
are affecting the lives of students, teachers, faculty, administrators and parents alike.
"Today's school phone system
is not like our parents' phone
system," stated Jeff O'Neill,
vice president of sales of Teleco
of the Rockies. "Today, we're
able to provide educators with
dramatically greater levels of
communication and security
than ever before. Frankly, this
technology simply didn't exist
in years past, and we're thrilled
to finally be able to bring this
caliber of technology to our
school systems, for a cost that
they can actually afford, especially since the features are
much needed."
One of the growing concerns
of schools across the nation is
security. With the unfortunate
growth of domestic terrorism,
this issue of campus safety has
come to the forefront of discussion. Recent advancements in
technology have given Teleco
of the Rockies the ability to
increase overall campus security like never before. One
example is the development in
instant messaging capabilities.
For instance, in the event of an
intruder on campus, students
and teachers are now able to
receive instant notification on
their phones and 9-1-1 lockdowns are immediately initiated. In the event of such an
emergency, two-way classroom
communication allows teachers
In the event
of an intruder
on campus,
students and
teachers are
now able to
receive instant
notification on
their phones and
9-1-1 lockdowns
are immediately
initiated.
to speak back and forth with a
central office than waiting for
help. Such security is invaluable and provides far greater
levels of comfort for parents
and local district officials of
schools that are deploying this
type of technology.
Another, far less dramatic,
usage for the same instant
mass messaging technology is
targeted group messaging. An
example of this in action would
be if a basketball game were
being cancelled, all patrons,
students, athletes, officials, parents and transportation could
immediately be notified of the
cancellation, instead of having to coordinate with everyone separately. Furthermore,
these messaging functions also
ensure that the sent messages
are delivered, received and
read by the intended recipient, adding a new element of
clarity.
Another in-classroom example of new technology impacting educators is the fact that
teachers can now eliminate the
mundane repetitiveness of taking daily classroom attendance.
It is now commonplace for students to have cell phones and
teachers can now take attendance with the push of a button via cell phone. "There are
plenty of features and advancements to examine that enable
schools to communicate more
effectively, enhance security,
and save time for educators
and students," O'Neill said.s
Universal Protection Service provides the best security
solutions, personalized customer service and unmatched
value available. We now also offer our clients Safety Act
protection from the Department of Homeland Security.
Universal offers an expansive range of security solutions,
consultations and investigations for properties of
every type, including:
Airports
Corporate Campuses
Distribution/Manufacturing
Facilities
Government Facilities
Healthcare Facilities
Office Buildings
Petrochemical Facilities
Residential Communities
Retail Centers
Educational Facilities
For more information call
Lorie Libby at 303-901-9037
www.universalpro.com
COMING IN FEBRUARY...
IREM® NAT’L JOB
SHADOW PROGRAM
FEBRUARY 3RD - 7TH
Friday, January 17th
Allow a High School, College or
University student to see first
hand what makes Property
Management a smart and
rewarding career choice.
Redefining Able…
Win Your Human Race
Guest Speaker: Trish Downing: An elite wheelchair paratriathlete, Trish shares a unique perspective on why we
resist change & embracing new ways of thinking.
Fridays at
REGISTER ONLINE
www.iremdenver.org
303-940-9442 - [email protected]
$35 Members - $50 Guests
www.irem.org/jobshadow
IREM® Greater Denver
Career Fair
“Many real estate management professionals are
reaching retirement age... owners and investors
must increasingly seek replacements for them. This
demographic reality, combined with a management function that has become more complex
and sophisticated, has created an almost perfect
storm that is boosting demand as never before.”
Beth Machen, CPM ®
IREM ® National President 2013
FEBRUARY 18TH
In Cooperation With
www.iremdenver.org/events
www.bomadenver.org
303.383.4870
D
BOMA Gives Members Hands-On Opportunity:
LEED-EBOM Cert. at History Colorado Center
enver Metro BOMA
has a unique educational opportunity for
members in 2014 with a series
of hands-on LEED-EBOM sustainable building operations
classes that begin Jan. 29 at
History Colorado Center.
LEED-EBOM, a rating
system developed by the U.S.
Green Building Council as a
tool for the ongoing operations
and maintenance of existing buildings, identifies and
rewards best practices to use
less energy, water, and natural
resources while improving
indoor air quality and uncovering operating inefficiencies.
Real estate professionals,
vendors and consultants do
not always have the opportuni-
ty to engage
in the handson work that
comes with
the LEEDEBOM
certification
process in
commercial
buildings
through
Jeannie
their work or
Bernard, CAE through the
Executive Vice
educational
President
process. This
Denver Metro
year, howBOMA
ever, Denver
Metro BOMA has partnered
with USGBC Colorado and the
History Colorado Center to
offer an opportunity to take a
series of LEED-EBOM classes
that engages students in the
implementation of specific
sustainable operations activities that are critical to LEEDEBOM certification. This experiential learning is available
via two paths: 1) implementation of select initiatives and
2) LEED project coordination
and documentation.
Over the past decade, the
number of green buildings in
the United States has grown
significantly. This trend is
predicted to continue moving
upward, with more buildings being certified each year.
LEED-certified buildings are
typically differentiated from
the market with premiums
in property value, rental and
occupancy rates. They are also
more likely to mitigate risks to
owners and tenants, such as
rising utility costs, new regulations and standards, and a
negative reputation.
We encourage real estate
professionals to sign up
quickly for this unique educational experience. Participants
can participate in four different sessions at the History
Colorado Center using the
building to apply the learning objectives. These half-day
sessions offer LEED-specific
continuing education hours
and take place Jan. 29, March
26, May 28 and July 30 from 8
a.m. to 12 p.m. Individuals can
register for an individual session or for the entire series.
In addition, the project expe-
rience is an option for a limited number of participants who
need hands-on experience with
the LEED project administration, coordination, and documentation processes. These
participants also will achieve
the LEED project experience
necessary to apply for the
LEED-AP O&M accreditation
through the Green Building
Certification Institute (GBCI).
The project course will run
from 1 p.m. to 5 p.m. on each
date above and project participants must also attend the
mornings sessions.
Just give us a call at 303383-4870 or visit us online
at www.bomadenver.org for
educational session details and
prices.
Register Now
For You!
Winter Classes
Thank
Real
Estate
Investment
and
Finance
2013 Denver Metro BOMA Annual Sponsors
PLATINUM® ShortCourse™
Ethics Is Good Business
These BOMI International courses are required for both the
RPA® and FMA® designation
programs.
GOLD
Visit www.bomadenver.org or call 303-383-4870,
for upcoming class information.
Building Operating
Services & Suppliers Directory
For Contact Info, Firm Profiles & Links, Please Visit www.crej.com
@
B U I L D I N G O P E R AT I N G S E R V I C E S & S U P P L I E R S
If you would like to include your firm in this directory, please contact Lori Golightly at 303-623-1148 or [email protected].
ACCESS CONTROL
SYSTEMS
Mathias Lock & Key
303-292-9746
EXTERIOR
LANDSCAPING
FURNITURE
INSTALLATION
American Automation
Building Solutions Inc.
720-529-0764
CONCRETE
Brickman Group
303-928-7881
Buehler Companies
303-336-9429
Avery Asphalt, Inc.
303-744-0366
CoCal Landscape Services
303-399-7877
Graebel Denver Movers
303-214-6957
Brown Brothers Contracting, Inc.
303-598-1301
GroundMasters
303-750-8867
Black Gold Construction, Inc.
303-791-8300
Landtech Landscape/
Maintenance
303-344-4465
Englewood Lock and Safe, Inc.
303-789-2568
Mathias Lock & Key
303-292-9746
ACOUSTICAL
CEILINGS
Economy Asphalt &
Concrete Services
303-809-5950
Heartland Acoustics & Interiors
303-694-6611
Foothills Paving &
Maintenance, Inc.
303-462-5600
ASPHALT & PAVING
PLM Asphalt & Concrete, Inc.
303-287-0777
A-1 Chipseal and Rocky
Mountain Pavement
303-650-9653
Asphalt Coatings Company, Inc.
303-762-8545
Avery Asphalt, Inc.
303-744-0366
Black Gold Construction, Inc.
303-791-8300
COOLING TOWERS
Cooling Tower Services Inc.
303-763-2233
DISASTER
RESTORATION
Brown Brothers Contracting Inc. Belfor
303-598-1301
303-425-9700
Economy Asphalt & Concrete
BluSKY Restoration Contractors
Services
303-789-4258
303-809-5950
Interstate Restoration &
Foothills Paving &
Construction
Maintenance, Inc.
303-426-4200
303-462-5600
Palace Construction
PLM Asphalt & Concrete, Inc.
303-777-7999
303-287-0777
BACKFLOW TESTING ELECTRICAL
E Light Electric Services, Inc.
& REPAIR
303-754-0001
Backflow Consulting, Testing
& Repair Inc.
303-537-0126
CAFM/IWMS
SOFTWARE
CollectiveView
303-268-3840
Greiner Electric LLC
303-470-9702
IES Commercial Inc.
303-937-9300
EMPLOYMENT
STAFFING
Real Estate Personnel
303-832-2380
CCTV/DIGITAL VIDEO
SURVEILLANCE
EVENT &
SYSTEMS
HOLIDAY DECOR
American Automation
720-529-0764
303-789-2568
Christmas Décor by Swingle
Denver – 303-337-6200
Fort Collins – 970-221-1287
Martinson Snow Removal
303-424-3708
Mountain High Tree, Lawn &
Landscape Company
303-232-0666
FACILITY
MAINTENANCE
CAM – Common Area
Maintenance Services
303-295-2424
eBuilding Service
303-592-1055
Horizon Property Services, Inc.
720-298-4323
MC Building Services
303-758-3336
Precision Construction
Solutions LLC
303-565-1456
SiteSource Common Area
Maintenance
303-948-5117
FENCING
CAM Services
303-295-2424
Split Rail Fence & Supply
Company
303-791-1997
FIRE & LIFE SAFETY
Fire Alarm Services Inc.
303-466-8800
GENERAL
CONTRACTING/
TENANT FINISH
CAM – Common Area
303-295-2424
eBuilding Service
303-592-1055
Facilities Contracting, Inc.
303-798-7111
GLASS
Horizon Glass
303-293-9377
INTERIOR &
EXTERIOR BUILDING
MAINTENANCE
CAM – Common Area
303-295-2424
INTERIOR
LANDSCAPING
City Plantscaping
720-276-6064
JANITORIAL
All Solutions Cleaning &
Maintenance
303-550-6739
Empire Building
Maintenance Co.
Denver: 303-365-1251
Colorado Springs:
719-219-3535
Western States Fire Protection Co. ISS Facility Services
303-698-4800
303-792-0022
FIRE PROTECTION
Fire Alarm Services Inc.
303-303-466-8800
Western States Fire Protection Co.
303-792-0022
Jani-King of Colorado
303-294-0200
LIGHTING/
INSTALLATION &
MAINTENANCE
Fluorescent Maintenance Co.
303-893-5532
Resource Guide for Colorado Property & Facility Managers
If you would like to include your firm in this directory, please contact Lori Golightly at 303-623-1148 or [email protected].
LOCKSMITHS
303-789-2568
Mathias Lock & Key
303-292-9746
MECHANICAL/HVAC
CMI Mechanical
303-364-3443
eBuilding Service
303-592-1055
Mountain Parking Equipment
720-259-4889
PEST CONTROL
Pest Express
303-840-9120
PLUMBING
MAI Plumbing
303-289-9866
Murphy Company
720-257-1615
PRESSURE
WASHING
Tolin Mechanical Systems
Company
303-455-2825
CAM – Common Area
303-295-2424
METALS
Maintenance
303-948-5117
Douglass Colony
303-288-2635
Top Gun Pressure Washing Inc.
720-540-4880
Roof Check, Inc.
303-678-7828
METAL SERVICES
PROPERTY
IMPROVEMENT/
RESTORATION
Reidy Metal Services Inc.
303-361-9000
Palace Construction
303-777-7999
MOVING & STORAGE METAL SERVICES
Buehler Companies
303-336-9429
Cowboy Moving & Storage
303-789-2200
Graebel Denver Movers
303-214-6957
Johnson Storage & Moving
303-332-9567
NETWORKING
GEAR & PHONES
Black Box Networking Services
303-623-2631
PAINTING
Ireland’s Finest Painting
Company Inc.
303-512-8777
Ponderosa Painting &
Remodeling, Inc.
303-887-4973
Preferred Painting
303-695-0147
Stellar Custom Painting
720-981-7827
Reidy Metal Services Inc.
303-361-9000
ROOFING
B&M Roofing of Colorado, Inc.
303-443-5843
Bauen Corporation
303-297-3311
SECURITY SERVICES SWEEPING
American Automation
720-529-0764
CAM - Common Area
303-295-2424
Advantage Security, Inc.
303-755-4407
303-424-3708
Universal Protection Service
303-369-7388
PLM Company, Inc.
303-287-0777
SIGNAGE
Advantage Sign Company
303-975-1772
Best Sign Works
303-292-3890
Denver Sign Group
720-344-2330
Schlosser Signs, Inc.
1-888-309-5571
970-593-1334
SNOW REMOVAL
Brickman Group
303-356-9578
CAM – Common Area
303-295-2424
North Metro Denver:
303-422-1715
303-798-7111
VOICE & DATA
CABLING
GroundMasters
303-750-8867
Wire to Wire, Inc.
303-429-9262
Landtech Landscape/
Maintenance
303-344-4465
WATERPROOFING
303-424-3708
Douglass Colony
303-288-2635
PLM Asphalt & Concrete, Inc..
303-287-0777
Roof Check, Inc.
303-678-7828
Douglass Colony
303-288-2635
RTN Roofing Systems
970-593-1100
Turner Morris Roof Systems
303-431-1300
Western Roofing
303-279-4141
Mountain High Tree, Lawn
& Landscape Company
Denver: 303-232-0666
Colorado Springs: 719-444-8800
TRUGREEN
South Metro Denver:
303-791-1444
SOLAR
WeatherSure Systems
303-781-5454
Davey Tree Expert Company
303-750-9273
Swingle Lawn, Tree &
Landscape Care
Denver: 303-337-6200
Fort Collins: 970-221-1287
Douglass Colony
303-288-2635
Turner Morris Roof Systems
303-431-1300
TREE AND
LAWN CARE
YESCO - Young Electric
Sign Company
303-375-9933
Maintenance
CRW Inc. – Commercial Roofing 303-948-5117
& Weatherproofing
ValleyCrest Landscape
720-348-0438
Maintenance
303-841-3003
D & D Roofing Inc.
303-287-3043
Tecta America Colorado LLC
303-573-5953
Top Gun Pressure Washing
720-540-4880
STRIPING
303-424-3708
WEATHERPROOFING
Brown Brothers Contracting, Inc.
303-598-1301
WeatherSure Systems
Incorporated
303-781-5454
WINDOW CLEANING
Bob Popp Building Services Inc.
303-751-3113
If your company
would like to appear
in this directory,
please contact
Lori Golightly at
303.623.1148 or
[email protected].
B U I L D I N G O P E R AT I N G S E R V I C E S & S U P P L I E R S
eBuilding Service
303-592-1055
PARKING SYSTEMS
AND REVENUE
Green Building
Fifth facility on NREL campus earns Platinum designation
by Jennifer Hayes
The Energy Systems Integration
Facility at the U.S. Department
of Energy’s National Renewable
Energy Laboratory campus in
Golden recently earned a LEED
Platinum designation for new
construction from the U.S. Green
Building Council – the fifth facility on NREL’s campus to earn the
Platinum designation.
Completed in 2013 by designbuild team JE Dunn Construction and SmithGroup JJR, the
182,500-square-foot
facility
includes a range of sustainable
design practices.
Features of the facility include
natural light entering deep into
ESIF through 15-foot-long skylights and large expanses of clerestory glazing, allowing electrical
lights to be shut off between 10
a.m. and 2 p.m. daily in the office
and laboratory buildings; operable windows enabling natural
cooling and ventilations; solarpowered fans aiding in extracting heat from offices; 78 percent
of the construction waste was
recycled or reused; and 27 percent of the facility is comprised of
recycled materials.
ESIF is the nation’s first to help
both public- and private-sector
researchers scale up promising
clean energy technologies and
test how they interact with each
other and the grid at utility scale.
ESIF houses more than 15 experimental laboratories and several
outdoor test beds, including an
interactive hardware-in-the-loop
system that lets researchers and
manufacturers demonstrate their
products at full power and real
grid load levels – up to 1 megawatt in scale.
The facility also features a highperformance computing data
center designed to be one of the
most energy-efficient data centers in the world because of its
innovative warm-water cooling
system – a system that NREL estimates will save approximately $1
million in annual operating costs
compared with a traditional data
center due to electrical energy
savings and thermal energy saving from reuse of the waste heat
to heat ESIF. The warm-water
system was chosen according
to NREL, as water has approximately 1,000 times the cooling
capacity of air, making it more
energy efficient to pump in a
cooling system versus the energy
needed to run a fan to move cooling air, which is typical for data
centers. The warm-water cooling system distributes waste heat
throughout the facility.
ESIF achieved all 56 LEED
points applied for and the facility is 40 percent more energy
efficient than the baseline building performance rating per
ASHRAE/IESNA Standard 90.1-
2004. It becomes 46.2 percent
more efficient with the addition
of a 720 kW photovoltaic solar
array located on nearby South
Table Mountain.
“NREL strives to conduct its
research and operations in the
most sustainable manner,” NREL
Senior Sustainability Project Manager Michelle Slovensky said in a
statement. “We work to minimize the impact of doing business by balancing environmental,
economic and social resources.
Utilizing our campus as a living
laboratory enables the continued
evaluation and improvement of
building design approaches and
technologies that facilitate their
transfer to the marketplace.”s
USGBC Colorado celebrates, reflects on 10th anniversary
U.S. Green Building Council Colorado, the state’s only
organization recognized by
U.S. Green Building Council,
a Washington D.C.-based nonprofit responsible for developing the LEED Green Building
Rating Systems, recently celebrated its 10th anniversary.
The stories of where Colorado’s
green building industry was
then and is now make it seem
impossible that only 10 years
has passed.
“I can remember the huge
three-ring binders we used to
track our LEED projects,” said
Angie Fyfe, USGBC Colorado
Chapter
executive
d i r e c t o r,
recalling her
days working for the
state of Colorado helping to implement
the
Greening
Patti Mason
Government
Associate Director,
program.
USGBC Colorado
Other stories
told throughout the celebration
described endless conversations about waterless urinals,
signage mishaps, Colorado’s
love-hate relationship with
green roofs and the dilemmas
surrounding LEED existing
building recertification.
Love it or hate it, LEED
works and the rating system
will forever be known as an
industry game changer, especially in the last decade and
specifically in Colorado, a state
that consistently ranks in the
top three for the amount of
LEED certified square footage
per capita. LEED has its critics, but it is making a positive impact combating climate
change and transforming the
built environment around the
world.
To commemorate the chapter’s first 10 years, the organization will seek out 10 real
estate and green building
industry professionals to offer
their thoughts on what build-
ing industry game changers
will hit the market in the next
10 years. Game changers are far
more than industry trends. The
chapter is seeking ideas that,
if implemented, launch entire
movements and industries, like
LEED was to the green building industry.
USGBC Colorado is working
with its LEED Experts, Living
Building Challenge ambassadors, and the Commercial Real
Estate Initiative volunteers to
identify and select game changers. Please contact USGBC Colorado to learn more or to submit
your game-changing idea.s
Construction, Design & Engineering News
Renovations spark new life at Austin Bluffs Plaza
by Jennifer Hayes
The renovation of a once Albertsons-anchored property is
bringing new life to a Colorado
Springs retail center.
Endeavor Real Estate Group
spent “millions” renovating and
updating Austin Bluffs Plaza at
4108 Austin Bluffs Parkway, at the
intersection of Austin Bluffs and
Academy Boulevard.
“The shopping center has a
second life. It’s a great reuse of
what is at a great location. It is
a nice success story at this infill
location,” said Daniel Campbell,
a principal with Endeavor Real
Estate.
The Austin, Texas-based firm
acquired the 1980s property
a year ago with plans to add
value to the center, which when
Endeavor purchased it was more
than 50 percent vacant and its
most successful tenant was a marijuana dispensary.
Key to starting the renovation
was securing a Walmart Neighborhood Market to occupy Albertsons’ 43,000-square-foot space
– vacant for nearly a decade. The
addition of the anchor to Austin
Bluffs Plaza allowed the ownership group to perform renova-
Endeavor Real Estate Group acquired the Austin Bluffs Plaza a year ago
with plans to add value to the center, which when Endeavor purchased
it, was more than 50 percent vacant.
Securing the Walmart Neighborhood Market kicked off renovations
at the center – renovations that “touched everything,” according to
Endeavor.
tions, which entirely revamped
the 104,000-sf center. The center’s
square footage includes a longvacant Long’s Drugs building
owned by CVS.
Law Kingdon Architecture
designed the renovation, completed by contractor Mark Young
Construction.
“Everything got touched,”
Campbell said of the work, which
included replacing all of the roofs,
tions were complete. In the short
month since Walmart has been
open, we have seen a dramatic
increase in interest from tenants.”
With Walmart, Austin Bluffs
Plaza is around 78 percent occupied (excluding the Long’s space).
Blake Larson of Legend Retail
Group is marketing the balance
of the space, which includes an
outparcel site zoned for a drivethru. During construction three
new tenants were added to the
center, Dickey’s Barbecue Pit,
H&R Block and a high-end liquor
store, while there are eight letters
of intent currently out. The center
can accommodate tenants from
1,100 to 4,500 sf.
The project marks Endeavor’s
first foray into the Colorado market and it’s looking to acquire
additional properties in the Colorado Springs and Denver areas.s
of the property are some of the
included amenities.
“The Windsor community has
been so welcoming and inviting to Columbine. We are very
excited to provide skilled nursing, assisted living and outpatient therapy in our Columbine
Commons facility. Our future
plans include development of
the nine acres to the east with
independent living and patio
homes,” said Bob Wilson, owner
and CEO, Columbine Health
Systems.
will be the addition of three levels of guest rooms atop the existing structure. The enlarged fifth,
new sixth and seventh levels will
add to the profile of the building,
and are designed to seamlessly
match the design of the building.
Structural and exterior work also
is being undertaken to support
the additions and renovations.
Broadmoor West was originally constructed in 1976 by GE
Johnson and has undergone periodic upgrades since in order to
match the standards of the hotel.
Neenan completes
Ascent Uptown project
Facilities Contracting
starts Goodwill project
The Neenan Co. completed
the design and construction on
the 21,000-square-foot Ascent
Uptown mixed-use apartment
building. Located at 17th Avenue
and Franklin Street in Denver,
Ascent Uptown is a three-story
building with 22 apartments and
two restaurants.
The design concept, created
by Bothwell Architecture, and
developed and completed by The
Neenan Co., is intended to meet
the “restaurant row” character of
the immediate community.
Facilities Contracting Inc.
recently started project construction and management of a
13,000-square-foot building for
Goodwill Industries.
The $2.2 million project
includes construction of a
ground-up, single-story, masonry-shell and steel-frame, slabon-grade building with flat-roof
construction. The Arvada building includes a donation center
and sprinkler system.
The project is targeted for
completion in March.
FCI also is under way on the
phased project construction
and management of the historical preservation of the Fly’N B
House in Highlands Ranch for
the Highlands Ranch Metropolitan District.
Additionally, this month, FCI
will start project construction
and management of modifications of an existing United Parcel Service facility in Commerce
City.
replacing all storefronts, adding
new double-pane, floor-to-ceiling
windows, removing the 1980s
EIFS exterior, adding new canopies, adding more archways and
redoing the parking lots. Landscaping also will be updated this
spring at the center.
“We develop like we will own
a center forever,” added Campbell. “We didn’t start to see a lot
of tenant interest until the renova-
CDE Briefs
Roth Sheppard debuts
Room & Board’s expansion
Roth Sheppard Architects
recently debuted the preliminary
design of Room & Board’s Cherry Creek store expansion.
The retailer acquired the property immediately south of its
Denver showroom at 222 Detroit
St. for a 9,600-square-foot expansion to the current store. While
the existing store, originally
renovated by the same design
team in 2001, will remain largely
untouched, it will connect to a
new two-story modernist addition via an open staircase that
also leads to a rooftop deck. The
new second floor, a transparent
exterior volume that will visually
"float" above a new street front
showroom, will reinforce the
loft-like character of the interior
space, according to Roth Sheppard.
The main entry will remain the
same, and the new addition will
be accessed through the existing showroom. There will be
additional on-site parking spaces
as a part of the expansion, and
exterior materials will be drawn
from the building's existing pallet
to assure a seamless, contextual
solution, the firm added. Consistent with its other showrooms,
Room & Board will partner with
local community groups to make
the new rooftop space available
for meetings and events.
“We're thrilled to see this project move forward thanks to the
enthusiastic support of Cherry
Creek North and the city of
Denver,” said Natalie Brown,
Associate AIA, project designer
for Roth Sheppard Architects,
who worked with surrounding
neighborhood groups to build
consensus for the project during
the initial design phase. “Room
& Board's expanded showroom
will be one of the greatest retail
experiences in Colorado, and the
rooftop deck will provide a stunning new space for their outdoor
furniture collection.”
The addition, which will parallel Second Avenue from the
alley to Detroit Street, will conceal most of the on-site parking
while reinforcing the urban edge
and enhancing the pedestrian
experience, the firm added. The
curb cut from the current parking lot onto Second Avenue will
be removed, and parking traffic
will be redirected to exit through
the alley.
The addition is expected to
open in spring 2015. The showroom will remain open during
construction.
Davis Partnership partners
finish inpatient facility
Davis Partnership Architects,
in association with FKP Architects and Saunders Construction,
recently completed construction of the Children’s Hospital
Colorado South Inpatient Facility
located in Lone Tree.
The Children’s Hospital is a
four-story, 180,000-square-foot
full-service hospital, including
inpatient, outpatient and emergency services. Components of
the project include a main level
entry that opens up to a twostory glass atrium, complete with
food service for the patients and
families. A full array of outpatient services, including but not
limited to cardiology, orthopedics and sports medicine rehab,
are provided on the upper two
floors in addition to inpatient
rooms for children requiring
admission. With the anticipation
of future growth, the upper two
floors can be converted to full
inpatient floors, thus tripling its
current capacity.
The fast-track nature of the
project challenged the design
and construction team to continuously seek new and innovative solutions, according to Davis
Partnership. The implementation of the curtain wall design
is an example of this as the team
worked together to achieve the
desired aesthetics while providing a maintenance-free and more
economical solution from what
has been traditionally done, it
added.
Drahota finishes Columbine
Commons facility in Windsor
Drahota recently finished the
$11 million Columbine Commons project at the corner of
Main and 15th streets in Windsor, just west of Windsor Medical
Center.
The 62,400-square-foot Columbine Commons Health & Rehab
and Assisted Living Facility
developed by Columbine Health
Systems opened last month.
The facility includes a 30-bed,
one-story skilled nursing wing
combined with a 60-room, twostory assisted living wing. The
project was designed by Vaught
Frye Larson Architects. Guaranty Bank and Trust provided the
construction and term financing
for the project. This is the ninth
project Drahota has completed
for Columbine Health Systems.
“We were very happy to be
involved as the general contractor on yet another great project
with Columbine Health Systems,” said Terry Drahota, president and CEO, Drahota.
The nursing facility includes
state-of-the-art features such
as complete inpatient and outpatient therapy services provided by Front Range Therapy,
advanced call light system, electronic health record and medication administration and entirely
private rooms with showers. The
dining program includes cookto-order meals by a culinary chef.
The assisted living center offers
three sizes of apartments with
views of the foothills and surrounding area. Freshwater fish
aquariums, an activity room,
resident computer areas, a bar,
and outdoor walking paths to
the park on the southwest side
GE Johnson performing
renovations at Broadmoor
GE Johnson Construction
is performing renovations and
additions to the historic Broadmoor Hotel in Colorado Springs.
The project includes the addition of 28,096 square feet of new
space and extensive renovations
to more than 195,000 sf of existing space. The fast-tracked project – nearly $43 million worth of
work completed in 196 days – is
expected to be finished in May.
Renovations will be made in
the first-floor lobbies, restaurant,
bar area and throughout the five
floors of guest rooms. The building also will be expanded horizontally, incorporating existing
balcony space into guest room
space. Most notably, however,
URS provides emergency
recovery repairs
URS Corp. was included on
one of three teams selected by
the Colorado Department of
Transportation to provide emergency recovery repairs of infraPlease see CDE Briefs, Page 42
CDE Who’s News
Sean Wardroup has been
promoted to president of
Jordy Construction – the first
nonfamily
member to
be president
of the firm,
which is celebrating its
55th anniversary.
Wardroup
served as
vice presiSean Wardroup
dent for the
firm for 10 years and has been
with Jordy since 1996. He has
led projects such as Izakaya
Den, The Squeaky Bean and
University of Colorado Hospital.
He holds a bachelor of science in business administration from the University of
Denver.
The firm also promoted Ross
Rosenow to vice president
and Cody Hafner to senior
estimator.
Rosenow graduated from
the University of WisconsinStout with a bachelor’s degree
in construction management. His
experience
included
working for
his father’s
concrete
construction
company,
as a project
Ross Rosenow
engineer for
a general contractor and as a
construction project manager
with a telecommunications
company before joining Jordy.
Wardroup and Rosenow will
lead the firm’s key initiatives
for 2014 and beyond.s
David C. Vidikan, PE, joined
Merrick as a senior project
manager with a specific focus
on water/wastewater work.
Vidikan brings nearly 30
years of experience in program management, planning,
master planning, design,
construction
management and
construction inspection, and
oversight of
municipal,
industrial
David C. Vidikan and commercial water and wastewater
infrastructure projects. While
with Jacobs Engineering
Group and Black & Veatch, he
held key management roles.
Vidikan is a registered professional engineer and an
active member of American
Water Works Association,
Water Environment Federation, as well as the Rocky
Mountain Water Environment
Association. He holds a Bachelor of Science in civil engineering from the University of
Akron. Vidikan has successfully delivered more than 150
water and wastewater projects
during his career.s
Dillon Beck was named a
supervising structural engineer in the Denver office of
Parsons Brinckerhoff.
In his new position, Beck
will manage
structural
engineering
design for
a variety of
infrastructure projects.
He comes to
the firm from
an Arizona
engineering
Dillon Beck
firm, where
he was responsible for performing structural designs for
bridges, culverts, and earth
and water retaining structures.
Beck received a Master of
Science degree in civil engineering from Arizona State
University and a Bachelor of
Science in civil engineering
from the University of Colorado Denver. His professional
affiliations include membership in the American Institute
of Steel Construction.s
Eva Mather rejoined Norris
Design.
Mather is a practiced landscape architect and planner
with 15 years of experience.
She began her career with
Norris Design in 1998 and was
involved in multiple high-profile projects with the firm. In
2011, Mather chose to focus on
her passion for philanthropy
and joined the National Multiple Sclerosis Society as development coordinator. She used
her years as a project manager
and community advocate
to support the ColoradoWyoming fundraising team
and helped to raise $7 million
for residents living with MS.
Mather rejoins Norris Design
as a senior
associate.
She is a
graduate of
the University of Illinois
with a bachelor’s degree
in landscape
architecture. With a
Eva Mather
background
in land planning and entitlements, she has completed
some of the Denver area’s signature master-planned communities, including Beacon
Point and Blackstone Country
Club. She also was involved
with the entitlements, planning and design of the Adam’s
County Government Center.
She is working on masterplanned communities in
Aurora and Adams County
and hopes to build a practice
dedicated to flourishing communities.
The firm also welcomed Leslie Lee to the design team.
Lee, AICP, LEED BD+C,
joins the firm as a planning
specialist and senior associate
with more than 20 years of
experience.
She has experience in entitlements, community outreach,
stakeholder engagement
and master planning with
an emphasis on sustainable
design within communities
throughout the West, including Colorado, California and
Arizona. She also has served
as a planning commissioner
and as a city planner, and has
been responsible for managing master plans that range
from the
small, urban
infill up to
15,000-acre
new communities,
with plans
addressing
mixed-use,
transit-oriLeslie Lee
ented design,
residential
and resort-type uses.s
Sara M. Ferrell and James
G. Murray, AIA, of CSHQA
Inc. recently passed the U.S.
Green Building Council’s
Leadership in Energy and
Environmental Design Green
Associate Certification.
A LEED Green Associate
credential is the first level of
LEED certification.
Ferrell joined the firm’s
architectural group in 2006
and joined the Denver office
earlier this year. She earned
her Bachelor of Science in
architecture from the University of Idaho in 2006 and her
master’s degree in architecture
from the University of Idaho,
Idaho Urban Research and
Design Center, Boise, in 2007.
Murray joined the firm in
1993 and has been the area
principal for Denver since
2008. He received his Associate of Applied Science degree
in architecture technology
from the Vermont Technical
College and his Bachelor of
Science in architecture from
the Catholic University of
America in 1980.s
to our CHAPTER
SPONSORS
7
BRAND WISDOM: HOW THINKING SMALL WORKS
FOR BIG SERVICES
Brand strategy…brand positioning…brand attributes…brand
identity. In today’s boardrooms, these terms are more
commonly overheard than understood. Brian Resnick will
show how Deloitte and its 200,000+ professionals have
combined B2B and P2P (peer-to-peer) branding principles to
both come together and stand apart. He also will spotlight
how it is important to “think small” — using a focus on
your own people and highly segmented audience profiles to
deliver your brand and business across the widest array of
touch-points.
8
NEW AND PROSPECTIVE MEMBER HAPPY HOUR
Are you a new SMPS Colorado member or interested in
discovering what this dynamic chapter is all about? We invite
you to come mingle with our members, hear about upcoming
events, and learn about the many ways to get involved all while
enjoying a new Denver venue. Appetizers will be provided and
your first drink is on us!
January 8 | 2014
4:30 pm – 6:00 pm | Fogo de Chao
1513 Wynkoop St. | Denver
‘‘
‘
ROCKIES Level
‘‘
‘
THANK YOU
‘‘
‘
UPCOMING A/E/C MARKETING EVENTS
S. A. Miro, Inc.
‘‘
‘
FOOTHILLS Level
January 7 | 2014
11:30 am – 1:00 pm | Embassy Suites Denver Downtown
1420 Stout St. | Denver
Marketing Evolutions, Inc.
8
IN-KIND Level
CHECKING-IN: THE HOSPITALITY INDUSTRY IN
COLORADO
Join us to learn about the hospitality industry in Colorado,
what projects are in development and what the future holds
as discussed by Hunden Strategic Partners, Roth Sheppard
Architects, and Sage Hospitality.
January 8 | 2014
11:30 am – 1:00 pm | Crowne Plaza
1450 Glenarm Plaza | Denver
BUILD SUCCESS
13
MARKETING EXCELLENCE AWARDS
For the past 32 years, SMPS Colorado has come
together with the A/E/C industry’s marketing elite for
an evening of celebration to honor the most creative
and successful marketing collateral from the past year.
The Marketing Excellence Awards features 12 exclusive
categories to highlight the strengths of our industry and all
submittals will be showcased at the award celebration. We
hope you will take this opportunity to showcase your best
work thus far. We look forward to seeing you there!
February 13 | 2014
5:00 pm – 8:00 pm | The Curtis Hotel
1405 Curtis St. | Denver
THE PREMIER RESOURCE FOR MARKETERS IN THE A/E/C
INDUSTRY FOR BUSINESS AND PROFESSIONAL GROWTH
REGISTER NOW AT
WWW.SMPSCOLORADO.ORG
For contact information, firm profiles & links, please
visit www.crej.com and click on “Industry Directory”
DIRECTORY
CONTRACTORS
Pinkard Construction Company
Provident Construction
Adolfson & Peterson
Construction
Premier Specialty Contractors
Swinerton Builders
Alliance Construction
Solutions
Provident Construction
ENGINEERS
68West, Inc.
INTERIOR
DESIGN
Baseline Engineering Corp.
Acquilano Leslie Inc.
Beaudin Ganze Consulting
Engineers Inc.
Barber Architecture
RJM Construction
ARCHITECTS
AMA Construction Inc.
Roche Constructors Inc.
Acquilano Leslie Inc.
The Beck Group
Saunders Construction Inc.
Anderson Mason Dale
Architects
CenterPoint Integrated
Solutions, LLC
Boots Construction Company
Shaw Construction
Barber Architecture
Brinkmann Constructors
Swinerton Builders
Kimley-Horn and
Associates, Inc.
Bryan Construction Inc.
Taylor Kohrs
BVB General Contractors
The Neenan Company
Calcon Constructors, Inc.
The Weitz Company
Catamount Constructors
Tower One Construction
dcb Construction
Company Inc.
Turner Construction
The Beck Group
Bechta Group, Ltd. (BGL)
Facilities Consultants
BOX Studios
BURKETTDESIGN, INC.
Davis Partnership Architects
BURKETTDESIGN INC.
Martin/Martin Consulting
Engineers
Coover-Clark & Associates Inc.
Matrix Design Group
MDP Engineering Group, P.C.
DLR Group
M-E Engineers Inc.
EJ Architecture, PLLC
M.E. Group Inc.
Drahota Commercial Inc.
W.E. O’Neil Construction
Company
Fentress Architects
MEP Engineering, Inc.
Dunn Project Solutions
White Construction Group
Gensler
Merrick & Company
Godden|Sudik Architects
MKK Consulting Engineers Inc.
PROJECT
MANAGEMENT
Grey Wolf Architecture
Monroe & Newell
Engineers Inc.
Keeney Design
Kieding Office Architects
Catalyst Planning Group
HOK Group
S.A. Miro, Inc.
Shaffer-Baucom
Engineering & Consulting
Kimberly Timmons Interiors
Facilities Contracting Inc.
FCI Constructors Inc.
Foothills Commercial Builders
Fransen Pittman General
Contractors
H+L Architecture
CBRE
Humphries Poli Architects P.C.
GE Johnson Construction
Company
CenterPoint Integrated
Solutions, LLC
IA – Interior Architects
GH Phipps Construction
Companies
Dunakilly Management Group
Golden Triangle
Construction Inc.
Haselden Construction LLC
Fitzmartin Consulting
Sundance Project Management
Howell Construction
TENANT FINISH
Hyder Construction
Bryan Construction Inc.
J.E. Dunn Construction
EJCM Construction
Management
Jordy Construction
JG Johnson Architects, P.C.
KEPHART
klipp.gkkworks
KTGY Group
HITT Contracting, Inc.
JHL Constructors Inc.
Intergroup Architects
LAI Design Group
Lantz-Boggio Architects P.C.
MOA ARCHITECTURE
O’Bryan Partnership, Inc.,
Architects – A.I.A.
Davis Wince Ltd. Architecture
DLR Group
Elsy Studios
Gensler
Grey Wolf Architecture
H+L Architecture
Jean Sebben Associates, LLC.
jigsaw design LLC
klipp gkkworks
Silvertip Integrated
Engineering Consultants
OZ Architecture
Vision Land Consultants Inc.
Planning Solutions
RNL
LANDSCAPE
ARCHITECTURE
Tenant Planning Services
Venture Architecture
AECOM
Consilium Design, Inc.
H+L Architecture
HOK Group
OZ Architecture
LAI Design Group
OFFICE
FURNITURE
Canter & Associates
Citron WorkSpaces
Contract Furnishings, Inc.
Kiewit
Foothills Commercial
Builders Inc.
PageSoutherlandPage
Land Elements, Inc.
Krische Construction
HITT Contracting, Inc.
RNL
Norris Design
Martines/Palmeiro
Construction
Howell Construction
Roth Sheppard Architects
Plan West Inc.
Maxwell Builders, Inc.
InWard-Charles Construction
Services, Inc.
Rowland + Broughton
Architecture & Urban Design
Stanley Consultants
Mortenson
Jordy Construction
SLATERPAULL ARCHITECTS
Mosaic Construction Group
Kennerly Construction
Tryba Architects
MW Golden Constructors
Martines/Palmeiro
Construction
Van Meter Williams
Pollack LLP
Source Four Interior Elements
Venture Architecture
TEAMMATES
Palace Construction Co. Inc.
Panattoni Construction, Inc.
PCL Construction Services
Max Construction, Inc.
Mosaic Construction Group
studioINSITE
Corporate Environments
ELEMENTS
Everything for Offices
Haworth
Jordy|Carter Furnishings
Knoll Office Furniture
Office Scapes
Workplace Resource
For contact information, firm profiles & links, please
visit www.crej.com and click on “Industry Directory”
SHOWCASE
PROJECT OF THE WEEK • CONSTRUCTION
PROJECT OF THE WEEK • ENGINEERING
Turner Construction renovates
KeyBank Cherry Creek space
Merrick restores Chattahoochee
River, creates whitewater venue
he KeyBank Cherry Creek project consists of a complete build-out and finish
of approximately 5,000 square feet of the north half of the first floor at 101
University Blvd. in Denver. The work includes four new conference rooms, a
break room/café, LED strip and down lights managed by a Lutron lighting control
system, Terrazzo flooring, and all-glass sliding office fronts. The project also includes brand-new IT and audiovisual infrastructure as well as multiple HVAC zones
for each office, conference room and multiple zones for the open work area.
his innovative infrastructure project involved removal of two historic dams
from the Chattahoochee River in Columbus, Ga., which resulted in the river
restoration of 2.3 miles that has been impounded for more than 175 years.
After nearly 10 years of planning, the project scope includes removal of the two
dams, restored historic fall line river rapids, provided for significant aquatic habitat
restoration, and created a world-class urban whitewater venue with 35 feet of
combined vertical drop. To perform the necessary water engineering services, the
client, Uptown Columbus Inc., hired McLaughlin Whitewater Design Group, a Division of Merrick & Company.
T
PROJECT OF THE WEEK • CONSTRUCTION
T
PROJECT OF THE WEEK • ARCHITECTURE
GE Johnson Construction tops out
St. Anthony North Health Campus
Gensler designs LEED certified
16M mixed-use project in LoDo
he final piece of structural steel was lifted into place at St. Anthony North
Health Campus in a traditional “topping out” ceremony held at the construction site.
The project, which is an expansion upon the existing St. Anthony Medical Pavilion,
includes nearly 340,000 square feet of new building space – the area equivalent to six football fields. When completed, the project will increase capacity by 98
beds, while expanding the ambulatory, acute and wellness care capabilities of the
campus. Construction is valued at $114 million; the project began in May and will
continue into early 2015.
6M will be a Gensler designed 10-story, LEED certified, mixed-use building at the prominent southeast corner of 16th and Market streets in Lower
Downtown Denver. On the site of the old Office Depot, this building will
contain 55,000 sf over four stories of for-rent luxury apartments on the top floors,
five floors of Class AA office space totaling 132,000 sf, 15,000 sf of ground-floor
retail, and three levels of below-grade parking totaling 130,000 sf. Innovative strategies led the design away from a replica type LoDo building and toward a modern
building that pays homage to the neighborhood through the use of brick and highly
refined details. 16M is estimated to be completed by June.
T
1
Architectural Resource Directory
Attention Architects & Designers:
Your project deserves quality products and services. Here's where to find them.
AUDIO, VIDEO & ACOUSTICS
CODE CONSULTING
DOORS & WINDOWS
SOFTWARE
CORPORATE FURNITURE
LIGHTING & CONTROLS
DOORS
TECHNOLOGY CONSULTING
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FLOORING
DAYLIGHTING
THIS SPACE COULD BE YOURS!
Reach the Entire
Commercial Real
Estate Community
Place your business card in our monthly Architectural Resource Directory!
Contact Jennifer White at [email protected] or 303.623.1148
Associations
Directory
For contact information, association profiles, and links,
please visit www.crej.com and click on Industry Directory.
American Council of Engineering
Companies/Colorado
American Institute of Architects Colorado
American Society of Interior Designers
American Society of Landscape Architects,
Colorado Chapter
American Subcontractors Association
Apartment Association of Colorado Springs
Apartment Association of Metro Denver
Calendar
n Colorado Real Estate Journal
will present the 2014 Industrial and
Data Centers Conference and Expo
from 7:15 a.m. to noon on Feb. 5 at
the Inverness Hotel and Conference Center, 200 Inverness Drive
West, in Englewood.
Paul Kluck, SIOR, RPA, of CBRE
and Steve Stansfield, CCIM, SIOR,
of Realtec will present opening
remarks.
Topics include a broker update;
design, construction and sustainability panel; data center development and investment; lenders
panel; investment brokers panel;
and a developer and investor panel.
For information, visit www.crej.
com.
n IREM – Institute of Real
Estate Management will
present “Redefining Able: Win
Your Human Race” from 11:30
a.m. to 1 p.m. on Jan. 17 at Del
Frisco’s Steak House.
Speaker Tricia Downing survived a near fatal accident and
returned to become an elite wheelchair paratriathlete.
For information, visit www.
ire,denver.org.
n NAIOP Colorado will present its annual Economic Forecast
breakfast from 7 to 9 a.m. on Jan.
14 at Marriott City Center, 1701
California St.
The federal government continues to create uncertainty for
business, but the economy is still
expected to expand in 2014 with a
growing labor force and continuing
capital formation and technological
improvements.
Attendees will find out what the
economic data and trends mean
for international and national
economies in 2014. Expert panel-
ists will discuss how those forces
are expected to affect the Colorado
economy, commercial real estate
markets and the political agenda.
For information, visit www.
naiop-colorado.org.
n ULI – Urban Land Institute
Colorado will present “Emerging
Trends in Real Estate 2014: Colorado’s Forecast” from 3 to 6 p.m.
on Jan. 16 at the Embassy Suites,
1420 Stout St.
ULI Senior Research Fellow
Steve Blank, ULI’s top expert on
capital markets, will speak. Blank’s
keynote presentation will be followed by a local response panel
of experts moderated by Patricia
Gage, executive vice president of
Colorado Business Bank. A special
networking reception follows.
For information, visit www.colo
rado.uli.org.s
Appraisal Institute
Associated Builders & Contractors
Associated General Contractors
Building Operators Association of Colorado
Building Owners & Managers Association, Denver
Building Owners & Managers Association, Pikes Peak
CCIM – Certified Commercial Investment Members,
Colorado/Wyoming Chapter
Colorado Association of Healthcare
Engineers & Directors
For a complete
12-month calendar
of association events,
please visit our website
at www.crej.com and
click on Community
Calendar.
Colorado Association of Real Estate Investors
Colorado Bar Association
Colorado Green Building Guild
Colorado Hotel & Lodging Association
Commercial Brokers of Boulder
Commercial Real Estate Women - CREW
Community Associations Institute
CoreNet Colorado
Counselors of Real Estate
Denver Metro Commercial Association
of Realtors - DMCAR
Institute of Real Estate Management, Denver Chapter
Institute of Real Estate Management, Southern
Colorado Chapter
International Council of Shopping Centers, Rocky
Mountain Chapter
International Facilities Management Association,
Denver Chapter
International Facilities Management Association,
Pikes Peak Chapter
Investment Community of the Rockies
Mile High Exchangors
NAIOP Colorado – National Association of Industrial
& Office Properties
Professional Land Surveyors of Colorado
Realtor Commercial Industrial Society
Rocky Mountain 7x24 Exchange
Larimer
n A 9,280-sf industrial building at 175 14th St. S.E. in Loveland sold for $710,000.
The William W. and Lynne
P. Bokman Trust sold the property to an undisclosed buyer.
Patrick O’Donnell of Realtec
Commercial Real Estate represented the buyer. Aaron Romero of Unique Properties LLCTCN Worldwide was the listing
broker.
n Snowbank Brewing
signed a seven-year lease for
3,200 sf of retail space at 225 N.
Lemay, Units 1 and 8, in Fort
Collins.
Steve Kawulok of Sperry
Van Ness/The Group Com-
Rocky Mountain Masonry Institute
CDE Briefs
Rocky Mountain Shopping Center Association
Society for Marketing Professional Services
Society of Industrial & Office Realtors
Urban Land Institute
U.S. Green Building Council, Colorado Chapter
If your association would like to be included in this directory,
please contact Lori Golightly at 303-623-1148 or [email protected].
structure following the Colorado
floods in September.
Partnered with subcontractor Lawrence Construction Co.,
URS is responsible for Region 4
repair work, which includes the
areas of Greeley, Fort Morgan,
Brush, Sterling, Sedgwick and
Julesburg – all severely impacted
by flooding in the South Platte
mercial represented the landlord, K-Venture Properties
LLC. Greg Roeder of Brinkman
Partners represented the tenant.
n RASE LLC paid $147,000
cash for 2,553 sf of industrial
space at 266 Basher Drive, Unit
1, in Johnstown. The property
was purchased as an investment.
Randy Marshall of Sperry
Van Ness/The Group Commercial represented the sellers,
Andre Roy and Mary Battaia.
A. Bruce Johnson of A. Bruce
Johnson & Associates represented the buyer.
n Ben Thomas Industries,
a glass art and glass-blowing
River Basin.
Under the contract, URS performed temporary and/or permanent repairs to state highways east of Interstate 25. Work
began immediately in order
to rebuild critical infrastructure for these hard-hit areas.
The repairs to restore mobility
to state highway routes were
completed well before the Dec.
1 deadline set by CDOT.
company, leased 2,240 sf of
industrial space at 1925 Timberline Road, Unit N-3, in Fort
Collins.
Craig C. Hau of Sperry Van
Ness/The Group Commercial
represented the tenant and
the landlord, Timberline Star
Properties LLC.
n Salinas Trucking paid
$335,500 for 87,120 sf of land
with a 1,323-sf single-family
residence at 3282 Weld County
Road 27 in Fort Lupton.
Pete Gunderson of Phill Foster and Co. and Robert Vialpando of Robert Vialpando
Real Estate Services handled
the transaction.
William Frank Meadows
was the seller.s
JE Dunn under way on
Banner Health project
JE Dunn Construction recently
started work on Banner Health’s
Fort Collins Medical Center.
The $49 million project, expected to be complete in early 2015,
comprises 150,527 square feet.
JE Dunn also is under way
on Kinder Morgan’s renovation
of its 100,000-sf headquarters in
Colorado Springs.s
Source
however, wanted to preserve
the building and turn it into a
one-stop center for everything
from fresh-baked bread to beer
brewed on the spot.
Later this year, the latter will
be a reality when one of its
anchor tenants, Crooked Stave
Artisan Beer Project, a cultish
brewery specializing in funky
and sour beers, has the brewery portion of its operation
running.
Currently, it serves its awardwinning beer, which is brewed
at a different location.
Zeppelin said the Source is
an evolution of what is happening not only at the mixeduse TAXI, but also of the pioneering efforts his father had
in areas such as the Golden
Triangle and LoDo, before they
even had those monikers.
“The process really started
four or five years ago,” Zeppelin said during lunch at a taco
restaurant in the Source called
Comida, whose owner, Rayme
Rossello, got his start by operating a taco truck in Longmont.
“Maybe it is a bit like all of
our projects − we saw the need
and decided to fill it,” he said.
“We decided there was a need
for a more public place that
would be a new generation of
an indoor/outdoor market.”
It is an idea that is timeless and crosses all cultures,
yet has largely been replaced
by grocery stores and centers
anchored by national tenants,
he said.
“We got kind of excited about
an idea of a community place,”
he said.
“It is a universal idea that
spans every cultural demographic, but there was not really any example that you can’t
point to here in Denver,” Zeppelin said.
They bought the building,
which began life as a foundry,
for a bargain $20 per sf, Zeppelin said, but it was a disaster.
In addition to the graffiti,
the roof was leaking and there
were pigeon droppings everywhere.
Now, tenants in the Source
not only include Comida and
the brewery, but Acorn, a sister restaurant to Boulder’s
Oak at Fourteenth; Boxcar
Coffee Roasters, a Boulderbased coffee shop that soon
will be installing a roaster in
the Source; Meathead, a butcher shop; CapRock Farm Bar,
named after Peak Spirits’ wellknown gin and other spirits;
Babette’s Artisan Breads, a traditional French bakery; Americanum Provision, a specialty
produce market; floral shop,
Beet & Yarrow; Svper Ordinary, a design store and exhibit
space; the Proper Pour wine
and spirits bottle shop; sustainable food advocate Slow
Food Denver; Mondo Market,
a cheese, spice and specialty
store; and Collegiate Peaks
Bank.
“We’re drawing visitors from
all over the map,” said Justin
Croft, who manages the Source
for Zeppelin Development.
He said they are drawing
people who live in the nearby apartment buildings that
recently opened in the area.
Hundreds of additional
apartment units are on the
drawing board or under construction, which is expected to
boost local traffic in the coming
months and years.
“A number of our tenants
have Boulder roots and so they
have their own following” –
consumers who may live in the
Boulder area, but work in or
near downtown, he said.
“We also are seeing destination visitors from Cherry Creek
to Cherry Hills,” Croft said.
“We are even getting people
from out of state who are flying into DIA and have heard
about the Source and want to
see what it is about,” Croft said.
“After all, DIA is really a
straight shot from here because
it is so easy to get on Interstate
70 from Brighton Boulevard,”
Croft said.
Many of those visitors may
be either staying at a hotel near
the airport or in the downtown
area.
Indeed, Zeppelin Development has purchased the adjoining piece of ground, which
eventually it might develop
into a hotel.
“One idea is building the first
Source hotel” on the land, Zeppelin said.
“If we did that, it could be
as tall as 12 stories,” he said.
“I’m guessing that it would be
between eight and 12 stories.
A hotel, he said, would not
only serve the growing RiNo
area, but also could draw
people attending events at the
National Western Stock Show
complex.
A redevelopment of the stock
show complex is one of the
priorities of Mayor Michael B.
Hancock.
It wasn’t easy getting the
Source off the ground.
The Denver Urban Renewal
Authority provided $1.1 million in “allocations” of tax revenues generated by the Source.
“The DURA financing is a
relatively small amount, but we
couldn’t have gotten a traditional bank loan without it,”
Zeppelin said.
Collegiate Peaks Bank provided an approximately $4 million loan and about $1 million
in equity.
It liked the building so much
it became a tenant there after
making the loan.
White Construction was the
general contractor.
Barker Rinker Seacat, based
in TAXI, was the architect of
record, while the design architect was Stephen Dynia, who
also has worked with the Zeppelins at TAXI and has a presence at TAXI.
The building, with a 60-foothigh ceiling, had its challenges,
especially since it had a history of neglect over the years,
as its highest and best use for
decades had been for nothing
more than storage.
For example, the roof needed
to be reinforced and insulated
without ruining the aesthetics,
so the insulation was put on the
outside, Dynia said.
He used the same silver
galvanized framing metal in
the roof that he used to create
spaces throughout the interior,
one of the more striking design
touches.
It was a building worth saving, he said.
“I’m not someone who
believes you can never bulldoze a building,” Dynia said.
“But this is a pretty majestic
building,” Dynia said.
“With the design, what we
really wanted to do is keep the
industrial sensitivity and kind
of keep the grit intact.”
Looking at the graffiti on the
Adam Larkey
Comida is one of the two restaurants at the Source.
Architect Stephen Dynia used silver galvanized metal throughout the Source.
walls, the brick walls, big doors
bringing in natural light and
the galvanized steel frames that
are used throughout the inte-
rior, it would be hard to argue
that he didn’t achieve his goal.
In fact, on a recent day, a fellow diner at Comida, who does
Adam Larkey
not know Zeppelin, learned
that he was the developer.
“Thank you for doing this,”
he told Zeppelin.s
Corner
since 2008.
The move toward stabilization
– recognized at 10 percent vacancy in Colorado Springs – in a
marketplace of 28 million square
feet won’t take much absorption
of the 4 million sf available, he
noted.
New investment capital coming into the Springs marketplace
also points to the office market’s recovery and movement to
a landlord market, added Brian
Wagner, managing director in
the office group.
Market improvement, however, has yet to necessitate speculative development, he added.
According to the market outlook, average asking lease rates
have fallen 32 cents per sf triple
net to a current average of $10.67
per sf triple net.
Sierra Commercial anticipates
that as supply continues to tighten due to additional occupancy
and little new construction on
the horizon over the next two
years, demand will begin to
apply pressure on the declining
lease rates with rates increasing
by year’s end.
The market, however, will have
to face a new wave of sequestration at the federal level due this
month that will apply budgetary
pressure to many U.S. Department of Defense office users in
Colorado Springs.
The retail market also performed consistently in 2013 with
total leasing activity of 800,000
sf – on par with activity over
the last several years but with
350,000 sf of positive absorption.
The increased absorption suggest that fewer retail users are
vacating space, noted Mark Useman, senior managing director
of the firm’s retail group.
There remains, however, a
large discrepancy in vacancy and
rates in retail centers built after
1994 and before 1994. Of the 69
anchored centers that make up
the Colorado Springs market,
31 were built after 1994. Comprising 8.3 million sf, the centers have a 2.46 percent vacancy
compared with older centers that
contain 5.6 million sf and have a
19 percent vacancy rate.
Overall vacancy dropped to
10.4 percent at year-end, down
from 11.01 percent during the
fourth quarter of 2012. The
average asking rate, however,
dropped from $12.64 per sf triple
net to $11.68 per sf triple net – a
decline mostly due to the fact
that there is so much product in
older centers versus new ones,
noted Useman.
The addition of Bass Pro Shops
to the market is part of retail
activity expected to continue at a
healthy pace in 2014. Conn’s, an
electronics and appliance store,
will open its first location in the
Springs while Kum & Go will
open 10 additional stores. Shopping centers such as Copper
Ridge, InterQuest Marketplace,
University Village Colorado and
others will continue adding tenants.
Sales also were strong in 2013,
with an average price of $186
per sf, boosted by the $419 per
sf ($96.82 million) sale of The
Promenade Shops at Briargate.
“Additionally, the industrial market is looking up,” said
Aaron Horn, a director of Sierra’s
industrial group, as industrial
vacancies have fallen below 10
percent to 9.3 percent and rates
have risen to $6.22 per sf triple
net.
Horn noted that space is getting tight among quality properties but lease rates will have to
climb to $8 before speculative
development can occur. “It’s a
good trend, not being able to find
suitable properties.”
High Performance Engineering’s 85,319-sf lease and Diversified Machine Systems’ purchase
of a manufacturing facility also
are a step in the right direction
for the marketplace, he added.
Sierra said that further occupancy increases and increased
investment activity are expected
during the year yet the market
will still face hurdles like absorption of Quantum Corp.’s 391,000
sf campus in Interquest, available for sublease.
The incremental improvement
in El Paso County’s land market
is expected to continue this year
as housing continues to rebound
and commercial development
increases, noted Dale Wheeler,
managing director of the firm’s
land and advisory services division.
More than 200 acres of commer-
cially zoned ground sold during
2013 – a 28 percent increase over
2012 transactions. The overall
value decreased slightly with a
combined average price of commercial and residential land registering at $1.95 per sf.
The 21,000-acre Banning Lewis
Ranch is once more about to play
a significant role in the overall
direction of the land development market in El Paso County,
said Wheeler, as owner Ultra
Resources determined in 2013
that speculative oil and gas drilling on the property was not productive and abandoned further
drilling plans.
“Who buys it dictates what
happens in the land market and
the future growth pattern for
Colorado Springs,” Wheeler said
of the 18,000 acres up for sale.
Little planned office and industrial construction means retail
will continue to drive the commercial land market for the foreseeable future. With apartment
construction reaching its highest level since 2003, continued
appetite for multifamily land is
expected in 2014.s
S.F.
Broker
&
ProPerty
tenant
6 & 40 Business Center
american West Surplus LLC
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Infrastructure
engineers, Inc.
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national Beverage
alliance LLC
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Will Friend Fitness LLC
4,000 Scott Marcum
Peak Learning Systems, Inc.
4,000 etkin Johnson
Steelhead Composites, LLC
4,000 esther kettering
taG Consulting LLC
4,325 etkin Johnson
Z Craft
1,250 etkin Johnson
Business Center Westminster Mall
tru-Flow LLC
1,650 erick Fritzke
Broadway Business Center
Major Medical Supply of
Denver LLC
5,139 etkin Johnson
Careprox
2,033 etkin Johnson
Delta Construction
Company
3,074 etkin Johnson
third Party Validation and
Verification LLC
6,412 tyler Carner, Jeremy Ballenger
Centennial Business Center
Savio House
9,263 John onstott, Stanton kersinger
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kirmuss & associates
McMedia LLC
1,066 Brad Gilpin
anC Glass Service, Inc.
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Joshua J. Hudelson
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Up With People, Inc.
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Premier Commercial
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Johnson Group is celebrating another year
1,850 etkin Johnson
Control Solutions, Inc.
2,837 Brit Banks
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Qwest Government
Services, Inc.
3,390 alan Polacsek
Walker Hi-tech
5,086
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Wish Garden Herbs, Inc
9,377 Chris Boston
Medtronic navigation, Inc.
40,657 todd Wheeler
trelleborg Sealing Solutions
US, Inc.
75,899 Jeremy kroner
enterprise Park
WeSCo Distribution
39,238 Mitch Zatz
executive Business Center
Sierra nevada Corporation
4,950 todd Wheeler
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optimum Process
technologies LLC
2,328 etkin Johnson
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Direct auto Connect LLC
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aVI Systems
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Front Porch Digital
Core Innovation, LLC
4,432 Jessica Cashmore
northrop Grumman
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Ball aerospace &
technologies Company
48,400 eric Brynestad, ken Gooden
Moncrieff Business Center
First opps dba 2Chads
44,264 etkin Johnson
nome Service Center
H & M Designs
4,608 ed Stammel
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Project Works, LLC
5,098 etkin Johnson
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Serck Services, Inc.
Peakview Business Center
Sierra nevada Corp.
13,540 todd Wheeler
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treeline trading/Shatter
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Silver Bullet Water
treatment Company
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Global elements
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ContaCt
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ryan Good at (303)-223-0496 or
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artistic Fusion Dance
academy, LLC
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aMI Mechanical, Inc
20,388 Daniel Hoffman
happen this year.
West I-70 Business Center
Hardscape Solutions
1,517 etkin Johnson
Peet's operating
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2,828 Bob Hara
GB3 energy Solutions, LLC
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Union Sport Group LLC
5,740 eric Brynestad, ken Gooden
Summit restoration
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Cost Plus electric Supply
5,960 Collin Carr
ak Sales associates LLC
5,740 Chris Stecker
685 etkin Johnson
Mark Goodman, Chase Grimes,
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And
Congratulations
We’d like to thank and congratulate
our broker friends on a successful
2013. thanks to you, our loyal tenants
We are pleased to have paid more than
$1.7 Million in leasing
commissions.
15,291 tim Callahan
total S.F. new tenants 504,495
total S.F. renewals 777,618
total Commissions Paid $1.7 Million
January 2014 CREJ ad.indd 1
Thank
You
1512 Larimer Street, Suite 325 | Denver, Co 80202
www.etkinjohnson.com
12/20/2013 8:43:18 AM
JANUARY 1-JANUARY 14, 2014
SECTION AA
Winn, Richey sell Golden center for $19 million
By John Rebchook
Philips Edison & Co., which
has joined forces with American Realty Capital, recently
paid $19.02 million for the
King Soopers-anchored Golden Town Center.
The 117,882-square-foot center at 17121 S. Golden Road in
Golden marked the third center purchased by Philips Edison/ARC in Colorado.
King Soopers also anchored
the other centers, in Arvada
and Windsor.
There was a lot of interest
in the Golden Town Center,
according to Mike Winn, who
listed the property for the seller,
Boston-based Intercontinental
Real Estate Corp., along with
his Cushman & Wakefield of
Colorado partner Tim Richey.
“King Soopers is the dominant grocer in the market,
which was the principal reason
so many investors were interested in it,” Winn said.
He thinks more than 10 offers
were received on the property.
The Golden Town Center was
King Soopers anchors the Golden Town Center.
especially appealing because
King Soopers had a lease.
“In the past, a lot of grocers
have chosen to self-develop
and own their own store, so
an investor only is buying the
‘wing’ tenants,” Winn said.
“Of course, the grocer creates
a lot of the traffic for the other
tenants, but it is always better
to have the grocery anchor tenant as part of the deal,” he said.
Well-located,
groceryPlease see Retail, Page 3AA
Design still thrills RNL’s Brad Buchanan
by John Rebchook
When Brad Buchanan was
a senior in environmental
design at Miami University
in Ohio, he had his first reallife assignment as an intern
at an architectural firm.
“I designed a free-standing
drive-up ATM facility in
Youngstown, Ohio,” Buchanan recalled.
“I just remember how
exciting it was to design this
thing that had lived in three
dimensions in my head.”
He drove by the ATM as
soon as it was installed.
“When I saw it come out
of the ground, I knew I was
hooked,” said Buchanan,
now a principal of Denverbased RNL, the largest architectural firm in the Rocky
Mountain region.
Fast-forward 30 years and,
having a hand in about $1
billion in assignments, he
still gets the same thrill.
“Every time. Every single
time,” said the 53-year
Buchanan.
Buchanan always knew he
wanted to be an architect.
“From the time I was a
freshman in high school, I
knew that was what I wanted to be,” Buchanan said.
“The way my mind works,
I am always thinking in three
dimensions,” he said.
“Even when I was in
second or third grade, I
was always drawing threedimensional sketches. I was
always building all kinds of
IBC Holdings
buys rare
large block
Brad Buchanan
models, and I’m old enough
to remember Erector sets. I
built a lot of cool things with
my Erector set.”
After college, he immediately moved to Colorado.
“My dad was a retired
Methodist minister and he
used to always get a few
weeks off during the summer,” Buchanan said.
“We would always take
these big family camping
trips and I think we did two
of them to Colorado. I just
loved it. At the age of 15
years old, I knew I wanted to
live in Colorado.”
His first job was for a small
architectural firm in Colorado Springs.
After 10 months, he moved
to Denver.
“At the ripe old age of 26,
I started my own business,”
he said.
Later, he would partner
with Ron Sholar and then
John Yonushewski.
In 1999, they founded the
Buchanan Yonushewski
Group, which eventually,
with construction and development arms, provided onestop shopping to clients.
“Design, though, was
always the driving force,” he
said.
Even before hooking up
with Yonushewski, he met
someone who turned out
to play a pivotal role in his
career.
“I was doing this spec poptop of a house and I ended
up selling it to John Gart,”
whose family had started the
Gart Bros. Sporting Goods
chain, which later was sold
to Sports Authority.
“John and (his father) Jerry
drove up together” to look at
the house.
Not only did John buy the
house, but also Buchanan
forged a long-term business
relationship and friendship
with one of Denver’s bestknown families.
“We’ve done over 100
projects for the Gart family,”
Buchanan said.
“The truth is, the Gart family really helped me establish
myself in Denver,” he said.
The firm, at its peak, had
more than 60 employees,
about half of them architects.
Then, the Great Recession
hit, and business dried up.
“Our firm had shrunk to
about 15 people in 2011 and
the bottom line was that I
was not interested in retracing the same steps I had
during the past 15 years,” he
said.
Several firms approached
him about merging.
One of the firms that pursued him was RNL.
“RNL clearly was the best
fit for us culturally and well
as from an entrepreneurial
standpoint,” Buchanan said.
“Working there has even
been better than I imagined,”
Buchanan said.
Right back at you, according to Josh Gould, chairman
and CEO of RNL.
“Brad has exceeded our
expectations,” Gould said.
“There are very few people
I have come across in my
professional career who have
the kind of character and
leadership ability as Brad,”
Gould said.
“You know, we mostly
groom our top people from
within,” Gould said. “Most
of the principals at RNL have
grown up within the firm.
Brad is really an exception.”
While RNL does work in
Denver and across the U.S.,
as well as far-flung locales
such as Abu Dhabi and Singapore, where it has offices,
Buchanan’s expertise and
connections are local, Gould
said.
Please see Buchanan, Page 4AA
IBC Holdings bought a
large, vacant block of Class
A office space in the southeast suburban industrial
market and quickly solved
what it viewed as the building’s only problem: a lack of
parking.
The 160,572-square-foot
building at 9100 E. Mineral Ave. in Centennial used
to be occupied by United
Launch Alliance. IBC bought
it for $11.25 million, or $70
per sf.
“It’s a tremendous building,” said IBC Managing
Director Brian Mott. “The
quality that went into the
building was superior. I
think the only problem with
the building, to be honest, is
parking,” he said, noting it
had three spaces per thousand in a market where office
tenants typically require at
least 4:1,000.
“When we had 9100 under
contract, we had this issue
that we had to deal with.
There were two ways we
could
deal with
it. No. 1,
we could
build a
parking
structure
on site.
We have
the capability of
Brian Mott
doing
that, and we may still do that
– it’s sort of an arrow in our
quiver to enhance the parking even further,” he said.
“The second option was to
buy an adjoining two-acre
parcel of land that has been
used for overflow parking
for this building in the past.”
IBC subsequently bought
that property, which will add
225 parking spaces, bringing
the parking ratio to 4.5:1,000.
Because there were drawings for the parking structure and the land next door
was available, Cassidy Turley Vice President James
Brady said the parking issue
didn’t keep investors away.
“I think the investment
market saw there was a scarcity of these large blocks,
and that’s what really drove
interest to acquire this property,” he said. “We were
happy with the interest we
received.”
According to Brady, 9100
E. Mineral, which IBC Holdings has renamed Vantage
Pointe, is one of only three
large available blocks of
quality office space over
150,000 sf in the entire southPlease see IBC, Page 2AA
Page 2AA — COLORADO REAL ESTATE JOURNAL — January 1-January 14, 2014
Office
AMG chooses one-of-a-kind design for new headquarters
Assets over $3.5 billion are
managed or in custody for clients nationwide and abroad.
AMG’s commercial banking
division has more than $177
million in deposits and more
than $80 million in loans.
There will be no mistaking
AMG National Trust Bank’s
new headquarters in Greenwood Village for any other suburban office building.
The Palace of the Rhine, a
stately, domed edifice in
Strasbourg, France, inspired
the 45,000-square-foot building, which will be built at the
northwest corner of East Caley
Avenue and Greenwood Plaza
Boulevard in Greenwood Village Town Center.
“We wanted a permanent
presence that reflects the
strength and stability of the
company and our commitment to our clients,” said AMG
spokeswoman Emily Musser.
Prime West will develop the
building for AMG, which will
relocate from leased offices
at 6501 E. Belleview Ave. in
Englewood. Swinerton Builders expects to break ground in
March and have the new headquarters ready for occupancy in
early April 2015.
Ware Malcomb designed the
three-story building.
“Greenwood Village is noted
for its unique building designs.
This one, with the dome and
classic use of stone, is a unique
design. There is nothing like
it in the market,” said Steve
Clarke, Prime West president
Other News
The Palace of the Rhine in Strasbourg, France, inspired AMG National Trust Bank’s new headquarters building.
n Marble Acquisitions LLC
bought a vacant 11,934-squarefoot office building at 5840
E. Evans Ave. in Denver for
$565,000.
The buyer, which owns other
properties on the corridor,
plans to occupy a small portion
of the building and retrofit it
for executive suites space. The
former occupant, Seniors Inc.
sold the property.
Newmark Grubb Knight
Frank brokers Mike Wafer and
Tim D’Angelo represented the
buyer in the transaction. Chris
Nordling, also of Newmark
Grubb Knight Frank, represented the seller.
and CEO. “It will be a very
distinctive facility for AMG and
Greenwood Village.”
“We are looking forward to
returning our headquarters to
the high-growth environment
of Greenwood Village,” David
Wright, CEO of AMG’s holding
company, said in a statement.
“We are excited to take this
next step in the company’s
40-year history,” commented
AMG President and CEO Sheryl Bollinger. “Our new building
will embody the strength and
permanence of our conviction
to our clients’ success. We are
excited to bring our 80 employees into such a remarkable new
facility in Greenwood Village.”
Clarke said the location provides great access for the bank’s
employees and clients. “Greenwood Village has been very
welcoming to them,” he added.
“The planning commission,
City Council, the development
team and AMG all worked
very hard to get this design
approved. It required some
flexibility on everybody’s part,
and Greenwood Village was
very accommodating to AMG.”
Located near Fiddler’s Green
Amphitheatre, AMG’s headquarters will have 277 parking spaces and is planned to
achieve LEED certification.
AMG National Trust Bank is
a privately held national bank
that provides comprehensive
financial services to clients,
including investment management, commercial banking,
financial counseling, trust services, tax planning and return
preparation, access to alternative investments, a donoradvised charitable foundation
and others. Its main banking
office is in Boulder.
strong offer” that demonstrated
its ability to take on the project
and to close in a short time frame.
A lender, Redus One LLC, sold
the building.
IBC Holdings plans to do some
facade work, and update the
lobby, restrooms and common
areas. “At its core, the business
strategy is to find a tenant for it
and fill it back up,” said Mott.
Although they are known in
the Denver market as industrial
investors and developers, IBC’s
principals also have a background in office investment and
development.
Built in 1989, VantagePointe is
situated on 8.21 acres in the heart
of Panorama Business Park at
Mineral and Interstate 25. It offers
40,000-sf floor plates, continual
bands of glass and unique corner
offices, as well as an on-site ATO
switch with separate power feeds
to two different Xcel power stations. There is a 99-seat auditorium, lunchroom, loading dock
with storage, along with showers
and lockers, heavy landscaping
and mountain views.
IBC purchased the approximately two-acre parcel for parking for $750,000. A church had
the property under contract to
a developer, and the developer
decided against developing the
property, so IBC acquired its contract. Wulf and Miler represented
IBC Holdings in the transaction.s
The building at 9100 E. Mineral Circle in Centennial will be VantagePointe
going forward.
n Dewhirst & Dolven LLC
leased 8,846 sf of office space
at 650 S. Cherry St., Suite 600,
in Denver.
Jason Bollhoefner of Corum
Real Estate represented the
landlord. Eric Gold of SheldonGold Realty Inc. represented
the tenant.s
IBC
Continued from Page 1AA
east metro Denver submarket.
“It really presented a compelling value-add opportunity,” said
Cassidy Turley Managing Director R.C. Myles, who represented
the seller with Brady and the
project’s leasing team of Executive Managing Director Doug
Wulf and Managing Director
Dan Miller. “There are a lot of
investors that are actively looking for that transaction profile,
but there’s not a lot of product,”
he said.
Myles said IBC Holdings “completed a tremendous amount of
work in advance of making their
offer and came in with a very
January 1-January 14, 2014 — COLORADO REAL ESTATE JOURNAL — Page 3AA
Retail
More than 35,700 cars pass this center daily.
anchored centers such as this
never go out of style, he said.
“Groceries largely are something you can’t buy over the
Internet,” so there is little competition online to the brickand-mortar stores, which
increasingly is not the case for
other large-format retailers, he
said.
“Just think about how often
you will go to a grocery store,
as compared to a Home Depot,
for example,” he said.
More than 35,700 vehicles on
average drive past the Golden
Town Center on a daily basis.
Within a three-mile radius,
there are 38,900 people whose
average family income is
$85,400.
In addition to King Soopers, other tenants at the center
include Big 5 Sporting Goods,
H&R Block, Sonic, JP Morgan
Chase and Radio Shack.
Phillips Edison, which has
invested more than $1.8 billion in neighborhood and community shopping centers since
1991, also owns the 90,855-sf
Westwood Shopping Center at
15400 W. 64th Ave. in Arvada
and the 95,877-sf New Windsor
Marketplace at 1520 Main St. in
Windsor.
Philips Edison paid about
$161 per sf for the Golden
Town Center.
“They tend to be long-term
holders and buy properties for
the cash flow, revenue stream
and appreciation, so while
they probably looked at the
price they paid per square foot,
it probably wasn’t the most
important metric to them,”
Winn said.
That is in line with what it
said on its website about its
investment goals.
Phillips said it seeks investment opportunities based on:
• Stable current income,
• A long-term capital gain,
• Total return,
• Inflation hedge,
• Diversification and
• A low correlation to the
stock market.
Tom Taranto, director of
acquisitions, portfolio and asset
management for Intercontinental Real Estate, said Winn and
Richey did an excellent job.
“We were very pleased with
the activity and the entire sale
process,” Taranto said.
“It was a pleasure working
with Cushman & Wakefield on
this transaction.”
Other News
n In another King Soopersanchored deal, a local private
partnership paid $5.83 million for the 31,899-square-foot
Lochwood Square at 1515-1555
S. Kipling Parkway in Lakewood.
However, in this case, the
King Soopers was not included
in the sale.
The seller, a limited liability
company, was represented by
Jon Hendrickson and Christopher Wiedenmayer, investment specialists in Marcus &
Millichap’s Denver office.
The property was approximately 85 percent leased by 14
tenants at the time of sale.
“King
Soopers-anchored
shopping centers are the most
sought-after product for metro
Denver retail investors,” Hendrickson said.
n A Colorado buyer paid
$4.3 million, or $471 per sf, for
the 9,126-sf Promenade at Denver West at 14680 W. Colfax
Ave. in Lakewood.
This newly constructed property is adjacent to Colorado
Mills.
Four national tenants anchor
it: Mattress King, The Joint,
Batteries Plus and U.S. Bank.
Tom Ethington and Rob
Edwards of Pinnacle Real
Estate Advisors listed the
property.
“Denver's economy is starting to fire on all cylinders,”
Ethington said.
“We are seeing above-average Denver population growth
along with strong rental rate
fundamentals, which will make
retail commercial investments
an asset class that should outperform most others,” he said.
n Westwood Financial
Corp. recently paid $3.1 million for the 14,008-sf Arapahoe Commons shopping center
at 14605 E. Arapahoe Road in
Aurora.
The center was 76 percent
occupied at the time of sale.
Tenants include: Jimmy John’s
Sandwiches, At the Beach Tanning Salon, Jack and Jill Children’s Salon, Loving Family
Animal Hospital and Stonebrook Dental.
“Arapahoe Commons is one
of the few infill retail opportunities available along the East
Arapahoe Road corridor,” said
Matthew Henrichs, a senior
associate at CBRE Retail Investment Group, who represented
the seller, SB1 LLC, with fellow
CBRE broker Brad Lyons.
“We were able to drive value
and certainty of close for our
client through a managed
bid process in which CBRE
received multiple offers from
both local and national buyers
searching for opportunity in
Colorado,” Henrichs said.
n Dorado Development
paid $1.1 million to Compass
Bank for a 14,550-sf building
on two acres at 2636 and 2650
E. 120th Ave. in Thornton. Mike
Kendall of SullivanHayes Brokerage represented the buyer
in the transaction.
n Aspen Athletics of Colorado leased 24,467 sf at the
Towne Center at Brookhill at
West 88th Avenue and Wadsworth Boulevard in Westminster. Brokers were Bryan
Slaughter, Mike Kendall and
Brian Shorter at SullivanHayes Brokerage.
n East Moon Asian Bistro
& Sushi leased 4,730 sf from
Gravitas at 2930 Umatilla St.
in Denver. Daniel Miller and
Joshua Burger of SullivanHayes Brokerage represented
the landlord in the transaction.
n Vic’s Liquor leased 4,211
sf at Quebec Square at 7305 E.
35th Ave. in Denver. Daniel
Miller of SullivanHayes Brokerage represented the landlord. Joshua Burger, also of
SullivanHayes, represented the
tenant in the transaction.
n Telecell Wireless leased
1,400 sf at the Iliff Plaza Shopping Center, 15200 E. Iliff Ave.
in Aurora. The listing broker
was Gene Stone of Antonoff
& Co. Brokerage. The cooperating broker was Glenn Anderson at CBRE. The landlord is
Loup Management.
n One Mobile leased 995 sf
at the Pecos Shoppette at 8411
Pecos St. in Federal Heights.
The listing broker was Gene
Stone of Antonoff & Co. Brokerage. The cooperating broker was Tony Park of TDP.s
Industrial
California buyer pays $1.8m for warehouse in Montbello
represented the seller, Foodworks Inc. Mark Dwyer of Lincoln Property Co. represented
the buyer.
The building was built in
2005. Dwyer said its newer
construction, high quality and
office build-out attracted the
buyer, which wanted to be in
the Parker area. Also, “It gave
them the ability to grow in the
future and have some space to
lease right now to allow them
to offset their costs.”
Dwyer is marketing the available space for lease.
The building is located across
the street from the Parker Fieldhouse and Dolphinz Swim Center and minutes away from Old
Town Parker.
A Los Angeles-based real
estate investment company
added to its Denver portfolio with the acquisition of a
warehouse off Interstate 70 and
Havana Street.
BH Properties paid $1.8 million, or $43.09 per square foot,
for the 41,770-sf building at
4525 Ironton St. in Montbello
Industrial Park. The property
was vacant at the time of the
sale, but a lease subsequently
was secured with an unnamed
local tenant.
“As part of our evolving strategy that is focusing more on
Western and Southwest markets, this facility is perfect for
our portfolio and gives us our
fourth property in Colorado,”
said Steve Jaffe, executive vice
president and general counsel
of BH Properties. “This sale
allows us to take an underutilized property and bring new
business opportunities to a facility that boasts many amenities,
including a central location in
an enterprise zone. Ultimately,
this property offers tremendous
upside for us as landlords and
prospective tenants.”
Carmon Hicks of Jones Lang
LaSalle represented BH Properties in the transaction. Sudhir
n Lewis & Sons Property
LLC paid $1.18 million for a
16,930-square-foot industrial
building in Parker.
The two-story building is
located at 10495 S. Progress
Way. It was vacant at the time
of the sale.
Extreme Fire Protection, a
fire sprinkler company affiliated with the buyer, will occupy
approximately two-thirds of the
building. The owner will lease
out the remaining space.
Rick Egitto and Jeremy
Reeves of Inverness Properties
n Brazzell Properties purchased a 7,500-sf industrial
building with a yard at 8485
Rosyln St. in Commerce City.
Brazz, a wholesale electronic
sign manufacturer, will occupy
the property.
Russell Gruber and Steve
Fletcher of Newmark Grubb
Knight Frank represented the
buyer in the $675,000 transaction. Brian Wilkes and Tim Gilchrist of Cassidy Turley represented the sellers, James and
Gail Smith.s
St. Anthony’s redevelopment.
“On a personal level, it is
important to me that somehow
some people thought I had a
personal agenda other than
giving back to my community,”
Buchanan said.
But he said such attacks go
far beyond him, as he worries
if they continue and become
more commonplace it will have
a chilling effect on professionals’ willingness to volunteer, if
they feel they will have a target
on their backs.
“The bigger issue than how
it affects me is it becomes too
risky or dangerous for our
local professionals to become
involved in the planning process,” Buchanan said.
His friend, Councilman Charlie Brown, is more blunt.
“I really hated to see that
happen,” Brown said. “He
was mistargeted and it was an
unfortunate attack on his character. He’s a great American.
He has been very helpful to
our city and we hated to lose
him on the planning board.”
But he has nothing but praise
for the way Buchanan handled
the criticism.
“He handled it with great
professionalism and transparency,” Brown said.
In addition to design,
Buchanan’s passion is his Flying B Bar Ranch, a 1,100-acre
cattle ranch northwest of Strasburg that focuses on conservation and the humane treatment
of Black Angus cattle.
“If I am not in the office, I am
at the ranch,” Buchanan said.
“I just love it there.”
He bought the initial 520
acres of the ranch in 2006 with
the idea of it being a weekend
getaway.
“We kind of kept getting
more and more involved in the
ranch lifestyle and it became
too much work to be on the
ranch and keep up a big,
100-year-old house in Park
Hill, so my family and I moved
there permanently in 2010,”
Buchanan said.
Brown, in a newsletter,
described it this way: “A soft,
set-away stop where the critters outnumber the people,
badgers prowl, hawks and
eagles soar, rainbow trout jump
and (about) 100 head of Black
Angus cattle stand contentedly,
munching on sorghum, alfalfa
and sweet grasses to their
heart’s content.”
He sells the grass-fed cattle.
“The meat business is awesome,” Buchanan said. “We sell
out every year.”
But it is far more than a business venture to him.
Brown noted that Buchanan
is as “comfortable in a barn as
in a boardroom,” and “helping craft the built environment
in the city is no different than
punching cattle out on the
range.”
This is how Buchanan
described his philosophy to
Brown: “For every ounce of my
belief that we need to create
density in our urban settings,
I just as firmly believe that we
need to save our Eastern Plains
and mountain areas from suburbanization and sprawl.”s
BH Properties paid $43.09 per square foot for the building at 4525 Ironton St. in Denver.
Verma of Cherry Creek Properties represented the seller, Jama
Boots.
The warehouse was built in
1973.
BH Properties owns two other
Denver assets, an industrial
building at 4800 Race St. and an
office building at 4380 S. Syracuse St. The company focuses
primarily on troubled industri-
al, multifamily, office and retail
assets. It has regional offices in
Dallas and Salt Lake City.
In September, Denver City
Council passed a proclamation
honoring Buchanan’s service.
Yet, at the same time, his
civic ventures have led to the
first public criticisms in his
career.
First, some members of a
grass-roots group called No
High Rises in West Highland
pilloried him for his design of
three luxury apartment buildings for Denver-based RedPeak
Properties, claiming his planning role constituted a conflict
of interest since the new zoning
code approved by the council
allowed five-story buildings on
the site.
The opposing neighbors lost
a court battle on the zoning
earlier this year.
More recently, similar criticisms arose for his work on the
master plan for the former St.
Anthony Hospital campus by
Sloan’s Lake.
Buchanan recently was
cleared of an ethics charge filed
by former City Council member Cathy Donahue regarding
Other News
CoStar Group
Buchanan
“It was kind of a no-brainer
to engage with Brad and discuss with him to come on
board,” Gould said.
In addition to his professional work, which has included
high-rise condo buildings at
City Park South, renovated
historic buildings, infill office
buildings and apartment buildings, he liked that he has given
back to the community.
Buchanan served for nine
years on the Denver Planning
Board, leaving earlier this year.
Seven of those years, he was
the chairman.
He also was the co-chair of
the Denver Zoning Code effort
that led to a complete overhaul
of the zoning code in June
2010.
He also has served on boards,
committees and task forces
for a wide variety of groups,
including the Downtown Denver Partnership and the Denver
Landmark Preservation Commission.
Multifamily
Palisade opens Uptown apts.
by John Rebchook
Palisade Partners recently
opened an energy-efficient, luxury 60-unit apartment building
in Denver’s Uptown neighborhood.
A month after opening the
building at 1765 Clarkson St., the
development already is exceeding expectations, said Paul Books,
owner of Palisade Partners.
“The average size of a unit is
685 square feet and our rents are
averaging $2.14 per square foot,”
Books said.
“It’s a brand-new, ground-up
development and we already
are exceeding our pro forma” for
rents, he said.
Part of its success is due to the
Uptown neighborhood, which
after years of being considered
one of Denver’s most up-andcoming neighborhoods has truly
hits its stride, he said.
“We love the Uptown neighborhood,” Books said.
“We see it as a kind of an
emerging or resurging neighborhood,” Books said.
While 17th Avenue has long
been one of Denver’s “restaurant
rows,” it now has some of the
city’s most well received restaurants.
“You have Hamburger Mary’s,
The Avenue Grill, Parallel Seventeen, Steuben’s and other restaurants on 17th,” Books said.
In addition, it is an easy walk to
downtown or the nearby hospital
district.
“We’re really excited about
what is happening at St. Joseph
Hospital,” which in 2011 began a
$623 million expansion, he said.
Some of the features of the
building include:
•Every unit, except one, has an
outside balcony.
This apartment building recently opened in Uptown.
•It has an art deco-style interior. Dan Craine of Craine Architects designed the apartments.
•The fifth-floor community
room has a clubhouse and gym,
“where we could have put a premiere unit.”
•Units include stainless steel
appliances and granite counter
tops.
•It has wider-than-typical hallways.
In addition, the building,
which is being managed by Cornerstone Apartments, is a Silver
LEED building.
“I think that will help differentiate us from some of the rental
units that are not as sustainable
and energy efficient,” Books said.
“Generally, I also think that
the Generation Y is attracted to
buildings that are energy efficient. And even if that isn’t a big
concern initially, I think people
will be very pleased over time
by how economical it is to have
lower utility bills,” he said.
Uptown has drawn a number
of new and renovated apartment
buildings, but Books still thinks
the demand is outstripping supply.
“I do think there is a general
concern of the number of units
being built in the Denver metro
area and the number of units
in the pipeline in specific areas,
such as in and around downtown,” he said.
“Of course, in Uptown, RedPeak is the largest in the area,”
with more than 300 units in its
One City Block community.
“But, given the rising cost of
land and construction, I think we
are ahead of the game,” Books
said.
“We built 1765 Clarkson at far
less cost than competitors moving forward would pay,” he said.
The cost was $9.3 million,
which equates to $155,000 per
unit. FirstBank was the lender.
“I think going forward, the
cost to someone to build would
be closer to $185,000 per unit,”
Books said.
“So even if the market softened
a bit, we would have a cushion.”
Please see Multifamily, Page 10AA
Senior Housing & Care
MODERATOR:
Specializing in Senior Living
Pamela Pyms, President
P.O. Box 6176, Denver, Colorado 80206
Office (303) 770-0755
[email protected]
Katherine L. Ellman Interest in the seniors housing and
care industry continues to grow due
to strong
demographic drivers,
stellar
industry
performance
during the
recession,
improving
market fundamentals
and robust
net operating income
Katherine L. Ellman growth.
Investor Relations Manager,
In order
Terra Firma Real Estate and
Development LLC
to seize
opportunities in this evolving industry, owners
and operators are looking ahead and
proactively planning not only for the
coming year but also for the next five
to 10 years.
So, the short answer is, “yes,” there
continues to be opportunity in all of
the senior living arenas, especially in
senior independent living, with the
housing market coming back and
seniors being able to sell their homes
to move into a nice facility. Assisted
living and memory care are probably
the most in demand in the Front
Range. As with all development, there
are multiple factors involved in site
analysis:
n Demographics of the surrounding area: We typically look
for desirable demographics (ages 45
to 85) as a prerequisite to consideration of a site. We also have median
income criteria we like to see that
is more promising for private pay
residents as opposed to Medicaid,
although Medicaid is a good program
in Colorado.
n Location of nearby competition: We always look at the nearby
competition: their number of beds,
rates and the type of facility that they
are. In senior living, there are multiple
Question of the Month
Given the recent building boom in senior living, especially
memory care and sub-acute facilities, is there still
opportunity for growth along the Front Range and, if so, in
what sector of the industry do you see the most opportunity?
Please contact Pamela Pyms if you would like to be a participant in Question of the Month, or if you have a particular question that
you would like to see addressed.
categories, therefore it is possible to
have an area overbuilt with independent living, but deficient in assisted
living. Even within a category there
may be gaps in coverage; for example,
you may have subsidized projects, or
purchase-only projects, but may be
missing another category, such as private pay rental. We can then project
competitive rates.
n Proximity to desirable establishments: We typically look for nearby hospitals or emergency care facilities. Our goal is to keep our residents
as healthy as possible! If there isn’t a
nearby medical office facility, we might
build that into the project. We also
look for shopping nearby. Shopping
can be a very desirable pastime for the
residents, as well as their visitors, children and grandchildren.
n Proximity to negative elements: As is typical with almost any
residential development, we avoid
certain negative neighbors, such as
dumps, noisy highways, noisy industries, etc.
n Economic feasibility of site
development: Every site has its
unique problems. Although they usually can be overcome, it is a matter of
how much money you need to bury in
the site prior to construction. This factor can make it prohibitive to develop.
n Governmental attitude
toward development: Senior living
is typically a very desirable development in the cities. Such developments
require no schools, hardly any parking lot “wastelands,” typically involve
extensive landscaped areas, are very
quiet neighbors, and still generate tax
revenue for the cities and counties.
Most cities also realize that it is positive to provide senior housing so that
folks who have grown up in the neighborhood do not have to relocate too far
from their familiar surroundings.
n Lending environment: This
can be a little fickle. Right now, the
Department of Housing and Urban
Development and commercial mortgage-backed securities are both on
board to absorb more senior facilities,
but this varies every year.
n Need: There are a large number
of baby boomers heading our way, and
the senior market is expected to grow
by a factor of more than 5x its present
capacity. Having evaluated all of the
above, we can pretty accurately project
the future of a new state-of-the-art
senior living facility. The bottom line
is to project the speed that the facility
will fill. So it still comes down to location and need. Colorado is expected
to have construction lagging need for
years to come.
Michael Schonbrun
More senior construction projects
are focusing on Alzheimer’s care than
ever before. Metropolitan Denver leads
America in the number of Alzheimer’s
facilities
being built
and ranks
high in new
assisted living communities under
way.
However,
development in the
independent
living (IL)
sector is
lagging,
Michael Schonbrun
probably
President and CEO,
because it
Balfour Senior Living
suffered the
greatest occupancy decline during the
downturn. Moving into IL is a discretionary decision. Residents in IL tend
to be planners – people who anticipate
what the future holds. They prefer to
make their own decisions rather than
let circumstances dictate.
Financial success in the IL business
depends on addressing the housing/
lifestyle preferences of residents.
It’s different in the Alzheimer’s and
assisted living sectors, where quality of
care and immediate availability often
trump location, design and amenities.
The arrival of the Silent Generation
(with the Boomers close behind) will
change obsolete models of what IL
communities should offer. Some analysts suggest Silents/Boomers will
prefer to stay in their own homes or
create cooperative living arrangements
instead.
We disagree. ILs will remain a viable
option in the market because they
provide residents with an invaluable
sense of community, a context for continued learning and for forming new
friendships. Accordingly, they should
be modeled after the homes and clubs
that residents have long enjoyed.
Quality design, impressive cuisine,
notable artwork, well-equipped gyms,
and ample gathering places become
essential. Rather than locations in
bland suburban settings, ILs should be
situated near cultural amenities and
transportation hubs. Balfour’s project
in Denver’s Riverfront Park – with its
proximity to restaurants, museums,
theatres, and parklands of downtown
Denver – anticipates this trend.
Matthew T. Turner
Developer-operators in the senior
living space clearly have been active
along the
Front
Range for
the past 24
months.
We’re firm
believers in the
long-term
prospects of
Colorado’s
primary
Front
Range markets (Fort
Matthew T. Turner
Collins,
Chief Financial and
Boulder,
Development Officer,
MorningStar Senior Living
metro
Denver
and Colorado Springs), especially in
established, high-barrier areas, but
there certainly isn’t unlimited demand
for new projects. While an attractive
marketplace with many strong fundaPlease see Senior, Page 10AA
Economic Development News
Brighton Economic Development Corp.
Multiple retail projects under way, planned in Brighton
A number of retail projects are
under way and planned in Brighton, which recently saw the opening of a 23,000-square-foot Tractor
Supply store.
The Brighton Economic Development Corp. is working on projects that will change the face of
Bromley Lane between Highway
85 and Fourth Avenue. One project centers on the realignment
of South Main Street at Bromley Lane. The Colorado Department of Transportation and the
city of Brighton are working to
make it a full-movement intersection, which creates a “much more
attractive area for retail and development.”
Another project is located at
Bromley and Fulton Avenue,
which the BEDC believes is a catalyst to more exciting redevelopment in the area.
Additionally, work continues
on attracting sustainable retail
to the Brighton Pavilions, where
Cantor Development is focused
on creating an “inviting” retail
experience. Several potential deals
also are in the works to expand
the retail base at the Prairie Center
regional center, where construction on more than 20,000 sf of
space just west of Dick’s Sporting
Goods Park is under way.
Construction continues on the
King Soopers-anchored Marketplace at Brighton Crossing project,
which features four pad sites and
7,000 sf of inline shop space. The
project is on pace to be complete
in early summer.
Transwest Inc. also is locating its
corporate headquarters and consolidating other existing operations to Brighton.
The firm, under construction on
its Bromley Business Park facility, manufactures custom service
and lube truck bodies for construction and repair applications.
Transwest is one of the largest and
fastest-growing transportation
specialists in the nation, providing
truck and commercial fleet sales,
service and specialty vehicle sales.
Transwest also sells, services and
repairs school buses, fire trucks
and recreational vehicles.s
Economic
Development
Councils Directory
For complete contact information, links and
Key Facts, visit our Web site, www.crej.com.
Adams County Economic Development
Arvada Economic Development Association
Aurora Economic Development Council
Boulder Economic Council
Brighton Economic Development Corporation
Denver Office of Economic Development
Kinross Gold opens new regional office in Denver
City and County of Broomfield
Kinross Gold USA Inc. is opening a new regional office in Denver this month.
The office will open with a staff
of approximately 45, who will be
relocated from various offices in
North and South America.
“We’re very excited to welcome one of the world’s leading
gold mining firms to Denver,”
said Mayor Michael B. Hancock.
“Kinross’ decision reaffirms Denver’s position as a top city for
business growth and expansion,
providing firms with a workforce
that can meet the demands of a
21st century economy, connectiv-
Castle Rock Economic Development Council
ity to the global market through
DIA and a strong environment to
succeed well into the future.”
The Denver Office of Economic
Development pledged an estimated $104,000 to incentives to
support the new Denver office.
The city’s Business Incentive Fund
will provide up to $90,000 for the
first 60 new permanent positions.
Additionally, the city’s Business
Investment program will provide
an estimated business personal
property tax credit of $14,200.
OED also has offered workforce
development and technical assistance to support the relocation.
Kinross leased 20,000 square feet
of space at 5075 S. Syracuse.
“Kinross is looking forward to
establishing its new regional headquarters in Denver,” said Lauren
Roberts, vice president for the
Americas region. “The city is a
great travel hub with easy access
to our operations throughout the
hemisphere and is home to a critical mass of mining industry expertise.”
Kinross is among the world’s
leading gold mining companies,
with operations in North America,
South America, West Africa and
Russia.s
City of Centennial
Colfax Business Improvement District
Colorado Springs Regional Business Alliance
City of Commerce City
Denver Office of Economic Development
Denver South Economic Development Partnership
Downtown Denver Partnership Inc.
City of Englewood Community Development Dept.
Longmont Area Economic Council
New Longmont companies generate more than 90 jobs
Town of Erie
Three new companies have
moved or announced plans to
move to Longmont.
GE Lighting will occupy 62,051
square feet in The Campus at
Longmont at 1844 Nelson Road
Federal Heights Redevelopment Agency
this month. The LED lighting
company will have 80 employees.
Zlight has leased 1,250 sf, also in
The Campus at Longmont at 1823
Sunset Place. It has seven employees and also manufactures LED
lighting solutions.
Boulder Boat Works has leased
9,120 sf at 802 S. Sherman St.
and has seven employees. The
firm makes polymer hulled drift
boats.s
Grand Junction Economic Partnership
City of Greenwood Village
Jefferson County Economic Development Corp.
City of Lafayette
Lakewood Economic Development
City of Lone Tree
Longmont Area Economic Council
Metro Denver Economic Development Corporation
Northern Colorado Economic Development Corp.
City of Northglenn
Northwest Douglas County EDC
Town of Parker
Pueblo Urban Renewal Authority
Rifle Regional Economic Development Corp.
City of Thornton Office of Economic Development
Town of Superior
Westminster Economic Development
City of Wheat Ridge
Wheat Ridge 2020
Town of Windsor
For information regarding appearing in the EDC Profile
Section, please contact Jon Stern at 303.623.1148
Who’s News
Suter Media Relations marks 20 years
Suter Media Relations
is celebrating 20 years in
business.
Established in
1993 by
Paul Suter,
the media
relations
and publicity firm
continues
to reprePaul Suter
sent many
of the real estate industry’s
companies and interests in
the region.
Over the years, the oneperson firm has helped to
publicize and bring attention to development activity
in locations including Riverfront Park, Cherry Creek
North, the River North
Neighborhood, downtown
Denver, City Park South,
Mary Augustine, CPA,
and Kurt Blohm, CPA, joined
Richey, May & Co. LLP.
Joining the firm in 2013,
Augustine is a senior tax manager. She specializes in providing tax compliance and consulting services to closely held
entities and individuals.
Vail and Summit County,
among other parts of Colorado. In addition to major
developments, the firm
also provides publicity services to the companies that
design, build, engineer, market and sell these projects.
Suter attributes a majority
of his firm’s success to the
trusted and long-lasting
relationships he has earned
and established with many
of Colorado’s most outstanding journalists.
“My first boss always told
me: ‘Handle your relationships with journalists as
well as, if not better than,
you handle your relationships with clients.’” Suter
said. "I greatly appreciate all
of the people and companies
and journalists I've had the
pleasure to work with over
the years."s
Augustine is a graduate of
the University of Colorado
Denver, where she received a
Bachelor of Business Administration with an emphasis in
accounting. She is a member of
the American Institute of Certified Public Accountants.
Blohm also joined the firm in
2013. As a manager in the business advisory services department, he provides advisory
services such as subservicing
oversight, operational reviews,
accounting and financial
reporting, and compliance
reviews to mortgage and banking clients.
Blohm is a graduate of the
University of North Carolina
Charlotte, where he received
his bachelor’s degree in
accounting. He also holds
a degree in marketing from
Oklahoma State University.
Blohm is a member of AICPA
and the North Carolina Association of Certified Public
Accountants.s
Edward C. Forst was named
president and chief executive
officer of Cushman & Wakefield Inc.
Forst joins the firm following
his tenure at Goldman Sachs
as global co-head of its Investment Management Division, as
a member of its management
committee and previously as
the firm's chief administrative officer. Most recently, he
served as an adviser to Fenway Partners, a private investment firm.
Forst has more than 30 years
of experience working in international asset management,
capital markets, and operational leadership. He has held mul-
tiple executive level
roles in both
New York
and London
at Goldman
Sachs, where
he was elected partner in
1998. While
at Goldman
Edward Forst
Sachs, Forst
also served in leadership roles
at the Securities Industry and
Financial Markets Association
and was elected as its first cochairman and subsequently in
2007 as its chairman.
During the financial crisis of
2008-2009, Forst was selected to
be the first executive vice president and principal operating
officer of Harvard University,
leading its nonacademic affairs,
and served as adviser to the
secretary of the treasury of the
United States.
Forst is a graduate of Harvard University and holds a
Master of Business Administration from the Wharton
School of the University of
Pennsylvania.s
CBRE Group Inc. announced
that Chris Bodnar, senior
executive in the Denver office,
was named Healthcare Real
Estate Executive of the Year
by Healthcare Real Estate
Insights.
Bodnar is
a co-leader
of the CBRE
Healthcare
Capital Markets Group.
Formed in
2006, HCMG
was one
of the first
national real
Chris Bodnar
estate advisory groups to provide health
systems, physician groups and
investors with acquisition,
disposition, debt and equity
solutions, and health care real
estate consulting services.
Bodnar and his Atlanta-based
partner Lee Asher were responsible for the disposition of 6.6
million square feet of medical
assets, exceeding a total value
of $1.5 billion, over the last two
years, and sales and financings
with a total value of nearly $1
billion so far in 2013.
Bodnar joined CBRE in 2003
and formed HCMG in 2006.
Prior to forming HCMG, he
was a member of CBRE’s Private Capital Group, where he
received recognition from his
peers with the National Award
of Excellence. He is a graduate
of the University of Colorado
Boulder, and sits on the board
of the Morgridge Academy at
National Jewish Hospital in
Denver.s
Multifamily
Other News
Jason Koch of the Unique
Apartment Group handled
both sides of the transaction.
n PFP Highlands Real Estate
Holdings LLC paid $4.26 million for the 18-unit apartment
building with two retail spaces
at 3451 W. 38th Ave. in Denver. It was an off-market deal
that wasn’t listed. The seller was
Lighthouse 38th LLC.
n A limited liability company
called 12th Area Apartments
paid $2.5 million, or $125,000
per unit and $159.61 per square
foot, for a 20-unit apartment
building at 2315 E. 12th Ave.,
near Cheesman Park in Denver.
The building was constructed
in 1949.
Jeff Johnson with the Johnson Ritter Team at Pinnacle
Real Estate Advisors represented the buyer and Jim Knowlton, also of Pinnacle, represented the seller, Marlene Investments LLC.
“This was a great investment
opportunity for the buyers,”
Johnson said. “They own another property in the neighborhood
and see a lot of upside potential
by renovating the property.”
“The seller had owned the
property for 25 years, and with
current apartment values the
time was right to sell the property,” Knowlton said.
n James and Gail Schoettler
paid $1.92 million, or $53,520
per unit and $91.08 per sf, for
the 36-unit Monte Vista apart-
ment building that was built
in 1973 at 2014 Emporia St. in
Aurora. Josh Newell of Pinnacle Real Estate Advisors LLC
represented the Schoettlers.
“The seller spent just over a
year renovating and stabilizing the property,” Newell said.
Monte Vista will be a great
long-term hold for the buyer as
the neighborhood continues to
improve.”s
Senior Housing & Care
mentals, Colorado simply isn’t as deep
as many other larger markets, and
given the long-time presence of large
institutional brands such as Sunrise
and Brookdale, the overall quality of
the existing inventory is generally
strong relative to other markets of
similar size.
In our opinion, developers who
were not actively securing the best
available sites over the past two
years will be challenged to find new
opportunities that don’t result in
significant market overlap and/or
saturation. Reading and understanding demographic reports and market
studies is an important component of
intelligent underwriting, but it is not
a replacement for working knowledge
of what it takes to fill new projects
and how challenging that can be in
an oversupplied market. We’re now
seeing experienced developer-operators (including us) and capital providers shy away from additional new
construction along the Front Range
until we all understand how many of
the rumored new projects are actually constructed and how they perform.
All that said, there are several very
exciting projects in the pipeline from
both local and national groups, and
we believe these projects will generally perform extremely well. Local
expertise, including understanding
psychographic preferences related to
where residents want to live, shop
and work, is important in any product type and any cycle, but in our
business, especially when development is active, it becomes even more
crucial.
The Winslow Report
DIA land activity comes to life with $3.13m acquisition
Denver United Land, an affiliate of Mellon Corp. out of Westport, Conn., acquired a parking
lot containing 5.28 acres (3.67
acres was a finished parking
lot) in unincorporated Douglas
County, near the city limits of
Lone Tree, for $2.8 million.
According to Kelly
First, planner for the
city of Lone
Tree,
Denver United
LLC, which
recently sold
10350 Park
Meadows
John V. Winslow, Drive, had
CRE
annexed the
property into
the city. This land sale was the
first step in completing the sale
of ParkRidge Six. The 5.28 acres
front on the west side of Park
Meadows Drive, directly north
of ParkRidge Six. The assemblage added the 5.28 acres to the
9.39 acres contained at 10350
Park Meadows Drive, for a total
of 14.67 acres.
As referenced in a Dec. 18
CREJ article, W.P. Carey Inc.,
a REIT specializing in corporate sale-leaseback transactions, acquired ParkRidge Six.
Tw Telecom is phasing into the
building and will occupy the
entire building under a 15-year
lease in early 2015. The additional 5.28 acres allows building
expansion coupled with additional parking area for future
growth of the tenant.
Family Dollar sells to
Denver investor
Excell Fund, headed by
Virgil W. Shouse III, sold the
8,300-square-foot Family Dollar
at 465 Havana St., Aurora, for
$1.49 million. The site contained
26,215 sf, according to the Family Dollar Fan Fair site plan.
Shouse has developed several
Family Dollar buildings, which
have been a popular investment
over the last decade. Shouse is
the executive vice president of
Excell Fund.
Excell purchased the 1.73-acre
site Dec. 28 for $600,000 and
took title to the property under
Excell 465 Havana LLC. This
entity executed a $1.32 million
construction loan payable to
Guaranty Bank and Trust. The
two parcels contained 49,340 sf
on Lot 1, Block 1, and 26,215 sf
in Lot 2, Block 1. Excell paid
$7.94 per sf for the 75,555 sf.
Site plans call for a 6,175-sf
retail building on Lot 1, or 475
Havana St.
The buyers for the Family
Dollar Store are Judith A. Mohr
and Henry B. Mohr, longtime
Denver investors. Tim Finholm
and Sam Leger of Unique Properties LLC-TCN Worldwide
represented the buyer while
Shouse represented the seller.
Excell Fund retained title to Lot
1, Block 1, Fan Fair Subdivision,
and the buyers have granted
an easement to the seller that
includes 10,983 sf of cross parking and access easement.
Pizza Hut restaurant
acquired for $800,000
When veteran apartment broker Joe Hornstein of Pinnacle
Real Estate Advisors was confronted with an excellent real
estate listing on the southwest
corner of West 18th Avenue and
Federal Boulevard, he knew he
had an unusual dilemma. The
2,773-sf restaurant had a lease
between the owner and Pizza
Hut of America Inc. The lease
terminates in early spring 2015
and has two one-year options.
The investment currently
throws off a 5.5 percent cap
rate, which is quoted in Pinnacle Real Estate Advisor’s press
release as “the third-lowest cap
rate in the Denver metro area as
verified by CoStar Group.”
“While there may be better
investments out there, this will
cover the debt service until the
expiration of the latest possible
expiration of the lease,” said
Hornstein, senior adviser and
11-year veteran in the business.
“I needed to bring in one of our
bright retail guys, and Justin
Krieger fit the bill. We were
both eager to work on this as it
was either a short-term investment/redevelopment deal, or
could be renegotiated into a
long-term restaurant or retail
use,” said Hornstein.
The property is located along
busy Federal Boulevard, across
the street from Sports Authority Field at Mile High. “Where
land deals in the Highlands are
bringing upward of $100 per
square foot, this deal could be
bought just north of $40 per
square foot,” said Hornstein.
“The drawback was they would
have to wait until the lease plus
the potential option period
expires, and most developers
won’t go for that,” said Hornstein. “We had some developers
offer a higher price, but during
the due diligence, the length of
the lease of the tenant discouraged developers who wanted
to build in the next 12 to 18
months,” commented Hornstein.
“This was not your average
slam-dunk deal. Justin Krieger
and I put in many hours trying
to find the right buyer and we
got the job done.” The property
was on the market slightly less
than a year. In a company press
release, Kreiger said, “This
sale is indicative of the strong
demand for infill Denver retail
properties. The buyer was particularly attracted to the deal
because of the flexible C-MX-5
zoning and the future development upside.”
La Raza Services
involved in 3 deals
La Raza Services sold two of
its properties at the southwest
corner of Tejon Street and West
41st Avenue (4051-4059 Tejon
and the southeast corner of
Tejon Street and West 41st/4058
Tejon Street) to a nonprofit entity headed by Jack and Elizabeth
Poell for a total price of $1.47
million. The zoning on both
properties is U-MS-2. The land
size on the southwest corner
of Tejon and West 41st is 9,375
square feet, while the land size
on the older building located
at the southeast corner of Tejon
and West 41st is 6,250 sf.
Jack Poell has been involved
in the Sunnyside Subdivision
since early childhood. “My
grandfather owned a shoeshine
business at Cobblers Corner,
located at 2450 W. 44th Ave.
(the southeast corner of West
44th and Alcott Street),” said
LaRaza Services sold two properties at West 41st Avenue and Tejon Street.
Poell. “I have had a sentimental attachment to the area and
particularly my grandfather’s
shop, so we bought it in December 2012.” This building is a
commercial building containing 4,953 sf and was built in
1925 and sold to Jack Poell and
Paul Tamburello for $675,000.
Tamburello, who started Red
Chair Realty Advisors LLC, has
been referred to as “the father of
Lower Highland.”
La Raza acquired the office
building located at 3131 W. 14th
Ave. owned by Jamis Cos. (Jay
Soneff, president) for $760,000
Dec. 2. “We bought the building in late April of this year for
$475,000 and immediately put
$100,000 into renovation of the
exterior façade and updated the
interior portion of the building,” said Soneff. “We had it
on the market for about two
months and Eugene Lucero of
Lucero & Co. brought the buyer,
La Raza Services Inc. The building was perfect for them in size
and proximity to downtown.”
The building Soneff sold was
a twin-T, two-story office building containing 9,198 sf and was
constructed in 1968. The building has been remodeled in the
last five years. The site contains 26 parking spaces and is
zoned C-MX-5 with a land size
of 19,108 sf. The light-rail station is two blocks away and will
serve many of the clients of La
Raza Services Inc. It has close
proximity to Federal and Colfax
Avenue, Sports Authority Field,
Auraria and the central business district.
Land Title acquires
two office condo units
Land Title Guarantee acquired
two office condominium units
totaling 4,453 square feet in the
Struby-Estabrook Building for
a purchase price of $1.18 million, or $265 per sf. The property is located at the corner of
Wynkoop Street and 17th Street,
next to the Oxford Hotel and in
close proximity to the Union
Station redevelopment. David
Leuthold of Leuthold Commercial Properties was the listing
broker.
According to Leuthold, the
building is a four-story former
warehouse constructed in 1885
and contains 34,452 sf.
Industrial property
sells to plumbing firm
Paul Gentala of A-Advanced
Plumbing and Mechanical
acquired the 5,640-square-foot,
two-story office/warehouse
located at 2000 S. Osage St. for
$340,000.
“The buyer was looking for
a property for both owner
occupancy and excess space to
lease to related companies that
would provide both economic and functional uses of the
property,” said Tim Finholm,
one of the listing brokers in the
deal. Finholm and Sam Leger
of Unique Properties LLC-TCN
Worldwide handled both sides
of the transaction as transaction
brokers.
The building was a great location for the buyer with close
proximity to South Santa Fe
Drive and West Evans Avenue.
There was approximately 2,750
sf of office space located on the
first and second floors of the
building with one drive-in door
and one dock-high door.
“The property was attractive
as it had a new roof; secured,
fenced storage yard; and high
ceilings,” said Finholm. Finholm and Leger work many
of the deals from $225,000 and
up. “No deal is too small and
we consider these transactions
our bread and butter,” said
Finholm. “At the end of the
year, Sam (Leger) and I have
accounted for a whole lot of
small deals, helping many clients find what they are looking
for, expanding and/or implementing their businesses,” concluded Finholm. Bank of the
West provided the financing for
the buyer on a U.S. Small Business Administration loan with
10 percent down, indicated Finholm.
Panorama park site
trades twice in a day
After the dust settled, a 2.15acre site with a paved parking area sold to IBC Denver IX
for $749,000, or nearly $8 per
square foot. The site is located
on the east side of South Yosemite Street, approximately 350
feet south of the East Panorama Drive intersection. Rocky
Mountain Community Church
had bought the site for $175,000
in January 2011.
While contact with the church
was unsuccessful, it appears
that a $320,000 profit might
have swayed the church elders
to sell their “newfound” valuable asset. The buyer in the
middle, BKD Development
LLC, led by William J. Brummett, also did very well as his
profits were $254,000, or a 51.31
percent return.
IBC Denver IX, a major real
estate investor and developer
in the Denver metro area, plans
to use the property to increase
the parking for the neighboring office buiding it acquired a
week earlier.
WinComps
Denver County
Property Location: 707-717
17th St., Denver
Property Type/Description:
707 17th St. is 42-story, LEED
Silver-certified, YOC 1981,
renovated in 2012, (includes
20 floors Marriott City Center
Hotel; not part of sale) & 717
17th is 29-story LEED Goldcertified office building (John
Manville Plaza)
Building Size: 1.3 Million SF
Sales Price: $286.55 million
Price Per SF: $220.42
Closing Date: 12/3/2013
Grantor: MS Crescent Two
SPV LLC (Jason Anderson,
COO)
Grantee: Shorenstein Properties LLC (Jed C. Bruch, asset
manager)
Financing: $185 million note
executed payable to Bank of
America
Property Location: East corner 18th & Chestnut St., Denver
PUD vacant land
Land Size: 49,177 sf
Price per SF: $71.75
Grantor: Union Center LLC
(East West Partners – Denver
Inc., Amy Cara, VP)
Grantee: Chestnut & 18th,
LLP
Financing: $2.5 million note
executed payable to city &
county of Denver
Comments: Buyer is based
out of Atlanta
Property Location: 521 W.
Please see Next Page
The Winslow Report
Continued from Previous Page
43rd Ave., (NEC Fox St. & W
43rd Ave.) Denver
2,929-sf restaurant, YOC 1891,
brick construction
Sales Price: $495,000
Grantor: William G. Guido
Grantee: Fox43, LLC (Sprung
Construction Inc., Tom Sprung
303-293-2777)
Financing: Execute $415,000
5.5% due 12-31-19 payable to
seller
Comments: Buyer is located
at 3030 Walnut St., Denver
Property Location: 1214-80 S.
Sheridan Blvd., Denver
23,817-sf strip center, YOC 1955
Sales Price: $1,850,000
Grantor: J.A.K. Investments
LLC (Ja Gawen Kim, Mbr.)
Grantee: South Sheridan
Retail LLC*
Financing: Execute $1.99 million due 11-5-38, payable to
Live Oak Banking Co.
Comments: *Michael G.
Sawaya is a lawyer (303-8391650) and Dr. Efren Martinez is
a dentist; partial space used by
grantee for Our Children, Los
Ninos Dental Clinics
Property Location: 3600 W.
Alameda Ave., Denver
Property
Type/Description: 16-unit single-story apt.
w/7,400 sf, YOC 1941
Grantor: Susan Sutherland,
Personal Rep. of Estate of
Arthur M. Quintana
Grantee: Alameda Court
Apartments LLC (John Laratta,
Mbr.)
due 12-2-44, payable to Bank of
Denver
Comments: 10 studio units,
five 1-bdrm units and one
2-bdrm unit with parking for 18
vehicles. Buyer is broker associate with Hendricks-Berkadia
of Denver. Property has been
on the market since September
2012.
Property Location: 1775 Federal Blvd., Denver
2,973 sf Pizza Hut restaurant,
YOC 1986
Grantor: CTW LLC (William
Piranian, Mbr.)
Grantee: 1775 Federal Holdings LLC (Robert Hahn &
Michael Flory)
due 12-1-23, payable to FirstBank
Comments: Listed and sold by
Joe Hornstein and Justin Krieger of Pinnacle RE Advisors. This
property is interim investment
use for approximately 3.5 years.
Property Location: 4058 Tejon
St., Denver
4,000-sf, 2-story office building,
YOC 1909
Land Size: 6,250 sf
Grantor: La Raza Services Inc.
(Servicios De La Raza Inc.)
Grantee: T41 Associates LLC,
(Jack Poell, Mgr., 303-378-6414)
Comments: See next transaction
as it is between both parties and
is located across the street. This
has been under contract since
April 11, 2013.
Property Location: 4051-4059
Tejon St., Denver
8,676-sf, 2-sty brick office building, YOC 1994
Land Size: 9,375 sf
Grantor: La Raza Services Inc.
(Servicios De La Raza Inc., 303458-5851)
Grantee: T41 Associates LLC,
(Jack Poell, Mgr., 303-378-6414)
Comments: Former headquarters building for La Raza
Services. Grantee paid $1.47
million for both properties
located on SEC & SWC W. 41st
Ave and Tejon St.
Property Location: 3131 West
14th Avenue, Denver
9,198-sf, single-story office
building, twin-T construction,
YOC 1968, 26 onsite parking
spaces
Grantor: Jamis Companies
Inc. (Jay M. Soneff, Pres., 303295-1815)
Grantee: La Raza Services Inc.
(303-458-5851)
Comments: Near Federal and
Decatur light-rail stop, seller is
listing broker. Buyer is nonprofit organization. See prior sale of
former headquarters building.
Property Location: 1660 17th
St., (Struby-Estabrook Bldg.)
Denver
Office condo units totaling 4,453
sf, YOC 1885, renovated in 1983
Building Size: 4,453 sf
Price per SF: $265
Grantor: RSW Holdings LLC
(Ryan S Wood, Mgr.
Grantee: Land Title Guarantee Co.
Comments: Located on corner 17th and Wynkoop, near
Union Station redevelopment
and next to the Oxford Hotel.
Listing broker was David Leuthold of Leuthold Commercial
(303- 520-7729)
Property Location: 625 S. Colorado Blvd., Denver
2,945-sf retail building, YOC
1988
Grantor: Myrtle Holdings
LLLC (Bridget Blevins, Mgr.)
Grantee: 625 S. Colorado
Blvd. LLC (View House, Francois Safieddine, Mgr. 720-8782015 or www.viewhouse.com)
Comments: Russell Stover
Candies Inc. sold this property
to Myrtle Holdings LLC (Grantor) in Oct. 21 for $1.5 million.
Property Location: 4501 Ivy
St., Denver
Vacant Industrial Land
Price per SF: $3.58
Grantor: Hogan Brothers
Holdings LLC (Michael Hogan,
Mgr.)
Grantee: 4501 Ivy Street LLC
(Fernando Chavez)
Comments: Zoned I-B UO-2,
Denver Metal Recycling. Buyer
does not have immediate plans
for the site.
Property Location: 1280 Clayton St., Denver
20-unit 3-sty. walk-up apt.
w/10,826 sf, YOC 1969
Land Size: 9,500 sf
Price per Unit: $97,000
Grantor: Clayton Apartments
LLC (Neil & Denise Jones,
Mgrs.)
Grantee: Albion Property
Group LLC (David Burch,
Member)
Financing: Buyer executed
$1.45 million note due 1/1/2044
payable to Chase Bank
Comments: Property was listed by Brian Haggar of Marcus
& Millichap. Units are one-bedroom units with walk-up-style
building.
Property Location: 1401 Blake
St, Denver
19,140 sf 3-sty. office building,
YOC 1889
Land Size: 9,500 sf
Price per sf: $245.56
Grantor: Macdermid Inc.
(Frank Monteiro, Director 720479-3084)
Grantee: Campos EPC LLC
(Marco Campos, Mgr.) 303-6233345, www.camposepc.com
$3.5 million note, payable to
Colorado Business Bank
Comments: Grantor completely renovated building
(approximately $3M), loan was
75% LTV. Seller website is www.
macdermid.com.
Property Location: 12 S. Garfield (SEC E. Ellsworth & S.
Garfield St.), Denver
Vacant Residential Land
Sales Price: $1,290,000
Grantor: 12 South Garfield
Development LLC (Parvez N.
Malik, Mgr.)
Grantee: MAG Builders. Inc
(Michael Griger, Pres.)
Comments: Cherry Creek Site
for residential development
Property Location: 2000 S.
Osage St., Denver
5,640-sf 2-sty. office/warehouse,
YOC 1969;
Land Size: 9,374 Sf
Grantor: Lorin and Barbara
Hanson
Grantee: Gentala Investments
LLC (Paul Gentala, Mgr.)
Comments: Property was
listed by Sam Leger and Tim
Finholm of Unique Properties
LLC-TCN Worldwide. Buyer
will use building for his business, A-Advanced Plumbing
and Mechanical Inc.
Douglas County
Property Location: 7280-98 S
Lagae Road, Castle Pines
28,234-sf inline strip center,
YOC 2005
Land Size: 3.95 acres
Price Per SF: $313.45 psf
Financing: Note (unknown
amount) payable to Citigroup
Global, due 12-4-23
Grantor: The Shoppes at Castle Pines LLC (Catherine Chase
Groos, Mgr.)
Grantee: Sheridan Castle
Pines LLC (Westwood Financial, Scottsdale., Ariz.)
Comments: Two buildings
including 23,066 sf and 5,168 sf
Progress Way, Parker
15,362-sf 2-sty. office/warehouse, YOC 2005
Land Size: 33,497 SF
Price Per SF: $76.49 PSF
Financing: $1.12 million SBA
loan payable to Wells Fargo,
due 12-3-38
Grantor: Foodworks Inc.
(Dennis Scanlan, Pres.)
Grantee: Lewis & Sons Property LLC (Dwon G. Lewis, Mgr.)
Comments: Building has 22
parking spaces, six 10 x 12 drivein doors; Extreme Fire Protection will occupy the building as
owner occupant
Property Location: 10350 Park
Meadows (site north of this
building)
2231-104-01-007, 2231-104-01006
Land Size: 229,996 SF
Grantor: Nationstar Mortgage
LLC (Mark O’Brien, EVP)
Grantee: Denver United Land
LLC c/o Mellon Corp, Westport, Conn.
Comments: This was completed to assemble additional
land for the sale of the 10350
Park Meadows Office Building
to W.P. Carey Inc.
Property
Location:
349
Inverness Drive South
99,165-sf 3-sty. office building,
YOC 2007
Building Size: 99,165 SF (Class
A LEED Gold property) on
5.464 acres
Price PSF: $184.04 PSF
Grantor: FF1 CO Parkside
LLC
Grantee: CO13 Englewood
LLC (Gladstone Commercial
Corp.)
Comments:
Single-tenant
building with ViaSat Inc. lease
through 9/30/21. Prior sale
occurred in 4/7/2011 for $13.98
million.
Arapahoe County
Property
Location:
465
Havana (Family Dollar) Aurora
8,300-sf Family Dollar Store
with 33 parking spaces, masonry construction, built in 2013
with long-term lease
Grantor: Excell 465 Havana
LLC (Virgil Shouse, Mgr.)
Grantee: Judith A. Mohr &
Henry B. Mohr
Comments:
Long-term
lease with escalators, terms
unknown, buyer represented
by Tim Finholm & Sam Leger
of Unique Properties LLC-TCN
Worldwide, and seller was represented by Virgil Shouse of
Excell Properties.
Property Location: NE/S of
Conservatory Pkwy. at E. Doane
Pl. intersection
123 vacant residential lots
Land Size: 123 lots plus 3
tracts
Price Per SF: $15,000 per lot
Grantor: ADM, SAN-7353
LLC (Remington Homes, Christopher P. Elliot, Pres.)
Grantee: Lennar Colorado
Property Location: 180 E
Hampden Ave., Englewood
11,930-sf 2-sty. office building,
YOC 1953, renovated in 1982
Grantor: 180 E. Hampden
LLC (Farhad Khalaki, Mgr.)
Grantee: 180 Out LLC (Karl
Edward Saboe, Mgr.)
$925,000 note (construction
deed of trust payable to BOKF,
NA (Colorado State Bank and
Trust) due 12/9/2018
Comments: Sold March 2010
for $545,000 as bank-owned
property
Havana St., Aurora
3,308-sf restaurant, YOC 2008,
brick construction
Grantor: Denver Investment
Group LLC (William H Ferguson, Mgr.)
Grantee: Alex Speros
$925,000 note (construction
deed of trust payable to BOKF,
NA (Colorado State Bank and
Trust) due 12/9/2018
Comments: Sold as bankowned property in December
2012 for $500,000, Andrew
Fox of David Hicks Lampert
handled the transaction for the
seller.
Property Location: E/S S.
Yosemite St., approximately 350
feet south of E. Panorama Drive
Parking lot and land area (9105
E. Mineral Circle)
Price Per SF: $5.28
Grantor: Rocky Mountain
Community Church, (Anthony
Pranno, Pres.)
Grantee: BKD Development
LLC
Comments: Sold Jan. 4, 2011,
property; see resale to IBC Denver IX for $749,000
Property Location: E/S S.
Yosemite St., approximately 350
south of E. Panorama Drive
Please see Next Page
The Winslow Report
Grantor: Cognac Highland
Court LLC, by Prudential Insurance C., Kristin Paul, VP
Grantee: New Highland Court
I LLC (Christopher King, Mgr.)
(DPC Cos.)
Financing: $6.25 million payable to TCF National Bank (94.8%
Loan To Value) Comments: Only
encumbers 9000 E. Nichols Ave.
Continued from Previous Page
Parking lot and land area (9105
E. Mineral Circle)
Price Per SF: $8.00
Grantor: BKD Development
LLC (William J. Brummett,
Member)
Grantee: IBC Denver IX (Brian
C. Mott, Founder)
Comments: Sold Jan. 4, 2011,
property; see prior sales from
Rocky Mountain Community
Church to BKD Development
for $495,000
(Transaction to BKD Development was $5.28 psf and subsequent sale was $8 per square
foot. No confirmation explains
the sales price.)
Cherry St, Glendale
6-bay car wash with 2,600 sf,
YOC 1978, brick const.
Price Per Bay: $109,167
Grantor: Hi Performance Car
Wash II Inc.
Grantee: Dave C. Nord (Super
Deluxe Properties LLC)
Financing: $75,000 note payable to Michael J. Nord at 6% ,
short term
Potomac St., Centennial
15,122-sf
office/warehouse
building, YOC 1983, block const.
IBC Holdings purchased the property at 9105 E. Mineral Circle in Arapahoe County.
Grantor: GDM Holdings LLC
(Gail D McQueen, Pres.)
Grantee: 7000 Potomac Investors LLC (Jay D Belk, Mgr.) (303)
539-0400
Financing: $1.2 million payable to First Bank of Las Animas,
due 1/1/2034 Comments: Buyer’s company is First National
Finance Corp., while grantor’s
company was Artworks Unlimited Inc. and was a tenant in the
building, but now has a Prescott,
Ariz., address.
Santa Fe Drive, Building A, Littleton
25,650-sf
office/warehouse
condo, precast panel construction, YOC 2007 (Original building is 92,493 sf)
Grantor: Orix Prime West Littleton LLC (Steve Clarke & Scott
Cronister, Mgrs.)
Grantee: Santa Fe Business Park
Building A LLC (Kent P. Stevinson, Mgr.)
Property Location: 12503 E.
Euclid Drive, Centennial
94,881-sf, 2-sty. office/flex space,
YOC 1985, brick
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Grantor: First Industrial LP
(Mary Covaci, Authorized Signatory)
Grantee: Arapahoe Corporate
Park Denver LLC , (WLA Investments, Jon S. Schisler, EVP, 949851-2020, Newport Beach, Calif.)
Financing: $4.57 million payable
to Bank of the West (70% loan to
value) Comments: Leasing was
handled by Cody Sheesley of Colliers International with latest brochure shows 24,059 sf vacant
Property Location: 9000 E. Nichols Ave., Centennial
94,881-sf, 2-sty. office/flex space,
YOC 1985, brick
Himalaya St., Centennial (Himalaya Plaza)
8,050-sf retail center, YOC 2002,
brick construction
Grantor: U.S. Bank National
Association, Irving, Texas
Grantee: Himalaya Plaza LLC
(Jerome K. Jang, Mbr., 303-5234810)
Financing: $550,000 payable to
Community Banks of Colorado
Comments: Bank-owned transaction located at NEC Smoky Hill
Road & S. Himalaya St. There are
40 parking spaces; buyer is with
Landmark Realty. One space of
1,834 sf is available for lease $22
NNN. Public Trustee’s deed in
May 2013.
WinComps is a Colorado trademark by John V. Winslow, CRE, and
is provided by Winslow Property
Consultants LLC. John V. Winslow is
president of Winslow Property Consultants LLC and has more than 40
years’ experience in commercial real
estate. He can be reached at (720)
612-7878 or wincomp2014@gmail.
com.s
Pay $1.2m Every Year to your Grandchild’s Company Tax Free
D
oes your company
make millions of
taxable income
every year? Frustrated
finding more deductions to
lower that? Loss of Section
179 will make it even worse?
With these deductions, you
can lower your taxes and
add millions to your retirement, along with your children’s and grandchildren’s
companies without estate or
gift tax?
With Captive Reinsurance,
under Internal Revenue
Service Code 831(b), all
of the above is possible
and legal. What few certified public accountants
are aware of, and even
less qualifying business
owners, is this Code has
been in use for more
than 45 years by Fortune
500 companies. With the
utilization of the Code,
under Producer Owned
Reinsurance Company
(Captive Reinsurance), it’s
now affordable for the middle-sized company. A viable
tax solution for any company with taxable income of
$250,000-plus; paying more
than $100,000 in federal
and state income tax.
One of the main roadblocks was the set up
and maintenance cost of
the Captive Reinsurance
Company that the Fortune
500 companies
use. Set
up alone
can range
between
$300,000
to $500,000
and companies
have to
Les Simpson qualify to
Deferred Tax
have their
Benefits Inc.
own insurance company. With the Captive
Reinsurance Company,
the set up is a fraction of
the cost at $25,000 and an
annual maintenance cost
of $5,000. And because it is
Reinsurance Company there
is no qualifying or turn
downs.
If your company is making millions of taxable
income, you can have new
deductions you didn’t know
existed and your retirement,
children and grandchildren
can benefit from those
deductions.
So what is all of this
about? It is called “self
insurance” by the IRS.
There are seven major areas
of risk in your business that
make you financially vulnerable to losing your business
if they happened. These are
risks you are not presently
covering or are under cov-
ered.
Major areas most business owners don’t feel they
have the budget for and
don’t want to waste is on
insurance. Then, there are
specific risks that no insurance company will cover
because of the high-claims
risk. Things like loss of
your main customer or loss
of your reputation. Can
you imagine, with all the
social media coverage these
days, an insurance company
insuring loss of reputation?
Yes, even contractors, can
now take a portion of their
taxable income and selfinsure against “construction
defect” or any other legitimate business risk.
IRS Code 831(b) allows
for all those areas of coverage. Or are you a company
that relies on your license
for your livelihood like an
attorney, doctor or commercial real estate broker?
So how does all this
work? According to PORC
regulations, any business
owner can own a Captive
Reinsurance Company. To
set this up, we need an
insurance company that
underwrites self insurance.
For those of you who don’t
know what Reinsurance
Company is, it is company
where insurance companies
deposit money to buy back
up coverage, for when a
major disaster happens. For
example, when the towers
went down on 9/11 there
were four main insurance
companies that had their
name on most of the policies
but there were more than
800 reinsurance companies
that the money came from
to pay the claims.
The insurance company
we use has been in the self
insurance business for over
35 years and self insurance
is all they do. They have
more than 300 company
owners that self insure
with their own Captive
Reinsurance Companies.
So where does the headline “paying millions to your
children or grandchildren’s
company” come in? One
of the tax benefits of the
Captive Reinsurance is it
can have up to $1.2 million of premium coming
into it without ever being
taxed as long as it stays in
Company. Then when
it finally comes out it is
treated as long-term capital
gains. In other words, the
money is transferring from
an ordinary tax bracket of
40 percent-plus to a 15 percent capital gains rate.
And if you have enough
taxable income and selfinsurance risk, you can
have a Captive Reinsurance
Company for each child and
grandchild. In other words,
if your company is making
millions of taxable money,
and has legitimate risk, you
can pay your grandchild’s
CR company $1.2 million
ever year without gift,
estate or generation skipping tax. For example, I
have a trailer manufacturer
that has annual revenue
of $50 million and its selfinsurance premium is $4
million a year. The insurance company keeps 10
percent for all the administration and transfers $3.6
million to its three Captive
Reinsurance Companies
owned by the company
owner, son and grandson.
There are many areas of
investment available for the
Captive Reinsurance owner
to use the money inside of
Company. Only the investment income is taxed.
Please go to my website to
read previous articles. But
some include purchasing
other companies, golden
handcuffs for your top
executives, the family bank,
a private bank source for
your company whenever you
need a loan for any company
needs.
ATTENTION OWNERS, DEVELOPERS & INVESTORS
P R O P ERTY FOR SALE
RETAIL
Aurora
Marie Callender’s
Retail Sale
15500 East Centretech Parkway
Investment or Owner/User

Restaurant, free-standing building
Centretech Business Park
Building size: 10,071 SF
Sale price: $975,000
Price/SF: $96.81
Contact
Frank Griffin
303.260.4345
[email protected]
Broomfield
Retail Sale/Lease
665 Flatiron Marketplace Drive

Restaurant, regional center
Flatiron Marketplace
Sale price: $2,150,000
Lease rate: $12.00/SF NNN
Contact
Frank Griffin
303.260.4345
[email protected]
Centennial
Shops at Centennial
Retail Sale
6631 South Peoria Street
Investment

Neighborhood center
Price/SF: $226.35
Contact
Dan Grooters
303.260.4384
[email protected]
Riki Hashimoto
303.260.4383
[email protected]
RETAIL
FOR SALE
PRICE: $4,000,000
COMING FALL 2013
INDOOR & OUTDOOR TENNIS COURTS
8006 EAST ARAPAHOE
A M U L T I -T E N A N T R E T A I L I N V E S T M E N T O P P O R T U N I T Y
C E N T E N N I A L , C O LO R A D O 8 0 0 1 6
Offered By:
Matt Henrichs
Senior Associate
Retail Investment Properties
720.528.6308
[email protected]
Brad Lyons
Senior Vice President
720.528.6351
[email protected]
© 2013 CBRE, Inc. This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any
projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. You and your advisors should
conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.
PRINTERS PLACE 2511 ‐ 2591 AIRPORT ROAD
COLORADO SPRINGS, CO 80910

PRICE ‐ $4,900,000 
OCCUPANCY ‐ 99%

BUILDING SF ‐ 62,740 
LAND SF ‐ 257,244 (5.91 ACRES)

CAP ‐ 9.54% 
TOTAL RETURN ‐ 20.23%
PA L M E R PARK
FOR SALE
Offered By:
Matt Henrichs
Senior Associate
720.528.6308
[email protected]
Brad Lyons
720.528.6351
[email protected]
Printers Place is a high yield oﬃce/retail center located at Circle Drive and Airport Road just
minutes away from downtown Colorado Springs. Current cap rate is 9.54%. Many leases have 3
years remaining on term. Upside to owner by conver�ng gross leases to a NNN lease structure.
1 5 8 0 S PA C E C E N T E R D R I V E | C O LO R A D O S P R I N G S , C O LO R A D O 8 0 9 1 5
Sco� L. Shwayder
John P. Shein
mlippi�@uniqueprop.com
[email protected] jshe[email protected]
For more informa�on please call 303.321.5888 ‐ Unique Proper�es Inc.
PRICE: $6,950,000
O C C U P A N C Y: 1 0 0 %
Denver
Broadway Exchange
Retail Sale/Lease
Marc S. Lippi�
723 and 725 South Broadway
TOD Investment or Owner/User

Retail, office
Price/SF: $119.27
Lease rate: contact broker
Contact
Andrew Blaustein
303.260.4236
[email protected]
John Gustafson
303.260.4258
[email protected]
RETAIL
Denver
Wazee Wireworks Lofts

Street front retail
Price/SF: $334.32
Contact
Mike Lindemann
303.260.4371
[email protected]
Carolyn Martinez
303.260.4378
[email protected]
Highlands Ranch
Kinder Care Building
Retail Sale/Lease
8373 South Burnley Court
Investor or Owner/User

Free-standing building, office,
street retail
Contact
Frank Griffin
303.260.4345
[email protected]
Lakewood
Flooring America Building
Retail Sale/Lease
Retail Sale
1441 Wazee Street, Suite 103
6400 West Colfax Avenue

Free-standing building, retail
showroom
Lease price: $8.95/SF NNN
Contact
Mike Wafer, SIOR
303.260.4242
[email protected]
RETAIL
Littleton
Villager Square
Retail Sale
9012, 9032 & 9142 West Ken Caryl Avenue
Investment

Contact
Neighborhood center
Price/SF: $91.70
CAP rate: 9.0%
Dan Grooters
303.260.4384
[email protected]
Riki Hashimoto
303.260.4383
[email protected]
Louisville
Northglenn
1970 Centennial Drive
1000 West 104th Avenue
Owner/User

Former Albertsons
Contact
Free-standing building
Price/SF: $99.70
Frank Griffin
303.260.4345
[email protected]
THE SHOPS AT
FOR SALE
O l d e To w n
PRICE: BEST OFFER
O C C U P A N C Y: 1 0 0 %
IN-PLACE NOI: $438,654
1 7 0 0 2 E . M A I N S T R E E T | PA R K E R , C O 8 0 1 3 4
Offered By:
Matt Henrichs
Senior Associate
720.528.6308
[email protected]
Brad Lyons
720.528.6351
[email protected]
Retail Sale/Lease
Retail Sale/Lease
Former La Petite Academy
Anchor Space Available

Price/SF: $35.59
Contact
Mike Quinlan
303.260.4441
[email protected]
RETAIL
Westminster
Valle Vista Shopping Center
Retail Sale
3003–3044 West 104th and 105th Avenue
Investment

Neighborhood center
Price/SF: $257.21
CAP rate: 8.0%
Contact
Dan Grooters
303.260.4384
[email protected]
Riki Hashimoto
303.260.4383
[email protected]
Aurora
Owner/User

Light manufacturing
Price/SF: $99.58
Lease rate: $6.50 NNN
Contact
Steve Fletcher, CCIM
303.260.4254
[email protected]
Arvada
14401 West 65th Way

Manufacturing
Sale price: $16,950,000
Available space from: 116,000–
200,000 SF
Contact
Mike Wafer, SIOR
303.260.4242
[email protected]
Aurora
Single-Tenant Net Leased Building
3010 Nome Street

Warehouse, distribution
Price/SF: $111.11
Contact
Mike Wafer, SIOR
303.260.4242
[email protected]
Bruce Mawhinney
303.260.4255
[email protected]
11701 East 33rd Avenue

Price/SF: $56.23
Contact
Russell Gruber
303.260.4253
[email protected]
303.260.4254
[email protected]
Investment

Industrial Sale/Lease
Industrial Sale
3751 Fraser Street
Aurora
Industrial Sale
Arvada
INDUSTRIAL
Upland Park
Price/SF: $85.53
Contact
Jeff McClintock
303.260.4390
[email protected]
Aurora
Gateway Business Center
16230 East Airport Circle

Flex/R&D
Price/SF: $86.00
Contact
Tim D’Angelo, SIOR
303.260.4252
[email protected]
Mike Wafer, SIOR
303.260.4242
[email protected]
INDUSTRIAL
Aurora
Proposed Building
21150 East 36th Drive

Contact
Majestic Commercenter
Sale price: contact broker
Mike Wafer, SIOR
303.260.4242
[email protected]
Exposure
•
Expertise
•
Results
for sale $4,231,000
1900 North 57th Court / Boulder, Colorado 80301
Investment or owner/User opportunity
Our Strength Is Your Market Advantage
Marcus & Millichap maximizes value one transaction at a time.
Our Denver investment specialists leave no stone unturned in
marketing each property we represent on a national platform.
Recent Listing
Lockheed Martin Corporation
Boulder, CO | 170,998 sf
$15,710,437
Agents: Barry Higgins,
Brandon Kramer
To access the investment market,
contact the market leader.
Richard A. Bird, Regional Manager | (303) 328-2000 | [email protected]
Offices Nationwide
www.MarcusMillichap.com
eXClUsIVe aDVIsors
Chris Ball, sior, ccim
303.312.4280
[email protected]
r.C. Myles, ccim, sior
303.312.4226
[email protected]
cassidy turley / 1515 arapahoe street, suite 1200 / denver, colorado 80202 / t 303.292.3700 / F 303.534.8270 / cassidyturley.com
MKS Instruments
O ff i c e • R & D • Wa re h o us e F a ci l i t y
4975 North 30th Street • Colorado Springs, Colorado 80919

Sales Price $1,560,880.00

±24,760 SF on ±4.30 acres

Garden of the Gods
Submarket location
Passive Investment Opportunity!
C l a re m o n t B u s i n e s s P a r k
1447 Woolsey Heights • Colorado Springs, Colorado 80915

$499,000.00 8.34% Cap Rate

5,000 SF on 28,291 SF Lot

Constructed for A Paw Above
Canine Boarding Facility

Easy Access from Hwy 24 &
Marksheffel Rd
Marketed By: Randy Churchill Dowis • Craig A. Anderson
Marketed By: Frank Tuck, CCIM, SIOR
Two North Cascade Avenue, Suite 300 Colorado Springs, Colorado 80903
(719) 577-0044 FAX (719) 577-0048 www.highlandcommercial.com
INDUSTRIAL
Logistics Warehouse For Sale
Industrial Warehouse Distribution Building For Sale
3111 North Stone Avenue • Colorado Springs, CO 80903



44,264 SF Office/Warehouse on
2.55 Acres
Located in heart of Fillmore
Industrial District

Easily Accessible to Interstate 25
1525 North Newport Road • Colorado Springs, Colorado 80916



126,200 SF on 13 Acres
Build-to-Suit Distribution Center
High-Pile Storage Warehouse with
28'-30' Ceiling Heights



Numerous Dock-High Doors
Wet Sprinkler System Throughout
Priced Far Below Replacement
Cost!
Marketed By: Randy Churchill Dowis • Ryan S. Higgins
Marketed By: Randy Churchill Dowis
Industrial Buildings and Land For Sale
Manufacturing • Warehouse • Office Facility
3820 Hancock Expressway • Colorado Springs, Colorado 80911
4450 Foreign Trade Zone Boulevard • Colorado Springs, CO 80925


Three (3) Buildings totaling 48,438 SF 13.31 Acres

Approximately 40% Office, 60% Warehouse, Manufacturing, Storage
 46,656 SF on 5.02 Acres

Airport Submarket
Location in SE
Colorado Springs
in Foreign Trade
Zone & Enterprise
Zone
Marketed By: John C. Onstott, JD
Marketed By:
Randy Churchill Dowis • John C. Onstott, JD
Commerce City
Minco Manufacturing Facility
Investment Opportunity
855 Aeroplaza Drive • Colorado Springs, Colorado 80916

Sales Price $2,775,000.00 
100% Leased

50,000 SF on 3.42 Acres 
Located in heart of Airport Submarket
Marketed By: Randy Churchill Dowis • Jim Spittler, SIOR
Industrial Sale
6770 Brighton Boulevard
Owner/User

Heavy manufacturing
Price/SF: $58.92
Contact
303.260.4254
[email protected]
Russell Gruber
303.260.4253
[email protected]
Commerce City
6795 East 49th Avenue
7631 Dahlia Street

Light manufacturing
Price/SF: $123.88
Denver
Denver
Contact
Russell Gruber
303.260.4253
[email protected]
303.260.4254
[email protected]
Owner/User

Warehouse
Price/SF: $61.25
Contact
Bruce Mawhinney
303.260.4255
[email protected]
Enterprise Business Center, Building 1

Flex/R&D
2014 construction
Contact
Mike Wafer, SIOR
303.260.4242
[email protected]
303.260.4252
[email protected]
Owner/User

Contact
Price/SF: $108.54

Denver
Investment
Industrial Sale
Commerce City
Industrial Sale
INDUSTRIAL
Denver
Matt McClintock
303.260.4323
[email protected]
Jeff McClintock
303.260.4390
[email protected]
Owner/User

Light manufacturing
Price/SF: $65.00
Lease rate: $4.75/SF
Contact
Russell Gruber
303.260.4253
[email protected]
303.260.4254
[email protected]
Mike Wafer, Jr.
303.260.4407
[email protected]
Enterprise Business Center, Building 2

Flex/R&D
2014 construction
Contact
Mike Wafer, SIOR
303.260.4242
[email protected]
303.260.4252
[email protected]
INDUSTRIAL
INDUSTRIAL FOR SALE OR LEASE
Denver
BUIDING SIZE
±70,000 SF
AVAILABLE
18,000-70,000 SF

Light manufacturing
Price/SF: $111.07
Contact
Bruce Mawhinney
303.260.4255
[email protected]
2200 S. VALENTIA STREET
D E N V E R | C O LO R A D O 8 0 2 3 8
LEASE RATE
$3.75/SF NNN
SALE PRICE
$3,750,000
OFFERED BY:
Jim Bolt
Executive Vice President
720.528.6310
[email protected]
Tyler Carner
First Vice President
720.528.6397
[email protected]
© 2013 CBRE, Inc. This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it.
Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. You and your advisors
should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.
INDUSTRIAL LAND FOR SALE
40-140 West 70th Avenue
Denver, CO 80221
3 Parcels - 14.09 Acres
Sale Price: $2,450,000
Property Highlights:
•
•
•
•
•
High Traffic Intersection
North Central Submarket
Great Opportunity for Infill Development
Potential for Retail and/or Flex
Tax credits and incentives for businesses and
construction projects available through Adams
County Enterprize Zone
www.PinnacleREA.com
Mark Goodman
303.962.9545
[email protected]
Paul Schneider
303.962.9546
[email protected]
Chase Grimes
303.962.9549
[email protected]
Englewood
2879 South Shoshone Street
3237 South Santa Fe Drive
Englewood
Owner/User

Contact
Light manufacturing
Price/SF: $75.84
Russell Gruber
303.260.4253
[email protected]
303.260.4254
[email protected]
Industrial Sale
Englewood
INDUSTRIAL
Owner/User

Warehouse
Price/SF: $123.19
Contact
Russell Gruber
303.260.4253
[email protected]
Mike Lindemann
303.260.4371
[email protected]
15214 East Fremont Drive
Owner/User

Contact
Light manufacturing
Price/SF: $110.09
Mike Wafer, SIOR
303.260.4242
[email protected]
Bruce Mawhinney
303.260.4255
[email protected]
Lakewood
Class A Corporate Surplus Real Estate For Sale
7 0 2 B a n d l e y Dr i v e • Fou n ta i n , C ol or a d o 8 0 81 7



360,000 SF on 96 Acres
Class A Office, Manufacturing &
Warehouse


Strategically Located 12 miles
south of Colorado Springs
Adjacent to Interstate 25
Marketed By: Randy Churchill Dowis • Paul W. Engel
Industrial Sale
Owner/User

Warehouse
Price/SF: $54.02
Contact
Mike Wafer, SIOR
303.260.4242
[email protected]
Bruce Mawhinney
303.260.4255
[email protected]
INDUSTRIAL
fOR SALE OR LEASE
333-335 Centennial Parkway / Louisville, Colorado 80027
Up to 403,000 Sf
EXCLUSIVE ADVISORS
Alec Rhodes, sior
303.312.4282
[email protected]
303.312.4280
[email protected]
Milliken
for sale ($1,800,000) or lease ($6.95/SF/NNN)
1910 Irma Drive / Northglenn, Colorado 80233
Industrial Sale
3333 Center Drive
North Building: 7,500 sf
Owner/User

Manufacturing
Price/SF: $33.62
Contact
303.260.4254
[email protected]
Russell Gruber
303.260.4253
[email protected]
Mike Wafer, SIOR
303.260.4242
[email protected]
south Building: 7,800 sf
eXClUsIVe aDVIsors
303.312.4280
[email protected]
Brandon ray
303.312.4250
[email protected]
Sheridan
Westminster
3330 South Quivas Street
7180 Newton Street
Owner/User

Price/SF: $95.13
Lease rate: $5.52/SF FSG
Contact
Bruce Mawhinney
303.260.4255
[email protected]
for sale ($2,200,000) or lease ($5.50/SF/NNN)
4975 Miller Street / Wheat Ridge, Colorado 80033
New rate!
eXClUsIVe aDVIsors
303.312.4280
[email protected]
esther Kettering, mba
303.312.4278
[email protected]
Industrial Sale
INDUSTRIAL

Warehouse
Price/SF: $65.00
Contact
Russell Gruber
303.260.4253
[email protected]
Keith Bell
303.260.4332
[email protected]
303.260.4254
[email protected]
PROPERTY AVAILABLE
For Sale
For Lease
Wanted
office • industrial • retail • multifamily • land • medical office • hospitality • restaurants • manufactured housing • farms
Showroom, Office, Light Manufacturing
Space FOR SALE





Close to C-470; Great Access to SW Denver; Great Visibility
1248 SF and 1560 SF)
Ample Parking and Multiple Signage Opportunities
Traditional and SBA Financing Available
Outstanding Common Area Amenities:
Conference Rooms ● Kitchen ● Wi-Fi ● Elevators ● Shipping Room ●
Adjacent to GarageTown Ken-Caryl ● Spectacular Views