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United Properties Further Expands Its EBC Industrial Space in Stapleton by 466,000 Sq. Ft.13 Aug 2014, 3:32 pm
By Ioana Neamt, Associate Editor
A few months after United Properties announced the addition of 24 acres to its Enterprise Business Center development in Stapleton, the company is once again expanding its industrial space at the site. According to the Denver Business Journal, the company will expand its existing space by 466,000 square feet, bringing the total EBC development space to 1.2 million square feet.
United Properties purchased 38.2 acres of space from Forest City Stapleton Inc., the master developer for the industrial project, in July 2013. The company broke ground on the first phase of the Enterprise Business Center that same month. According to a news release, the project team for the first phase of the project included architect Ware Malcomb and engineer Jansen Strawn. Denver-based Murray & Stafford was hired as general contractor for this phase.
Phase one of the EBC development project will comprise four Class A industrial buildings with a combined 700,000 square feet upon completion. The second phase of the project includes a 467,000-square-foot bulk cross-dock industrial building.
Located near the southwest corner of Interstate-70 and Havana Street, the Enterprise Business Center features state-of-the-art design, including ESFR sprinkler systems, T-5 lighting, security fencing, 32 feet interior clear height, concrete tilt wall panels and truck parking. The development site is also in close proximity to a variety of shopping, entertainment and hospitality destinations.
The existing space is currently 96 percent occupied, according to the Denver Business Journal. Current tenants include Swire Coca-Cola USA and Tire Rack.
The EBC expansion is expected to be finalized in April 2015.
Renderings courtesy of United Properties
Lockheed Martin Corp. Sells 171,000-Square-Foot Campus In Boulder for $13.9 Million12 Aug 2014, 4:07 pm
By Ioana Neamt, Associate Editor
Marcus & Millichap announced the sale of a 171,000-square-foot industrial building leased by Lockheed Martin Corp. in Boulder’s Gunbarrel neighborhood. According to the Boulder County Business Report, Dallas-based real estate investment firm Macfarlan Capital Partners purchased the property for $13.9 million. The industrial property is currently 100 percent leased by Lockheed Martin’s Information Systems & Global Services division.
The building located at 6304 Spine Road was previously owned by W&D Spine Road, formerly ICG Spine Road LLC. ICG acquired the property in 2006 for $12.9 million, as reported by the Boulder Daily Camera. Maryland-based Lockheed Martin has occupied the property for 20 years.
Marcus & Millichap represented W&D Spine Road in the transaction. Brandon Kramer and Barry Higgins, both part of Marcus & Millichap’s Denver office, represented the buyer.
“The property drew offers and interest from across the country and overseas,” says Kramer. “The Marcus & Millichap platform and collaborative working environment were crucial in bringing the sale to fruition. Every person involved in the due diligence, negotiation and closing processes exhibited a high degree of professionalism.”
According to the Boulder County Business Report, the industrial property consists of a 167,491-square-foot one-story building and a 4,800-square-foot utility building, comprising a total space of 11.9 acres.
Logo courtesy of Lockheed Martin Corp.
Verve Luxury Apartments Enter The Denver LoDo Scene6 Aug 2014, 11:26 pm
By Ioana Neamt, Associate Editor
Verve, a 285-unit luxury apartment building celebrated its grand opening on July 16. Located at 1490 Delgany Street, the high-rise apartment community is managed by the Laramar Group and was developed by The Opus Group in partnership with Amstar. The Opus AE Group was the architect of record, while Shears Adkins Rockmore Architects LLC was in charge of rendering and design work.
The 428,000-square-foot building was developed by The Opus Group, an architecture and engineering firm headquartered in Minneapolis, in partnership with Denver-based real estate investment manager Amstar. The luxury apartment community is conveniently located in downtown Denver, right across the street from the Museum of Contemporary Art. Verve is also within walking distance from the newly renovated Union Station and the recently inaugurated Crawford Hotel. Additionally, there are numerous shopping, nightlife and leisure attractions in the surrounding area, including trails along Cherry Creek and the South Platte River.
‘’Verve exemplifies the dynamic, urban Denver lifestyle and is quickly making its mark on downtown’,” says Pete Carlson, senior vice president of Opus Development Co. LLC. ‘’Verve’s amenities and mindfulness of the Denver lifestyle is what sets it apart from other luxury apartments today.”
The 10-story building offers studio, one- and two-bedroom units and is pet friendly. Building amenities include an outdoor pool, three levels of underground parking, bicycle storage and maintenance facility, expansive fitness and yoga centers, city view sky lounge, and will also feature 4,000 square feet of retail space on the ground level. Verve has been designed to achieve LEED Certification.
Verve is only one of multiple residential projects taking shape in the Denver metro area. In an interview with MHN in September 2013, Laramar CEO Jeff Elowe suggested that the energy boom in the central and Midwestern areas has had a positive impact on the Denver real estate scene, driving job growth and rental demand. Elowe, recipient of the 2013 Ernst & Young Entrepreneur of the Year in the Mountain Desert region, also stated that he was pleasantly surprised by the year-to-date rent growth in the Denver area.
Image courtesy of The Opus Group
Buckingham Companies To Handle Ralston Creek North Development Project In Arvada31 Jul 2014, 4:26 am
By Ioana Neamt, Associate Editor
The Arvada Urban Renewal Authority has chosen Indianapolis-based Buckingham Companies to handle the development of Ralston Creek North, a 14-acre site formerly known as ‘the Arvada Triangle’. The shortlist for the project also included Loftus Developments LLC.
“It was a hard decision for the Board as both finalists – Loftus Development and the Buckingham Companies team – put together terrific proposals,” says AURA Director Maureen Phair. “In the end, the Board chose to work with the Buckingham Companies team because of their project vision, integrated team approach, and overall business philosophy: they develop, own and manage their projects for the long term.”
The Buckingham Companies team consists of Buckingham Cos., the Urban Investment Group and Larimer Associates.
The development site is located within the Ralston Creek District in south central Arvada, a once popular retail and entertainment destination for community members. Over the years, the site has become run down, with many retailers shutting down their businesses. Formerly known as ‘the Triangle’, the Ralston Creek District is comprised of three major shopping centers built in the 1960s.
According to the Arvada Urban Renewal Authority, the Ralston Creek North redevelopment project is meant to transform the northern center into a vibrant mixed-use destination for the Arvada community. The area is conveniently located between two new RTD commuter rail stations, Olde Town Station and Kipling Ridge Station, set to open in 2016. Additionally, a new 138,000-square-foot Walmart store is scheduled to open in the area in 2015, according to the City of Arvada.
Ralston Creek North is expected to become a highly popular destination for the citizens of Arvada, comprising both commercial and residential space. According to the Citizens for a Livable Ralston Community, the Buckingham Companies project proposal includes apartment buildings with underground parking, retail and entertainment facilities, as well as bike and pedestrian paths. The redevelopment site is in close proximity to the 20-acre Ralston Creek Park and the 133-acre Lutz/Stenger Sports Complex.
Image courtesy of the Arvada Urban Renewal Authority
New Class AA Spec Building Coming To Denver’s Belleview Station24 Jul 2014, 7:06 am
by Ioana Neamt, Associate Editor
One Belleview Station, a Class AA, LEED Gold office building is coming to Denver’s downtown district. The transit-oriented, 16-story building will feature 310,000 square feet of office space and is a rare speculative development in the Denver area.
Denver-based real estate firm Prime West purchased the land in 2013 and will co-own the building with New York-based real estate investment firm Goldman & Sachs. Front Range Land and Development is the master developer, while famed architecture firm Gensler will handle the rendering and design work.
One Belleview Station is conveniently located at the intersection of I-25 and Belleview Avenue and is surrounded by the Denver Technological Center. In addition, the structure is in close proximity to various Denver cultural and leisure destinations, including the Curtis Arts and Humanities Center, the Denver Art Museum, the Denver Zoo and the Denver Athletic Center. According to the official Belleview Station website, premier surrounding residential neighborhoods have an average household income of over $100,000. The LEED Gold building is expected to become a popular attraction for career-driven professionals in the Tech Center area. Steve Clarke, Prime West CEO, told the Denver Business Journal that speculative development is possible in the Belleview area due to the proximity to public transportation and surrounding amenities. One Belleview is within walking distance from the Technological Center, premier residential neighborhoods and school districts, as well as multiple dining and retail attractions.
The Class AA building will include four levels of parking space, immediate access to public transportation, fitness center, outdoor plaza areas and retail and restaurant space on the ground level. Construction on the $90 million office building is set to begin in January 2015. According to the Belleview Station website, the mixed-use development will include 2.200,000 square feet of office space, one or two hotels, 1,800 residential units, and 250,000 square feet of retail space.
Rendering courtesy of Prime West