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IMT Capital Acquires Alta Alameda Station in Downtown Denver

15 Oct 2014, 3:16 pm

By Ioana Neamt, Associate Editor

Alta Alameda Station

HFF, a leading provider of commercial real estate and capital markets services in the U.S., recently revealed it has arranged the sale of Alta Alameda Station in downtown Denver.

Located at 275 S. Cherokee St. in downtown Denver, the 338-unit, Class AA, LEED Gold-certified urban infill apartment property was purchased by Los Angeles-based IMT Capital for an undisclosed sum.

HFF marketed the property on behalf of the seller, a joint venture between Wood Partners LLC and CBRE Global Investors, through a team led by director Jordan Robbins, associate director Jeff Haag and real estate analyst Jared Buffington. According to a news release, HFF also arranged a five-year floating-rate loan on behalf of IMT Capital through its Freddie Mac Program Plus® Seller/Service program. The team that handled the debt placement was led by senior managing director Mike Kavanau, director Josh Simon, and associate director Trent Niederberger.

Located in the historic Baker neighborhood, within walking distance of the Alameda light rail station and bus stop, Alta Alameda Station features one-, two- and three-bedroom apartments completed in 2014. Amenities include a seasonal swimming pool and hot tub, rooftop deck with full kitchen and fireplace, fitness center with cardio room and yoga studio, dog wash, cyber café, clubroom, and electric vehicle charging stations. Additionally, each unit will feature granite countertops and mosaic tiled backsplashes, stainless steel appliances including dishwasher and microwave, full-size washer and dryer and expansive walk-in closets.

“Alta Alameda Station is a true Class AA TOD property located within one of Denver’s most desirable rental areas and draws a very high quality tenant base seeking the area’s best amenity package,” Robbins says. “The property’s lease-up was extremely successful and the new buyer has purchased an extremely unique property.”

Image courtesy of Wood Partners, LLC

First Gulf Corp. Breaks Ground at 1401 Lawrence in Downtown Denver’s LoDo District

9 Oct 2014, 7:08 pm

By Ioana Neamt, Associate Editor

1401 Lawrence Denver

Canadian-based commercial developer First Gulf Corp. recently broke ground on a 22-story, 306,000-square-foot Class AA office tower in Denver’s thriving LoDo district. Located directly off of the city’s popular Larimer Square at the intersection of 14th St. and Lawrence, 1401 Lawrence will feature roughly 298,000 square feet of office space and 8,000 square feet of retail and restaurant space on the ground level right in the heart of the city. Newmark Grubb Knight Frank is the exclusive listing broker for the development.

Polsinelli, the fastest growing law firm in the U.S. for the past six years according to The American Lawyer, has signed a 15-year lease as the anchor tenant of 1401 Lawrence. According to a press release, the firm will occupy 86,664 square feet of office space on the building’s top four floors, with the option to lease two more floors for a total of 130,000 square feet.

“We are delighted to have a strong, growing firm like Polsinelli as our anchor tenant for this exciting development,” said John MacNeil, president and partner at First Gulf. “Our vision is to create an innovative architectural design with great outdoor amenity space that complements what we believe to be one of the premier office locations in all of Denver.”

Conveniently located in close proximity to a variety of transportation options, 1401 Lawrence will provide tenants with exquisite views of the city skyline and the mountains. Amenities will include a 400-space indoor parking garage, outdoor terrace space, and on-site fitness facilities. Developers are also targeting LEED Gold certification for the building.

According to PropertyShark.com, the site was sold to Renshan LP, a subsidiary of the Great Gulf Group of Companies for $8.4 million back in 2008.

Construction on 1401 Lawrence will begin this month and is slated for completion in early 2016.

Rendering courtesy of First Gulf Corporation

Venue on 16th Apartment Community Breaks Ground in Denver’s City Park Neighborhood

2 Oct 2014, 6:16 pm

By Ioana Neamt, Associate Editor

Venue on 16th

The Picerne Group, a privately held real estate investment firm based in California recently announced it has broken ground on Venue on 16th, a 180-unit apartment community in Denver’s historic City Park neighborhood. The group purchased the site back in 2013 and plans to develop a luxury five-story apartment rental community on 1.73 acres. City officials attended the groundbreaking ceremony on September 24, among them Denver City Councilman Albus Brooks.

“This is truly an infill project in the historical and iconic City Park neighborhood, which is experiencing a lot of growth and redevelopment,” says Christopher Davis, the Picerne Group’s managing director. “A block from the park and dining and entertainment on Colfax Avenue, this prime location offers an array of amenities and will cater to a wide demographic.”

Conveniently located in the city’s largest urban park,

Venue on 16th

Venue on 16th is designed by Denver-based JG Johnson Architects and is slated for completion in late 2015. According to a news release, the 155,000-square-foot, five-story apartment community will feature 14 studio apartments, 99 one-bedrooms, 63 two-bedrooms and 4 three-bedroom units, as well as 243 parking spaces on the first level. Venue on 16th will also feature a podium courtyard and pool on the second level.

The $26.4 million multifamily development will feature modern kitchens equipped with stainless steel appliances, granite countertops, wood plank-style flooring, European-style cabinets, and oversized bathtubs. Additional amenities include a resort-style pool and spa, state-of-the-art gym and yoga studio, pet-washing station, bocce ball court, maintenance room, bicycle storage and car charging stations.

Colorado-based CFC Construction is the general contractor for the development located in east-central Denver. The 330-acre City Park contains the Denver Zoo, Ferril and Duck Lakes, as well as the Denver Museum of Nature and Science. Residents of Venue on 16th will have access to exquisite views of the park and the Rocky Mountains from the top floor sky lounge.

Renderings courtesy of The Picerne Group

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$90M Hyatt Hotel and Conference Center Breaks Ground in Aurora

25 Sep 2014, 4:07 am

By Ioana Neamt, Associate Editor

Fitzsimons Village, Aurora

Ground was broken September 17th on a 249-room Hyatt Hotel and conference center in Aurora, Colo., the Denver Post reports. The $90 million hotel is part of the larger Fitzsimons Village mixed-use development located south of the Anschutz Medical Campus and Fitzsimons Life Science District at the intersection of Colfax Ave. and I-225.

Fitzsimons Village is a 32-acre mixed-use project developed by Kentucky-based Corporex Colorado, LLC, comprising Class A office and medical buildings, hotels and retail space, connected to the Anschutz Medical Campus and Fitzsimons Life Science District via an elevated pedestrian walkway over Colfax Ave.

As described by the Aurora Economic Development Council, phase I of the project will incorporate Fitzsimons 100, consisting of  a six-story, 150,000-square-foot Class A office building with 16,000 square feet of retail space on the ground floor, a 153-room SpringHill Suites by Marriott, a First Bank branch, and a parking structure. Fitzsimons 200, the second phase of the development consists of a seven-story, 196,000-square-foot Class A office building with an additional 12,000 square feet of retail space.

“Not only will the new hotel and conference center complement the existing amenities already in place at Fitzsimons Village, – the next phase of the development will provide meeting space for health care and bioscience professionals to gather for tradeshows, industry-specific events and conferences,” Mark Witkiewicz, chief operating officer with Corporex Colorado said in a 2013 press release.

The neighborhood is home to various world-class healthcare facilities, including the Veterans Affairs Hospital, Children’s Hospital Colorado, and the University of Colorado Hospital.

Hyatt Hotel and Conference Center

The hotel and conference center will feature 175,000 square feet of hotel space, 31,500 square feet of conference and meeting space, and a multilevel parking garage with 503 spaces. Amenities include a state-of-the-art fire system, 24/7 security, emergency generator, and attached covered parking. Additionally, the hotel is in close proximity to the Fitzsimons Golf Course and Sand Creek Park, the Future 2015 light rail, and will be serviced by the I-225 Light Rail Line by 2016.

“Aurora continues to play a major role in Colorado’s bioscience industry,” says Wendy Mitchell, president and CEO of the Aurora Economic Development Council. “The project will create approximately 200 permanent jobs and approximately 685 construction jobs.”

According to the Denver Post, the Hyatt Hotel and conference center is slated for completion in February 2016.

Images courtesy of Corporex Companies, L.L.C.

$40M Wildlife Museum Donated to the University of Colorado

18 Sep 2014, 4:03 pm

By Ioana Neamt, Associate Editor

The University of Colorado recently received the largest real estate donation in its 138-year history: The Wildlife Experience facility in south Denver. The donation was made by Dave and Gail Liniger and their family in order to help the University expand its new CU South Denver presence. Dave Liniger, chairman emeritus of The Wildlife Experience founded in 2002, is also the co-founder of Real Estate MAXimum (REMAX) International, an international real estate company.

The collaboration with the University of Colorado began in April 2014 when the Linigers converted 11,000 square feet of the 151,000-square-foot facility to classroom and lab space. CU began hosting classes at the site in August.

“Dave and Gail Liniger have demonstrated a vision and commitment to serving our community and state that will have a substantial impact for decades to come,” says CU President Bruce D. Benson. “We value the confidence they have in CU and appreciate their transformational gift. The Wildlife Experience has been a cultural touchstone in south Denver and adding higher education will build on its commitment to the community.”

The Wildlife Experience is a wildlife conservation museum established in 2002 in Parker, Colo., approximately ten miles south of Denver. Its mission is to serve as a cultural center and community asset for south Denver, and to inspire an appreciation and respect for wildlife and the outdoors.

The first classes at the facility are being offered by CU Denver and the CU Anschutz Campus, with more classes to be offered by CU’s Boulder and Colorado Springs campuses. The facility will offer a wide variety of classes from programs including the Business School, the School of Education and Human Development, the College of Liberal Arta and Sciences, and the Colorado School of Public Health.

As a sign of appreciation, the CU Board of Regents approved naming the facility the Liniger Building at the University of Colorado South Denver.

“Gail and I are making this gift to CU to provide more services and more value to our south Denver community,” Liniger said. “The museum remains open, events will be held, and the public spaces will be available for rental. The added value now is the easy access to a quality CU education right here in south Denver.”

Image courtesy of the CU Denver Office of Communication

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