Federal Government To Sell Nearly 31K SF In Five Points: The Denver Deal Sheet

The U.S. General Services Administration plans to sell two garages it owns in Denver’s Five Points neighborhood totaling nearly 31K SF.

The properties being sold include a two-story, 19K SF garage at 2106 California St. and a one-story, 12K SF garage at 2101 Welton St.

Bidding for each property starts at $120K.

The sale is part of the administration’s plan to cut delinquent maintenance costs and “ensure taxpayers no longer pay for underutilized federal space,” GSA said in a statement. 

GSA also listed other buildings across the country for sale. It expects the sale of these buildings, including the two in Denver, to eliminate $5B in annual operating costs and delinquent maintenance.

PEOPLE

Denver-based multifamily real estate firm Grand Peaks hired Chris Manley and Kevin Foltz as president and chief investment officer, respectively. Manley previously worked at Stonebridge Cos., and Foltz was at Forum Investment Group.

LEASES

The Current, an office building in Denver’s River North Art District, is 63% leased following three new leases. Performance Drone Works will occupy 30K SF, and Global Healthcare Exchange signed a lease for 15K SF. Vibe Coffee & Wine will also move into the office building. The developer, Schnitzer West, is planning to build out an additional 50K SF of “occupancy-ready suites” at The Current, according to Mile High CRE.

***

Birkenstock opened its first Colorado store at 1710 29th St. in Boulder. The Birkenstock-owned retail storefront sells sandals, clogs and other shoes.

CONSTRUCTION AND DEVELOPMENT

Oakwood Homes is expanding into Brighton for the first time in its 35-year history. The Denver-based homebuilder is developing 63 homes in master-planned Brighton Crossings, with prices starting in the upper $400Ks. 

***

Construction at Picea Residences, a luxury townhome community in Boulder, went vertical, and framing is underway. The community, developed by Trailbreak Partners, will include 52 four-story, for-sale townhomes. The first units are expected to be move-in ready in mid-2027.

FINANCING

The Dinerstein Cos. and PGIM secured an $81M loan from Mesa West Capital to refinance multifamily development Atlas Peakview. The 330-unit project at 7800 E. Peakview Ave. in Centennial was delivered last year.

THIS AND THAT

The Ritz-Carlton in downtown Denver is expected to undergo renovations beginning in the fourth quarter. Guest rooms, meeting spaces and corridors will be renovated.