JLL Secures $107.8M For Portfolio With Denver Assets: The Denver Deal Sheet

JLL Capital Markets arranged $107.8M in financing for Adler Real Estate Partners’ acquisition of industrial assets in Denver, Charlotte and Houston.

The package included $61.5M for the SE Denver Light Industrial Portfolio, which spans 484K SF across Arapahoe Business Park I & II and 345 Inverness in the southeast submarket.

The broader financing covered two other Adler buys: $16.8M for Harris Ridge Business Center, a 160K SF light industrial property in Charlotte and $29.6M for the Houston Prime Shallow Bay Portfolio, an eight-building, 276K SF group of assets in Houston’s Energy Corridor and The Woodlands.

The deal comes as large financing packages crop up in Denver. Last week, PMG secured $107.5M in construction financing for Waldorf Astoria Residences Denver Cherry Creek, a 37-unit luxury condo project at 185 N. Steele St. 

SALES

Pinnacle Real Estate Advisors brokered the $2.9M sale of a 15.5K SF industrial building at 4571 Ivy St. in Denver. Mark Alley handled both sides of the transaction.

CONSTRUCTION AND DEVELOPMENT

AdventHealth Littleton opened its new Heart & Vascular Institute, a 143K SF, five-story tower on its campus. The center includes three cardiovascular operating rooms, three cardiac catheterization and electrophysiology labs, and a hybrid operating room. It was developed in partnership with South Denver Cardiology.

THIS AND THAT

The City and County of Denver cut 835 positions, or about 7.6% of its workforce, on Aug. 20 to close a $250M budget gap. Nearly 700 of the jobs were unfilled, but an Axios analysis found 46.9% of the cuts could affect commercial and residential real estate. 

That includes 27.8% of staff at the Climate Action, Sustainability and Resiliency department, which oversees the Energize Denver ordinance, and 19.1% at Community Planning and Development. The move comes months after Mayor Mike Johnston signed an executive order creating a new permitting office with a 180-day review goal.

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Urban Egg opened its third Denver location on Aug. 25 at 1550 Wewatta St. in the Triangle Building. It is its 11th overall location. The downtown spot seats 119 people inside and 44 on the patio, and it is the second to feature the brand’s new prototype design.

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Despite two-bedroom rents falling 9.3% year-over-year, Denver remains the 25th most expensive rental market in the U.S., according to Zumper. Median rents in August were $1,680 for a one-bedroom and $2,240 for a two-bedroom.