This Week's Denver Deal Sheet
PepsiCo plans to buy nearly 152 acres in the High Point development near Denver International Airport from Westside Investment Partners to build its largest North American manufacturing facility. Located on the southeast corner of East 72nd Avenue and Argonne Street, the new 1.2M SF facility will support three times the capacity of its existing Denver operations.
PepsiCo sold its 30-acre RiNo property to Stoltz Real Estate Partners for $158M last month. The new facility is scheduled to open in summer 2023 and will be home to 500 employees.
NorthPeak Commercial Advisors LLC announced the sale of a seven-unit multifamily property at 600 East Ninth Ave. in Denver for $1.6M. Greg Johnson and Conner Piretti represented the buyer and seller in the transaction.
Lee & Associates completed an 18K SF lease at 6395 Brighton Blvd. in Commerce City. Kirk Vanino and Matt Nora represented the tenant, Powell Environmental.
CONSTRUCTION AND DEVELOPMENT
SunCap Property Group and GID Industrial broke ground on Connect 25, a speculative industrial project on 28 acres in Broomfield. The project, scheduled for delivery in the third quarter of 2023, includes four buildings totaling 461K SF. JLL Denver is the listing broker. Powers Brown is the architect, and DSP Builders is the general contractor.
Developer BMC Investments recapitalized St. Paul Collection, its mixed-use residential community in Cherry Creek North through Rockpoint, a Boston-based real estate private equity firm. BMC will continue to own and operate St. Paul Collection alongside Rockpoint.
FCP, based in Chevy Chase, Maryland, announced its acquisition of Aurora Meadows, a 461-unit apartment community in Aurora with a $114M joint venture recapitalization with BMC Investments. A $12M renovation is planned for the property.
THIS AND THAT
Rider Levett Bucknall released its second-quarter construction cost report, which shows Denver construction costs rose 2.52% from last quarter and 8.16% over this time last year.