This Week’s Denver Deal Sheet
The Opus Group and Principal Real Estate Investors began construction on a 3.9M SF industrial development in Aurora near the Denver International Airport. The first phase includes two Class-A buildings that are about 624K SF and 204K SF, respectively.
CBRE's Todd Witty and Daniel Close helped broker the sale in 2022. Both buildings could become available as early as Q1 2024.
SALES
A company affiliated with Littleton-based Continental Realty Group purchased a nearly 3-acre lot in Denver’s Globeville neighborhood along West 38th Avenue. Continental has a long history of developing multifamily properties across the West and Midwest, although no plans have yet been announced for the site.
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Bascom Group and Artemis Real Estate Partners acquired Avenida Lakewood, a 230-unit apartment complex for active adults aged 55 and older. Brokers Ryan Maconachy and Courtney Crowder at Newmark helped seal the deal.
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Denver-based developer Kentro Group purchased two lots totaling about 24 acres near Loveland for about $1.6M to support a residential development project. Cushman & Wakefield’s Travis Ackerman brokered the sale.
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Newmark brokered the sale of a 52K SF warehouse in Commerce City on behalf of Industrial Outdoor Ventures, a Chicago-based company, for about $21M. The buyer was Umdasch Real Estate USA Ltd., a New Jersey-based developer.
LEASES
Popular Denver brewery Westbound & Down agreed to lease roughly 5K SF of warehouse space in Louisville. About 2K SF will be used for cooler space to store their products while another 1,500 SF will be used for packaging and bottling.
THIS AND THAT
BROE Real Estate took home NAIOP's 2022 Industrial Development of the Year award with the company’s 386K SF build-to-suit project for Home Depot outside of Mead, Colorado, earning a best-in-class design designation.
Denver developer McWhinney Real Estate Services Inc. was also recognized by NAIOP for its diversity, equity and inclusion efforts. Some of those efforts include making Juneteenth a company holiday, donating to the University of Colorado Boulder’s Changing the Face of Real Estate Scholarship Fund and setting up a mentorship program for local college students.
